Cost Segregation

Cost Segregation

Use Case Summary

Customer is the global leader in providing solutions for Tax Professionals & Business. Clients need to build a Tax Credit solution which provides functionality/features to companies for performing activities related to the development, design, or improvement of products, processes, formulas, or software.

Current Challenges

Data Accuracy & Documentation: Maintaining accurate and comprehensive documentation for R&D activities is essential for claiming tax credits. Ensuring data accuracy and completeness in the documentation process can be challenging. Integration with Financial Systems: Integrating the Tax Credit solution with existing financial systems was complex. Ensuring seamless data flow and accuracy in financial records is crucial for the success of the solution. Audit Preparedness: Client was facing challenges in maintaining data related to audits to validate their tax credit claims.

Solution Implemented

Web based solution is built For Tax calculations. This platform serves as the main interface for users to input, review, and manage data related to tax activities and tax credits. Various data streams such as Employee Wage, Supply, Contractor, Computer Time Sharing, Gross Receipts (Derived from Tax Forms) are uploaded by business users as per pre-defined templates. Once details are uploaded in the system, the system performs QRE (Qualified Research Expenses) & Tax Credit calculations. Implement modules for expense tracking directly within the web platform. Integrate financial data, including payroll details and project expenses, to streamline the tax credit calculation process. Generated results then are reviewed by business users. Final report, Transmittal Letter and Tax form packages are generated by the application.

Business Benefits

Vendor Support: Benefit from reliable vendor support, ensuring the ongoing efficiency and effectiveness of the web-based tax credit solution. Regulatory Updates and Alerts: Stay up-to-date with tax laws through automated tracking of regulatory changes, providing alerts and notifications to users. Client and Stakeholder Collaboration: Foster transparency and collaboration with clients and stakeholders through controlled access to the web platform. Enhanced Compliance and Audit Preparedness: Ensure compliance with tax regulations, automate eligibility checks, and maintain a centralized repository for efficient audit preparedness.

Outcome

30 %

Reduction In Processing Time, Equivalent To 500 Hrs Saved Per Month

10 %

Increase In Revenue Growth

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