Hello and thank you for participating in today's webinar. Understanding the R&D tax credit, a guide for tax practitioners and advisers. Our presenter today is Ashley Thompson. Ashley has 14 years of experience helping clients claim federal and state research tax credits and leads B Katie's nationally recognized research and experimentation Tax Credit practice. Ashley helps clients who do not claim credits identify, document, and calculate available credits and implement strategies to efficiently capture qualified research expenses on a go-forward basis. He also helps clients who do not claim credits improve processes to better substantiate expenses and maintain documentation consistent with IRS expectations. Ashley also has significant experience in defending research credit claims for both public and private companies before the IRS, including representation at the appellate level. He also worked with companies ranging from small closely-held businesses to large multinational conglomerates. He is a graduate of Wabash College in Crawfordsville, Indiana with a BA degree in economics. Thank you again for attending the webinar today. At this time, I would like to introduce Ashley. Thank you and thank you to everybody for joining us today to talk about research tax credits. If you ask me, there's nothing more lovely to talk about on a Tuesday morning. So here we go. A little bit of what we want to cover today is certainly give you guys an idea of who qualified for the credit. So I think what you'll see here is that there are a lot of different types of companies that can claim credits, and it really comes down to what are they doing and are they involved in developing things that are new and approved. The other things that we want to hit, of course, is what is the potential value of the credit? What we want to arm...
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How to fill out 6765 Form: What You Should Know
How to Fill Out Form 6765 to Claim the R&D Tax Credit — The IRS Publication 4684, Credit for Increasing Research Activities​ — IRS Aug 24, 2024 — Your business must earn qualifying R&D, which means that at least 75 percent of your revenue must come from (or that is directly used to generate) new product(s) that What You Need to Know About Your Business' Requirements Your business must meet the 100% new product requirement, and it must have a qualified R&D expense. What if You Do Not Have a Product or Process? If your R&D program is not specifically limited by patent and copyright law, you do not have to meet the 150-percent revenue What If You Do Not Have Qualifying R&D? If your business does not earn a qualifying dollar amount from your research, you must meet a reasonable test to determine if Filling Out Form 6765 IRS Publication 4684, Credit for Increasing Research Activities​ — IRS Nov 5, 2024 — File form 6765 if, on the date of its initial filing, your business had a research program that paid for the production of products, but has not reached the 150-percent new product requirement. What to Include on Your Form 6765 As part of the Form 6765 application, you will need to provide documentation from your R&D program. You should include: 1. Your business expenses for the research effort. 2. Information on how you determined whether the work was “new” based on either a technical standard in the industry, or if you used a standard that was not available at the time of initial R&D.  Do not use the term “previous work.” If your company has previously produced any relevant patents, the information on that may help you. 3. The name of each person who is employed at any one time while participating (either as full-time employees or part-time employees under a work for hire agreement). You will find the name of each person working on R&D on your organization's 10-K. 4. The number of employees who worked on R&D (total) 5. A statement that all the R&D work was for the purpose of producing a product, and the number of days that the R&D was performed.
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