With the New Year now behind us, many organizations are turning their attention to closing the year-end and starting R&D Tax Credit calculations. Many governments at the federal, state, provincial and regional level have tax credits available under certain conditions. TimeControl is often used for R&D Tax Credit tracking because of its ability to track people and tasks at levels that will pass an R&D Tax Credit audit.
When creating an R&D Tax Credit tax return, several elements are almost always required. There must be a plan that outlines what is intended, when it should occur and what type of resources are used. There must be timesheets to track the time spent on the tasks of the R&D projects along with who did those tasks, where those resources are based and how they are paid. Finally, there must be an accounting of the value of the work that matches the timesheets, the payroll and the job costing, and which can be associated back to the original plan.
TimeControl is ideally suited for this role. With links for popular project management tools like Microsoft Project, Primavera, BrightWork and more and to ERP systems like SAP, Oracle and Microsoft Dynamics, TimeControl can be the auditable trail of project actuals that serve both the Project and Finance processes within the business.
We keep an R&D Tax Credit Resource Portal on the TimeControl.com site at TimeControl.com/use-cases/r-and-d-tax-credits. It includes recently updated White Papers, Slide presentations and screen shots of TimeControl reports which can be requested from HMS Support.
Find out more on the TimeControl.com site or contact us at firstname.lastname@example.org to see how TimeControl can help with your R&D Tax Credit reports moving forward.