If the COVID pandemic has taught us anything, it is that innovation is key for businesses to stay at the top of our game. Although unrelated to the pandemic, the IRS agrees and has a tax credit program to help companies reduce income taxes by utilizing research and development (R&D) tax credits. These credits, 5-10 cents for every dollar in qualified expenses, allow you to reduce your income tax liability and utilize that cash flow to help fund research activities and your business.
You may be engaging in qualifying research right now without even knowing it. The government provides these credits because they know it is valuable and will help businesses pursue these activities, which will hopefully drive our economic engine.
JLK Rosenberger is excited that Sean Yearout, a seasoned R&D tax specialist, has joined the firm. Having spent twenty years in the industry with national and regional firms, he has helped numerous companies uncover tax savings and create growth opportunities.
Mike French, the managing partner of JLK Rosenberger, said, “Research and development credits can help companies find immediate and often hidden sources of cash. We can help you take advantage of this program and also help you improve cash flow. Don’t leave tax credits on the table. Have our R&D tax specialist team review your situation and determine if you can benefit.”