Start with the work your team does
An R&D tax credit study usually begins with a careful look at the work behind your innovation. Before any numbers are discussed, it helps to have a plain account of what your team has been working on. That account does not need to be technical. It needs to be clear enough for someone outside the team to follow.
A simple list of projects is one place to begin. For each one, consider what the team set out to do, which questions it had to work through, and how the work unfolded. It can also help to note when each project began and who led it. A polished report is not the starting point. A short description in your own words is often enough to open the conversation and to show which areas deserve a closer look.
Gather the records you already keep
A business may hold more useful information than it expects. The aim at this stage is not to create new paperwork. It is to find what already exists and to understand how the different pieces relate to one another. The systems your team uses every day are a natural place to look. The records do not have to be perfect or complete to begin a conversation. Gaps are worth noting, because they show which questions need more discussion. The items below are common starting points.
- Project lists, plans, and status updates
- Technical notes, designs, or test results
- Records of who worked on what
- Financial reports your team already produces
Bring the right people into the conversation
The technical story and the financial story usually sit with different people. Each of them sees a different part of the picture. The engineers, developers, or production leads who did the work can explain it. Your finance team knows how the business tracks time, costs, and projects. Your CPA can speak to how a study relates to your returns and your wider tax planning. If outside contractors or consultants were involved, consider whether they hold part of the story as well.
It is worth asking early who will speak for each area and how much time they can give. It is also worth explaining what is being asked of them and why. Some businesses name one point of contact to bring those considerations together. From there, you and your advisors can agree on a defined scope and sensible next steps. The aim is a clear path forward that fits the bigger picture of your business.
This article offers general information, not legal advice, and it does not take the place of a conversation about your own business.