Lunch and Learn: R+D Tax Credits
With changing industry demands, as well as the current economic and technological climate, businesses are actively investing in their IT infrastructure and evolving their processes and products to meet newer, faster-changing demands. The research and development (“R&D”) necessary to stay ahead of market trends creates opportunities to claim the R&D tax credit.
Many in the logistic industry utilize software companies like Magaya but most are unaware of the benefits that can come with customizing products to specific need.
Freight forwarders and customs brokers that develop or invest in software for their own use may be eligible to claim research and development (“R&D”) tax credits or increase the amount of their R&D tax credits. Your business can claim the credit for costs you incur in the software development process.
New final regulations specifically address R&D tax credits for internal use software (“IUS”) – that is, software developed by a business primarily for their own use within their business and/or with their own clients. The narrowing of the definition of IUS by the 2016 final regulations opens the door for more taxpayers who develop software, or who invest in the development of software, to use the R&D credit.
Attend this info session if:
- You think these new regulations change things for your business – and you may qualify for an R&D credit
- Believe your business may qualify for the R&D credit because of your development, testing and improvement of products and processes
- Your company claims a federal R&D credit but are wondering if there are state tax benefits available, too
Cherry Bekaert’s Credits & Accounting Methods team has helped clients recover millions in previously unclaimed credits, and defends past, present, and future credits. While the process to apply for and, ultimately, get cash back from the R&D tax credit is complex, our team of in-house engineers and dedicated tax specialists leverage their experience to develop a systematic approach designed to maximize your credit, and gain a solid defense against IRS questioning.