PRIMARY CONTACTS: Jeanne Barrett CPA
Schneider Downs understands the manufacturing industry at a regional, national and international perspective. From the issues you face at the production level up to your management goals and strategies, our expertise allows us to provide big thinking to operational and technical solutions.
Our experience in engineering-based cost segregation studies, state and local tax services, including nexus studies, as well as research and development (R&D) tax credits, provides manufacturers the expertise needed to run their businesses more effectively.
We have diverse experience in providing customized assurance, tax and consulting services to a wide range of manufacturing entities from smaller, family-owned businesses to large, multiple-facility, publicly traded, multinational companies.
At Schneider Downs, we provide extensive and comprehensive services to our manufacturing clients including:
Services include financial statement audits, reviews and compilations, ERISA plan audits and reviews. Learn more
Services include domestic and international tax compliance, state income and franchise tax, transfer pricing studies, research and development tax credits and IC-DISC planning. Learn more
Services include software consulting, digital transformation, consultation and implementation, ERP, data security and privacy, electronic time entry and online expense reporting. Learn more
Services include business process optimization, data analytics, enterprise risk management, SOX compliance and IT risk advisory. Learn more
Services include accounting advisory, transaction advisory and business consulting. Learn more
Get an overview of R&D Tax Credit opportunities for manufacturers, highlighting specific qualifying activities that illustrate how routine manufacturing activities can qualify for substantial tax credits, helping businesses offset costs and drive innovation.
How can I determine if my manufacturing company is eligible for the R&D Tax Credit based on IRS guidelines?
If your manufacturing company is developing new or improved products and/or production processes, then it is likely eligible for the R&D Tax Credit. Even companies that are not developing their products, such as original equipment manufacturers (OEMs), but are developing or improving manufacturing processes for their customers may qualify for the R&D credit. An experienced Schneider Downs R&D tax credit professional can help you identify eligible activities and expenses.
What strategies can manufacturing companies employ to maximize their R&D Tax Credit benefits?
Although there is no specific documentation requirement to claim the R&D credit, companies that are knowledgeable about what types of activities qualify are better positioned to maximize their credit. Some companies utilize time-tracking or job-costing systems, or they track R&D-eligible expenses in dedicated general ledger accounts. When Schneider Downs works with a taxpayer, the first step is understanding their business and identifying qualified activities and expenses. With this knowledge, we can also offer recommendations and suggestions on how to track eligible costs moving forward to improve efficiency, ensure that all activities and expenses are captured, and maximize your R&D Tax Credit.
Can R&D Tax Credit consulting firms provide customized solutions tailored to the specific needs of manufacturing companies?
Yes, but not all firms do!
At Schneider Downs, we tailor our approach to each client and industry. With an extensive knowledge of your industry, we develop a customized strategy to calculate and maximize the R&D credit with an eye towards efficiency and accuracy.
Additionally, we prepare documentation to substantiate the claim that is tailored to the client and outlines the specific methodology used for their credit calculation. Be careful–many firms out there prepare R&D Tax Credit claims, but are not public accounting firms, and that comes with risk. With Schneider Downs, your company will receive the “Big Thinking. Personal Focus.” that will enable it to maximize its R&D Tax Credit!
We are active members in the following associations as well as regularly participate in industry forums and conferences.
Women in Manufacturing Association (WiM)
Ohio Manufacturers’ Association (OMA)
Schneider Downs recognizes that every industry is different, often presenting unique challenges that require individualized insight, innovation and experience. Our experience in these industries is enhanced through participation in focus groups, which address the characteristics that make these industries unique.
For more information on additional industries we serve please visit Industries or contact us at [email protected].
Big Problem: Company Impacted By Ransomware.
Big Thinking: Restore System On-site And Avoid Six-figure Ransom.
Big Problem: Inefficient Tax Credit Realization.
Big Thinking: Identified A $900,000 Tax Credit, Nearly Twice As Much As Prior Years.
Email us: [email protected]
Schneider Downs is a Top 60 independent Certified Public Accounting (CPA) firm providing accounting, tax, audit and consulting services to public and private companies, not-for-profit organizations and global companies. We also offer risk advisory, transaction advisory, digital consulting, wealth management, retirement plan solutions and investment banking services. Schneider Downs serves individuals and companies in Pennsylvania (PA), Ohio (OH), West Virginia (WV), New York (NY), Maryland (MD), metropolitan Washington (DC) and additional states in the United States with offices in Pittsburgh, PA, Columbus, OH, and McLean, VA.
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