Is your company leaving money ($) on the table?
Tues, July 20, 2010, 1 – 2:30 pm, Center for Innovation, 4200 James Ray Drive, Grand Forks
Presenters: Scott Schmidt, Principal, Black Line Group, Minneapolis and
Ryan Rauschenberger, Deputy Tax Commissioner, North Dakota Tax Department, Bismarck
Innovation comes in many forms whether it is “GREEN” or getting “LEAN.” Your company may be developing the next generation product or technology or making incremental improvements to your existing products and/or process. There is a R&D Tax Credit for that!
To register for the seminar or a private appointment with Scott Schmidt on July 19-20 contact Molly Maurer at the Center for Innovation at 701-777-3132, molly@innovators.net
Learn about the federal and state Research and Development (R&D) Tax Credits at this seminar presented by Scott Schmidt of the Blackline Group and Ryan Rauschenberger, Deputy Tax Commissioner for the State Tax Department.
Because of its specialized nature, significant numbers of small and mid-size manufacturing and technology companies are not taking advantage of the Research and Development (R&D) Tax Credits available on their state and federal taxes. The definition of R&D is much broader than many owners realize. Manufacturers of all kinds, including those that design/develop their own products (i.e. farm equipment, technology/software, food,) and those that make parts for other companies (i.e. “job shops”, metal stampers and fabricators, precision machinists, mold builders and plastic injection molders) often believe that they DON’T have R&D taking place… when they do. In particular, “job shops” mistakenly believe it’s their customers who are doing the R&D and that they are simply making products for their customers who provide them with drawings for products/parts.
Many companies have substantial R&D taking place through their “PROCESS” development and improvement activities for time and costs associated with activities such as working with new materials, implementing new automation and technologies to improve efficiencies and reduce costs, and developing new capabilities in order to enter new markets. This includes business activities such as:
- Develop new, improved or more reliable products, processes or formulas
- Develop prototypes and models including computer generated models
- Design tools, jigs, molds and dies
- Develop or apply for patents
- Develop new technology
- Attempt to use new materials
- Automate/streamline production process or manufacturing process
- Develop software or hardware
The federal R&D Tax Credit encourages American manufacturers to innovate and invest back into their businesses in order to compete more effectively on a global basis. The R&D Tax Credit is tricky, and it’s cumbersome to understand all of the rules and regulations. But, if implemented correctly, it can prove quite beneficial. The key is “if implemented correctly.” This presentation will address both the benefits and the risks of claiming an R&D Tax Credits. Effective use of the R&D Tax Credit may result in the creation of substantial amounts of cash, minimally into the many tens of thousands of dollars, a reduction of current and future tax liabilities, and improved cash flow.
North Dakota was very deliberate in establishing the most aggressive R&D tax credits in the country to foster innovation. The North Dakota R&D Tax Credit is 25% for the first $100,000 of excess expenses in a tax year. http://www.nd.gov/tax/taxincentives/income/researchcredit.html
Black Line Group is one of the nation’s leading providers of R&D Tax Credit services. For more information about the R&D Tax Credit and Black Line Group’s work, call Scott Schmidt at 763-550-0111 763-550-0111 or visit our website at www.blacklinegrp.com.
This seminar is sponsored by the UND Center for Innovation and the North Dakota Trade Office to foster innovation with North Dakota companies.. The North Dakota Trade Office provides export assistance to North Dakota businesses that want to expand their sales internationally. Based on the requests of business leaders from throughout the state, the Trade Office has developed a variety of support services so that its members can take greater advantage of export opportunities. www.ndto.com The UND Center for Innovation provides support for innovation, entrepreneurship and investment and providing the infrastructure support for the entrepreneur community. www.innovators.net |
