The Innovation Connection Program – How RDP Helps Companies with R&D Tax Credits

RDP has been assisting companies claim R&D tax credits for over 20 years. It has developed a wealth of information and a substantial databank of R&D tax credit claims. In addition, RDP has seen the best practices with respect to identifying, capturing and documenting eligible R&D projects.

RDP has developed the Innovation Connection Program with this in mind. The Innovation Connection Program connects innovation with a company’s bottom line. Given that the identification, capture and documentation of R&D projects span numerous companies’ departments, connections are required to be made between these departments and individuals within these departments. In addition, judgement is required to ensure that projects, activities and costs qualify under the R&D tax credit program.

The Innovation Connection Program commences with a starter session, where RDP takes a top-down approach of the organization. The starter session is followed by a planning session where the identification of R&D projects is put into place. The implementation phase works on the capture and documentation of R&D projects. Finally, a review is carried out with the key technical and financial primes of the R&D tax credit claim for the particular taxation year.

In terms of timeline, RDP generally carries out quarterly meetings with the client to both, review the claim for the prior quarter, and record further documentation to support the R&D tax credit claim.

One of RDP’s strengths is its people. Many of RDP’s technical staff, including engineers, PhDs, and MSc’s, span virtually every area of science and technology, and each has over ten years experience with R&D tax credit programs. These individuals not only understand the technology, but can also relate the technology to the specific criteria required to determine eligibility of R&D projects. In addition, qualified accountants support the technical staff in terms of tax filings and financial documentation.

In summary, the benefits of the Innovation Connection Program are:

1. RDP is meeting with the company during the year in which R&D is taking place and not scrambling after year end to rush getting a claim in on time.
2. RDP can assist in ensuring the appropriate contemporaneous R&D documentation is kept that stand up to IRS scrutiny.
3. At year end, the technical information and cost allocations are quartered to prepare the claim quickly and efficiently.
4. Meetings with client staff during the year ensures the claim is maximized, as information is being gathered as R&D is carried out, and going from memory’ when claims are prepared after year end.
5. The Innovation Connection Program gives structure to the R&D claim process providing more certainty and timely claims.