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Architects & Civil Engineering Firms R&D Tax Credit

All across the nation, Civil Engineering Firms are consistently missing out on millions of dollars in Federal Tax Incentives!

How?

Simple. Federal Tax Incentives have been crafted, passed, and signed into law making hundreds of millions of dollars available. For some reason, Civil Engineering firms consistently fail to capture the money allocated for them.

Why?

Part of it is the fault of government and their lack of effective naming of the Incentives they pass. The Section 41 Credit is inadequately named the “Research Credit”. This poor title makes it sound like it was created to provide funding for medical laboratories. Fortunately the Incentive is so broad, that almost all U.S. based Manufacturing, Engineering, Software Development, and Fabrication firms qualify for money.

How much is available?

We have found Civil Engineering firms, on average, are able to qualify for approximately 25% of total company payroll. For example, a typical firm with a $2,000,000 company payroll will be able to qualify $500,000 of their payroll toward the Section 41 Incentive. The gross benefit of this would be anywhere from $25,000 – $50,000 per year (and firms are allowed to go back three open tax years!).

Why doesn’t the CPA just handle this?

To put it bluntly, they are not qualified. Specialized tax incentives such as this are extremely technical and backed by myriads of case law. CPAs do not have the time nor the knowledge to investigate, determine, procure, and defend specialized tax incentives such as the Section 41.

How should Civil Engineering firms determine their qualification?

First off, they should not file another tax return or remit the next quarterly estimated payment until they have consulted a specialist in this area. A true specialist will be able to provide a solid estimate of benefits through a brief phone consultation.

Please do not let the government’s failure to name an Incentive properly keep you from capturing your benefits in full. Nearly all Civil Engineering firms qualify for Section 41 money. If you would like an estimate of how much you are missing out on, please visit our site, answer a few questions and see your savings in seconds.

www.BusinessRefundEstimate.com

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Our Methodology:

Our experienced team of professionals in mitigation, valuation, assessments, and law will work on your case to identify any potential opportunity for refunds and/or reductions in your current property taxes. We perform all the work on your behalf until savings are captured, including partaking in hearings and filing necessary paperwork. We act as an extension of your company toward the governing property tax bodies.

www.BusinessRefundEstimate.com

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What are the Benefits of a Property Tax Mitigation Study?

The immediate benefit is the reduction of taxes owed and the potential of refunds on prior taxes paid. The future benefits would similarly be a reduced tax burden going forward, producing an increased cash flow for the business.

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Who Qualifies for Property Tax Review?

Any Commercial Property Owner who pays over $50,000 per year in Real or Personal Property Tax is worthy of a free review to determine potential reduction opportunities.

See Your Refund In Seconds

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Can an LLC Claim the R&D Tax Credit?

An LLC is treated like a sole proprietorship or partnership with an April 15th filing date and an extension date of October 15th. 

An LLC can elect to be treated liked a corporation and change their fiscal year. Avoiding the April 15th filing date allows the LLC to issue K-1's to its Owners and Partners before their personal returns are due.

What is a Schedule K-1?

When an LLC files an amended return as a part of submitting for the R&D Tax Credit, it will issue K-1's to its Owners and Partners. They will then use the form 1040X to amend their personal returns. The 1040X will reflect the gross R&D credit, a tax on that credit, and it will trigger a payment to the Owner for the net R&D credit.

In order to make this work, the LLC must have met its cut-off date for amending its Form 1065 and issued it's K-1's to the Owners. Without the K-1 from the LLC, the Owners do not have a basis for amending their personal returns.

The R&D Tax Credit & the K-1

Part III of the K-1 covers the R&D Tax Credit. What ultimately happens through the filing of these forms is, "flow-through" income and credits apply to the individual taxpayer's personal return, form 1040. Thus, the individual claims his share of the R&D Tax Credit.

How Do I Find Out If I Qualify?

The bottom line is, visit our site to determine if you qualify and see your potential savings in seconds with no upfront fees.

www.BusinessRefundEstimate.com

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Cash Accounting

The cash accounting method is both less complicated and less costly to maintain, while reducing regulatory risk, versus more sophisticated tax methods required in the past. More small businesses can use this favorable method; now firms with up to $10M in gross receipts, up from $5M, can opt in.

It’s not a reach to expect that a small business would save money from less complexity associated with their taxes. These savings, and the attention that would otherwise be focused on complex tax compliance matters, could be used to improve a venture’s chances for success.

Favorable winds are at the back of the entrepreneur and investor alike. But, if their respective sails aren’t set to catch those winds then the creation of good-paying jobs and the realization of market-transforming innovations will be less robust than it could be otherwise.

Those close to the entrepreneur and private investor, that is, anyone directly or indirectly tied to the economic development eco-system (you know who you are), would do well to take it upon themselves to “inform and educate” as it is safe to assume that the intended beneficiaries of this favorable legislation are focused on developing cutting edge technologies and making the next deal, and not so much on deciphering government policy.

www.BusinessRefundEstimate.com

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Over $100 billion is available for U.S. manufacturers.

There is simply no other single industry with this level of available incentives. Unfortunately, small to mid-sized firms are consistently missing out on these funds. Programs such as the Section 41 Research Credit, Cost Segregation, Property Tax Mitigation, Energy EPAct, and others are potentially available to you.

If you are not a Fortune 100 firm, GMG is your specialized tax incentive advocate and will vigorously work to ensure all eligible monies are captured. If you own a manufacturing firm and are paying taxes, it is time to contact us for a free analysis of your available incentives.