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Federal Incentives That Can Show You the Money
                     Presented by
                   Michael Silvio, CPA
            Managing Director, CBIZ MHM, LLC.
Strategic Edge Series

•   Seven Core Principles to Maximize the Value of Your Business
    During Its Life and Upon its Sale – May 18th
•   Creative Compensation Strategies to Maintain Morale and Retain
    Talent – June 22nd
•   Don’t Be Held Captive: Go Captive to Manage Your Risk and
    Expenses – July 20th
•   Federal Incentives That Can Show You the Money – August 17th
•   Protecting Your Legacy with Succession Planning – September 21st
•   State Tax Nexus: No Physical Presence Required – October 26th

All these webinars are from 2:00 – 3:00 ET. Here is the link for
    registration for any of these webinars - www.cbiz.com/strategicedge

                                                                          2
Michael Silvio, CPA
Michael Silvio is Managing Director with CBIZ MHM, LLC. He leads the San Diego and Orange
County offices’ Research & Development (R&D) and Energy Incentives Tax Credit Services Group.

Michael has more than 20 years of experience in public accounting and tax and has served a variety
of businesses in the manufacturing, construction, professional service and not-for-profit industries.
Michael’s primary focus is in R&D tax credit and tax incentives areas. He has conducted over 250
research credit studies for numerous companies in various industries, and has served as a
representative before the IRS and state taxing authorities to support and defend numerous research
credit claims for taxpayers.

He also has experience in financial accounting, reporting and management, auditing, and individual
and business income tax. Michael has supervised compilations, audits and reviews for various
clients, including small and medium sized businesses, in addition to providing income tax planning,
consulting and compilation services.

Michael is a CPA certified in California. He is a member of the American Institute of Certified Public
Accountants and the California Society of Certified Public Accountants. He has a Bachelor of Arts in
business administration with an emphasis in accounting from California State Polytechnic University
in Pomona. Throughout his career he has authored several publications and conducted numerous
presentations on current tax legislation, R&D tax credit, energy incentive issues and other tax related
business incentives. He has also spoken to organizations such as the California Society of CPA’s, the
National Association of Manufacturers, the R&D Credit Coalition in Washington, D.C., and the
American Bar Association.                                                                              3
•   As required by U.S. Treasury rules, we inform you that, unless expressly
    stated otherwise, any U.S. federal or state tax advice contained in this
    presentation, including charts or graphs, etc., is not intended or written to
    be used, and cannot be used, by any person for the purpose of avoiding
    any penalties that may be imposed by the Internal Revenue Service or state
    tax authorities.

•   Certain portions of the presentation materials have been taken from various
    articles and information prepared by other sources.

•   The information in this presentation contains trade secrets and confidential
    and proprietary information belonging to CBIZ and Mayer Hoffman McCann
    P.C or others. As a result, the information in this presentation is not to be
    disclosed, duplicated or disseminated in any way or any purpose other than
    your evaluation.
4
Agenda

•   Research and Development Tax Credits
•   Domestic Production Activities Deduction
•   Energy Efficient Building Deduction
•   Summary/Key Takeaways
•   Questions
Research and Development Tax Credits




6
The Federal Research Credit : Technical
Aspects        Governed by IRC Sections 41 and 174

                    • Federal credit is 20% of qualified costs over baseline for
                    activities performed with U.S.

                    • Various states have various credit provision for R & D
                    performed within the state and are changing on a continuous
                    basis.

                    Methods of calculation:
                        •Traditional Method
                        •Alternative Simplified Credit (Fed only)
                        •Various State Methods

                    Reduced credit can be elected (IRC 280C); TD 9539

                    • Fed: Can be carried back 1 year and carried forward 20
                    years; for 2010, carry back is 5 years as ESB credit
                    • Carry back and carry forward provision vary by state
7
The Research and Development Tax Credit
The Four Part Test (IRC 41)

• The Section 174 Test (IRC 174)
    – In Connection with a Trade or Business
    – Discover information to Eliminate Uncertainty-Experimental in
      Nature
• New or Improved Business Component Test
• Process of Experimentation Test
• Technological in Nature Test



8
The Research Process: Qualifying Activities

                                  Concept
                              Product or Process


                    Research and Development Activities
                             Design/Engineering
                         Innovation/Experimentation
                           Prototyping and Testing

           Foreign Outsourcing              Domestic Outsourcing
                   Design                           Design
           Fabrication/Prototyping          Fabrication/Prototyping


                         Finished Product or Process




                                                                      9
Industries that have qualifying research
    and development
•    Adhesives                     • Equipment
•    Aerospace                     • Financial Services
•    Apparel                       •   Food manufacturers/processors
•    Automotive                    •   Furniture
•    Agriculture                   •   Healthcare products
•    Biomedical                    •   High Tech
•    Biotech                       •   Life Science
•    Defense                       •   Lubricants
•    Energy                        •   Medical Devices
•    Engineering: Environmental,   •   Paper Products
     Civil, Architectural          •   Software Developers

10
Research and Development Tax Credit:
     Qualified Costs Included

         Wages, excluding any fringe benefits, of employees
          directly engaged in the research, or that provide direct
          supervision or support of the research. This amount can be
          found on line 1 of the form W-2.

         Supplies, excluding land and depreciable property. These
          supplies must be consumed in the performance of the
          research activities. Certain overhead costs can be included
          such as rent and utilities and telephone expenses.

         Outside services incurred during the research process.
          Only 65% of these costs are eligible for the credit. These
          costs include outside consultants, software programmers
          and engineers, outside tool and die makers, etc.
11
Some Thoughts on Funded Research:

     To take the credit, it must not be “funded;” This involves
                             two concepts:


      The business must be at risk on its
       investment in the research and

      The business must retain substantial rights
       in the results of the research

12
Practical and Regulatory Aspects
   of Proper Record Keeping


                                   13
Tier I Internal Revenue Service Issue
•    R&D Credits have become a Tier I issue with the Large
     and Mid-Sized Business Division of the IRS
•    There will be more audits with a higher level of scrutiny
•    Agents must adhere to following guidelines now:
      – IRS Industry Directives and Guidelines
      – R&D Audit Technique Guide (Released May 30, 2008)
      – Notice 2002-44
      – Use of R&D Technical Advisors
•    Four Primary Areas of IRS Concern
      – High-level estimates
      – Biased judgment samples
      – Lack of nexus between the business component and
        qualified research expenses (QREs)
      – Inadequate contemporaneous documentation
14
Tier I Internal Revenue Service Issue
Potential remedies to combat the Tier I issue and to document and substantiate
   credits taken:

•    Establish Procedures and Tools for Capturing and Maximizing Future Credits
•    Revisit Fixed Base Percentage determination
•    Have researchers/client personnel spend time documenting how they arrived at the R&D
     percentage qualifications used in determining the qualified research expenses
•    Break out time into appropriate categories—by person.
•Attempt to identify the largest projects that individual cost centers
work on. Try to support this determination with work plans, payroll
records, etc.
•Reliance on the recollection of a department head should be
your last resort.
•For documentation, use material originally prepared for non-tax
reasons, if you can. Engineers are often “pack rats.” You might be
surprised at the type of details that they retain.

15
Prequalify Your R&D Costs and Employees

• Need to identify which employees are part of the R&D
  process.
     – Start with the employees performing R&D services
     – Identify the Not-so-Obvious employees (CEO, Sales persons,
       Production)
• Supplies
• Outside Contractors




16
Proper Record Keeping

• The ideal methodology to support proper record keeping
  is:



          Contemporaneous
            Documentation

17
Research and Development Tax Credit- 2009 -
2011
 A number of important court decisions were handed down in the
  past 50 months. Here are a few:

      Union Carbide v. Commissioner, TC Memo 2009-50 (March 10, 2009)
      U.S. v. McFerrin, 570 F. 3d 672 (5th Circ June 9, 2009)
      Trinity Industries, Inc. v. United States, 691 F.Supp.2d 688 (January 29, 2010)

 The majority of these decisions were victories for the taxpayer

 Some of the areas that these cases provided guidance included:
   • Level of documentation
   • Internal Use Software Tests
   • Supplies expense and depreciable items
   • Discovery Test

18
Sec. 199-Domestic Production Deduction




19
Basic Deduction Computation

•     Effective for taxable years beginning after December 31, 2004
•     Deduction is calculated as follows:

     1.   Determine Qualified Production Activities Income (QPAI)
     2.   Compare QPAI to Taxable Income and take the lesser of the
          two amounts
     3.   Multiply the lesser amount by the statutory deduction rate (3%,
          6% or 9%)
     4.   Compare this amount to 50% of total annual W-2 Wages
     5.   The lesser of these two amounts is the allowable Section 199
          Deduction

20
Phase-In of Deduction Rate
         Taxable           Deduction
           year              Rate
          2005               3%
          2006               3%
          2007               6%
          2008               6%
          2009               6%
      2010 and later         9%

                                       21
Determination of Qualified Production
    Activities Income (QPAI)
•    Allocated Domestic Production Gross Receipts (DPGR)
•    Minus Allocable Expenses
       – Cost of goods sold
       – Deductions, expenses, and losses directly allocable
       – Ratable portion of other deductions, expenses and losses
•    Equals QPAI
•    QPAI determined on an “item-by-item” basis
•    An “item” may constitute one or more of a finished product’s
     component parts, tasks or subtasks that meets all of Code Sec.
     199’s requirements, even if the entire final product does not satisfy
     those requirements.

22
Domestic Production Gross Receipts

     To view the rest of this presentation, please contact the author,

                    Mike Silvio at msilvio@cbiz.com

           or http://www.linkedin.com/in/michaelsilviocpa.



                               Thank you!




23     –

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Federal Incentives That Can Show You the Money

  • 1. Federal Incentives That Can Show You the Money Presented by Michael Silvio, CPA Managing Director, CBIZ MHM, LLC.
  • 2. Strategic Edge Series • Seven Core Principles to Maximize the Value of Your Business During Its Life and Upon its Sale – May 18th • Creative Compensation Strategies to Maintain Morale and Retain Talent – June 22nd • Don’t Be Held Captive: Go Captive to Manage Your Risk and Expenses – July 20th • Federal Incentives That Can Show You the Money – August 17th • Protecting Your Legacy with Succession Planning – September 21st • State Tax Nexus: No Physical Presence Required – October 26th All these webinars are from 2:00 – 3:00 ET. Here is the link for registration for any of these webinars - www.cbiz.com/strategicedge 2
  • 3. Michael Silvio, CPA Michael Silvio is Managing Director with CBIZ MHM, LLC. He leads the San Diego and Orange County offices’ Research & Development (R&D) and Energy Incentives Tax Credit Services Group. Michael has more than 20 years of experience in public accounting and tax and has served a variety of businesses in the manufacturing, construction, professional service and not-for-profit industries. Michael’s primary focus is in R&D tax credit and tax incentives areas. He has conducted over 250 research credit studies for numerous companies in various industries, and has served as a representative before the IRS and state taxing authorities to support and defend numerous research credit claims for taxpayers. He also has experience in financial accounting, reporting and management, auditing, and individual and business income tax. Michael has supervised compilations, audits and reviews for various clients, including small and medium sized businesses, in addition to providing income tax planning, consulting and compilation services. Michael is a CPA certified in California. He is a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. He has a Bachelor of Arts in business administration with an emphasis in accounting from California State Polytechnic University in Pomona. Throughout his career he has authored several publications and conducted numerous presentations on current tax legislation, R&D tax credit, energy incentive issues and other tax related business incentives. He has also spoken to organizations such as the California Society of CPA’s, the National Association of Manufacturers, the R&D Credit Coalition in Washington, D.C., and the American Bar Association. 3
  • 4. As required by U.S. Treasury rules, we inform you that, unless expressly stated otherwise, any U.S. federal or state tax advice contained in this presentation, including charts or graphs, etc., is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed by the Internal Revenue Service or state tax authorities. • Certain portions of the presentation materials have been taken from various articles and information prepared by other sources. • The information in this presentation contains trade secrets and confidential and proprietary information belonging to CBIZ and Mayer Hoffman McCann P.C or others. As a result, the information in this presentation is not to be disclosed, duplicated or disseminated in any way or any purpose other than your evaluation. 4
  • 5. Agenda • Research and Development Tax Credits • Domestic Production Activities Deduction • Energy Efficient Building Deduction • Summary/Key Takeaways • Questions
  • 6. Research and Development Tax Credits 6
  • 7. The Federal Research Credit : Technical Aspects Governed by IRC Sections 41 and 174 • Federal credit is 20% of qualified costs over baseline for activities performed with U.S. • Various states have various credit provision for R & D performed within the state and are changing on a continuous basis. Methods of calculation: •Traditional Method •Alternative Simplified Credit (Fed only) •Various State Methods Reduced credit can be elected (IRC 280C); TD 9539 • Fed: Can be carried back 1 year and carried forward 20 years; for 2010, carry back is 5 years as ESB credit • Carry back and carry forward provision vary by state 7
  • 8. The Research and Development Tax Credit The Four Part Test (IRC 41) • The Section 174 Test (IRC 174) – In Connection with a Trade or Business – Discover information to Eliminate Uncertainty-Experimental in Nature • New or Improved Business Component Test • Process of Experimentation Test • Technological in Nature Test 8
  • 9. The Research Process: Qualifying Activities Concept Product or Process Research and Development Activities Design/Engineering Innovation/Experimentation Prototyping and Testing Foreign Outsourcing Domestic Outsourcing Design Design Fabrication/Prototyping Fabrication/Prototyping Finished Product or Process 9
  • 10. Industries that have qualifying research and development • Adhesives • Equipment • Aerospace • Financial Services • Apparel • Food manufacturers/processors • Automotive • Furniture • Agriculture • Healthcare products • Biomedical • High Tech • Biotech • Life Science • Defense • Lubricants • Energy • Medical Devices • Engineering: Environmental, • Paper Products Civil, Architectural • Software Developers 10
  • 11. Research and Development Tax Credit: Qualified Costs Included  Wages, excluding any fringe benefits, of employees directly engaged in the research, or that provide direct supervision or support of the research. This amount can be found on line 1 of the form W-2.  Supplies, excluding land and depreciable property. These supplies must be consumed in the performance of the research activities. Certain overhead costs can be included such as rent and utilities and telephone expenses.  Outside services incurred during the research process. Only 65% of these costs are eligible for the credit. These costs include outside consultants, software programmers and engineers, outside tool and die makers, etc. 11
  • 12. Some Thoughts on Funded Research: To take the credit, it must not be “funded;” This involves two concepts: The business must be at risk on its investment in the research and The business must retain substantial rights in the results of the research 12
  • 13. Practical and Regulatory Aspects of Proper Record Keeping 13
  • 14. Tier I Internal Revenue Service Issue • R&D Credits have become a Tier I issue with the Large and Mid-Sized Business Division of the IRS • There will be more audits with a higher level of scrutiny • Agents must adhere to following guidelines now: – IRS Industry Directives and Guidelines – R&D Audit Technique Guide (Released May 30, 2008) – Notice 2002-44 – Use of R&D Technical Advisors • Four Primary Areas of IRS Concern – High-level estimates – Biased judgment samples – Lack of nexus between the business component and qualified research expenses (QREs) – Inadequate contemporaneous documentation 14
  • 15. Tier I Internal Revenue Service Issue Potential remedies to combat the Tier I issue and to document and substantiate credits taken: • Establish Procedures and Tools for Capturing and Maximizing Future Credits • Revisit Fixed Base Percentage determination • Have researchers/client personnel spend time documenting how they arrived at the R&D percentage qualifications used in determining the qualified research expenses • Break out time into appropriate categories—by person. •Attempt to identify the largest projects that individual cost centers work on. Try to support this determination with work plans, payroll records, etc. •Reliance on the recollection of a department head should be your last resort. •For documentation, use material originally prepared for non-tax reasons, if you can. Engineers are often “pack rats.” You might be surprised at the type of details that they retain. 15
  • 16. Prequalify Your R&D Costs and Employees • Need to identify which employees are part of the R&D process. – Start with the employees performing R&D services – Identify the Not-so-Obvious employees (CEO, Sales persons, Production) • Supplies • Outside Contractors 16
  • 17. Proper Record Keeping • The ideal methodology to support proper record keeping is: Contemporaneous Documentation 17
  • 18. Research and Development Tax Credit- 2009 - 2011  A number of important court decisions were handed down in the past 50 months. Here are a few:  Union Carbide v. Commissioner, TC Memo 2009-50 (March 10, 2009)  U.S. v. McFerrin, 570 F. 3d 672 (5th Circ June 9, 2009)  Trinity Industries, Inc. v. United States, 691 F.Supp.2d 688 (January 29, 2010)  The majority of these decisions were victories for the taxpayer  Some of the areas that these cases provided guidance included: • Level of documentation • Internal Use Software Tests • Supplies expense and depreciable items • Discovery Test 18
  • 20. Basic Deduction Computation • Effective for taxable years beginning after December 31, 2004 • Deduction is calculated as follows: 1. Determine Qualified Production Activities Income (QPAI) 2. Compare QPAI to Taxable Income and take the lesser of the two amounts 3. Multiply the lesser amount by the statutory deduction rate (3%, 6% or 9%) 4. Compare this amount to 50% of total annual W-2 Wages 5. The lesser of these two amounts is the allowable Section 199 Deduction 20
  • 21. Phase-In of Deduction Rate Taxable Deduction year Rate 2005 3% 2006 3% 2007 6% 2008 6% 2009 6% 2010 and later 9% 21
  • 22. Determination of Qualified Production Activities Income (QPAI) • Allocated Domestic Production Gross Receipts (DPGR) • Minus Allocable Expenses – Cost of goods sold – Deductions, expenses, and losses directly allocable – Ratable portion of other deductions, expenses and losses • Equals QPAI • QPAI determined on an “item-by-item” basis • An “item” may constitute one or more of a finished product’s component parts, tasks or subtasks that meets all of Code Sec. 199’s requirements, even if the entire final product does not satisfy those requirements. 22
  • 23. Domestic Production Gross Receipts To view the rest of this presentation, please contact the author, Mike Silvio at msilvio@cbiz.com or http://www.linkedin.com/in/michaelsilviocpa. Thank you! 23 –