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So you may have read earlier on RichmondInno that every year companies claim billions of dollars in R&D credits to directly offset their tax liability. Maybe you considered looking into this, but you also recall that the deadline to file for Virginia credit was July 1. Before you put your research on hold consider this- the deadline holds true for Virginia credit, BUT that deadline does not apply to federal credits. It is worth taking another look and reaching out to learn more.
If your company has never claimed R&D credits, BDO can help you make an informed decision about whether and how the potential benefit warrants proceeding to each successive phase. Based on experience, the majority of companies that have claimed R&D benefits have not taken full advantage of them, even if a “R&D Study” has been done. BDO offers the following complimentary services to help companies determine whether they are leaving cash on the table or could more efficiently and effectively claim their R&D credits. To learn more and see if you qualify, even if you are a small start-up company and doesn’t pay federal income taxes yet, click here.
