business breakfast seminar: "give yourself credit for innovation, technology, and more: how to...
TRANSCRIPT
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Business Breakfast Seminar:
"Give Yourself Credit for Innovation, Technology, and More: How to take advantage of U.S. and International
R&D tax credits and other tax incentives"
Presented by: Tony Burke, Director-Tax Services, RSM McGladrey, Inc. Bruce J. Kletsky, Vice President-Business Development,
Braithwaite Global Inc.Serge de Blois, CEO, Braithwaite Global Inc.
Many thanks to RSM McGladrey, Inc. and Braithwaite Global Inc. for sponsoring this event
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Tony BurkeDirector, Tax Services
Give Yourself Credit: US Tax Credits and Incentives
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McGladrey RSM McGladrey: professional services firm providing
accounting, tax and business consulting services McGladrey & Pullen: partner-owned CPA firm providing audit
and attest services When considered together, the companies rank as the 5th
largest US provider of audit, tax, and business consulting services
More than 90 U.S. offices Alternative practice structure Largest member of RSM International
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RSM International
One of the most highly integrated and robust professional service resources in the world today
6th largest worldwide association of independent accounting and consulting firms*
32,000 professionals in 736 offices throughout 76 countries U.S. $3.8 billion in combined fees in 2009 Global methodologies and quality assurance Organized like the Big Four but scaled to fit the global needs of
the companies we serve
*International Accounting Bulletin
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US Credits and Incentives
Goals of Today’s Presentation• What is the credit or incentive?• Do I Qualify?• What’s The Benefit?
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IC-DISC
What is it?• A special purpose entity that is not subject to tax owned by US
operating entity• Reports income from qualifying export sales as taxable
income which is then paid back to the taxpayer as a qualified dividend
Do I qualify?• US Corporation, S Corporation, Partnership, and Limited
Liability Companies can use this• Set up an IC-DISC legal entity• Profits on qualifying export sales included in IC-DISC tax filing• Declare a dividend on the qualifying income from the IC-DISC
• What’s the benefit?• Taxable income on qualifying export sales is taxed at 15%
versus 35%
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Domestic Manufacturer’s Deduction (DMD)
What is it?• Deduction for tax purposes of up to 9% on qualifying
taxable income from domestic production• Deduction is limited to lesser of qualified production
activity income (QPAI) or taxable income times 9% Do I qualify?
• Domestic Manufacturing, Producing, Growing, or Extracting product
• Adding more than 20% of the product cost through domestic manufacturing
What is the benefit? Permanent deduction from taxable income of up to
9% of QPAI Reduction of overall effective tax rate (C Corps)
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100% Bonus Depreciation
What is it?• Ability to expense 100% of qualifying fixed asset
additions for tax purposes
Do I qualify?• Acquire new fixed assets with a 20 year tax life
or less during 2011 (decreases to 50% in 2012)
What is the benefit? Immediate expensing of the cost of the asset Time value of money savings on the accelerated
deduction
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Cost Segregation
What is it?• Opportunity to accelerate depreciation on new
construction projects, expansion of existing facilities, and acquired buildings
• Accelerated depreciation happens through re-classifying assets with a long depreciable life to shorter lives
Do I qualify?• Build a new facility, expand an existing facility, or
acquire an existing facility What is the benefit?
Time value of money savings on accelerated depreciation
Shorter lived assets may qualify for 100% depreciation
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Energy Incentives - §179D Deduction
What is it?• A tax deduction up to $1.80 per square foot to owners
or tenants of new or existing buildings that invest into certain energy efficient commercial building property.
Do I qualify?• Install new lighting, heating, ventilation, HVAC, hot
water heaters, or overall building upgrades that are certified to reduce the annual energy and power costs by 50% or more.
What is the benefit? Time value of money savings due to immediate
expensing of costs that would otherwise be capitalized for tax purposes
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Work Opportunity Tax Credit (WOTC)
What is it?• Credit for percentage of qualifying wages paid in the
first year of employment to certain new hires who are qualifying veterans, ex-felons, and troubled youths to name a few (many other groups of people qualify as well)
Do I qualify?• Hire a qualifying employee• Complete necessary paperwork to obtain the credit
What is the benefit?• Credit based on a percentage of wages paid up to
40% of wages paid• Credit is capped at differing amounts based on the
group the hire falls into. Credit could be as much as $9,000 depending on the qualifying employee
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State Credits/Incentives – Illinois Edge Credit
What is it?• Incentive program to increase economic development in
Illinois. (Almost all states have similar type programs either statute based or negotiated). Credit based on the IL withholding for new jobs created or retained in Illinois.
Do I qualify?• Look to expand employment in Illinois or re-locate operations
to Illinois• Need to have another option outside of Illinois• Minimum $5 million in capital improvements and 25 new jobs
created What is the benefit?
