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Hi, I'm Ben Dailey, I'm the tax practice leader here at Macpage. Macpage is a
full service accounting and consulting firm and I'm here today to answer a few
questions about the research and development tax credit. One question we
get a lot about the R &D credit is about what sort of businesses can qualify for
it. People think of R&D as something that companies like Google or Tesla do, where
they're making self-driving cars or solar roofing panels to put on a house.
But it's really more simple than that. It's for any company that does anything
innovative and makes some kind of investment in developing new products or
processes. So any company that is thinking about developing a new product
or a new process can qualify for this tax incentive as long as you're doing a
couple of things. So if your business is trying to eliminate uncertainty around
the development of a new product, and you're going about that by using, you
know, sort of a scientific method we all learned about back in eighth grade
science class, of evaluating different alternatives, whether that's with
computer modeling or just old-fashioned trial and error, and your problem somehow
relates to the hard sciences like physics, chemistry, biology, engineering, or
computer science; you're probably doing something that qualifies for the R&D
credit already. So that's probably the biggest question we get is when we're
talking to people about the R&D credit, we first have to, you know, explain to them
and educate them that, yeah their business is probably already doing
something in the nature of research and development. It's not just
the heavy theoretical science fiction type stuff. As long as the the product
development activities are our kind of scientific and technical in nature and
you go through that process of experimentation, you're probably doing
something that qualifies. We've seen businesses and industries as diverse as
manufacturing, fabrication, construction, agriculture, breweries. There really
aren't a lot of small businesses that we serve that I think are excluded from
this just because of the nature what they do. So that's kind of the first
obstacle is, R&D in the tax world uses a much more expansive definition of
research that a lot of people would think when they hear the term. So
hopefully that was educational and informative, if you've got any other
questions about the R&D credit feel free to contact me, Ben daily, at 207-523-3328
or you can email me BD@macpage.com.
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