Austin, TX (PRWEB) July 07, 2016
TaxTrex (taxtrexsoftware.com) represents a new direction in financial planning for entrepreneurs and accountants – removing the risk typically associated with preparing an R&D credit claim. The cloud-based software enables users to lodge R&D applications in three steps over the course of a year, taking a total of 90 minutes. TaxTrax partners with one of the United States leading specialist R&D tax advisory firms, Swanson Reed. This R&D tax expertise means the surveys are accurately and methodically designed to best keep track and monitor documents.
Mike Flesher, tax director of Swanson Reed believes the software will solve issues with correct documentation practices for SME accounting firms, providing them with a streamlined R&D tax service. “The software is tailored specifically for accountants to tailor claims into a specific format. It allows you to get the project positioned correctly from the outset and structure affairs as you go… It will bridge that gap to show how projects can fit the requirements.”
A survey of 150 accountants by Swanson Reed showed eight out of 10 accountants think the tax rules are too complicated and too risky to process themselves, preferring to outsource the applications. Likewise, new research published in the July edition of the Tax Advisor magazine explores the debate between the taxpayers and the IRS as to what records and substantiation are sufficient for claiming the R&D Tax Credit. In particular, the cases in the article have largely concluded that there was not enough documentation or that the documentation was insufficient as it is not specific enough or is disorganized.
The full extent of the importance of these findings will most significantly impact tax claimants, accountants and those operating in the discipline of research and development. For these individuals, a better understanding of the role of documentation can help businesses plan more successful strategies for substantiating research tax credits. This is the niche that TaxTrex aims to fill. Through TaxTrex, the R&D documentation process can be systemized and simplified, saving company’s time, money, and resources.
To learn more about the features of TaxTrex R&D tax credit software, visit taxtrexsoftware.com/features.
TaxTrex is the United States’ first software solution that helps accountants provide R&D Tax services to their clients. Since its inception, TaxTrex has been successfully applied to 500+ R&D claims per year.
Source: TaxTrex Software