The complexities of the Research & Experimentation Tax Credit (R&D Tax Credit), its guidelines and case law decisions require a deep understanding to maximize the full benefits of this tax credit. As an engineering firm that specializes in specialty tax solutions, ELB Consulting brings a detailed and engineered approach to its Research Tax Credit methodology. Our approach delves into both the financial and the technical aspects of a client’s business to delineate all the needed information and components necessary to maximize the research tax benefits in accordance with the tax code.
How the R&D Tax Credit Study Process Works
Upon engagement, our technical and financial service teams initiate the project by gathering the appropriate Qualified Research Expenditures (QREs). Then they collaborate to qualify, quantify and fully document all research qualified business components, projects and expenditures within the organization. This two-pronged approach conducted by the right subject matter professionals with an engineering mindset will uncover all potential tax benefits and ensure accuracy.
How We Ensure You Are Compliant With Tax Law
Our deep understanding of the guidelines and case law is integral to our team’s engineering logic, methodology and assembly of the industry’s leading R&D Tax Credit Study. Ensuring these tax benefits are fully realized and properly documented requires a clear understanding of the specific Internal Revenue Code and other pertinent information.
We fully consider how an IRS agent would examine the report in the event of an audit. Knowing the auditors’ mindset, based on our team’s IRS experience and the audit guidelines, our reports are assembled to fully comply with the tax code.
What Happens If an Audit Occurs
Furthermore, in the event of an audit, ELB stands with our client and will fully defend our work product, at no additional cost to them. Conversely, we understand other major R&D study providers tend to shift blame, make excuses and shirk responsibility when they are confronted with an audit. They argue over not being provided the proper documentation or information from their client. That just doesn’t seem right.
ELB’s Two-Pronged Methodology
By utilizing a concurrent two-pronged (technical + financial) methodology, this engineered approach to R&D tax credits peels back all the layers of the onion to expose all the QREs and ensures compliance and accuracy with a fully defensible study.
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