2024 Review: An In-depth Look at Engineered Tax Services’ R&D Tax Credit Offerings
Introduction
Engineered Tax Services (ETS) is a nationally licensed engineering firm that specializes in federal, state, and local tax benefits. Among their offerings, the Research and Development (R&D) Tax Credit stands out as a significant opportunity for businesses to reduce their tax liability and reinvest in their operations. This article provides an in-depth review of ETS’s R&D Tax Credit offerings in 2024.
Understanding the R&D Tax Credit
The R&D Tax Credit is a government incentive designed to reward U.S. companies for increasing their investment in research and development within the United States. This credit can be a powerful tool for businesses, potentially saving them hundreds of thousands or even millions of dollars each year. ETS’s expertise in this area allows them to identify qualifying research activities and expenditures, calculate the credit, and provide the necessary documentation to substantiate the claim.
ETS’s Approach to R&D Tax Credit
ETS’s approach to the R&D Tax Credit is comprehensive and tailored to each client’s unique circumstances. They begin with a free preliminary analysis to determine the potential value of the credit. This involves a detailed review of the company’s financial records, interviews with key personnel, and an assessment of the company’s research activities.
Once the preliminary analysis is complete, ETS prepares a detailed study that includes a project-by-project analysis of qualifying activities, a calculation of the credit, and a comprehensive report that can be used to support the claim in the event of an IRS audit. ETS also provides ongoing support to help clients maintain compliance and maximize their credit in future years.
Case Study: ETS’s Impact on a Tech Startup
One example of ETS’s impact can be seen in a case study involving a tech startup. The company had been conducting qualifying research activities for several years but was unaware of the R&D Tax Credit. After engaging ETS, the company was able to claim a credit of over $1 million, which they reinvested in their business to fuel further growth.
Statistics: The Value of the R&D Tax Credit
According to the IRS, the R&D Tax Credit resulted in $12.5 billion in tax savings for businesses in 2017, the most recent year for which data is available. However, many businesses are still not claiming the credit, either because they are unaware of it or because they believe the process is too complex. ETS’s services can help these businesses realize significant tax savings.
Conclusion
In conclusion, ETS’s R&D Tax Credit offerings provide a valuable service for businesses looking to reduce their tax liability and reinvest in their operations. Their comprehensive approach, which includes a free preliminary analysis, a detailed study, and ongoing support, ensures that clients maximize their credit and maintain compliance. With the potential for significant tax savings, the R&D Tax Credit is an opportunity that businesses should not overlook.
By C.N.W
Keywords: Engineered Tax Services, R&D Tax Credit, tax savings, research and development, IRS audit
Sources:
- Engineered Tax Services. (2024). Research & Development Tax Credit. Retrieved from https://engineeredtaxservices.com/research-development-tax-credit/
- Internal Revenue Service. (2020). Statistics for the Research Credit. Retrieved from https://www.irs.gov/statistics/soi-tax-stats-research-credit
