R&D Tax Credits & Foreign Tax

Credits for positive cashflow

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R&D Tax Credits

dotKonnect assists startups and small businesses with the study and analysis required to claim the benefits of R&D Tax credits as per IRC 41 and related regulations. Its specialists understand, evaluate, determine and compute the basis for tax credits to provide a positive impact on cash flow for businesses.

The R&D tax credit may apply to any business that incurs expenses for performing Qualified Research Activities (QRA) within the US. R&D credit compromises of Qualified Research Expenses (QRE) as outlined under Tax code that includes Wages paid to employees of qualified services, payments for research expenses to outside contractors, payments to qualified educational institutions & scientific research organizations and supplies used and consumed in the R&D activity.

We are a start-up engaged in developing cloud software product to automate and transform accounting & tax firms into ‘Firm of the Future’. dotKonnect helped us understand the nuances of tax rules related to R&D credits and then assisted in providing us the basis to claim credit to save on Payroll taxes, reducing our cash outflow burden


IRS Foreign Reporting

The tax team at dotKonnect understands the complexity involved in foreign reporting rules applicable to individuals and businesses owning entities and holding financial accounts outside of the USA.

dotKonnect helps clients to be compliant with IRS reporting and tax return prep involving foreign assets/income, related to scenarios as follows:

  • FBAR and catch up reporting
  • Directorship in foreign companies
  • Shareholding in foreign companies
  • Partnership in firms outside of the USA
  • Investment of US property into foreign entities
  • Foreign tax credits and reporting of Income flow
  • Gifts from foreign residents to US citizens/residents
  • Inheritance of foreign assets by US citizens/residents
  • Foreign asset sales and repatriation of funds to the USA

Our US entity has subsidiaries in Latin America and in India. dotKonnect helps us to be compliant with the tax rules applicable in US and coordinates with tax specialists in each of the countries to make sure of appropriate compliance. They also assist the ownership team with respect to FBAR and foreign reporting applicable with 1040 tax returns


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