Research and development(R&D) serve an important role in any company that wishes to develop and market a product or service, regardless of business size or industry.
R&D is necessary for progress and business growth. What many large businesses do not realize is that there are several different research and development tax credits available to their company.
R&D Tax Credits For Large Companies
Part of tax planning for large companies must include the use of available R&D tax credits. The Internal Revenue Service (IRS) has several different programs available that may apply to your company, and failure to use these credits on time or in conjunction with the other appropriate tax credits could hurt your company's bottom line.
R&D tax credits are available for limited periods of time and for different types of research and development. It is crucial to include these tax advantages in your bookkeeping so that you can benefit from these credits every year.
Accounting For Large Companies
Accounting for large companies can be complicated. Many different taxes must be paid, and there are many different credits that can be used. Professional accounting methods can utilize these credits and create a tax strategy that is beneficial to company growth and their bottom line. With the use of the right credits, businesses can have access to the money they need to promote growth and continue with research and development.
It should be understood that the IRS views a large company based on its income, not on its actual physical size. A company can have just a few employees or a singular product but still be considered large. Many newer successful companies are not aware that they are actually a "large" company and overlook these beneficial R&D tax credits for large companies because they feel they do not qualify.
Bookkeeping for large companies should be conducted by a CPA that is familiar with all of the tax credits available to the company based on their sales, industry, and number of employees. All of these areas have different credits available, and new credits can become available each year.
Here at Fusion CPA, our tax planning services for large companies will include investigating all of the available research and development tax credits that are available for your business. We understand that taking advantage of these credits is an important part of your financial strategy.
Our team knows that bookkeeping for large companies needs to involve more than making sure that vendors are paid, and that payroll is submitted on time.
Choosing A CPA For Large Companies
We at Fusion CPA have extensive experience with tax planning for large companies, including finding all of the appropriate R&D tax credits that could benefit the business. We have worked with companies from many different industries and understand the different strategies needed for the best tax planning. In addition to our extensive experience in helping clients with their tax planning and securing tax credits, we also provide full CPA services for your everyday bookkeeping needs. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive