Industries | R&D
Many financial services companies are well-positioned to qualify for the R&D tax credit due to their development of proprietary software systems. As the speed of technological advancements accelerates, software has become a significant competitive edge for companies in service-related industries. The trend has shifted away from off-the-shelf software towards bespoke systems tailored to a company’s specific needs.
Almost all major financial services companies now employ in-house software developers. A broad array of firms, including insurance companies, banks, trading companies, hedge funds, mortgage companies, and investment firms, develop their own unique systems, which can potentially qualify for the R&D tax credit.
Beyond proprietary software, these companies often face the challenge of integrating diverse legacy or third-party systems with new bespoke systems. This integration of disparate technologies may also qualify for the R&D tax credit.
Moreover, financial services firms that engage contractors for development activities can also tap into the R&D tax credit opportunity. Thus, in the fast-paced world of financial services, the R&D tax credit serves as a vital tool in promoting software innovation and technological advancement.
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The company currently manages approximately $5 billion in assets primarily for pensions, endowments, and foundations.Â
Founded more than 15 years ago, this mid-sized hedge fund has become one of the most respected names in their industry.
The company’s trading strategies span equities, fixed income, commodities, foreign exchange, credit, and convertible bonds globally.
The R&D tax credit can help a wide variety of businesses offset and reduce their income tax liability, in addition to providing many other benefits. Our team of experienced CPAs, attorneys, engineers, and technology experts helps companies save money and create cash flow with R&D tax credits that can then help drive overall growth.
