CHICAGO, Jan. 22, 2013 /PRNewswire/ -- The Internal Revenue Service is requesting even more detailed documentation from organizations that want to claim tax credits for research and development (R&D) expenses. To help manufacturers and other companies streamline this process, Crowe Horwath LLP, one of the largest public accounting and consulting firms in the U.S., has introduced the Crowe R&D Navigator. The web-based solution helps organizations identify, document and claim the maximum federal and state tax credits to which they are entitled.
According to Lou Miller, a partner and leader of Crowe's National Tax Office, approximately a third of the tasks used to determine tax credit eligibility can be automated by the Crowe R&D Navigator. "Automating these tasks means the time previously spent on gathering and managing data can instead be spent on analysis, potentially uncovering qualified expenses that previously had not been identified," Miller said. "Additionally, by making the R&D tax process up to 30 percent more efficient, an organization's tax and engineering groups can get back to focusing on their day-to-day activities."
The features of the Crowe R&D Navigator include:
- Tools to help an organization capture information;
- Real-time progress reporting and statistics;
- Flexible methodologies;
- Data uploads allowing for immediate application use;
- Reference library that includes FAQs and relevant materials;
- Customized documentation and reporting;
- Secure information storage; and
- Easy export of data for future use.