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Research and Development

https://www.irs.gov/businesses/research-credit

Under Treasury Regulation § 1.41-4(d), a taxpayer claiming the research credit must retain records in sufficiently usable form and detail to substantiate that expenditures claimed are eligible for the credit. 

Never claimed R&D credits

L&V employs a phased R&D tax credit work plan.

  • Phase 1 -  Feasibility: The first phase estimates the benefit based on our initial discussions, interviews and survey of the existing documentation.
  • Phase 2 – Kick off: Identify QREs and QRAs for calculation of the tax credit and document the actual R&D tax credit by Project or Cost Center approach.
  • Phase 3 – Implementation: Go forward plan for future R&D strategy.
  • Phase 4 – Measurement: Measure sustainability for financial statement (ASC 740-10) purposes.

Already claimed R&D credits

L&V assists companies determine whether they could utilize and sustain R&D credits:

  • Cost & Calculation Review: L&V reviews for errors and misclassifications, including those caused by use of outdated files and regulations. Focus on understated, missed, and non-qualified costs, to enhance both the credit’s materiality as well as sustainability.
  • Documentation Review: L&V assess whether and how tax examiners will accept or disallow claimed credit with supportive documentation and make recommendations to improve the process.
  • Systems & Technology Review: We assist companies develop and implement procedures and technologies to identify, document, and calculate future credits efficiently and effectively.
  •  Exam & Appeals Support:  L&V's R&D team leverage legal, accounting, engineering, and scientific experience to support R&D credits on exam and at appeals.
  •  ASC 740-10/FIN 48 Review: We identify optimal units of account, recognition, measurement, and supply appropriate documentation.
  • Global R&D Benefits Review: We help companies with operations outside the U.S. claim and support non-U.S. R&D benefits including locations of new R&D and manufacturing operations.

For further information, fill out the evaluation form and submit to L&V






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At L&V Partners, we've been serving the accounting needs of Andover, MA and the surrounding areas for years. If you need help managing any aspect of your business's finances, we want to hear from you.

Please fill out this form and let us know how we can be of service. We will happily offer you a FREE initial consultation to determine how we can best serve you.

Thank you for visiting. We look forward to working together!

L&V Partners

300 Brickstone Square
Suite 201

Andover, MA 01810
T: +1-978-749-9900
F: +1-978-824-9437
E: info@l-vpartners.com



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