Is a salesperson trying to talk you into claiming an R&D tax credit for your dental office?
It can be tempting to trust a pitch like this and leverage research and development to reduce your tax liability.
But how do you satisfy IRS criteria for the R&D tax credit? What documentation do you need? And what happens if you get audited?
Andre Shevchuck serves as Partner at BPM, one of the country’s top 20 accounting and advisory firms.
Andre oversees the Specialized Tax Services Practice at BPM, helping clients identify, document and defend their R&D tax credit claims.
On this episode of the Dental Board Room Podcast, Andre joins host Wes Read to discuss the four criteria for claiming the R&D tax credit and explain how it’s calculated.
Andre describes what the IRS can do to discredit a claim, challenging dentists to exercise caution before you let a salesperson talk you into taking the R&D tax credit.
Listen in for insight on mitigating your tax liability without abusing the system and learn when it’s appropriate to claim the R&D tax credit for your dental practice—and when it isn’t!
Topics Covered
Andre’s expertise in specialized tax services and representing clients against the IRS
The 4 criteria for a business owner to claim the R&D tax credit
Why demonstrating technical uncertainty is key in qualifying for the R&D tax credit
How salespeople downplay the risk of claiming the R&D tax credit if you don’t meet all 4 criteriaWhat the IRS can do to discredit an R&D tax credit claim
How your entity structure impacts your risk of being audited for an R&D tax credit
How the R&D tax credit is calculated
How the R&D tax credit allows for a deduction and tax credit on the same expenses
How the 2017 Tax Cuts and Jobs Act adversely affects business owners who want to start claiming the R&D tax credit
Why aggressive salespeople aren’t necessarily on the hook if the IRS revokes your R&D tax credit
Capitalizing R&D work vs. claiming it as an expense on your taxes
How to be aggressive on taxes for your practice without the abusing the system
Connect with Andre Shevchuck
Andre at BPM
Andre on LinkedIn
Connect with Wes Read & Drew Phillips
Practice Orbit
Email wes@practiceorbit.com or drew@practiceorbit.com
Practice CFO
Practice CFO on Instagram
Practice CFO on Facebook
Practice CFO on YouTube
Resources
Amortizing R&D Expenses Under the TCJA
Employee Retention Credit
