Don't miss out on overlooked tax credits
Companies like FortisTCS help businesses find tax credits they might not know about. What kind of luck have you had claiming credits?
From Rob Aldridge Portland, OR Yes, although the focus on the article is on going back and claiming credits based on product development over the last three to four fiscal years; i.e. 2007 and before. Congress has allowed the R&D credit to expire 13 times in the last 26 years and has always reinstated it, so when it comes time to look at 2008's product development work, the R&D credit will probably be back again. We at Fortis think so anyway…
From Rob Aldridge In addition to R&D tax credits, many companies can qualify for export related tax benefits which can also be fairly significant. This is true whether they export directy or indirectly (through resellers, etc). Even if they make parts which are then included in other products which are exported.
From Drew, Virginia is this regarding the same tax credit that eweek reported as expiring on 12/21/07?
http://www.eweek.com/c/a/Government/RD-Tax-Credit-Expires/
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I work for a specialty tax firm that has secured credits for many different companies. Mr. Merchant said in the article many companies are "not claiming the credit or claiming it incorrectly." The problem lies within the fact that this is an engineering based credit rather than accounting, therefore the IRS wants trained engineers to cunduct these studies. If you want more information go to http://www.hullandknarr.com or one of the other websites in this article.