As part of our new R&D Solution Portal, we’ve created a brand new white paper that you may find of use. The extensive paper covers an overview of how R&D tax claims work. We cover something we call the “Triangle Audit” which describes how most government tax agencies go about doing an audit of Research and Development tax claims. There is a section on how TimeControl timesheets work in an R&D setting and even instructions on how you can configure your own TimeControl to comply with auditing requirements. There are screen shots of individual TimeControl tables and example reports. The paper covers an overview of R&D claims in the regions we know best which includes: The US, Canada and within Canada, the province of Quebec where HMS Software’s headquarters are located. HMS has extensive experience with doing our own R&D claims.
For those who want to do more research, there are links to appropriate areas of websites at the Internal Revenue Service (IRS) in the US, Revenue Canada (for the SRED program), Revenue Quebec, HMRC in the UK and in the EU.
You can download the R&D white paper for free at HMS Software’s Research and Development Tax Credit Solution Center.