A nationally recognized tax credit advisory firm, Axiom Solutions LLLP provides focused solutions for businesses in a wide range of industries, from software development to engineering. One key credit the company assists clients in achieving is the Research and Development Tax Credit (R&D Tax Credit).
Originally enacted in 1981 under the Reagan administration, the R&D Tax Credit incentivizes the development of technologically innovative products and encourages the hiring of R&D-focused workers. Sectors impacted by the credit include manufacturing, engineering, pharmaceuticals, chemicals, food sciences, fabrication, and tool and die production.
While 80 percent of claims are from firms with gross receipts of above $250 million, small and midsize companies are also eligible to enjoy R&D Tax Credit benefits. Tax law revisions enacted in 2001 have effectively eliminated discovery requirements. Credit-eligible firms no longer need to introduce processes and products novel to the world and can simply concentrate on innovations within their own company.
With barriers to the R&D Tax Credit reduced, the cost has grown substantially, from $5 billion in 2004 to $8 billion in 2008 among midsize corporations with less than $5 million in gross receipts. Unfortunately, many small and medium-sized companies do not have the capacities to capture qualified R&D expenses on their own and are therefore deprived of significant tax savings.
With years of experience in IRS tax code compliance, Axiom Solutions assists clients in effectively substantiating R&D Tax Credit claims. In the past decade, the firm has engaged in hundreds of dedicated studies, helping businesses of all sizes recover hundreds of millions of dollars in tax credits. This particularly boosts the bottom line of smaller venture enterprises, which often bear the burden of heavy up-front R&D expenses. According to 2008 IRS data, the average R&D Tax Credit benefit for startups was over $150,000.
To access Axiom Solutions’ full range of tax strategies that emphasize streamlining, cost savings, and profitability, visit www.axiomsolutions.com.
Originally enacted in 1981 under the Reagan administration, the R&D Tax Credit incentivizes the development of technologically innovative products and encourages the hiring of R&D-focused workers. Sectors impacted by the credit include manufacturing, engineering, pharmaceuticals, chemicals, food sciences, fabrication, and tool and die production.
While 80 percent of claims are from firms with gross receipts of above $250 million, small and midsize companies are also eligible to enjoy R&D Tax Credit benefits. Tax law revisions enacted in 2001 have effectively eliminated discovery requirements. Credit-eligible firms no longer need to introduce processes and products novel to the world and can simply concentrate on innovations within their own company.
With barriers to the R&D Tax Credit reduced, the cost has grown substantially, from $5 billion in 2004 to $8 billion in 2008 among midsize corporations with less than $5 million in gross receipts. Unfortunately, many small and medium-sized companies do not have the capacities to capture qualified R&D expenses on their own and are therefore deprived of significant tax savings.
With years of experience in IRS tax code compliance, Axiom Solutions assists clients in effectively substantiating R&D Tax Credit claims. In the past decade, the firm has engaged in hundreds of dedicated studies, helping businesses of all sizes recover hundreds of millions of dollars in tax credits. This particularly boosts the bottom line of smaller venture enterprises, which often bear the burden of heavy up-front R&D expenses. According to 2008 IRS data, the average R&D Tax Credit benefit for startups was over $150,000.
To access Axiom Solutions’ full range of tax strategies that emphasize streamlining, cost savings, and profitability, visit www.axiomsolutions.com.