Food and beverage companies constantly face increasing cost and competitive pricing. A significant amount of these cost stem from R&D expenditures accumulated from improving products to meet new food safety guidelines and dietary standards as well as creating original new products to fill increasing demand for higher quality. The Federal R&D Tax Credit can help offset these expenses by providing tax credits for qualified research cost performed in the United States.
▪ History and definition
▪ Qualified activities: (Food, Processes, Packaging, Sustainability Efforts)
▪ How the credit works
▪ Identifying and documenting QRE
▪ Computing the credit
▪ Industry specific case studies
Understand the R&D Tax Credit
Learn how to identify qualifying activities
Understand how the credit works
Calculating the R&D tax credit
Lacey J.S. Robb is the Northeast Practice Leader, Interim Pacific Coast Practice Leader for ICS Tax, LLC (ICS). She has over 14 years of tax and legal experience, which includes the Big Four accounting firms KPMG and EY as well as various law firms. Lacey specializes in the R&D credit and numerous other tax planning ideas. Her background in corporate taxation, M&A, SALT and complex tax issues allows her to provide a holistic approach for meeting client needs. Lacey received her B.A. in Psychology and Juris Doctorate from the University of North Dakota, as well as an LLM in Taxation from the University of Denver. Additionally, she has taken the core accounting classes from North Dakota State University. In her free time, she is an avid scuba diver and participates in annual marathons benefiting cancer research.
Michael Maroney is a senior manager with KBKG. He advises clients on tax matters related to federal and state R&D tax credits. He has advised numerous Fortune 1000 clients across a variety of industries. He has successfully defended his client’s R&D claims before the IRS and state taxing authorities. He has been an instructor on these topics for numerous CPA and industry associations, and has authored articles related to federal and state R&D tax credits. Prior to joining KBKG, he’s been with two of the Big 4 firms.