• Non-refundable income tax credit based on a percentage of the IL withholding on wages paid to newly created or retained jobs
• Credit is available for 10 years once the project is completed
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Give Yourself Credit for Your Innovation
Bruce J. KletskyVice President Business Development
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Atlanta, Georgia (hdq), with offices in Massachusetts, Texas, Illinois, Connecticut, Canada, UK, Ireland, Spain, France, Brazil
Have over 100 professionals worldwide CPAs and Attorneys Engineers, Software Programmers, Scientists
Only provide research tax credit and audit support services Works with CPA firms and Industry
Be your back office Introduce R&D tax credits to CPA clients
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Historical Perspective
Not a new tax law – In existence since early 80’s
Political Agendas – Interpretative Guidance
Treasury writes law – IRS enforces and collects
2001 Regulatory Intent
Final Regulations – Taxpayer victory
Activity Definition Documentation Standards
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What is Research and Development? Seeks to solve a technical problem Eliminates uncertainty Innovation Process improvement and development Research and Development does not have to be……
Top secret, Classified or Rocket Science!
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Why companies Don’t Take the R&D Credit?
• Too good to be true
• It’s some sort of “tax shelter”
• I will get audited
• I won’t qualify
• I don’t understand it
• Our work is confidential
• Too much work to be worth it
• I’m too busy
• I didn’t know about it
• My CPA has it handled
• Not doing R&D
• We get paid for all our R&D
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R & D regulations from 1981-2001 Identify the QRAs – qualified research activities
Was discovery test (patents, inventions) Was extensive documentation
Calculate the QREs – qualified research expenditures
Wages Supplies Contractors
Calculate the Credit – IRS Form 6765
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New Regulations Proposed 2001, Final 2004
To keep innovation and creativity in the U.S. The proposed and final regulations:
1. Eliminated the Discovery Requirement
2. Modified the Documentation Standard R&D is no longer only:
scientists, lab coats, patents, etc. Clearly Defined: Congress made it clear through legislative history that
the credit should NOT impose unreasonable record-keeping requirements.
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New Funding
$ 13 B in new funding has been made available to allow for the enhancements to the program
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Activities must meet a four part test to be considered R&D for tax purposes
Test # 1 – Uncertainty - Activities must be directed towards elimination of uncertainty as to capability or method or appropriate design
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Test # 2 – Activity must be for the purpose of discovering something
technological in nature Activity must be useful in the development or
improvement of a product, process, computer software, technique, formula or invention would meet this test.
Discovery must rely on physical, biological, engineering or computer science.
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2.
Test # 3 – Activities must constitute elements of a process of experimentation
Must be a process designed to evaluate one or more alternatives to achieve a result where the capability or method or appropriate design is uncertain at the beginning of the research
Involves the identification of an uncertainty, one or more alternatives to remove the uncertainty, and the conduct of a process of evaluating the alternatives
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Test # 4 – New or improved business component
Must relate to new or improved function, performance, reliability or quality, production process or technique
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Example of Project that Meets the Four Tests# Test Name
1 Uncertainty Company wanted to improve an existing chair control mechanism and was uncertain as to how to design it.
2 Technology The chair mechanism would be used in a new office chair. The work would rely on mechanical engineering sciences.
3 Experimentation Two design alternatives were considered. A prototype of each was prepared, tested and evaluated to attempt to eliminate the uncertainty.
4 Purpose/Improved Process
The purpose of the research was to improve the life cycle performance of the mechanism.
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Eligible Costs
Wages – W-2, Box 1 Supplies – consumed in the research process 65% of Qualified Contract Research
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Examples -Qualifying Industries Tool & Die Biotech Musical Instruments Wineries Apparel Waste Management Food Processing
Ag-Business Hi-Tech Gov’t Contractors Manufacturing Chemicals Engineering Firms Game Developers
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.
BGI is an independent tax advisory firm that works with industry, CPA firms, and their clients, to assist in achieving the benefit of Federal and State sponsored R&D tax credit incentive programs. For more information please visit our web site at: www.braithwaiteglobal.com
Bruce J. Kletsky
Vice President Business Development
888.802.5999, ext 323 630.258.4981
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Presented to: French American Chamber of Commerce
Chicago, September 19, 2011
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Agenda Why and How Governments invest in private R&D Overview of six R&D tax incentive programs Where are they Spending the Money?
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Why Governments invest in private R&D
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32www.globalr-d.com 32
•Produce Technological
Advancements
•Contribute to
• Productivity
• competitivity and
• growth
•Improve our living standards
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How Governments invest in private R&D
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34www.globalr-d.com 34
Four Major Mechanisms:
• Public research centers
• Research contracts
• Grants and contributions
• Tax incentives (credit and super-deductions)
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35www.globalr-d.com 35
Why Tax Incentives:
• Cheaper to deliver (no prior approval)
• Not subject to trade retaliations (GATT)
• Industrial secret better protected
• Not a discretionary process but a legal one
• And
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You decide where to put your R&D money !You decide where to put your R&D money !
