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.
For more information on the Crowe R&D Navigator, please visit: www.crowehorwath.com/RDNavigator/.
About Crowe Horwath
Crowe Horwath LLP (www.crowehorwath.com) is one of the largest public accounting and consulting firms in the United States. Under its core purpose of "Building Value with Values®," Crowe uses its deep industry expertise to provide audit services to public and private entities, while also helping clients reach their goals with tax, advisory, risk and performance services. With offices coast to coast and 2,600 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as an independent member of Crowe Horwath International, one of the largest global accounting networks in the world, consisting of more than 150 independent accounting and advisory services firms in more than 100 countries around the world.
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SOURCE Crowe Horwath LLP