SourceCorp recently worked with a $6 million New York manufacturer to identify, document, calculate and claim the New York State Research & Development Tax Credit formally called the QETC. The company was able to go back and claim the credit for four years and claimed total credits of $328,474.
Subsequently, the owner was notified that state examiners intended to review the claim. SourceCorp met with the examiners and explained the client’s activities and expenses and their validity with regard to claiming the R&D credit. SourceCorp succeeded in sustaining 100% of the credit for the company.
The QETC is a refundable credit, so this New York manufacturer was able infuse $328,474 into their business by evaluating what was already spent as part of the company’s initiative to stay competitive through research and development spending.