Exploring Research and Development Tax Credits: Financial Services
Financial services providers are responding to competitive, legislative and regulatory pressures by spending more of their research and development (R&D) budget on technology. They are investing in software and technology development to address such business imperatives as the need to provide sophisticated on-demand services for customers. You can address the cost and risk of research and development (R&D) by leveraging available federal, state, and local tax incentives.
Initiatives that may be eligible for R&D tax incentives include:
- Difficult intranet and Internet software development where scale and complexity of design present serious technological challenges
- Enterprise architecture integration to supplant multiple disparate architectures and consolidate technology behind multiple business lines
- Next-generation architectures and new protocols for process logic, data design and data logic intended to create a new approach for institutional infrastructure re-use
Whichever credit you explore, you must be prepared to defend reported R&D tax credits. The Deloitte Tax R&D team is a national practice of highly experienced tax professionals specializing in R&D tax incentives and includes former senior officials with the Internal Revenue Service and Treasury who participated in drafting the legislation and regulations. These specialists can help you identify qualified R&D activities and assemble documentation to defend your claim, based on their extensive knowledge of the law and your industry.
The Deloitte Tax R&D approach includes a customizable tool that helps to automate the computation and information gathering, and a Quality Assurance team that reviews deliverables and computations.
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