Spiegel Accountancy Corp. has formed a professional alliance with Bedford Cost Segregation to assist its mortgage lending clients in applying research and development tax credits as a beneficial tax strategy.
While the R&D tax credit has been around since 1981, it was recently made permanent and the incentives were expanded upon to increase opportunities for those who develop “internal-use” software, which broadens the types of businesses the credit may be applicable for. Now, certain mortgage lenders may benefit from this tax credit.
“We have partnered with the best, Bedford, to help our clients determine their eligibility for these incentives,” stated Jeff Spiegel, CPA, Principal, at Spiegel Accountancy Corp.
The R&D tax credit was designed to encourage economic stimulation and is an incentive for businesses of all sizes to invest in research and development activities and increase technological growth and competitiveness. The U.S. federal tax law provides a benefit up to 20% in the form of a non-refundable tax credit for mortgage companies that engage in qualified research and development activities. The credit, if used, can create immediate cash flow by reducing tax liability dollar for dollar. Mortgage companies that create new or improved products, processes or select technologies have the potential to take advantage of the credit.
Greg Bryant, Managing Partner at Bedford Cost Segregation said, “We’re excited about our partnership with Spiegel Accountancy Corp. and the wealth of opportunities our collaboration offers mortgage lenders.”