R&D Tax Consultants – Cheyenne, WY
Cheyenne business owners are constantly looking for new ways to improve profitability, reduce costs, and leverage new opportunities. In terms of cost reduction, the focus is often on operational efficiencies, production optimization, and new technology. However, many are surprised to learn about the significant savings opportunity available through the Research & Development (R&D) tax credit. The credit provides a dollar-for-dollar reduction of federal tax liability for qualifying activities. Unfortunately, many Texas companies miss out on millions in savings due to the misconception the credit is only for large companies with formal R&D functions. This is not true, in fact, many businesses already qualify for the credit based on current business activities.
Cheyenne R&D Credit Experience
Calvetti Ferguson provides R&D Consulting services to Wyoming area companies in a variety of industries. Typically, we work with those that have recently modified, changed, improved, or updated a process, method, or key software application. This often includes agriculture, architecture, engineering, food and beverage, manufacturing, electrical contractors, oil and gas, software, and technology companies. Our years of experience allow us to quickly evaluate savings potential and implement a seamless R&D tax credit study.
Wyoming Small Business Profile
Cheyenne R&D Tax Credit Process
- Phase 1: Initial Consultation and Benefit Estimate – During this initial phase, our R&D tax credit experts educate the taxpayer on the R&D tax credit and evaluate the eligibility of the company’s operations. A large part of this initial consultation revolves around the Internal Revenue Code’s 4-part test requirements of the R&D credit, and whether the company’s activities successfully meet those requirements. Key aspects discussed include company operations (historical and present), company financials, employee roles and responsibilities, major projects, project documentation, and relevant contacts.
- Phase 2: Qualification and Quantification – Once an agreement is reached, the focus turns to an investigation of the facts identified in the first phase. This often includes project interviews, quantifying related wages and expenses, and determining eligibility for the credit. Through oral interviews and review of documentation, the credit is finalized, and the appropriate tax forms are completed and made available to the taxpayer’s tax preparer.
- Phase 3: Final Report – Following the completion of the final credit figure and applicable tax forms, we may have some follow-up questions and requests, however, the bulk of the lift is out of the taxpayer’s hands. During this final phase, we prepare a final report outlining the specifics of the study process, findings, applicable regulations, and relevant documentation, figures, and exhibits. While this report is not required in advance of claiming the credit, it is an important piece of documentation to support the credit claim and it will be the first line of defense if the IRS ever audits the claim.
Wyoming – State R&D Tax Credit
Unfortunately, the state of Wyoming does not offer a state-level R&D tax credit. However, the federal tax credit is still available to Wyoming companies.
Map of Cheyenne, WY
About Cheyenne, WY
The Cheyenne Business Community is a vibrant and dynamic hub of entrepreneurial activity nestled in the heart of Cheyenne, Wyoming. With its rich history and strong sense of community, this thriving business ecosystem has become a driving force behind the city’s economic growth and development. The narrative of the Cheyenne Business Community is one of resilience, innovation, and collaboration. Despite being a relatively small city, Cheyenne has cultivated a business environment that fosters creativity and fosters a supportive network of entrepreneurs and professionals.
The community prides itself on its diversity of industries, with a range of businesses spanning technology, manufacturing, healthcare, retail, and more. This diversity not only contributes to the city’s economic stability but also encourages cross-pollination of ideas and collaboration among its members.
Contact Our Wyoming R&D Tax Credit Consultants
Calvetti Ferguson provides R&D tax credit consulting services to companies in Cheyenne and across Wyoming. If you are interested in learning how we can help your business, complete the form below and we will follow up promptly.