HOUSTON, May 25, 2017 /PRNewswire/ — alliantgroup, a national tax consultancy, has helped over 20,000 companies claim more than $5 billion in incentives such as the Research and Development (R&D) Tax Credit. PMPA is the leading association representing the precision machined products industry. The organization supports legislative and regulatory changes that help to keep the manufacturing industry competitive on the world stage. PMPA also provides training and developmental tools to its member companies in order to attract and retain a highly trained technical workforce. PMPA members are excellent candidates for many tax incentives because precision machining requires highly complex, technical work. As the industry expert on tax incentives, alliantgroup can help PMPA members identify and take full advantage of tax credits and deductions available to them.
Bernie Nagle, Executive Director of PMPA, had this to say, "PMPA’s reason for being is to help our member companies adapt and thrive in an increasingly challenging marketplace. The assistance provided by alliantgroup will help our member companies take advantage of complex tax opportunities they might not have otherwise been aware of, which will help them remain competitive. We are delighted to have alliantgroup as a Select Sponsor."
One of the most valuable credits offered to contract manufacturers is the R&D Tax Credit. The R&D Tax Credit is the largest federal credit available to U.S. businesses with over $10 billion claimed annually. Many day-to-day activities of precision job shops qualify for the credit. A wide range of work such as custom tooling, machinery and product design is eligible. Companies that have done technical work, or introduced new or improved processes for operations, may be eligible for this incentive.
"We, like most businesses, were unaware of the R&D credit and its application. However, alliantgroup showed us there have been recent changes over the years that have greatly expanded the number of companies able to claim the credit," said a PMPA member. "alliantgroup’s team is like no other as they have set the bar high through their professionalism, efficient process and industry expertise."
Companies that are improving their products or processes—in this case, the everyday technical work and experimentation that is done in machine shops—traditionally qualify for the R&D Tax Credit. Precision machining companies engineer products to customer specifications, which makes them great candidates for federal and state R&D credits because the credits were designed to benefit companies that keep technical jobs in the United States.
alliantgroup employs technical experts in the manufacturing industry who understand what activities can qualify for the R&D credit. With former IRS leadership on staff, no other firm has such extensive tax expertise to ensure these incentives are claimed to the fullest extent possible under the tax code.
"We at alliantgroup are honored that PMPA has named us their select sponsor for tax incentives," said Dhaval Jadav, alliantgroup’s CEO. "We very much look forward to helping its members secure and maximize these powerful incentives."
For more information on alliantgroup and our tax consulting services, please contact Cathryn Peno at (713) 350-5544 or email Cathryn.Peno@alliantgroup.com
alliantgroup is a premier tax consultancy with headquarters in Houston, Texas that helps US businesses, CPA firms and industry organizations capitalize on federal and state tax incentives. The government offers these incentives, credits and deductions to help companies create more jobs, stay innovative and compete in the global economy. We are proud to have helped over 20,000 businesses claim more than $5 billion dollars in tax incentives. These savings can be reinvested back into U.S. businesses to spur further job creation and growth. alliantgroup has offices nationwide including New York City, Boston, Chicago, Irvine, Sacramento, Orlando, Indianapolis and Washington D.C. For more information follow alliantgroup on Twitter, Facebook or visit their website.