Boast.AI has simplified the application process for the R&D tax credit program to help businesses and startups get access to funding without spending precious time and resources. Since the global health crisis has affected the entire business world, efforts are being made by small businesses to get financial relief to run their operations.
US startups can use the R&D Tax Credit to offset up to $250,000 per year in employer social security taxes, which typically comes as a refund check. Canadian Controlled Private Corporations can get a cash back of up to 64% of their R&D expenses through the Scientific Research and Experimental Develop (SR&ED) program.
However, the application process is manual and cumbersome because businesses need to identify all the projects they worked on during the tax year and prepare reports to show that the projects and associated expenses qualify per the tax law.
Boast.AI leverages its proprietary R&D Tax Credit software platform along with in-house R&D Tax experts to help identify research and development tax credit eligible projects along with associated expenses.
Time is an expensive resource for companies, particularly during a pandemic when there is much uncertainty and critical business needs to handle. Boast.AI is making R&D tax credit applications hassle-free by managing the entire process from identifying qualifying projects to preparing technical narratives, financial reports, and R&D tax forms to assisting with government reviews.
Boast.AI does not charge any fee until businesses receive their R&D tax refund check from the government, thereby enabling businesses to get funding without risk and impact to their internal resources.
