R&D Tax Credits
Potential Value: Many manufacturing, technology & software, Start-ups, Architects & Civil Engineers qualify for R&D Tax Credits that are rarely fully realizing. This can add up to as much as tens or even hundreds of thousands of dollars per year.
Ease of Implementing: This can take a few hours to implement.
Cost of Implementing: This is a free audit. If they find savings, fees are a percentage of savings, so if we don’t find anything you don’t pay anything.
The Manufacturing Incentives benefit is a Federal program designed for Companies that perform Manufacturing in the U.S. This program is listed under Section 41 or the IRC (Internal Revenue Code) and continues to be amended on an annual basis as the U.S. Manufacturing landscape continues to evolve. This is an engineered based program that focuses on a company’s operations and processes in order to determine their qualification for incentives. The Manufacturing Incentives benefit provides an avenue to receive ‘tax money’ back from prior years while also reducing current taxable income on a dollar-for-dollar basis.
An initial consultation is done over the phone with one of our R&D Specialists to identify potential Qualified Research Expenditures (QRE). If qualifications are identified, GMG will collect an authorization to begin working on the client’s behalf. No fee is charged until credits are identified and utilization is verified with the client’s accounting representation.
Many companies don’t think they qualify for the credit because they are not “Manufacturing”
Section 41 was not designed exclusively for Manufacturers, although they are our most common client for R&D Tax Credits. Qualification is based on activities performed by the company. A full list of these activities can be found in the GMG App by clicking on the R&D Tax Credit.
If fact, Architectural, Engineering, and Construction (AEC) often qualify at much higher rates than traditional manufacturers.
The initial consultation is a simple and quick process.