McGuire Sponsel was engaged by a company that designs and manufactures printed circuit boards and has annual revenue of $30 million.
McGuire Sponsel was charged with determining the amount of qualified research that existed in all areas of the project. Due to the types of materials the company uses in designing and manufacturing circuit boards, there were a significant amount of qualified supply expenses to research and tabulate. McGuire Sponsel tracked all costs to ensure qualified supply costs followed IRS guidelines.
From 2006 to 2008, McGuire Sponsel worked with 20 of the company’s employees who participated in qualified research and identified $3.5 million in qualified expenses over the three-year period. These resulted in $110,000 in federal tax credits
and $104,000 in state tax credits.