RIX® Technology Benefits
RIX® Technology provides benefits to all those involved in the R&D tax credit process.
RIX® Technology benefits for the taxpayer?
Continuous, regular, contemporaneous reports with RIX® Technology result in more inclusive identification of activities, greater accuracy in related expenditures and clarity of information. For the taxpayer this increases credit amounts, simplifies documentation and review, limits reduction of credits by IRS review.
- Simple access to Research Tax Credit benefits.
- Expansion of Research Credit opportunity (more tax dollars returned).
- Reduced total cost for Research Credit benefits (less internal effort, shorter filing periods, smaller fees).
- Durable Research Credits (certainty under review).
- Efficient Research Credit data collection.
- Reduction of personnel time for data collection.
- Minimal training requirements.
- Reduced impact of personnel turnover on Research Credit data collection.
- Improved continuity of records.
- Minimal personnel participation in audits.
- Increased Research Tax Credits from increased availability of Research Credit information (interactive Q&A and FAQ data)
- Increased Research Tax Credits from improved recordkeeping.
- Simplified IRS audit process.
- SOX benefit
- Systematic process.
- Improved recordkeeping.
- Greater certainty of Research Credit retention under IRS review.
- Availability of accurate Management Metrics for R&D efforts.
- Greater internal visibility of Intellectual Property information.
- Forum for periodic posting of critical information to development personnel.
RIX® Technology Benefits for the Accounting Firm
RIX® Technology provides an exciting opportunity for public accounting firms that want to expand their services to taxpayers seeking R&D tax credits under Federal IRC §41 and State Research Tax Credit programs (which are widely available).
Utilizing RIX® Technology you can provide clients with a exceptional quality of service and a great value for services provided in this specialty area, while retaining a high level of participation to optimize their client’s tax planning.
- More competitive fee structure with increased value.
- Long term contracts.
- Increased client participation.
- Improved continuity documentation.
- Greater durability of credits under review (leading to improved client relations).
- Improved utilization of Research Credit resources (personnel).
- Opportunity for expanded services (i.e. Management Metrics, IP control) with RIX® technology.
- Marketing leverage for other services to LMSB.
- Competitive Advantage.
- Greater credibility with IRS.
How does IRS benefit from RIX® Technology?
For the IRS the traditional review process for Research Credits is inefficient and expensive in IRS personnel time and travel expense. The inefficiency of the review process limits the total number of reviews that occur, restricts the availability of IRS specialists for support or advisory functions and is disruptive to the larger audit process. RIX® Technology allows new levels of efficiency as remote review of Research Credit data during audits reduces travel expense, decreases audit schedules, expands availability of Research Credit specialist personnel and minimizes impact of audits on taxpayers for improved taxpayer relationships.
- Contemporaneous recordkeeping for Research Credit qualification.
- Greater continuity of Research Credit activity and expenditure data.
- Improved quality of Research Credit records.
- Improved compliance.
- New levels of efficiency decrease audit schedules and expand availability of Research Credit specialist personnel.