Pointe Claire, QC -- (SBWire) -- 01/14/2011 -- HMS Software, a leading provider of enterprise timesheet and enterprise project management solutions, has announced the availability of a new portal for those organizations considering R&D tax credits.
“Research and Development Tax Credits are offered all over the world by governments trying to encourage innovation and provide incentives to increase employment in certain industries,” says Chris Vandersluis, President of HMS Software. “A single tax credit can be worth millions to an organization so the attraction of these programs is enormous. However, with great benefits come certain responsibilities and that includes being able to pass an audit for R&D activities.”
HMS Software’s TimeControl has been used by numerous organizations to support R&D tax claims clients in a variety of jurisdictions around the world.
HMS has worked with companies to support R&D tax audits for the US, Canada, Quebec, Canada tax departments through the use of TimeControl, HMS Software’s timesheet system. One example is at EXFO in Quebec, Canada. “The compiling of our timesheet records for our R&D tax claim is handled by TimeControl”, explains Andre Richard, Director of EXFO’s Project Management Office.
In the US, the Internal Revenue Service’s program for Research Credits also has standards for auditability. “TimeControl was accepted by the Internal Revenue Service as providing excellent documentation of R&D engineering activities when applying for R&D Tax Credits” explained Paulette Bennett, Division Controller of Parker Hannifin.
HMS has now made some of its corporate knowledge on R&D claims available through its new Research and Development Solution Center on its website.
“The R&D Solution Center has a number of new and updated materials that will be of interest to those who are already doing R&D tax claims or are considering doing so in the future,” says Stephen Eyton-Jones, HMS Software’s Director of Technical Services. “We know TimeControl makes a difference in creating an auditable system for R&D claims and we want to get the knowledge out to our user base on how to best configure the system for it.”
Included in the new R&D Solution Center is a new white paper, a webcast, links to online resources in the US, Canada, Quebec Canada, the UK and Australia among others. The center also includes instructions on how to configure the TimeControl timesheet system for R&D claims and even links for existing TimeControl clients on how to download preconfigured R&D reports from the TimeControl website.
Access to the new portal is free at http://www.timecontrol.com/solutions/randd/.
HMS Software Announces New Portal for R&D Tax Credits
HMS Software has launched a new information portal to show how the HMS TimeControl timesheet system supports R&D tax audits around the world