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Service Billing Accuracy Questioned – Billions in Overcharges to Unsuspecting Businesses
(I'm feeling productive)
The US Government announces today that the IRS currently holds over $30,000,000,000 (Billion) dollars in unclaimed tax overpayment from the Research & Development (R&D) tax Credit program.
As many Corporate manufacturing businesses throughout the United States are becoming aware of the R&D tax credit, it's defined to more that just Research & Development. Also it is Experimental, and not just limited to manufacturing companies.
In today's high demanding world, many software companies overlook this valuable tax credit. Recently AmCorp Management has identified areas that many industries qualify for the research & Development Tax Credit but don't know they are available or even know how to take advantage of them.
The reality is that ANY business that invests in developing or Improving a process or product, may be eligible for addition Tax credits at the Federal and State levels. As an example, lets say your a Software company that needs to remain competitive in the market place, and has dedicated resources into improving your software's viability. Of course depending upon what you spend is really insignificant, it is that you improved a process or a product to remain competitive.
Under these guidelines, you may be able to take additional deductions over and above the deductions you already take. It's surprising that over 80% of manufacturing and businesses involved in improving processes and products don't take full advantage of the Research & Development Tax Credit program.
In my Experience by working with AmCorp Management, it is the lack of knowledge with most CPA's concerning the Tax Code in these areas. Would it surprise you that the Research & Development Tax Program is heavily embedded in over six thousand pages of the Tax Code?
I guess when Albert Einstein said, " The hardest thing in the world to understand is the income tax", he wasn't kidding. If you have any questions concerning the R&D Tax Credit program, and it your company is eligible to receive a cash windfall, give me a shout...It might Just be the most profitable call you've ever made.
Educating For Success,
Craig Johnson
AmCorp Executive Strategist
AmCorp Management Inc.
AmCorp Blog
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