R&K Partners

🌟 Team Spirit at R&K Partners! 🌟 Check out this fantastic group photo from our recent office gathering in June! It was a day filled with smiles, camaraderie, and great energy. At R&K Partners, we believe in the power of teamwork and the importance of a positive work environment. Here's to our amazing team, who make every day enjoyable and productive. Together, we achieve great things! #RKPartners #TeamPhoto #Taxcredits #TeamworkMakesTheDreamWork

We’re excited to share Tanya Donnelly's latest article detailing the recent changes to IRS requirements for R&D Tax Credit Claims. Dive into the article for in-depth insights.

Discover key insights from the recent MBJ case on R&D tax credit eligibility: clarity in contract language and the distinction between services and research are crucial for compliance. Learn more about these complexities in our Managing Partner's, Tanya Donnelly, latest article.

Welcome Nicholas Handisen to the R&K Partners team! As our newest Senior R&D Tax Consultant, Nick brings a wealth of expertise in maximizing R&D tax benefits and fostering sustainable growth for businesses. With a background in Management Information Systems from the C. T. Bauer College of Business at the University of Houston, Nick offers a unique blend of technical expertise and business acumen to his role. Throughout his professional journey, Nick has demonstrated exceptional proficiency in overseeing a portfolio of 30+ concurrent studies with finesse and efficiency. His meticulous approach ensures seamless coordination and timely deliverables, ultimately maximizing outcomes within strict timelines. With nearly 3 years of experience in R&D Tax Consulting, Nick brings expertise across various industries including architecture, engineering, software, and manufacturing. His passion for problem-solving and drive for continuous improvement position him to deliver tailored strategies that optimize R&D tax benefits. Beyond his professional endeavors, Nick remains committed to continuous learning and development. His proactive approach to staying abreast of industry trends and regulations ensures that he offers clients the most relevant and effective solutions. Nick's dedication to client success and unwavering professionalism make him a valuable asset in the realm of R&D tax consulting. Welcome aboard, Nick! #newhire #taxcredits #seniorconsultant #rkpartners #rnd

🌟 Another Exciting Update! 🌟   I am thrilled to introduce Samuel Wooldridge, our new Partner at R&K Partners!   Sam brings with him a wealth of experience, starting his journey in Manchester, England at the esteemed Manchester Metropolitan University, where he graduated with a stellar 2:1. With a passion for helping businesses grow through innovation, he dived straight into the world of R&D Tax Credits, accumulating 6 years of invaluable experience. Over this time, he has successfully secured an impressive $35m in funding for companies to fuel their growth and innovation.   For the past two years, Sam has been a driving force at our sister company, RCK Partners, continuing his streak of success. In 2024, he made the exciting move from London to New York, expanding his expertise to assist American companies in accessing vital funding. His focus areas lie in Agriculture, Engineering, and Software, where his insights and dedication have proven to be game-changers for our clients.   What Sam loves most about working in the R&D Credit sector? "You get to learn how different businesses operate and improve across almost all sectors," he shares. "Being able to pass on this knowledge to similar businesses is incredibly rewarding."   Sam thrives in our high-energy team environment, surrounded by those who inspire progress and innovation. We are beyond thrilled to have him on board, driving our mission forward and empowering businesses to reach new heights!   Welcome, Sam! Let's create some remarkable successes together!    #NewPartner #RnKPartners #Innovation #RDTaxCredits #WelcomeSam

🌟 Welcoming Preston to the Team! 🌟 We are thrilled to introduce Preston as the newest member of the R&K Partners family! Joining us as a Commercial Associate, Preston brings an impressive background in sales and a deep passion for cultivating corporate growth. With over five years of experience in the sales industry, Preston's journey began after graduating from the University of Tennessee at Martin with a Bachelor of Science in Psychology. His transition into the world of sales was seamless, quickly showcasing his talent for building lasting relationships and driving revenue. Known for his personable demeanor and strategic mindset, Preston is committed to assisting corporations in optimizing their resources for maximum success. His understanding of human behavior, combined with his natural charisma, has proven invaluable in various sales environments. Throughout his career, Preston has consistently surpassed sales targets, earning recognition for his exceptional performance. His knack for identifying growth opportunities and unwavering dedication to client satisfaction truly set him apart. In his role as a Commercial Associate, Preston is enthusiastic about leveraging his expertise to help companies save money and make strategic investments in their businesses. He recognizes the significance of strong partnerships and believes in tailoring solutions to meet each client's unique needs. Driven by a desire to make a meaningful impact, Preston is eager to embark on this exciting new chapter with R&K Partners. We are confident that his talents will drive our collective success and facilitate long-term growth for our clients. Join us in welcoming Preston to the team! #NewBeginnings #CorporateSuccess #RKPartners #taxcredits

