Presidential support of the R…D Tax Credit:

At the White House on March 23rd, President Obama explained about making R…D Tax Credit one of the few permanent tax incentives available to manufacturers.

“This is a tax credit that returns $2 to the economy for every dollar we spend. Yet over the years we’ve allowed this credit to lapse or we’ve extended it year to year — even just a few months at a time. Under my budget, this tax credit will no longer fall prey to the whims of politics and partisanship. It will be far more effective when businesses like yours can count on it, when you’ve got some stability and reliability.”

Created by the Congress in’81 the R…D Tax Credit, is a tax credit (tax incentive) meant for U.S. based innovation. This is basically a design to hold to private sector research and creation investment in product development, process improvements, and technology innovation. But however, the IRS regulations do require that any manufacturer claiming the R…D Tax Credit must be able to prove said things: 1) that their activities meet the definition of qualified research, and 2) that the costs associated with these activities are documented appropriately. These requirements can be hard on the manufacturer and should be looked at.

IRS Audit Results Recently:

Recently in a IRS audit, the Service disallowed 100% of taxpayer’s claim for the R…D Tax Credit “and attached fees and penalties”. The Auditor’s included the following statements:

“It is not enough to engage in qualified research activities to be entitled to the research credit. Taxpayers claiming the credit must maintain sufficient records detailing and substantiating the expenditures claimed as eligible for the credit. . . . The Taxpayer, under its own admission, is unable to provide any records showing how many hours each employee worked on any given project during the credit year. Nor are they able to provide any records showing how many hours any employee’s work involved activities that might have constituted qualified research.”

Titan Armor will meet the R…D Tax Credit documentation requirements below:

Titan Armor is a web-based time tracking application designed to meet or exceed the IRS’ current expectations for research and development “contemporaneous” documentation. Built on project management fundamentals, Armor makes it quick and easy for qualified employees to track time against projects, and tag those projects as innovation for the R…D Tax Credit, per the IRS requirements.

Titan Armor is at a reasonable price of $295 per month*, and FREE for the first 30 days!

The goal is to ad ALL US Manufacturers document and gain their fair share of the federal tax credits. We do this by offering Armor at $295/month per facility and with unlimited users. Documenting and defending the R…D Tax Credits have never been cheaper. Armor’s website also provides a no-cost, 30-day trial for all manufacturers. With no commitment to purchase, you can get access to Titan Armor right now, and see for yourself that documenting your research and development activities correctly is fast and easy!

To find out more of the services that you could be gaining from Titan Armor please visit their website and see how you can start getting the benefits you diverse. Click here to get your own unique version of this article with free reprint rights.