10 Best R&D Tax Credit Consultants in 2024
Did you know your company can receive 12 to 16 cents of federal and state R&D tax credits for every qualified dollar? If you’re qualified, you should file a Research and Development tax credit or R&D tax credit.
This federal benefit is available to companies performing activities related to developing, designing, or improving products, processes, formulas, or software. The tax incentives you receive for this tax credit can help your company allow more funds to hire additional employees, increase R&D, expand facilities, and many more.
If you’re considering filing for this credit, you must work with consultants who thoroughly understand the tax law. To help you decide who to work with, we’ve compiled some of the best consultants who offer R&D tax credit services.
How to Choose an R&D Tax Credit Consultant for Your Businesses
When choosing a tax credit consultant, you should consider different factors. First, you should assess your company’s needs and goals. If you’re a startup, you should consider working with a smaller firm that can accommodate your budget.
Another factor you should consider is the firm’s experience and track record. Ideally, you should work with a firm with years of experience and a reliable track record. After all, you want your business to be in good hands.
One of the most crucial factors to consider when choosing a consultant is their costs. Bigger firms with large teams normally charge higher than smaller teams.
Lastly, you should look into what their clients have to say. This gives you a preview of what you can expect when working with them.
Top 10 R&D Tax Credit Consultants
1. Massie R&D Tax Credits
With over two decades of experience in the industry, Massie is an excellent consultant partner with a dedicated team for research and development tax credits. This company’s goal is to make the process for tax incentive services easier for clients, tax departments, and even the IRS.
Massie is a great choice for R&D tax credits primarily because they have a unique approach called the MASSIE method. This approach is formulated to make R&D tax credit documentation, preparation, and filing easier for everyone involved by encouraging greater participation, which generates more extensive credits and ensures smoother audits.
Massie’s website features various client testimonials that vouch for the company’s abilities regarding tax incentive services. Moreover, it has received several global recognitions, including the Financial Times and the Tax Executives Institute.
Key Offerings
Massie has a unique approach to R&D tax credits called the MASSIE method, which is designed to make the entire process smoother and more efficient.
2. PricewaterhouseCoopers (PwC)
R&D is global and complex. Likewise, when developing software, you need an international consultant to help you make the process easier and more efficient. PwC is one of the best consultants because it allows companies to identify federal and state R&D tax credits, enabling them to realize cash tax savings for qualified research activities.
If your company has a global scope for qualified research expenses, PwC can help your business maximize valuable tax incentives. PwC offers clients a global perspective on their R&D activities, current claims, and incentive opportunities worldwide. This tax credit partner can help you understand what’s important in a sea of choices, and their team can give you the tools you need to manage your claims efficiently.
Key Offerings
PwC empowers clients by streamlining their R&D efforts. They have project management tools and are effective in remote collaboration. Moreover, PwC ensures that everything is properly documented to avoid possible issues with the IRS. They also offer readily available reporting for full visibility.
3. Acena Consulting
Another formidable partner you should consider working with is Acena Consulting. This multi-dimensional tax and accounting services company offers public and privately held companies services. This tax credit consultant helps eligible entities reduce tax their tax burden and operation expenses to increase cash flow and drive overall business growth.
What makes Acena Consulting one of the best partners in R&D tax credit is that it caters to companies of various scopes. Moreover, this consultant offers potential clients a preview of their services through a digital calculator. This calculator provides a rough estimate for R&D claim credits, which gives it a competitive advantage over other firms.
Key Offerings
One of the most compelling reasons why it’s worth working with Acena Consulting is its R&D Tax Credit Calculator. This gives potential clients a preview of what the team can offer their clients.
4. FI Group
The R&D Tax Credit has two incentives: the Traditional Credit and the Alternative Simplified Credit. If your company operates globally, you need a global expert on R&D tax incentives. The FI Group works with different companies worldwide, making it an excellent fit if you’re researching a new or improved product overseas.
FI Group approaches tax credits from a technical perspective. With over 1,800 highly qualified employees, this consultant can serve companies of all sizes and in all sectors of activity.
Key Offerings
The FI Group offers potential clients a free consultation so you have an idea of what it’s like to work with their team. Moreover, this consultant empowers clients with all the information they need to make informed decisions on what’s best to do for their needs.
5. Haynie & Company
Haynie & Company is another excellent R&D tax credit partner to consider. One of the most respected CPA firms in the country, this consultant has a team of R&D tax credit experts. Their experts can n help you calculate this federal tax credit by analyzing your qualified research expenditures and organizing vital documentation.
With the help of this tax credit claim partner, you can potentially carry the credit forward up to 20 years and even perform look-back studies to find unclaimed credits for open tax years (generally 3-4 years.) If your company intends to maximize federal research in the long run, this is a partner you should consider.
Key Offerings
What stands out about Haynie & Company is that it highlights that its team is ready for audit defense. In case the IRS audits your company, they’ll be more than ready to help you through every step.
6. BDO
What makes BDO an excellent partner is that it has a dedicated R&D tax credits team that helps clients identify, calculate, and claim the maximum benefit their R&D activities support. Over the past two decades, BDO has empowered companies to claim billions of dollars in R&D tax credits with tax planning for R&D.
