We recently published our new KROST Quarterly Magazine which is packed full of articles and insider knowledge focusing on tech topics. Here is an excerpt from the article “Avoid Common R&D Expense Documentation Errors” by Principal and R&D Practice Leader Kevin Zolriasatain:
“Business owners are often surprised to learn they may be able to claim the Research & Development (R&D) tax credit. The credit was originally created as a way to encourage American companies to conduct R&D activities domestically. While initially thought to apply to large companies with formal R&D departments, “smaller businesses” in a wide range of industries, such as manufacturing, engineering, software development, architecture, pharmaceutical, aerospace and defense, metal foundries, chemical companies and others, have discovered they can also claim the benefit. However, it’s important to be aware of best practices when claiming the credit, especially in areas where issues commonly arise, such as a lack of supporting documentation. Mistakes in documenting qualified research can result in…” Continue here