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Overview of six R&D tax incentive programs
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38www.globalr-d.com 38
The tax definition R&D is not that you think!
• It is more than white lab-coat
• It’s Experimental Development
• As defined in Frascati Manual (OECD, June
1963 and revised)
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Legal designation, Claiming principles, Type of incentives
Credit for Increasing Research
activities/Research Tax Credit
(RTC) or Alternative
Simplify Credit (ASC)
Crédit d’impôt recherche
(CIR)
Scientific Research and Experimental Development
(SR&ED)
R&D Tax Relief
Research and Development Tax Credit
Incentivos Fiscais à Pesquisa,
Desenvolvimento e Inovação
(P,D&I),
“Lei do Bem”.
Incremental in comparison to
base years (Regular or
ASC)
Volume with additional credits for 2 first years Volume Volume
« Incremental » with 2003 as base year.
Now volume based
Volume
Non refundable Credit
Refundable Credit
Non refundable credit only refundable for SME
Super deduction only refundable for SME
Refundable Credit
Super deduction not refundable
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Statute of limitation (prescription), Incentives and Savings
Regular credit: 3 years after the
filing date
ASC: Timely
Generally one year
18 months after fiscal year end
Deadline is 24 months after the
taxation year
Timely Timely
ASC: 14% of QREs less 50% of average QREs for 3 preceding years
Or 7% if no QREs for the 3 preceding taxable years
Regular Credit: 20% of QREs exceeding the Base Amount limited to 50% of QREs of the current year
2011 and after:
50% of expenditures for the 1st year and
40% of expenditures for the 2nd year
Following years:
30% up to €100 M of expenditures and
5% on expenditures over €100M
20% deferrable
SMEs: 35% refundable on the 1st $3M of expenditures
Super Deduction of 130%
SMEs: Super Deduction (SD) 175%
or
Tax credit (TC) of 24.5% limited to the amount
income tax paid on salaries
Tax credit of 25% plus a super tax
deduction of 12.5%
(12.5%x12.5%=1.5625%)
amounting to savings up to 26.5625%
Super Deduction of qualified
expenditures can range from 160% to 200%
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Eligible Expenditures
Wages √ √ √ √ √ √
Supplies √ √ √ √ √ √
Contracting √(65%) √ √ √(65% SME)
√ √
Overheads √(50% of Salaries)
√(65% of Salaries)
√
Patent Cost √
Equipment √ √ √
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Special Features
Credit above the line (IFRS & GAAP)
√
Restriction on IP retention
√ √
Refunda-bility √ √(SME
)√(SME
)√
Carry back and forward
1 back
20 forwardN/A
1 back
20 forward
Indefini-tively N/A N/A
Restriction on capitalizing R&D
√
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Effective Saving Range
Effective rate of assistance
6.5% to 14%
30% to 50%
6% to 14%
8% to 24.5%
26.56%
20% to 34%
Significant other R&D incentives (Provinces/States)
√ √ √ √
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Where are they Spending the Money?
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45Source: Own computation from U.S. Department of the Treasury Report - March 25,2011; Internal Revenue Service
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46Source: Own computation from U.S. Department of the Treasury Report - March 25,2011; Internal Revenue Service
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47Source: Own computation from U.S. Department of the Treasury Report - March 25,2011; Internal Revenue Service
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48Source: Own computation from U.S. Department of the Treasury Report - March 25,2011; Internal Revenue Service
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49Source: Own computation from US, Canada, UK, France, Brazil and Ireland Statistics and Treasury Departments
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50Source: Own computation from US, Canada, UK, France, Brazil and Ireland Statistics and Treasury Departments
2004-2010 2004-2009 2006-2009 2004-2008 2004-2007 2006-2008
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51Source: Own computation from US, Canada, UK, France, Brazil and Ireland Statistics and Treasury Departments
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52Source: Own computation from US, Canada, UK, France, Brazil and Ireland Statistics and Treasury Departments
2004-2010 2004-2009 2006-2009 2004-2008 2004-2007 2006-2008
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53Source: Own computation from US, Canada, UK, France, Brazil and Ireland Statistics and Treasury Departments
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54Source: Own computation from US, Canada, UK, France, Brazil and Ireland Statistics and Treasury Departments
2004-2010 2004-2009 2006-2009 2004-2008 2004-2007
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55
2004 -Utilization Rate – US vs. Canada
Source: Own computation from US and Canada Statistics and Treasury Departments
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56
2008 -Utilization Rate – US vs. Canada
Source: Own computation from US and Canada Statistics and Treasury Departments
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57www.braithwaiteglobal.com 57
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