WHAT DOES AN R&D TAX CONSULTANT DO?

An R&D tax consultant works for a company that develops and markets new products. This role requires knowledge in science and technology, as well as business development and strategy. R&D tax consultants help companies reduce their overall costs and maximize their profit. Robert McLaughlin has been leading assessments of business operations for over 25 years. He has led efforts in strategic business planning, process improvement, merger and acquisition planning, crisis management, and research & development tax credits. Robert has assisted companies in recovering millions of dollars in r&d tax credits. His clients include companies in the manufacturing, plastics, chemicals, point-of-purchase displays, and metals industries.

QUALIFICATIONS FOR AN R&D TAX CONSULTANT

An R&D tax consultant must possess extensive knowledge of multi-state tax laws and incentives. Experience in working within a science or technology field is highly beneficial. Moreover, the individual must have excellent team skills and high ethical standards. He/she should have the capacity to conduct quantitative research and analysis of complex client data. Other skills required are managing the engagement team’s schedule and tracking project financials. A good understanding of the relevant commercial issues is also required.

Qualified activities depend on a number of factors. Those involved in regulated industries, such as the aviation industry, should have meticulous documentation. They must also be able to interview qualified activities. If not, they should consider finding the best candidate for the job. Besides ensuring compliance with regulations, an R&D tax consultant must have extensive knowledge of the case law and tax code. A thorough knowledge of tax law and regulations is essential for maximizing R&D credits.

The R&D industry is competitive. In many industries, corporate tax is highly competitive. As a result, many engineers experience a “glass ceiling” in their career. They are stuck doing the same projects over again, despite being technically competent. But in R&D, there is substantial growth and promotion potential. R&D professionals receive promotion every six months up to assistant manager level. Promotion depends on their ability to function at a higher level.

EXPERIENCE REQUIRED

Depending on the industry, experience as an R&D tax consultant is crucial to success. In addition to having a relevant qualification, candidates must have excellent analytical skills and attention to detail. Experience in managing a team would also be beneficial. R&D tax consultants advise clients on the benefits of the R&D tax relief scheme and manage several client claims at once. They analyze financial data of clients and determine the qualifying expenditure from their P&L. Their experience should include familiarity with the IRS and the related tax regulations.

In addition, individuals with an understanding of innovation should be suitable for a role in R&D consultancy. The job requires regular visits to clients’ premises and access to the latest innovations in various sectors, ranging from weaponry to tanks. Even in the more niche fields, innovation is important for both consumers and businesses. For instance, chocolate shop innovation is a prime example of an innovation in this field. A person with a background in innovation in these fields should be able to adapt to the requirements and needs of each client.

The skills needed for an R&D tax consultant position include excellent organizational skills, the ability to multi-task and work under tight deadlines. The ideal candidate should be self-motivated, organized, and confident. They should have at least four years of relevant public accounting experience and significant exposure to R&D tax credit projects. Moreover, candidates should have access to reliable transportation. If you meet these criteria, you are qualified to become an R&D tax consultant.

COMPENSATION

A R&D tax consultant is an expert in filing for research credits and related deductions. The role requires a Master’s degree or PhD in an appropriate field. Prior experience in R&D tax consulting is not essential, but is a distinct advantage. Experience in the science or technology industry is also valuable. The candidate should be able to quickly absorb new knowledge and demonstrate a solid grasp of Microsoft Office. He/she must also possess a thorough understanding of the field they are working in and a strong understanding of commercial issues.

To qualify for the R&D tax credit, a company must have made substantial improvements to its products or services. The project must have increased the efficiency of the business. It must also improve the functioning of a company. While many types of projects qualify for the credit, some do not. The project must eliminate uncertainty or enhance functionality. The consultant must provide evidence to support their findings. However, compensation for R&D tax consultants will depend on their expertise and experience.