FOR IMMEDIATE RELEASE: 9/22/2021
OnCentive Launches R&D Tax Credit Division to Capture R&D Tax Credit Opportunities For Small Businesses Owners
OnCentive, a leader in the tax credit industry, announced today the launch of a Research & Development Tax Credit Division to help small and medium-sized businesses find and identify one of the largest annual tax credits available to U.S. companies.
“The R&D Tax Credit is much more expansive than most businesses owners realize. If your business is improving their products and processes, you qualify, OnCentive can help you take advantage of this lucrative credit,” said Shannon Scott, co-founder and CEO of OnCentive.
Introduced as a way to incentivize companies to keep high-paying jobs in the US, the Research & Development Tax Credit (R&D Tax Credit) program is a federal benefit that provides companies dollar-for-dollar cash savings for performing activities related to the development, design, or improvement of products, processes, formulas, or software.
The R&D credit originally only applied to a few highly technical companies. When it was made permanent in 2015, the definition of the credit has expanded, allowing a wider range of businesses and industries to qualify for this significant valuable federal tax credit.
"Most companies don’t realize how lucrative these credits can be. We have had great success processing federal hiring, geographic, disaster, and covid credits for our clients, and the R&D credit division is just another arrow in the OnCentive quiver that keep us at the forefront of increasing cash flow for small and midsize businesses across the United States," said Scott.
OnCentive’s tax lawyers and accountants determine if a business qualifies for these credits and provides them with the documentation to claim the tax incentives which can be $30,000 to $400,000 in tax credits . Often the credits come as a cash refund and can be enough to offset an entire tax liability. Unused credits can carry back to the previous year or forward for the next 20 years.
Could My Company be Eligible for the R&D Tax Credit?
Eligibility for the R&D Tax Credit is more extensive than most companies realize. Your business could qualify if it is improving products, processes, or technologies, even internally. Companies that may not consider themselves innovative might be surprised to learn that they may qualify for the R&D Tax Credit.