Garfield & Pearson: Reviving tax credit on research and development vital to economic health
There are 1 comment on the Austin American Statesman story from Apr 29, 2010, titled Garfield & Pearson: Reviving tax credit on research and development vital to economic health. In it, Austin American Statesman reports that:
When it comes to doing things that will actually help our struggling economy, sometimes Congress is all hat and no cattle.
Join the discussion below, or Read more at Austin American Statesman.
#1 May 4, 2010
There are two significant issues with the existing R&D Credit regulations:
First, the regs are difficult to follow without a thorough understanding of the tax law. This often requires qualified US manufacturers to hire outside consultants to guide them through the details. Unfortunately, the cost of consultant support has made it prohibitive for many small to mid-sized manufacturers to benefit from these federal incentives. Today, tens of thousands of these manufacturers have historically bypassed this valuable tax credit.
Second, in 2008, the IRS elevated the R&D Credit to a Tier 1 Issue, which has put more emphasis on the need for contemporaneous documentation. To defend the R&D Credit in an audit, a taxpayer needs to qualify every R&D project under the regulations, AND identify costs associated with the project while the costs are being incurred (known as nexus). This documentation requirement is burdensome on engineers and production management staff, which makes capturing and defending the Credit a challenge for most manufacturers.
To address both these issues, we built Titan Armor a low-cost software solution that helps manufacturers meet the current regulatory requirements for the R&D Tax Credit. You can get more information at www.titanarmor.com .
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