While companies are navigating a global pandemic, cashflow becomes more important than ever. Did you know that new internal COVID-19 processes may qualify your business for the research and development tax credit?
Nearly every organization in the country has reacted to the recent challenges brought on by COVID-19 with creativity and new protocols to maintain operations, while also limiting exposure. In addition to new processes implemented because of COVID-19, day-to-day activities resulting in improved processes and incremental product development could also qualify. Even with an operating loss, companies benefit by claiming the credit.
The R&D credit is underutilized and will become vital to companies in the coming months as the uncertainty from the coronavirus lingers and the economy continues to react. It is not too late to file for the incentive for 2019 and prior year activities. In doing so, your organization could increase cashflow, maximize liquidity, and minimize tax liability.
Our specialists at Transcend Tax are here to help you navigate through this incentive. Contact us today with questions or information on how to receive a no-cost, efficient assessment.
Transcend Tax Can Help You Navigate the R&D Credit During COVID-19
Take a moment to complete the form below and submit any of your COVID-19 related R&D tax credit questions and we’ll be in contact to help you navigate your way through.