Additionally, BDO works with clients to implement tools and processes to streamline future-year credit claims and offer exam and appeals support. They make it easy for companies to deal with a potential IRS audit. BDO offers companies a complimentary R&D review and has an R&D calculator. This can help companies estimate what they can expect from filing an R&D tax credit for software development for a new or improved product.
Key Offerings
What makes BDO stand out is its ability to help clients with global research activities. The company has a presence in 40 countries and can help multinational companies maximize their claims.
7. Cherry Bekaert
If you’re a multinational company with a vast R&D unit, you need partners to help you meet your needs. Cherry Bekaert is an excellent choice for giant firms as it has developed a systematic approach to maximize your R&D tax credit and gain a solid defense against IRS criticism.
Cherry Bekaert has over 75 years of experience in the industry, and it prides itself on providing high-quality financial and management services to a diverse and thriving client base. Moreover, Cherry Bekaert showcases case studies to help potential partners understand the caliber of their services.
Key Offerings
Cherry Bekaert’s systematic approach simplifies the complex process of this tax claim. This consultant can also help you build a solid defense against IRS criticism.
8. Moss Adams
It’s crucial for companies to meticulously file tax claims because the IRS tends to be harsh regarding scrutiny. Moss Adams has worked with companies from various industries and has experience helping entities of different scales maximize tax credit claims.
To give potential clients a preview of what they can deliver as consultants, Moss Adams offers companies a complimentary benefits estimate. This estimate can help you understand what working with their team of experts is like. Moreover, Moss Adams’s team includes professionals from various backgrounds—such as CPAs, attorneys, enrolled agents, and engineers—who understand your industry and customize our approach to fit your company’s unique needs.
Key Offerings
What’s great about Moss Adams is that it offers potential clients a complimentary benefits estimate. This gives you insight into how much you can potentially gain with their assistance. Moreover, they have a very diverse team of professionals that can you maximize this tax claim.
9. Tri Merit
As a tax credit claim consultant, Tri Merit is on a mission to make this complex process surprisingly simple. As your specialty tax partner, Tri Merit gathers data and provides a no-cost feasibility analysis. As part of its services, Tri Merit builds out all the R&D tax credit calculations and documentation to meet substantiation requirements.
While any company can potentially qualify for this tax credit, determining its eligibility requires an in-depth evaluation of the facts and circumstances surrounding its research activities. Tri Merit offers several services, including preparing complete engineering reports that support the claimed credits and withstand even the most stringent IRS scrutiny.
Key Offerings
Tri Merit’s edge is its technical expertise and no-cost feasibility analysis. This gives you an estimate of how much you’d need to spend for their team to work on your case study.
10. Engineered Tax Credits
Engineered Tax Credits is the nation’s premier tax credit and incentives firm, which marries the science of engineering with the principles of tax and accounting. If you choose this consultant, you’ll have access to data-driven, human-interpreted analysis that results in higher benefit returns to offset the initial investment.
Whether you’re a multinational or a startup firm, you can work with this firm. They have several case studies posted on their website, which gives clients a preview of what their team can do.
Key Offerings
ETS’s website has several case studies, which give you an idea of what they can do for your business. This consultant also has the capacity to work with clients of different scales.
Benefits of Working with R&D Tax Credit Consultants
While companies can file for alternative minimum tax and R&D tax credits independently, investing in consultants for tax claims is highly recommended. Here are some of the benefits of working with an excellent consultant for Research and Development tax credit:
Expertise and Experience
Consultants have a deep understanding of R&D tax credit regulations. These regulations are updated regularly, and staying updated with the various changes can be challenging. With an expert in tax returns, your team doesn’t have to dive deep into the complex process of understanding these regulations.
Moreover, a great consultant would have experience working with clients from various industries. From engineering firms to startups, the best consultants would know how to work with clients of different scales.
Maximizing your Credit
One of the main reasons why you’re filing for tax returns is to make the most of it. With their thorough understanding of regulations, an exceptional consultant can identify all qualified research activities and expenses so you can maximize your credit claims.
The IRS can be stringent regarding the audit process, and you need help making accurate credit calculations. Good partners can provide solid documentation to avoid any possible complications.
Saving Time and Resources
Gathering all the necessary records for tax claims can be time-consuming. Your team can navigate this complex process confidently, knowing you have a partner who can handle the work on your team’s behalf.
With the help of excellent partners, your team can focus on core business activities and grow your company further. You won’t have to worry about coordinating everything for tax claims.
Reducing Risk and Ensuring Compliance
The IRS updates its regulations regularly, and you need consultants who keep tabs on the latest laws that affect your tax credits. A great partner is always updated on everything related to tax regulations, including R&D tax credits.
Miscalculating tax claims can be expensive. Experts can help your company avoid unnecessary expenses by ensuring that you remain compliant with all the rules.
FAQs
What does an R&D consultant do?
An R&D consultant simplifies the tax claim filing process so businesses maximize this claim while complying with all regulations.
How do I qualify for the R&D tax credit?
Your company needs to pass the 4-part test to qualify for the R&D tax credit, which includes improved manufacturing processes, technical uncertainty, technological in nature, and experimental processes.
How much do R&D tax credit consultants charge?
It depends on the complexity of the project and the requirements set by the company.