First, a little history –
The federal government implemented the Research and Experimentation tax credit in 1981 to create jobs and spur technology in the U.S. Known as R&D tax credits, the program was meant to be a temporary measure to discourage the offshoring of jobs and give the American economy a boost. Proven to be overwhelmingly successful, the credit was extended by Congress more than fifteen times, until the PATH Act (2015) made the R&D tax credit permanent.
In addition to making this valuable tax credit permanent, the PATH Act added additional features to the tax credit program that expanded the benefits for certain businesses, including startups and flow-through entities.
How do you know which of your clients (or prospects) are likely candidates for the R&D tax credit?
- IRS code changes have broadened the definition of the qualifying activity.
- While CPA firm Partners are aware R&D tax credits exist, they may lack the expert technical knowledge to identify credit value, documentation resources, or available personnel to get their clients involved in the process.
With 1,200 technical professionals in 13 countries providing over $1.5B in annual client savings the FI Group has unmatched experience and a unique team of experts knowledgeable in tax, law, IT, science, and engineering processes. FI Group consults with businesses, CPAs, and their clients, to identify available credits, document filing rationale, and direct the filing process.
Point of Difference – Added-Value Process & Unparalleled Expertise
The FI Group applies the one-of-a-kind, results-oriented FIG 360°-Process to facilitate businesses seizing cost-savings tax credit opportunities. Our comprehensive 5-step FIG 360°- Process includes:
- Assessing Client business initiatives and intelligence, technology, engineering, and R&D activities.
- Identify processes and activities that qualify, or do not qualify, for Tax Credits.
- Project Credit Yield and Tax Benefit.
- Provide experienced and objective recommendation & action plan.
- Document and support filing applications.
FI Group’ Customer Benefits
- Unique Knowledge – The FI Group stays at the forefront of the tax credit curve to help clients take advantage of the latest tax rulings to increase their return on R&D investment.
- Adaptable – Whether you are in the construction, engineering, manufacturing, software, or another technological and innovative field, the FI Group has the tools, expertise, and experience to identify and project tax credits to result in greater profitability.
- Highly Specialized Expertise – We realize that traditional accounting services may not be aware of the latest tax credits and qualification rational; the FI Group teams with your accounting function in studying R&D processes to identify those that merit tax savings.
- Confidence/Trust – Our extensive, unparalleled, coast-to-coast experience gives to our clients a unique understanding of the ‘landscape’; we know the pitfalls, quickly resolve obstacles and navigate through the process. Our in-house, hands-on, implementation managers maintain focus and continuity.
- Responsive – We listen, speak your language, and help anticipate your needs. We are primed to overcome tax credit dilemmas.
- Thorough – We do not just complete some forms and leave. We are on-site assessing your R&D activities, projecting yield and credits, documenting rationale, and assisting with filing for credits. We are there – start to finish.
- Enlightening – Only 50% of all companies who qualify for tax incentives apply for and take advantage of them; the FI Group unburden clients of the complex and time-consuming process of understanding those R&D and innovative processes that earn credits.
The FI Group improves the bottom-line!