R&D Credit Consulting
Finding ways to reduce costs and expenses while driving sales, profitability and growth is essential to success in business. Companies in Richmond and across Virginia navigate the success formula differently by adjusting operations, production, vendor contracts, and pricing strategies. Others focus on product variation, new product development, relationship management, and marketing programs. While useful, many are surprised to learn about the saving potential available through federal tax incentives including the Research & Development (R&D) tax credit. The credit is designed to incentivize innovation projects and provide a financial incentive to undertake such efforts. It features dollar-for-dollar savings against current year taxes and has both a carryforward and carryback feature. Despite its amazing potential, many businesses do not attempt to claim the credit because of various misconceptions about who can apply, qualifying activities, and restrictions.
Virginia R&D Credit Experience
JLK Rosenberger is a CPA firm that provides R&D tax credit study and consulting services to companies in Richmond and across Virginia. We work with companies in several industries including agriculture, architecture, chemical, engineering, construction, electrical/mechanical contracting, life sciences, medical device, and technology. In many cases companies outside these industries also qualify for the credit as well, but it depends on the circumstances of the project.
Our team has years of experience identifying qualifying activities, reviewing expenses, and determining project eligibility. We turnkey the entire process from initial documentation to preparing the IRS submission to claim the credit. This includes an organizational review, background research, compilation of key reports and supporting documents, related interviews, and documentation preparation. From start to finish, our team stands ready to help you claim this significant tax-saving opportunity.
R&D Tax Credit Myths
Map of Richmond (VA)
About Richmond (VA)
Richmond also has a strong focus on healthcare and life sciences. The city boasts renowned medical centers, research institutions, and biotechnology companies. The Virginia BioTechnology Research Park, located in Richmond, serves as a hub for biotech startups and fosters collaboration between academia, industry, and government entities. The healthcare sector continues to grow, attracting investment and providing opportunities for businesses in medical research, healthcare services, and pharmaceuticals.
In recent years, the technology and innovation sector in Richmond has experienced significant growth. The city has seen the emergence of technology startups and companies specializing in software development, cybersecurity, data analytics, and digital marketing. Richmond benefits from its proximity to major research universities, such as Virginia Commonwealth University, which foster a skilled talent pool and support innovation and entrepreneurship.
Contact Our Richmond R&D Credit Consultants
JLK Rosenberger provides R&D credit studies and consulting services to companies in Richmond and across Virginia. Complete the form below and a member of our team will follow up with you shortly.