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
Connect with Wes Read & Drew Phillips
Email wes@practiceorbit.com or drew@practiceorbit.com
Resources
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