Advisory
Assurance
Tax
Technology
By David M. Desmarais
By Daniel M. Andrea
Employee Benefit Plans
By Tyler Gay, CPA
KLR Executive Search Group
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Innovation Rewarded Through R&D
In order to improve how clients manage their day-to-day operations, a Rhode Island based tech company built a custom Software as a Service (SaaS) platform from the ground up. Throughout the process, the internal team engineered complex features, navigated technical roadblocks, and refined the platform through ongoing testing…all very costly initiatives.
Despite the large investment in innovation through these initiatives, the company wasn’t claiming the Research & Development (R&D) tax credit, resulting in major expenses and lost savings. Not only were they unaware of their eligibility for this valuable credit, they did not have the documentation to back it up and support a claim for the credit.
KLR performed a detailed Research and Development Tax Credit study, identifying qualifying activities across several departments and tax years. The KLR team helped document technical uncertainties, payroll costs, and project evolution to build a substantiated claim for the R&D Tax Credit.
Federal Tax Savings: The company was able to secure $185,000 in federal credits for the current year.
State Tax Incentives: KLR helped identify and claim an additional $75,000 in state-level incentives.
Look-back Credits Identified: KLR uncovered and helped the company claim R&D credits for two prior tax years.
Process Improvement: KLR helped streamline the documentation process to simplify future claims.
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