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Building Your Research and Development Tax Credit Claim on a Solid Foundation: The Architectural, Engineering and Construction Industry

January 1, 2014Anchin, Block & Anchin LLPYair Holtzman, Partner
Building Your Research and Development Tax Credit Claim on a Solid Foundation: The Architectural, Engineering and Construction Industry

Introduction

While large multinational architectural, engineering and construction firms are well aware of the benefits of the Research and Development (R&D) tax credit and avail themselves of this tax benefit, the situation is very different with smaller to mid-size engineering firms. Many small to mid-size firms in the Architectural, Engineering and Construction ("A/E/C") industry (less than $250 million in revenue), do not realize that the federal R&D tax credit is available to them and it can be a powerful catalyst for growth and for generating much-needed capital. The principals and officers of A/E/C firms may be unaware that expenses associated with the development of unique functional and energy-efficient designs allow them to take advantage of significant R&D tax incentives. Accordingly, firms that fail to take advantage of the opportunity may find themselves falling further and further behind their larger competitors, who far more often make the wise decision to claim their credit. Participating firms have committed necessary and appropriate resources towards building a comprehensive infrastructure, incorporating procedures that readily and contemporaneously identify and substantiate qualified expenses.

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