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Research & Development Tax Credit

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R&D

Figure Financial collaborates with businesses to pinpoint projects and associated expenses eligible for Research and Development (R&D) tax credits. This specific tax credit incentivizes businesses for engaging in research activities within the United States. Figure Financial conducts a comprehensive analysis of each company's innovative developments, potential qualifying expenses, and meticulously prepares a substantiation document, ensuring the accurate calculation of the credit in adherence to all IRS requirements.

What We
Offer

01

Procedure for Claiming the Credit

Process Summary:

  1. Submit R&D Application

  2. Analyze R&D Study and Compute Credit

  3. Preserve Supporting Documentation

  4. Include Form 6765 in the Corporate Tax Return

  5. Submit the Original or Amended Corporate Tax Return

03

Industries Eligible for R&D Credits:

Our partners specialize in assisting businesses in various sectors that commonly qualify for R&D credits, including:

  1. Manufacturing

  2. Engineering

  3. Food and Beverage

  4. Pharmaceuticals and Biotechnology

  5. Software

05

Crucial Deadlines

Original Tax Return Federal Filing Deadlines:

  • S-Corporation Timely File Deadline for 12/31 Year-End Company:         March 15th

  • C-Corporation Timely File Deadline for 12/31 Year-End Company:            April 15th

  • S-Corporation Extension File Deadline for 12/31 Year-End Company: September 15th

  • C-Corporation Extension File Deadline for 12/31 Year-End Company: October 15th

  • Fiscal Year S-Corporations: The 15th day of the third month following the fiscal year end (i.e., 3/31 year end) - June 15th filing deadline

  • Fiscal Year C-Corporations: The 15th day of the fourth month following the fiscal year end (i.e., 3/31 year end) - July 15th filing deadline

Amended Tax Return Federal Filing Deadlines:

  • Three years from the date of filing the original federal tax return

02

Process Oview

Here's a comprehensive summary of our method for assessing a business's eligibility for the R&D credit:

  1. Initial Collection and Analysis of Financial Documents

  2. Review of Credit Estimates

  3. Compilation, Analysis, and Sampling of Project Lists

  4. Conducting Interviews on Projects and Employee Activities

  5. Project List Analysis Interview

  6. Collection and Analysis of Contracts and Project Documentation

  7. Compilation of the R&D Credit Substantiation Report

  8. Quality Control Review

  9. Delivery of R&D Credits and Substantiation Report

04

States Eligible for R&D Credits:

Arizona

Arkansas

California

Colorado

Connecticut

Delaware

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

Kansas

Kentucky

Maine

Maryland

Massachusetts

Minnesota

Mississippi

Missouri

Nebraska

New Hampshire

New Jersey

New Mexico

North Dakota

Ohio

Oregon

Pennsylvania

Rhode Island

South Carolina

Texas

Utah

Vermont

Virginia

Wisconsin

06

Legal Reference Materials

Case Law:

IRS Code:

  1. Circular 230

  2. Section 41

  3. Revenue Procedures

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