A tax credit generally is a reduction to current and future years’ federal and state tax liabilities. In some states, the credits may be monetized. The R&D Tax Credit is an income tax benefit that provides incentives for companies conducting R&D in the U.S. These economic incentives were implemented to stimulate research and development in industries of all sizes and to encourage companies to work together.
The R&D Tax Credit is for businesses of all sizes – profitable and unprofitable, not just major corporations with research labs, and many companies are surprised that they qualify.
KPMG's Research Credit Services professionals can provide you with an assessment to help you determine if your business is eligible to claim R&D Tax Credits and how it can benefit from these incentives.
KPMG Spark is the online all-in-one accounting solution that provides small and medium size businesses with bookkeeping, tax preparation, and payroll all online for a simple, low monthly fee. Now you can make more time for the stuff that really matters.