R&D Tax Credit Services in Chicago
Maximize your tax savings and improve cash flow with Lewis.cpa’s comprehensive research and development tax credit expertise. Our certified public accountants help businesses recognize unclaimed credits and achieve maximum benefit from federal incentives.
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Your Trusted Partners in R&D Tax Credit Excellence
At Lewis.cpa, our R&D tax credit practice is built on precision, depth, and an unmatched understanding of the tax code’s technical terrain. For over four decades, we’ve worked at the intersection of tax law, finance, and industry-specific innovation, helping identify qualifying activities others routinely miss.
Our team approaches every claim as an investigative process, mapping your projects, processes, and expenditures against the exacting standards of federal and state regulations. We combine this technical mastery with a practical understanding of how businesses operate — whether that means analyzing complex manufacturing workflows, deconstructing software development cycles, or tracing the incremental improvements that qualify under the law.
We don’t simply “prepare” R&D claims — we build airtight, data-backed submissions that withstand scrutiny to provide you with the full value of every eligible credit while minimizing disruption to your operations.
Our Services That Maximize Your R&D Tax Credit Benefits
We provide end-to-end R&D tax credit support — from uncovering hidden opportunities to defending your claim under examination:
Comprehensive R&D Studies
For businesses new to the R&D credit or looking to revisit past opportunities, our full-scale analysis of your operations identifies every eligible activity and expense. Our process is built to maximize your benefit while anticipating and addressing potential exam challenges, drawing on up-to-date interpretations of evolving tax law and recent case rulings.
Credit Accuracy & Optimization Reviews
Even well-prepared claims can leave value on the table — or contain costly errors. We perform detailed reviews of existing or prior R&D filings to uncover overlooked costs, correct technical missteps, and strengthen the claim’s defensibility, ensuring you’re not missing eligible dollars.
Federal & State Exam Representation
When an IRS or state inquiry arises, we act as your dedicated liaison — managing communications, organizing supporting documentation, and guiding you through the process. Our deep experience with federal and state examinations helps you focus on running your business while we work to secure a favorable resolution.
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Don’t Miss Out on Valuable Tax Credit Opportunities
Contact Lewis.cpa today to maximize your R&D credit benefits and improve your company's cash flow through strategic tax planning.
Contact Us TodayIndustry-Specific R&D Expertise
We serve key innovation-driven industries where R&D credits provide substantial benefits:
Lewis.cpa provides targeted R&D support that accelerates innovation, shortens time-to-market, and helps early-stage companies validate and scale disruptive products or technologies with confidence.
Our R&D specialists enable rapid development, testing, and refinement of medical devices and treatments, guaranteeing safer, more effective solutions reach patients faster — with compliance and quality built in from the start.
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We deliver R&D solutions that drive sustainable material innovation, optimize building techniques, and improve efficiency, safety, and cost-effectiveness in construction projects.
R&D consultants at Lewis.cpa create and refine proprietary software systems to streamline operations, enhance customer experiences, and strengthen competitive advantage in fast-moving retail markets.
Key Benefits of R&D Tax Credit
Many Chicago businesses are leaving money on the table unknowingly. The R&D tax credit is a powerful incentive designed to reward companies that invest in innovation, yet many believe it's only for a specific few.
— Increased Cash Flow: Generate immediate increased cash flow through substantial tax credit claims, helping fund ongoing research activities and business operations.
— Federal Tax Liability Reduction: Achieve significant reductions in your federal tax liability with this dollar-for-dollar reduction credit that can be carried forward to future tax years.
— Payroll Tax Benefits: Qualified small businesses can apply credits against payroll tax obligations, offering additional flexibility and cash flow benefits.
— Retroactive Claims: Recover unclaimed credits from prior open tax years, potentially generating substantial refunds for past qualifying activities.
This tax credit isn't just about one-time savings; it's a strategic financial tool that can help you reinvest in your business and stay ahead of the competition.
Our Comprehensive R&D Tax Credit Process
We take a systematic approach to ensure you maximize your tax credit opportunities while maintaining compliance with Internal Revenue Code requirements. We’re here to help you prepare for potential exam process scrutiny.
1. Preliminary Assessment
We start with a comprehensive evaluation of your innovation efforts and research activities to identify potential qualifying criteria and estimate benefit potential.
2. Documentation Review
Next comes a systematic analysis of financial records, time tracking data, project documentation, and employee wages to support credit claims.
3. Credit Calculation
We precisely determine your company's qualified research expenses using either regular credit or an alternative simplified credit methodology for optimal results.
4. Form Preparation
Then, we complete any required tax forms and detailed documentation to substantiate your claims and ensure audit readiness.
5. Ongoing Support
As your long-term partner, we offer continuous monitoring for new tax credit opportunities and representation during any Internal Revenue Service examinations or inquiries.
Why Choose Lewis.cpa for Research and Development Tax Credit Services?
We’ve built our approach on a foundation of expertise, thorough analysis, and a commitment to delivering measurable value for every client.
Nearly 40 Years of Proven Expertise
Technology-Driven Precision
Nationwide Reach, Local Insight
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FAQ
What is the R&D Tax Credit?
The R&D Tax Credit is a federal incentive designed to reward businesses for investing in innovation. It allows companies to reduce their tax liability by claiming eligible expenses related to developing new products, processes, or technologies — or improving existing ones.
What activities qualify for the R&D tax credit?
Your research activities must meet four specific IRS criteria, including: developing new or improved business components, eliminating technical uncertainty, using a process of experimentation, and being technological in nature. We help evaluate your activities against these requirements to maximize your qualifying expenses.
What expenses can be included in R&D credit calculations?
Qualified research expenses include employee wages for research staff, supplies consumed in research, contract research payments, and cloud computing costs for research activities. We’ll help you capture all eligible expenditures while avoiding common compliance pitfalls.
How much can my business save with the R&D tax credit?
The potential savings depend on your qualified research expenses and chosen calculation method. The regular credit typically ranges from 6.5% to 13% of qualifying expenses, while the alternative simplified credit provides 14% of expenses exceeding the base amount. Many businesses save tens of thousands to millions annually.
What documentation is required for R&D credit claims?
Essential documentation includes financial records, time tracking data, project documentation, employee wage records, supply receipts, and technical specifications. Lean on our team for help with organization, as we’re here to compile all necessary detailed documentation to support your claims.
Can I claim credits for previous tax years?
Yes, you can typically amend tax returns for up to three years to claim unclaimed credits. Our team specializes in identifying retroactive opportunities and managing the amendment process to maximize your total benefit.
How does the alternative minimum tax affect R&D credits?
The R&D credit can generally be used against both regular tax and alternative minimum tax. However, specific rules apply depending on your business structure and credit year. We analyze your complete tax situation to optimize credit utilization.
How long does the R&D credit study process take?
A typical R&D tax credit study takes 4-8 weeks, with the exact timeline depending on company size, complexity of research activities, and documentation availability. We work efficiently to minimize disruption to your operations while ensuring thorough analysis.
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Ready to Claim Your R&D Tax Credits?
Don't let tax credit opportunities slip away. Contact our experts at Lewis.cpa today to discover how much your business could save through strategic R&D credit planning.