With the end of the calendar year in sight, it’s time to review the R&D tax credit reporting that you are shortly going to be asked to deliver.

TimeControl has been used for R&D tax credit reporting since it was first created and here at HMS we are well familiar with the process. Many governments in the US, Canada, Australia, UK and Europe have some kind of Research incentive program. It often occurs at both the federal and state levels. Virtually all jurisdictions have similar requests and TimeControl is well suited to the requirements of this type of tax reporting.

When creating a request for an R&D tax credit or to report on R&D grants or any similar government sponsored program, the needs are often the same. There must be timesheets used to track the time spent on the reported work. Those timesheets must track the time at a “sufficient level of detail” usually at the task level. The people who work on the projects must be eligible for the program. That usually means that they are residents of the appropriate jurisdiction and that their work is not covered under any other program. Finally, the accounting that comes from Finance must balance against the report. So the values in the request for credit has to match the values in payroll or invoices received etc.

TimeControl was designed with this kind of requirement in mind. As a multi-function timesheet it works well in the Finance structure with auditable data. As a project-oriented system, it works well in project management structure with projects and activities and as a multi-function system the flexibility of TimeControl’s data allows meta data with user defined fields to tag activities and people as eligible for different programs. That makes reporting for R&D simple.

The TimeControl website has an entire portal of resources for using TimeControl for R&D Tax Credits including a white paper that explains the triangle audit that is often required when an audit occurs. Other resources include webcasts, case studies and slide presentations.

You can find the TimeControl Research and Development portal at TimeControl.com/use-cases/r-and-d-tax-credits or contact a TimeControl Specialist at TimeControl.com/contact.