🔍 TREASURY INSPECTOR GENERAL FOR TAX ADMINISTRATION REPORT ALERT🔍 The latest report from the Treasury Inspector General for Tax Administration (TIGTA) sheds light on the ongoing efforts of the Internal Revenue Service (IRS) to tackle the backlog of tax returns and other critical account work, a legacy of the Coronavirus Disease 2019 Pandemic. 📅 Report Date: March 18, 2024 📊 Report Number: 2024-406-020 Here are the key points for businesses from the TIGTA report: Pandemic Response Challenges: During CY 2020, the IRS took unprecedented steps to safeguard public health, resulting in the closure of Tax Processing Centers and offices nationwide. Challenges persisted into CY 2021, including staffing shortages, the closure of the Fresno, California, Tax Processing Center, and capacity limitations due to social distancing requirements. Amended Business Returns and the Employee Retention Credit: The inventory of amended business tax returns, particularly those related to the Employee Retention Credit, has been significantly impacted. As of October 21, 2023, there were 870,170 Employee Retention Credit cases in inventory, constituting 59% of all business amended tax returns. In September 2023, the IRS Commissioner paused processing of these claims due to concerns of potential false or fraudulent filings. Ongoing Review: The TIGTA is conducting a separate review to evaluate the IRS's processes for identifying potentially false or fraudulent claims for the Employee Retention Credit on original and amended employment tax returns. This TIGTA report underscores the complexities faced by the IRS in managing the aftermath of the Pandemic, highlights the agency's concerted efforts to streamline operations and serve taxpayers efficiently, and showcases ongoing audits and evaluations of ERTC, driven by the potential for significant risks of fraudulent claims. #IRS #TaxAdministration #TIGTAReport #TaxProcessingCenters #COVID19 #EmployeeRetentionCredit #TaxReturns #IRSUpdate

Latest Tax Court Memorandum on R&D Tax Credits and Statistical Sampling A fresh tax court memo, Ramesh C. Kapur, et vir. v. Commissioner, T.C. Memo. 2024-28, was issued recently concerning a taxpayer’s 2014, 2016, 2017, and 2018 research and development (R&D) studies. These studies utilized statistical sampling to review projects, identifying which ones qualified for research credits. This sampling was based on a range of 2,000 to 3,000 projects from that period, where the results of the sample projects reviewed were then extrapolated back to the remaining project population. The IRS aimed to scrutinize all projects involved in this statistical sampling. Conversely, the taxpayers argued that only two projects, responsible for 72% of the eligible spending, should undergo review. The Court referred to a similar case, Bayer Corp. & Subs. v. United States, where the government requested details on each aspect of the business before agreeing to a sampling strategy. The court in that instance noted the importance of a sampling plan that covers all business components relevant to claiming research credits. In this current memo, the Court sided with the IRS. They affirmed that although the bulk of the spending was linked to just two projects, the IRS has the authority to inspect all the projects from that timeframe. This memo underscores a drawback of relying on statistical sampling in these situations, as it means not all projects receive an in-depth examination. For any questions about R&D Tax Credit Studies, do not hesitate to contact R&K Partners! #irs #taxcredits #researchanddevelopment #irc41 #rkpartners

Happy International Women’s Day! With a rich history spanning over a century of growth and evolution, the inaugural International Women's Day (#IWD) was celebrated in March 1911. This year, the theme is #inspireinclusion, urging everyone to acknowledge the diverse perspectives and invaluable contributions of women from every corner of society, including those from marginalized communities. At RK Partners, we pause to express our gratitude and admiration for the incredible women within our organization. We commend not only their unwavering commitment and hard work, but also the pivotal role they play in RK's success, both professionally and in their daily lives. To Tanya, April, Matisse, and Emma, we extend our heartfelt thanks for your dedication and efforts. RK Partners is immensely fortunate to have such exceptional individuals on our team, and we recognize that our achievements today are a direct result of the outstanding contributions each of you has made.

R&K Partners is thrilled to introduce our newest team member, Troy Brady, as a Business Development Manager. Troy brings with him a wealth of experience and enthusiasm, making us excited about the contributions he will make to the R&K Partners family. Troy Brady hails from Buffalo, NY, and began his Business Development journey three years ago at Leyton USA, starting as a Business Development Representative before quickly advancing to a Business Development Executive role. In this capacity, he collaborated with clients from various industries, aiding them in identifying and maximizing their available R&D Tax Credits to boost cash flow. While Troy has a passion for working with business owners across all sectors, he particularly enjoyed his time assisting companies in the software and telecommunication spaces. Before embarking on his career, Troy spent four years at Canisius University, where he played Division 1 soccer and earned a Bachelor of Science in Marketing. During his free time, Troy indulges in golfing and soccer, and he proudly supports both the Buffalo Bills and the New York Yankees. #newhire #taxcredits #expandingteam