While most Corporate Executives believe their CPA's are taking advantage of the available Tax Credits allowed by the R&D Tax Credit program, however recent omissions by the IRS reveal that only three to five percent of businesses ever fully claim them. Would it surprise you to know that currently the IRS holds over $110,000,000,000 (Billion) dollars in overpaid taxed from businesses that could have taken advantage of the R&D Tax Credit but didn't?
As I was discussing how it worked, I told him that the real confusion is that what qualifies? The Re
search and Development Tax Program is incredibly complex...and is embedded in over 6,000 pages of the Tax Code, and that's why most CPA firms miss most of the available credits under the Federal and State laws. The Tax Code is so complex, It gives CPA'S Migraine Headaches!CPA's are experts at what they do, don't get me wrong, but the reality is that they are debits & Credits experts, not Tax Code Experts. The problem is, we as business owners think our CPA's know everything about the Tax Code. It's a myth...Why? Because AmCorp Management has a 100% success rate in capturing these credits for qualified clients.
The Research & Development Tax Credit is truly that. Has your business invested money into developing products? Perhaps you've invested money into developing an existing process to remain competitive. Have you ever modified a system or process to create new sales? What about improving your services?
Did you know that in addition to taking those deductions from any expenses occurred by 1099's and w2's to improve, modify, create, develop, experiment or enhance your products or services qualify for Research & Development Tax Credits? And that's what it is...Credits. Dollar for Dollar Credits!
So in short, in addition to taking deductions (which every one takes) for the expenses to improve or develop, you may be eligible to receive Credits for those expenses. Yes dollar for dollar. So lets say you spent $300k in developing something, and $200K was through 1099's and w2's of which you have taken your standard deductions....What if you could have matched those deductions with actual dollar value Tax Credits??? Can you say LOST PROFITS!
AmCorp Management utilizes Senior level Tax Experts formally from K.P.M.G. (one of the Big 4 Firms) to manage our Corporate Tax Department. By utilizing our risk free feasibility study to determine if Research & Development Tax Credits apply for your company, and with no obligation, you can easily create an enormous "Cash Windfall" for your business.
Recognize that a R&D Tax Recovery represents "Bottom Line Net After Tax Profit". So as an example, if you operate on a 5% net income rate, an R&D recovery of $100,000 is the equivalent of gross revenues of $2,000,000. It's no wonder so many of today's Corporate Executives are flocking to AmCorp Management for their expertise in Corporate Tax and Expense Recovery services. Its Risk Free...It's Feasible...And Extremely Profitable.
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2 comments:
Hello Craig
This was very good information you shared. I wish more people are aware of these things. Good job on getting the word out. I completely agreed with you, about the CPA are accountants. Not the Tax expert. In my early years I have been the one, who paid too much tax dollars. Until I learned that I needed a tax attorney. The tax dollars I saved, paid for my tax attorney 10 times over.
I enjoy reading your blog. Keep up the good work.
Giovanna Garcia
Wow this is great info to know. We can't blame the accountants and CPA's for our tax strategies! We must take responsibility for asking them the right questions and directing them properly. And now I can, about R&D - thank you thank you thank you! Lori On Maui
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