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R&D Tax Credit for Architects: Let the Government Pay You for Your Great Designs

The Research and Development (R&D) tax credit is often thought of as a credit created for research done by scientists with white lab coats in a laboratory. This is simply not true. In 2003, the IRS relaxed the rules for claiming the credit which opened it up to a wide range of industries, including architecture firms.

How does getting a significant tax credit for something that you already do sound?

Generally, architecture firms spend more than half of their time on activities that qualify as R&D expenses. These activities include:

401(k) Plan Sponsor Pitfall #2: Not Following the Plan Document

In auditing 401(k) plans, one of the most common problems seen is the plan sponsor’s failure to follow the terms of the plan document. This happens for a myriad of reasons, ranging from not understanding the document to not having enough experience with 401(k) plans to understand that there even is a document that governs the operations and defines important terms.

There are two issues that arise because of this overall problem: reporting incorrect eligible compensation for compliance testing and incorrect calculation of eligibility and entry dates.

Is the Research and Development (R&D) Tax Credit Worth the Hassle?

In a world where technology reigns supreme, more people than ever could qualify for the research and development tax credit. Under section 41 of the Internal Revenue Code, companies that work in the world of technology, have a qualified purpose, engage in elimination of uncertainty, and utilize experimentation, may be eligible for the R&D tax credit. With the recent broadening of the qualifying parameters most technology, engineering and architecture companies can take advantage of this credit.

The PriceKubecka Way!

Everything started when I was at University of Texas at the Dallas Fall Career Fair. I was standing in line for Weaver to see if they could give me a shot to be one of their interns. As time went by, I looked over my shoulder and there it was: the PriceKubecka booth. Before I talked to PK, I had already spoken with other firms. To be completely honest the other firms didn’t appeal to me, because of how they answered my questions. All they said was “turn in your resume and we will get back to you” and didn’t elaborate on certain questions as I had hoped.

Home Run with PK!

My name is Kyle Glennon, and I am an accounting and finance double major from the University of Arkansas at Fayetteville. My relationship with PriceKubecka began at the Career Fair located in Dallas, which was hosted by the Walton College of Business. This was the first career fair that I attended, so I really didn’t know what to expect. It turns out that one of the first tables that caught my eye was PK’s bright orange and blue display, and so I walked up and introduced myself to Jason.

PriceKubecka Internship

My name is Colton Bretton. I am an accounting major at Texas Tech University. I first met PriceKubecka at the Fall Career Fair at Tech. At the fair, I went around and introduced myself to all the accounting firms in attendance. PK easily spent the most time talking and getting to know me. It was very refreshing to talk to PK after most of the other firms just gave me a quick rundown of their company then wanted me to go away.

Does Your Business Qualify for the Research and Development (R&D) Tax Credit?

Depending on the industry, did you know that many of your everyday operations might qualify for dollar-to-dollar reduction of your income tax? If your company creates products that are faster, less expensive, more durable, dependable, or precise, the R&D tax credit can help increase cash available to reinvest in your business that you would have paid in taxes. Often, business owners believe they do not qualify for this type of credit unless they are in the scientific field or have a designated R&D department. This could not be further from the truth.

401(k) Plan Sponsor Pitfall #1: Poor Investment Choices Lead to Lawsuits

As a plan sponsor, it is your fiduciary responsibility to provide investments that are in the participants’ best interest. If you need help conceptualizing this, ask yourself this question, what’s the point of Sally putting her money into a 401(k) if she can’t make a decent return on her investment? Sally wants her money to make more money. If she did not want that, then she would just use her savings account with a 0.0005 percent interest rate as way to fund her retirement.

Demystifying the Research and Development Tax Credit

Have you heard of the Research and Development (R&D) Tax Credit? The Credit for Increasing Research Activities was originally enacted by Congress in 1981 to incentivize research and development in key industries in the United States. Through the PATH Act of 2015, this general business credit became permanent.

The R&D credit rewards taxpayers, big or small, who engage in qualified research activities to take a deduction based on a percentage of eligible expenses. In order to qualify, the business activities must pass a four-part test.

Not Your Typical Internship!

My name is Haley Lehr. Coming into my internship at PriceKubecka, I honestly had no idea what to expect. I knew, however, from the moment I met Jen and Brian at the SMU Career Fair that I liked this firm. I felt that the biggest difference between PK and other firms is the genuine enthusiasm and passion for the business. They stood out to me in the best way and when I got my internship offer, I was so excited.

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