During the free assessment, we will obtain an understanding of your company’s operations in order to verify that your company is a good candidate for the R&D tax credit and also to provide high level
credit estimates for the open tax year(s) in question. During the assessment, Think
will typically have an assessment call with a key person at the company or we
may request some high level information via email. We will also assess and review
utilization of any potential credits with the company (i.e., will the credits result in
refunds and/or reduced taxes or will they carry forward).
During Phase 1, Think interviews key company personnel to identify projects, processes, departments and technologies where potential qualifying research expenditures exist. In addition, we evaluate the type and availability of contemporaneous documentation to substantiate the qualified research expenditures. We then design a study plan around your circumstances.
In Phase 2, Think will interview additional
personnel, analyze contemporaneous documentation, match wages and other
costs with qualifying projects to finalize the credit calculations, and gather
documentation needed to complete the analysis. This phase entails a full analysis
of technical issues related to qualified R&D projects, identification of all eligible
expenditures, and documentation of such expenditures.
This phase includes the final preparation and delivery of the R&D Study and its quantitative and qualitative components, which will serve as the company’s documentation supporting the R&D tax credits claimed. The reporting phase also includes the preparation of any amended tax returns by the company’s CPA.
Beginning in 2016, there were also two significant enhancements to the Federal
R&D Tax Credit involving the credit’s utilization: