U.S. companies claim billions of dollars of federal and state R&D Tax Credits each year. However, billions of dollars of R&D Tax Credits go unclaimed every year because companies are unaware they qualify. In addition, many companies that are claiming the R&D Tax Credit are not claiming all of the credits to which they are entitled.
Think Advisors helps businesses uncover and take full advantage of the federal and state R&D Tax Credit.
What are R&D Tax Credits?
Federal R&D Tax Credits are meant to incentivize U.S. companies to invest in innovation and to develop new or improved products, processes, or software in our country. The credit is a dollar-for-dollar reduction in income tax liability, reducing the risks associated with innovation and experimentation. Pre-revenue startup companies can also take advantage of the R&D Tax Credit by using it to offset a significant portion of their payroll taxes.
The Think Advisors Approach to R&D Tax Credit Studies
For over two decades, Think Advisors has worked with both the clients of trusted CPAs and directly with business owners across the United States to identify, calculate, and claim federal and state R&D Tax Credits. Our team combines extensive technical expertise with a practical, defensible approach, delivering millions of dollars back to businesses for reinvestment and continued growth.
Our R&D Tax Credit Study Process
Think Advisors takes clients through a four-phase process to identify, substantiate, calculate and file for R&D Tax Credits. While the process can be lengthy, we make it easy for our clients, minimizing disruption and allowing them to continue focusing on their business, while we focus on recovering money on their behalf.
Phase 1: Free Initial Assessment
We begin by learning about your business operations to verify that your company is a good candidate for the R&D Tax Credit, and to provide a high-level estimate of what the R&D Tax Credits could be for the tax year or years under review.
Phase 2: Intro/Study Design
Here we interview key company personnel to identify projects, processes, departments and technologies where potential qualifying research expenditures exist. We also evaluate the type and availability of existing documentation to substantiate the qualified research expenditures. We then move on to designing a study plan tailored to your unique circumstances.
Phase 3: Implementation
This is where the detailed work happens. We conduct interviews with additional staff, analyze existing documentation, and align wages and other eligible costs with qualifying R&D activities. Our team then performs a thorough technical and financial analysis to calculate the full credit and compile supporting documentation.
Phase 4: Reporting
In the final phase, we prepare and deliver a comprehensive R&D Tax Credit Study that serves as audit-ready support for the credits being claimed. We also work closely with your CPA to assist with current year filings and amended returns, as needed.