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Julio Gonzalez, CEO and founder of Engineered Tax Services (ETS), as well as company leaders, know that manufacturers for the defense industry are often very good candidates for the federal research and development (R&D) tax credit. ETS works with manufacturers and CPA firms across the country helping them to fully benefit from this powerful incentive. This credit is meant to bolster the development of new or improved products, processes, techniques, inventions, formulas and software within the United States. The federal R&D credit will typically result in a 5 to 7 percent dollar-for-dollar return on qualifying dollars (wages, supplies and contractor costs) spent on R&D activities.
As one of the few tax credits that have bi-partisan support in Washington, the R&D credit was made a permanent tax credit as part of the Protecting Americans from Tax Hikes (PATH) Act of 2015. Most states also provide an R&D tax credit for qualifying activities within the state. ETS is typically able to go back to all open tax years (3 or 4 years) to capture these credits for companies. In addition, for companies coming out of losses, there can be an opportunity to carry forward these credits from closed tax years as well – the federal R&D credit carries forward for 20 years.
A defense manufacturer that is conducting any of the following activities within the U.S. will likely qualify for the R&D credit: developing new or improved products or manufacturing processes, prototyping and 3D modeling, value engineering, tooling and equipment fixture design and development, product development using computer aided design tools, designing manufacturing equipment, alternative materials testing, and quality assurance.
The R&D tax experts at Engineered Tax Services have helped companies is the U.S. defense identify and qualify these expenditures and receive the tax benefits they have been missing. Our process begins with an R&D Tax Credit Qualification Analysis to make sure your company qualifies for the R&D tax credit.
For immediate questions about tax deductions, call Engineered Tax Services at (800) 236-6519 or visit our R&D Tax Credit page.
About Engineered Tax Services
ETS is a nationally licensed engineering firm which is headquartered in West Palm Beach, FL with 15 offices nationwide and over 140 employees and consultants. ETS works with many of the Top 100 CPA firms and Fortune 500 companies nationwide.
This Wednesday, June 7, 2017, tax reform expert, Julio Gonzalez, will attend The Latino Coalition’s (TLC) panel in Washington, D.C., regarding tax reform. The panel is titled: “Why do we need Tax Reform: how will it affect Industry and Small Business”. It will be led by moderator, Hector Barreto, who is the chairman/CEO of TLC.
Other panelists include Eric Grey, Director, Government Relations, Edison Electric Institute, Pete Sepp, President, National Taxpayer Union & NTU Foundation, and Rachelle Bernstein, Vice President and Tax Counsel for the National Retail Federation. Congressman Carlos Curbelo, Florida 26th District, will be speaking.
Julio indicated in a recent speech that, “Tax Reform is difficult. With tax reform you are taking money from one group and giving that money to another group and the group that is losing will fight hard to save it. It is much more difficult that tax rates cuts which are lowering tax rates.” Our Hispanic communities are greatly impacted by the proposed tax reform blueprint proposed by the Ways and Means committee. We agree as a group that tax reform is important. We feel like there could be a few areas within the proposed blueprint which could have unintended consequences for small business owners that could hurt the growth of GDP. This event will be a good forum for us to talk about these concerns so that we are helping with a tax reform approach that is good for all Americans.”
If you would like to attend the panel (for free), you can sign up here. It takes place from 11 a.m. to 1 p.m. at the Rayburn Building: 45 Independent Ave SW, Washington, D.C.
About the The Latino Coalition
TLC was founded in 1995 by a group of Hispanic business owners from across the country to research and develop policies relevant to Latinos’. TLC is a non-profit nationwide organization based in Southern California, with offices in Washington, DC and Mexico. TLC addresses policy issues that directly affect the well-being of Hispanics in the United States. TLC’s agenda is to develop initiatives and partnerships that will foster economic equivalency and enhance overall business, economic and social development of Latinos.
About Julio Gonzalez
Julio Gonzalez founded Engineered Tax Services (ETS). ETS is the largest specialty engineering firm nationally. ETS works with many of the Top 100 CPA firms and Fortune 500 companies and family offices nationwide.