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The R&D Credit has been part of the Internal Revenue Code since 1981, however, a large number of companies have not taken advantage of this provision. In the past, the rules were very confusing as to who even qualified, let alone, which products or processes might qualify.
Recent federal rules have made it clearer and have eased the reporting requirements for how companies can qualify for R&D tax credits.
The Research & Development Tax Credit is not limited to these industries. Any company performing qualified research activities can qualify.
Federal and state tax laws dealing with R&D Credits are still highly complex. Securing these tax benefits requires companies to thoroughly document the nature of their qualifying research activities. Walter & Shuffain can assist your company in getting the full value from the Research & Development Tax Credits for which you are entitled.