Wednesday, January 22, 2020 - 11:00am to 11:45pm
The most overlooked tax incentive, R&D tax credits. Do you qualify? You just might.
The Research and Development tax credit is often an overlooked benefit for businesses.
Some businesses are just not aware of the tax credit. Others have common mis-conceptions of who can qualify.
KMS is proud to partner with Tony Hnyp of RnD Consulting for an upcoming webinar on Research and Development tax credits.
KMS works with RnD Consulting to provide Kansas manufacturers a robust and defensible application of the Federal Research and Development (R&D) tax credit laws. Our engineering and tax consultants assist clients to develop a credit methodology and to identify qualifying activities and costs. Manufacturers often make large investments in new products, processes & packaging. They are often unaware that these efforts, and others, can yield a significant R&D tax credits.
Join us for this informative, complimentary webinar that will explain R&D tax credit, common activities that qualify for the research tax credits, and the potential benefits to your bottom-line.
This webinar will provide an overview of the Research and Development Tax Credit for manufacturers. KMS partner, RnD Consulting, will lead the discussion. RnD Consulting is experienced with providing their services to manufacturers around the country.
Topics that will be discussed on the webinar include:
Benefits of the R&D Tax Credit
- Increased Cash Flow and ROI.
- Lowers tax liability below AMT.
- Startups can use credit to offset FICA (payroll taxes).
- Cash Value - not a Business Expense Deduction
- A dollar for dollar bottom line reduction of tax liability.
- In addition to deductions expensed as R&D.
- Cash back (IRS refund) if credit not utilized and taxes paid in past 3 years.
- Credits carry forward for 20 years, carry back for 1 year.
- Creation and improvement of product:
- Conceptualization, testing, validation, prototyping, securing IP.
- Creation, improvement, and / or modification of software for sale, service, product, or process. Includes websites.
- Creation and improvement of product or process often qualifies.
- Creation or improvement of tools, mold, jigs, fixtures, etc. for product or process.
- Manufacturing planning and engineering.
- Lean, Six Sigma, 5S, Kaizen, etc.
How to Take Advantage of this Tax Credit
- No out-front financial outlay
- Utilize a go-forward basis to claim the credit. No amending of previous tax returns.
- Create a methodology that can be used for all subsequent years.