Dedicated tax professionals specializing in research and development (R&D) tax law help clients get the credit they deserve.
Many businesses overlook a tax incentive for R&D activities at the state, federal, and global level. The tax law is complex and sometimes applies to varying aspects of a business not traditionally thought of as pure R&D activities.
Normally, when companies think of R&D, the focus is on the development of new, cutting-edge products or design standards for an industry. While these highly technical activities generally qualify for the research credit, many of the day-to-day activities of companies may qualify as well such as improvements made to products or business operations.
For income tax purposes, the definition of a qualified activity for the R&D Tax Credit (also referred to as the Research & Experimentation Credit or Research Credit) includes new or improved products, processes, techniques, formulas, patents, and software applications.
Wipfli's Research and Development Tax Credit team helps companies recognize tax savings opportunities available from the R&D tax credit to lower tax liability and, therefore, increase cash flow available for other needs.
Scott R. Schumacher, CPA, MST
With more than 20 years of experience, Scott is the leader of Wipfli's research and development tax credit team, which works with businesses to claim and substantiate a tax incentive for research and development activities. He also works with closely held and family-owned businesses, providing them and their ownership group with tax compliance and planning services.
Scott Schumacher, Partner
"The R&D credit has specific applicability to the architecture and construction fields. If you implement green initiatives to improve energy efficiency, utilize new materials to enhance a building component, improve construction efficiency with processes yet to be proven, or create unique design features, these activities may qualify."