Credit for Increasing Research Activities IRC §41 (aka the Research & Experimentation Tax Credit or R&D Tax Credit) is designed to promote and reward innovation in the United States and keep high-paying, high-tech jobs stateside.
In 2015, the PATH Act made the federal R&D Tax Credit permanent, ultimately allowing companies to rely on the credit as a valuable resource and financial planning tool. In addition to the federal credit, most states now offer similar incentives for R&D.
The R&D Tax Credit provides a competitive advantage and encourages growth. This dollar-for-dollar boost to cash flow can be used to reinvest into new research and product development, hire top talent, or even funnel back into marketing to increase sales.
For the last 20 years, Hull & Knarr has led companies through engineering-based studies consisting of retroactive engagements, current-year evaluations, and audit defense and contract review. Our team takes ownership of defending your credit claims should they fall under review by the IRS or state authority. We take on the heavy lifting so you can travel light, save valuable time, and remain focused on what is most important to you.