Research Tax Credit is a great and valuable financial help provided by the government to encourage people who are engaged in research activities. It is the largest tax incentive provided by Congress available today. It was originally designed to help U.S. industries to compete against foreign countries. The credit given by the government encourages the use of new technology advancement in qualifying research activities.
Many businesses are unaware of research tax credits. The credit is not limited to taxpayers in the hi-tech or science industries. Any industry may qualify for research development. It includes manufacturers, consultants, engineers, architects, or companies with in-house computer staff.
The R&D tax credit has generated controversy between the IRS and taxpayers. Tax credit often comes with specific guidelines. Non-compliance can result in penalties and loss of credits. There are two kinds of research credit. Traditional and alternative simplified credit methods. In the traditional method, credit is 20% to the company in the current year.
If you need legal guidance to know more about R & D, hire the attorneys of Mitchell Tax Law. A research tax credit attorney is a legal professional with specialized knowledge and expertise in research tax credit. A tax credit attorney guide in establishing and maintaining tax records and ensuring all the eligible expenses are documented rightly.
Our attorneys assist individuals, businesses, and organizations in minimizing tax liabilities. We figure out the research expense of the past three years to determine if they qualify for the research tax credit. Our attorneys provide strategic guidance in structuring research and development activities to maximize the potential tax benefits.
We help you to assist in designing projects that align with IRS guidelines. Our research tax credit can provide valuable support ensuring to stand up to scrutiny. In addition to federal tax credits, many state and local jurisdictions provide tax incentives. If your tax credit appeal is denied or disputed, our tax attorney represents you in the appeal and dispute resolution process. Tax credit attorney is an invaluable resource for individuals, businesses, and organizations seeking to maximize the tax credit benefit.
We have defended research cases which include IRS and state audits, appeals, and litigation. If the IRS is auditing your return, call us and schedule an appointment to discuss your research credit case.
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