The Monetek Difference
Because our sole focus is R&D tax credit studies, our services complement those provided by our clients’ accounting and tax advisors. Monetek has a unique blend of talented professionals, including attorneys engineers, and technical consultants. Our extensive knowledge base and broad range of industry experience helps to better understand your research efforts and identify where opportunities exist. We focus on education and communication in all we do.
We spend significant resources educating taxpayers about the R&D tax credit, explaining the definition of qualified research, identifying the documentation necessary to substantiate the credit, and qualifying the impact to cash flow associated with the credit. Our team will openly communicate with your team and our engineers will work directly with your engineers. We take this approach with our clients and prospective clients, because, like you, we don’t like surprises. Our approach allows us to understand and explain the benefit of claiming the research tax credit, prior to engaging a professional service firm. Our methodology follows a two phase approach, keeping you informed along the way.
We’ve segregated our process into two phases:
Phase I, also referred to as an initial assessment, allows Monetek to evaluate the benefit of claiming the credit prior to an engagement. During this phase, we help you define the scope of opportunity, estimate the total credits and refunds that may be available, and determine the amount of credits and refunds that can be utilized. We do not charge for the initial assessment.
At the conclusion of Phase I, we will share with you our recommendations with respect to scope, a range of total available credits, and the cash flow associated with claiming these credits. We will also discuss with you an R&D tax credit study engagement proposal for Phase II.
Phase II, also referred to as the study, allows Monetek to work with you to substantiate the research tax credit. The research credit must be documented both quantitatively and qualitatively. We work with your team to understand and document the research activities, compute the qualified research expenditures, and qualify the credit.
At the conclusion of the study, we will issue a report to you, including a calculation of the qualified research expenditures and tax credit, technical analyses of why the activities qualify for the credit, and examples of contemporaneous documentation supporting the research activities.