The federal Research and Development (R&D) Tax Credit can provide a hidden and immediate source of cash as well as a significant reduction to past and future years’ income tax liabilities for companies of all sizes in many industries.

R&D is not just about rocket science, lab coats and patents anymore. A company may qualify for the R&D tax credit if it develops or improves any of the following:

• Products
• Processes
• Techniques
• Formulas
• Inventions
• Software

A company may also qualify if it has invested time, money, and resources toward the advancement and improvement of products and processes. At the federal level, R&D tax credit rules allow eligible taxpayers to “look back” to all open tax years (typically three years plus the current year) for potential R&D credits that were never claimed.

Government contractors, construction companies and many other types of businesses may not realize some of their standard activities may entitle them to generous R&D tax incentives.  In order to help clients claim these incentives, Thompson Greenspon has been working with alliantgroup, a specialty tax service provider who is a leader in the R&D tax credit study space.  Most recently, alliantgroup identified nearly $3 million in R&D credits for a defense contractor and we are excited about the potential refunds and savings for our clients that qualify.

Thompson Greenspon’s partnership with alliantgroup provides additional and powerful specialty tax service offerings that help many of our clients reduce their pending tax liability. alliantgroup’s experts include specialized industry teams of engineers, architects, software developers, chemists, biologists, accountants and lawyers who understand our clients’ industries and how to navigate the complexities of an R&D study. alliantgroup also has national tax insiders on their staff including Mark Everson, former IRS Commissioner and Dean Zerbe, former Tax Counsel to the U.S. Senate Finance Committee.