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Tax Incentives for Manufacturers

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Tax Incentives for Manufacturers 10/11/2012 Tax Incentives For Manufacturers Presented by: Dean Zerbe and David Ji alliantgroup,LP Who are we? • National Consulting Firm • Focused on supporting CPA firms nationwide • alliantgroup - Houston (national office), New York, Boston, LA, Atlanta, Orange County, San Francisco, San Diego, Seattle, Chicago, Toledo, Denver and Miami • alliantgroup - Has over 325 professionals nationwide – Former “Big Four Partners” and Managers – CPAs and Attorneys (Dedicated Tax Controversy Team – 16+ attorneys) – Architects, Engineers, Software Programmers, Chemists, Biologists, etc. • alliantgroup - Only specializes in government sponsored incentive programs. • alliantgroup - Only works with CPA firms – Be your back office – Introduce specialized tax incentives to your clients Mark Everson joins Served as Commissioner of Internal Revenue from 2003 until 2007 Appointed Vice Chairman for alliantgroup Will advise alliantgroup on strategic, operational, and client service initiatives “Many companies do not take advantage of all the tax incentives to which they are entitled. alliantgroup can help. Based on my meetings with alliantgroup personnel and a number of the accounting professionals with whom they work across the country, it is clear the firm has achieved a great deal since its founding and is well positioned for further expansion.” – Mark Everson 1 10/11/2012 Dean Zerbe, J.D., LLM National Managing Director- alliantgroup– Washington, D.C. Dean Zerbe is National Managing Director for alliantgroup and is based out of alliantgroup’s Washington D.C. office. In this role, Dean is responsible for, among other things, monitoring tax-related legislative activity in Washington to help keep our clients and staff informed and help direct alliantgroup’s service offerings to ensure we are meeting client needs. Prior to joining alliantgroup in February, 2008, Dean was Senior Counsel and Tax Counsel to the U.S. Senate Committee on Finance, where he worked closely with the Chairman (and currently Ranking Member) of the Finance Committee, Senator Charles Grassley (R-IA) on tax legislation. Former Sr. Counsel and Tax Counsel, Senate Finance Committee: Involved with almost every major piece of tax legislation alliantgroup’s ultimate tax policy expert Focused on federal and state tax credits and incentives, and U.S. tax policy Media “go-to” source for commentary on tax policy and other issues The Research & Development Tax Credit For Manufacturers alliantgroup,LP 2 10/11/2012 Why the R&D Tax Credit? • Largest government sponsored incentive • Reduction in taxes • Usually generates an IMMEDIATE source of cash • New regulations – easier for a broad array of companies to qualify • Recent case law (2009) – may expand credit for manufacturers • Small Business Jobs Act of 2010 - AMT turn-off for 2010 • Credit is available in ALL OPEN TAX YEARS (2009-2012) • Quick turnaround – typically, only 10-12 weeks to perform study, depending on the size of the client • Among the most misunderstood tax incentives Example • Mold manufacturer in Michigan – S-Corporation with 2 shareholders (90%/10%) – Annual sales: $32MM – Annual payroll: $11MM • Large local CPA firm had not considered this client for R&D Tax Credits • alliantgroup conducted a 4-year R&D study and found $1,000,000+ in Federal R&D Tax Credits R&D Credits Executive Summary • ~20,000 firms annually claim the credit • California reported the most activity with Michigan and Illinois following • Manufacturers claimed $5.8 B out of $8.3 B (70%) • IT took 16% of the credit • State R&D credits—38 and counting – Good: LA, CA, IN, MN, NY, NJ – Not as good: OH, MI, IL, PA, CT 3 10/11/2012 Manufacturers • Plastic injection molding • Machine builders • Metal fabrication • Tool & die design • Prototype design • Pattern shops • Precision machining • Engineered solutions • Foundries • Metal stamping • Flavor/fragrance • Other metal forming • Food and consumer • Contract packaging goods • Contract manufacturers • Chemical manufacturers • Automotive • Medical Device • Electronics and subassemblies • Defense Contractors R&D—Background Discussion CLAIMING THE R&D CREDIT 1) Identify and qualify eligible projects 2) Quantify the eligible expenditures for each project 3) Documentation and substantiation What Qualifies? Traditional Definition Tax Definition Discovery Test Four Main Requirements 1. New or Improved Business Component 2. Technological in Nature 3. Elimination of Uncertainty 4. Process of Experimentation 4 10/11/2012 #1—New or Improved Business Component Business Component Purpose Matrix The Project’s The Purposes of the R&D Activities related to the… Business Component Function Performance Reliability Quality Durability Product Process