{"id":2114,"date":"2020-09-15T04:00:00","date_gmt":"2020-09-15T04:00:00","guid":{"rendered":"https:\/\/gtmtax.com\/insight\/manage-tax-incentives-proactively\/"},"modified":"2025-07-23T20:03:18","modified_gmt":"2025-07-23T20:03:18","slug":"manage-tax-incentives-proactively","status":"publish","type":"insight","link":"https:\/\/gtmtax.com\/insight\/manage-tax-incentives-proactively\/","title":{"rendered":"Manage R&#038;D Tax Incentives Proactively to Save Time and Frustration: the Three Ts"},"content":{"rendered":"<div id=\"sh-block--157539239\" class=\"sh-block-wrapper text-block \">\n\n\n\n<!-- text-block\/render.twig-->\n<div class=\"container\">\n    <div class=\"wysiwyg layout-1col\">\n        <p>Claiming R&amp;D tax incentives is a familiar process in most jurisdictions, but it&#8217;s also flawed. By working proactively, we can improve the process with the 3 Ts: technology, training, and tracking.<\/p>\n<p class=\"preFade fadeIn\">Claiming R&amp;D tax incentives is a familiar process in most jurisdictions:<\/p>\n<ul class=\"checklist\">\n<li class=\"preFade fadeIn\">Recognize you may be eligible for benefits<\/li>\n<li class=\"preFade fadeIn\">Contact your local CPA or boutique R&amp;D tax firm to help you<\/li>\n<li class=\"preFade fadeIn\">Tax\/accounting engages in a project to try to capture R&amp;D activities from the past \u2013 in many cases in the U.S. from the past 7+ years<\/li>\n<li class=\"preFade fadeIn\">Pay said CPA or boutique a significant portion of your benefit for assisting you<\/li>\n<\/ul>\n<p class=\"preFade fadeIn\">It\u2019s great work for service providers and they have been profiting greatly from this model for decades. But is it the best way to handle this?<\/p>\n<p class=\"preFade fadeIn\">There are a few flaws in this process:<\/p>\n<ul class=\"checklist\">\n<li class=\"preFade fadeIn\">The tax\/accounting function may not recognize that eligible work is taking place, and certainly not the complete scope of eligible work going back several years<\/li>\n<li class=\"preFade fadeIn\">The firm you engage only knows so much about the organization.\u00a0 They can only claim what they ask about or are told about<\/li>\n<li class=\"preFade fadeIn\">People\u2019s memories are a funny thing \u2013 they\u2019re generally quite bad \u2013 and remembering what you had for breakfast last week is sometimes a challenge, let alone project specifics from three years ago<\/li>\n<li class=\"preFade fadeIn\">Herding the cats at year-end can be a challenging, time consuming, thankless job that doesn\u2019t always yield great results<\/li>\n<li class=\"preFade fadeIn\">Oh, and it\u2019s generally very expensive<\/li>\n<\/ul>\n<h2 class=\"preFade fadeIn\"><strong>How can we improve the process?<\/strong><\/h2>\n<p class=\"preFade fadeIn\">The best way to improve the process is to start working proactively instead of retroactively. This is especially true for large complex organizations. There are three Ts needed for success:<\/p>\n<ul class=\"checklist\">\n<li class=\"preFade fadeIn\">Technology<\/li>\n<li class=\"preFade fadeIn\">Training<\/li>\n<li class=\"preFade fadeIn\">Tracking<\/li>\n<\/ul>\n<p class=\"preFade fadeIn\">Let\u2019s look at each.<\/p>\n<h2 class=\"preFade fadeIn\">Technology<\/h2>\n<p class=\"preFade fadeIn\">Technology is a game changer. When it comes to managing the R&amp;D incentive process, you can dip your toes in the shallow end, or dive right into the deep end. Either way, you\u2019ll see improvement. By selecting the right technology tools and incorporating your company\u2019s development process into the tool you can take a monumental step towards contemporaneous identification of eligible costs. With contemporaneous identification comes significant savings in time and effort later on.<\/p>\n<h2 class=\"preFade fadeIn\">Training<\/h2>\n<p class=\"preFade fadeIn\">Ensure those implementing the technology solution in #1 have an understanding of qualified activities. Next, ensure company personnel have an understanding of the technology being implemented. By making sure the first part is taken care of, the second part becomes much easier.\u00a0 It\u2019s easier to train five or six people than it is to train five or six hundred. In other words, if your development process is properly integrated into a real-time technology tool, the tracking should almost take care of itself. That leads to #3.<\/p>\n<h2 class=\"preFade fadeIn\">Tracking<\/h2>\n<p class=\"preFade fadeIn\">A properly implemented technology solution should include contemporaneous tracking of eligible costs. It\u2019s essential that tracking is monitored an a regular basis to ensure the system is (a) setup properly to capture all eligible activities, and (b) being used by company personnel as designed. Think of it as a more functional time tracking system where the decision about eligibility is not made by the user, but by the back-end. The system must be monitored on a regular basis and reviewed on a regular schedule. If implemented properly, the end result will be simply running a report for the tax team at year-end.<\/p>\n<p class=\"preFade fadeIn\">For large companies tracking multiple departments and thousands of employees, implementing a system as described can and will save an immense amount of effort (and money) annually. You\u2019ll be able to more accurately account for all eligible costs, and importantly, be able to respond to requests from auditors, tax authorities, and your CFO in a painless, efficient manner.<\/p>\n<p>Global Tax Management (GTM) can help you determine your R&amp;D tax credit opportunities, and help you navigate other tax challenges in the ever-changing and complex landscape we live in today. Learn about our R&amp;D Tax Credits Services <a href=\"https:\/\/gtmtax.com\/corporate-tax-services\/tax-consulting-planning\/rd-tax-credit-services\/\">here<\/a>. For more information, please contact me at <a href=\"mailto:jforman@gtmtax.com\">jforman@gtmtax.com<\/a>.<\/p>\n\n    <\/div>\n<\/div><\/div>","protected":false},"template":"","meta":{"_acf_changed":false},"class_list":["post-2114","insight","type-insight","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Manage R&amp;D Tax Incentives Proactively to Save Time and Frustration: the Three Ts<\/title>\n<meta name=\"description\" content=\"By working proactively, we can improve the process of claiming tax incentives with the 3 Ts: technology, training, and tracking.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtmtax.com\/insight\/manage-tax-incentives-proactively\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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