Sophisticated Software Forever Alters the Way R&D Credits Are Claimed
The newest version of the Clarus R+D Tax Credit Platform has been released globally. Clarus R+D, a fintech software company focused on accelerating the funding of innovation through technology, is announcing its game-changing platform to help companies maximize and defend their R&D tax credits. The sophisticated and robust platform is the industry leader to make claiming the credit compliant and efficient, just as companies have learned applying for America’s largest and most underutilized tax incentive — the R&D tax credit — has become even more complicated.
The Clarus R+D executive team will be presenting the R+D Tax Credit Platform at the Marcus Evans Tax Officers Summit at the Four Seasons Resort in Dallas, May 12 to 14.
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R&D expenses must now be capitalized and amortized over the course of five years for domestic activities (and 15 years for research and development outside of the U.S.) rather than being applied to the current year. This and other changes in legacy legislation create uncertainty where any mistake can result in lost tax benefits at best and IRS audits at worst. The Clarus R+D Tax Credit Platform eliminates audit risk while streamlining the process.
“No matter how many legislative changes occur at the federal level, our new platform will adjust and adapt so that our users will always have a guarantee of defensibility and clarity,” said Brent Johnson, Clarus’ co-founder. “The platform truly simplifies compliance.”
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The new platform also allows practitioners to easily provide activities and expenses for all potential R&D incentive-worthy projects on behalf of their clients and go through the four-part test (permitted purpose, technological in nature, elimination of uncertainty, and process of experimentation), which is an integral part of any R&D tax study project.
The platform is SOC2 compliant and built to ensure the highest level of cyber security. Backend access lets coordinators manage entire teams while individual members have access to work with specific customers, and the ability to generate up to 600 reports per annum. The platform ensures that every completed R&D study includes all required evidence and documentation as outlined in Treasury Regulations and that the reports generated are modeled after those outlined in the IRS’s audit technique guide.
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