Manufacturing & Distribution CPA Firm. We have worked extensively in manufacturing. We have significant experience in automotive aftermarket, apparel and machining industries.
We have performed services for manufacturers in military contracting, aerospace, automotive parts, furniture, sporting goods, process controls, HVAC and petro-chemical equipment.
R&D Tax Credit
Most U.S. states have the Research and Development Tax Credit, a permanent federal tax incentive meant to stimulate the manufacturing industry through innovation and technical design. While the R&D Tax Credit was available since 1981, tax regulations that were finalized in December 2003 significantly increased the types of activities that qualify for the credit.
Companies of all sizes and even different industries now qualify. You no longer need to develop a product or process that was new to the industry, only new to them. These dollar-for-dollar tax credits are for manufacturers, tool and die / job shops, plastic mold injection, software developers, architectural and engineering firms, construction contractors, food processors, chemical companies, agribusiness, and apparel/textile companies, among others.
Less than one-third of eligible companies realize they qualify for the R&D tax credit and even the companies that have taken the credits are not claiming everything they are fully entitled to. Take a closer look at this R&D Credits Overview developed by Engineered Tax Services.