The Monetek Method
Because our primary focus is R&D tax credit studies, our services complement those provided by our clients’ accounting and tax advisors.
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, is an initial assessment that allows Monetek to estimate the benefit of claiming the credit prior to an engagement. During this phase, we define the scope of opportunity and estimate the potential total credits and refunds. 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 and a range of estimated total available credits. We will also provide 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 and refunds, technical analyses of why the activities qualify for the credit, and contemporaneous documentation supporting the research activities.