While the R&D tax credit has been around since 1981, it was recently made permanent and the incentives were expanded upon to increase opportunities for those who develop “internal-use” software, which broadens the types of businesses the credit may be applicable for. Now, certain mortgage lenders may benefit from this tax credit.
“We have partnered with the best, Bedford, to help our clients determine their eligibility for these incentives,” stated Jeff Spiegel, CPA, Principal, at Spiegel Accountancy Corp.
The R&D tax credit was designed to encourage economic stimulation and is an incentive for businesses of all sizes to invest in research and development activities and increase technological growth and competitiveness. The U.S. federal tax law provides a benefit up to 20% in the form of a non-refundable tax credit for mortgage companies that engage in qualified research and development activities. The credit, if used, can create immediate cash flow by reducing tax liability dollar for dollar. Mortgage companies that create new or improved products, processes or select technologies have the potential to take advantage of the credit.
Greg Bryant, Managing Partner at Bedford Cost Segregation said, “We’re excited about our partnership with Spiegel Accountancy Corp. and the wealth of opportunities our collaboration offers mortgage lenders.”
About Bedford Cost Segmentation
Bedford is an independent professional services firm specializing in cost segregation and innovative tax and energy solutions for the commercial real estate industry. Its tax team consists of seasoned professionals, who are well versed in the various aspects of tax law pertaining to depreciation, capitalization and expense provisions. More information can be found at https://www.bedfordteam.com/.
- For more information on Spiegel Accountancy or to find out if your company can qualify for research and development tax credits, contact Jeff Spiegel.