Software Technique Formula Invention Qualified Activities—Examples • Design and development of the following: • Electronic Discharge Machining – Molds, Dies, Jigs, Fixtures – Wire • Quality assurance Activities: – Probe – Testing and validating designs of molds, • Computer Numerical Control (“CNC”) program dies, jigs and fixtures design and development; – Testing and validating machining • Programmable Logic Controllers (“PLC”) procedures program design and development; and – Testing and validating computer controls • Safety testing of product for durability and • Improving molds, dies, jigs, and fixtures aimed quality to create a different use / product • Developing and testing new coating systems • Designing and developing new tooling: • Production equipment development, – Computer aided design (“CAD”) implementation, and testing activities; – Automation systems – 3-D solid modeling (most commonly – CNC machining called “SolidWorks”); and – Scanning – Finite Element Method Analysis. – Rinsing systems • Designing, developing and testing of new tooling machinery • Surface finishing technique modifications • Designing / implementing new health and safety procedures or equipment Qualified Research Expenditures (QREs) • Wages – Form W-2, Partnership Earnings subject to SE Tax, Schedule C – Excludes 401(k) & benefits • Supplies – Cost to fabricate prototypes / items consumed in R&D process • 65% of Contract Research – Fees paid to outside consultants / engineers / software developer 5 10/11/2012 WAGES • Employees performing the research activity • Directly Supervising the research – Reviewing technical aspects of projects – Providing design input – Participation in meetings • Directly Supporting the research – Prototype development – Operating trials – Recording test data – Maintaining technical project files SUPPLY COSTS • Materials used in the conduct of the research and development – Costs of prototypes/samples – Costs of tooling (molds, dies, jigs, fixtures) – Raw materials or components used during development before commercial production – TG Missouri and Trinity Costs CONTRACTOR COSTS • Payments to non-employees to conduct contract research – Design, Engineering, Prototyping, Testing services – Services must be performed within the US – Must analyze the contractual relationship 6 10/11/2012 Mechanics For every $1,000,000 of qualified research expenditures (QRE’s): –Up to $65,000 in Federal R&D tax credits –Additional state credits may be available –Refundable credits in NY, LA, MN, AZ –Strong credits in IN, CA, NJ, RI, and others If credits cannot be used in the year they are generated: –Federal: 20 year carryforward; 1 year carryback (5 years for 2010 credits) What’s New? Alternative Simplified Credit • Enables more companies to secure R&D credits • Reduces burden on claimants for historical records • Can only be elected on original returns – Protective election can be made Declining R&D Spending 2006 2007 2008 2009 QRE $2M $1.75M $1.5M $1.25M 50% "base"-----------------------------------------$875K Creditable amount-------------------------------$375K Credit (14%)----------------------------------------$52,500 Effective credit rate------------------------------4.2% 7 10/11/2012 Small Business Jobs Act (HR5297) . “The small business bill will allow thousands of the most innovative and leading small and medium companies to keep hundreds of millions of dollars in their pockets. For the first time small and medium business will no longer be barred by AMT from taking the research and development tax credit, as well as dozens of other general business credits.” ~ Dean Zerbe Eligible small business under 50 million gross receipts Tax provisions: • Effective 38c turn-off • 5 year carry back • Signed into law September 27, 2010 Recent Case Law In the past year, numerous Taxpayer friendly decisions have been issued by the Courts on R&D tax credit cases. These include: Union Carbide Corp. vs. Comm’r. U.S. vs. McFerrin Fed ExCorp. vs. U.S. TG Missouri Corp. vs. Comm’r. Trinity Indus., Inc. v. U.S. Case Study #1 Background: Industry: Manufacturing Product : Aluminum extrusion manufacturer Entity Type: C-Corp Year business started: 1980 4 year Avg Gross Receipts: $73,200,000 Total Labor: $9,300,000 8 10/11/2012 Case Study #1 Sampling of Qualified Activities: • Two Step Anodizing Project: undertaken to design and develop a manufacturing process to provide the Company with the ability to produce components which exhibited an increased UV resistance. • Split Shape Project: undertaken to develop a manufacturing process to extrude a complex shape. The Company evaluated the shape design and developed three dies capable of producing three shapes for subsequent assembly as opposed to a single die and single shape. Case Study #1 Qualified Research Expenses: Salary of $776,700
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