HubSync, a CPA firm technology platform, has launched an innovative new Research and Development (R&D) Tax Credit product to streamline the complex process of collecting, organizing, and submitting R&D tax credit data supporting taxpayer claims sent to the IRS for processing.

By consolidating and automating cumbersome manual processes, the R&D Tax Credit product reduces the time and resources required to compile supporting data and documentation for these claims.

HubSync developed this new platform in close collaboration with Plante Moran, one of the nation’s largest audit, tax, consulting, and wealth management firms and a leader in the R&D Tax Credit market. Having firsthand experience with the challenges clients face when gathering tax credit documentation, Plante Moran identified the need for this type of end-to-end automation tool and understands the efficiencies and streamlined experience it offers clients.

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“We are thrilled to expand the HubSync end-to-end platform to now include a paradigm-shifting CPA firm and client experience for R&D Tax Credits,” said John McGowan, Founder and CEO of HubSync. “Including R&D Tax Credits was a natural extension for us, integrating centralized data and client management, the ability to collaborate in real-time and submit R&D tax claims from one central location. This significantly reduces processing times and increases visibility. Collaborating closely with Plante Moran during this process was a tremendous experience, and we are excited to see the benefits for both them and their clients for this unique industry platform.”

“The R&D tax credit provides significant tax savings for organizations that have made investments to develop or improve a product or process,” explained Amy Forester, partner and leader of Plante Moran’s tax solutions group. “While the tax credit can be lucrative, the challenge for CPA firms and their clients is the collection of documentation, such as notes, test results, time tracking data, cost data, etc. Historically, this meant reaching out to dozens of employees across an organization to track down data. Now, with HubSync’s new tax credit tool, clients and their staff will be directed to one location where they’ll be prompted to upload documents and answer key questions. Our team at Plante Moran can then work within that same tool to quantify the expenses and assemble and deliver the R&D tax credit study. It’s a game changer and offers clients a more seamless process to achieve tax savings.”

Built to leverage HubSync’s end-to-end integrated platform, the key features of the R&D Tax Credit product include:

R&D Data Management: Plante Moran leverages HubSync’s Data Management tools to organize and maintain their client, project, and qualified expense data for multiple clients within a single module of the product, eliminating the need to manage numerous spreadsheets locally.

Customized Client Surveys: Powered by HubSync’s Survey feature, Plante Moran creates, distributes, and collects client R&D questionnaires, enabling the firm and their clients to share important qualitative and quantitative R&D data required by the IRS to process their tax credit. HubSync’s Survey dashboard provides Plante Moran with a holistic view of all surveys, organized by client, and the ability to view their completion and approval status, as well as automatic reminder functionalities, should the need arise to resend a survey to a client.

Deliverable Wizard: HubSync’s R&D Tax Credit Deliverable Wizard introduces a robust document generator utilized by Plante Moran to build comprehensive IRS R&D tax credit claim submissions for each client. With scalable templates and in-app integration, Plante Moran can automatically import data and information from the R&D Tax Credit product’s data management and survey tools into pre-made templates with the ability to edit or modify any portion of the document.

R&D Tax Credit Calculations are included in the product roadmap and are expected to be delivered in the second half of 2024.

The platform is now fully live and in production and is available to other firms in the industry.

Accounting