Since the 1920s, the HR® brand has developed products to support new advances in medical treatment and technology. HR® Pharmaceuticals Inc. maintains the loyalty of consumers and medical professionals alike thanks to its rigorous testing for superior quality, safety and efficacy.
Innovation is inherent to everything HR does. The company’s RKL advisors wanted to turn all this testing, experimentation and research into dollars for reinvestment into future production-related innovations.
The RKL Approach:
Beyond the assurance and tax work performed for HR, RKL conducted a research and development (R&D) tax credit study. Starting with a site visit and interviews with key personnel, RKL assessed and analyzed the scope of HR’s product development and quality assurance processes. All of these findings were compiled into the appropriate documentation and submitted to the IRS.
The R&D study captured significant tax savings for HR in 2016. To provide ongoing value, RKL developed internal procedures to help the company properly track eligible costs and expenses in future years. This also ensures HR will have the documentation to substantiate eligibility for research expenditures and credits, in case of IRS or state examination, right at its fingertips.
As HR relies on R&D to remain on the cutting edge of its industry, RKL will seize every opportunity to help the company reap financial rewards from its innovation.