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 to understand the additional IRS scrutiny placed on amended returns and learn when it’s appropriate to claim the R&D tax credit for your dental practice—and when it isn’t!

Topics Covered

Wes’ philosophy on tax planning and tax deductions for dentists 

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

How the R&D tax credit is calculated

How the 2017 Tax Cuts and Jobs Act adversely affects business owners who want to start claiming the R&D tax credit

Capitalizing R&D work vs. claiming it as an expense on your taxes

What the IRS can do to discredit an R&D tax credit claim

Understanding your personal liability in using a salesperson’s R&D credit study as documentation for your taxes

Why the IRS requires additional documentation for amended returns that use the R&D credit

Exercising caution before you let a salesperson talk you into claiming the R&D credit

What other specialty tax services BPM offers business owners

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