Leverage R&D tax credits as a cash flow source
For many businesses impacted by the COVID-19 crisis, cash flow is the paramount concern. Leveraging the Federal and state R&D tax credits can be a crucial component of an overall tax credit strategy to create a ready source of cash for these businesses.
R&D tax credits provide an immediate benefit to companies by reducing past, present and future years’ tax liability in the form of a dollar-for-dollar offset against taxes owed or paid. Some of the primary industries where R&D credits can be claimed include Software, Technology, Manufacturing, Engineering, Construction, Agriculture and Architecture.
Aprio can assess businesses’ needs and eligibility to coordinate R&D tax credits with the new payroll credits and SBA loan opportunities created by the recent coronavirus aid legislation, including the FFCRA and the CARES Act, to maximize immediate cash flow.
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Having the conversation with the client:
“If cash flow is a concern for your business, have you considered looking into your eligibility for the R&D Tax Credit? The qualifications for this credit are much broader than many people assume, so it’s possible this could help create a new source of cash flow during this crisis.”