Wipfli's Tax associates provide tax planning, compliance, and audit assistance to diverse entities and individuals across the entire range of Wipfli's client base.
Contrary to popular belief, the R&D tax credit isn't limited to high-tech, bio-tech and pharmaceutical companies. Recent clarification to the tax code has established a more lenient interpretation of the tax activities that qualify, making the definition of R&D for tax purposes much broader than most organizations realize. Today's R&D tax credit can apply to a variety of areas, including manufacturing, engineering, quality assurance, maintenance, sales, and information technology. And it isn't just a research credit; it's also a process improvement credit. In fact, for many manufacturers, the daily operations of making new, lighter, stronger, less expensive, or more reliable products or of developing more efficient and economical processes are considered qualifying activities. Our approach to claiming the R&D credit is a two-fold approach. Initially, a feasibility study will be completed to assess the potential opportunity and identify what is necessary to substantiate the credit. The second step is a full study where the R&D credit amount is finalized and the documentation necessary to substantiate the credit is prepared.
State and Local Taxes (SALT). Keeping up with changing tax laws in all of the states where you do business can be a daunting task. Our SALT team offers in-depth solutions to complex issues related to income, sales, use, franchise, and other taxes. Specific areas where our state and local tax professionals can assist clients include:
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Effective year-end tax planning for 2010 should focus on accelerating income and postponing deductions other than itemized deductions.
Director of Tax
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