2012 Innovation Awards Nomination:
ONESOURCE R&D Tax Credit Manager
onesource.thomsonreuters.com/solutions
Especially in today’s lackluster economy, global government entities increasingly recognize the importance of making R&D tax credits. More than 40 U.S. states and 25 countries currently offer some sort of R&D tax credit, however, it is often overlooked due to competing priorities during the tax filing season as well as the cost and complexity of identifying and gathering documentation.
ONESOURCE R&D Tax Credit Manager gives businesses the control they need to effectively manage the R&D tax credit process. This solution enables companies to maximize and sustain their tax credit while reducing the time and cost spent capturing information. With the ability to monitor and track the progress of your R&D tax credit study through sophisticated reporting and viewing features, the solution also helps identify qualifying activities, calculate the tax credit amount, and collect and organize supporting documentation. Federal and state R&D credits are automatically calculated in all methods available per jurisdiction and tax year. “What-if” analytic calculations enable companies to better analyze the tax credit and potential areas of exposure. Reports provide the ability to capture R&D trends and variances for up to five years.
ONESOURCE R&D Tax Credit Manager is integrated with ONESOURCE WorkFlow Manager to automate many of your R&D processes including custom surveys, reports, credit calculation, reminder notifications, and more. The FileRoom feature provides companies with a central and secure place to store all of your documentation along with search features that enables companies to quickly find the documents they need.
ONESOURCE R&D Tax Credit Manager provides companies with the ability to:
- Collect information from research and development staff through electronic surveys
- Gather necessary documentation to meet IRS audit guidelines
- Calculate federal tax credit and credits for states that offer research and development credits
- Perform “what-if” analyses as well as year-to-year comparisons
- Determine your optimal tax position
- Organize all of your critical R&D documents and related accounting information in a secure, centralized repository so that it is easily accessible in the event of an audit
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