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Onosetale Aigbe is an expert Research and Development (R&D) Technical Tax Credit Consultant in the United States of America. Ms. Aigbe belongs to a niche sector of the tax consulting industry compared to the broader consulting industry in the U.S. She studied in the U.S. and has attained both her master’s and undergraduate degrees in Mechanical Engineering. Ms. Aigbe’s unique combination of education, skills, and knowledge in engineering supports her extraordinary contributions in the field of tax R&D technical consulting. She specializes in delivering tailored technical and tax solutions to the Science, Technology, Engineering, Manufacturing (STEM) and Architectural industries across the U.S. Specifically, she identifies and categorizes research and development expenditures invested by businesses that are used in the development of new or improved products, processes, formulation, invention, software and techniques. Ms. Aigbe carries out a series of rigorous technical expenditure discussions, contractual and financial reviews, and conducts detailed analysis of technical data and documentation with clients to determine and identify tax-deductible expenses linked to R&D endeavors. These efforts result in the promotion of research and development and continuous innovation within the STEM and Architectural industries in the U.S. Ms. Aigbe ensures that identified expenses meet the full compliance of the Internal Revenue Code Section 41 and Treasury Regulations 174, thereby delivering R&D tax credits that boost businesses across the U.S. economy. Ms. Aigbe’s endeavor is without question of substantial merit and national importance as it is supported or administered by many U.S. federal government agencies, such as the Internal Revenue Service (IRS), Department of the Treasury, Small Business Administration (SBA), National Institute of Standards and Technology (NIST), and the National Science Foundation (NSF). These U.S. federal agencies, together with federal policies and R&D tax credits, create a prosperous environment that supports, encourages, and enhances research and development and societal welfare throughout the U.S.
Throughout her prominent professional career, Ms. Aigbe has provided over $6,000,000 in U.S. federal and state R&D tax credits for the U.S. STEM and Architectural industries. She has utilized various rigorous methodologies to identify, qualify and quantify appropriate R&D expenses and credits. Some of the research and development methodologies and processes employed over time are Use of Estimates, Time-tracking analysis, Third-party contractor activity allocation, Supply and Job-costing analysis, Contractual reviews for funding, Rights’ retention and Reverse funding analysis. The R&D tax credits are a direct dollar for dollar reduction in the taxpayer’s tax liability. Hence, businesses that benefit can continue to invest their resources into further research that facilities the development of groundbreaking products, processes, technologies and software that give the U.S. the competitive edge in the global space. As the world is advancing technologically and in artificial intelligence, an R&D technical tax consultant can positively influence companies to continue to invest in research endeavors, forego the fear of return on investments on R&D expenditures and encourage businesses in the U.S. to thrive and be more innovative. The R&D tax credit is a highly complex process involving many legislative tax codes which can be impacted by law changes. It is therefore important for experts, like Ms. Aigbe, to continue to apply their experience and unique sector knowledge to conduct R&D tax credit studies that deliver financial benefits to businesses through reduction in tax liability, and thereby encouraging businesses to re-invest funds in groundbreaking R&D and innovation work.
Having a technical background, or experience in the STEM industry, is highly beneficial for an R&D tax credit consultant. A technical background like engineering, facilitates R&D Tax Consulting work through knowledge and experience application. Technical knowledge from a STEM area like engineering can be applied to understanding the industry’s methodologies and processes for architecture, science, technology, engineering, software, manufacturing, and chemical manufacturing firms participating in research and development in the U.S. Technical expertise allows for an enhanced and thorough R&D tax credit study analysis.
There are many processes and components to analyze in the conduct of an R&D Study. A STEM degree which places much emphasis on processes, methodologies and technical analysis becomes very relevant and pertinent. For example, a Mechanical, Electrical and Plumbing (‘MEP’) engineering firm commonly undergo five main phases for project completion: preliminary design, conceptual design, design development, construction documentation and project management. Having an engineering or STEM background, like Ms. Aigbe does, enables the tax consultant to understand the intricacies of a project life cycle and to identify activities that are qualified or not qualified for tax credits in the separate and often interlinked phases.
The preliminary phase consists of proposal drafting and surveying endeavors that do not meet the four-part test from IRC Section 41(d). The same follows for the project management phase where research efforts are not a significant component. Other phases are more pertinent for tax credit evaluations. Another example is the application of R&D tax credit analysis to a manufacturing plant. There is a distinction between the time spent on research and development for manufacturing prototypes and for routine production operations. For an R&D Study, it is paramount that the wage expenses captured for the tax credit calculations are strictly for the allocation of time spent on new product development as against the wages for routine production. The same applies to the portion of time spent on equipment utilized on the plant floor and the number of materials used in the development and fabrication of new products. The technical R&D consultant must apply these intricate knowledge and considerations when conducting a thorough R&D analysis to adequately identify, qualify and quantify research expenditures for R&D tax credits.
Substantiation documentation is vital in conducting and supporting an R&D Study. Documents like Job-costing and Time-tracking reports must be provided by the companies for quantification and qualification purposes. Time-tracking is the document that details the tracking of employee time on a project which includes the phases and tasks involved. Time-tracking documentation for an engineering firm can be complex and encrypted with engineering and company specific codes and the content of the documentation can vary with the method by which each firm tracks their activity. An engineering background or industry experience can be advantageous in deciphering the engineering codes for R&D tax credit analysis, but an interview must be conducted with the firm to ensure that all codes are interpreted correctly to produce an accurate analysis that is fully compliant with the tax law.
R&D Technical Tax Credit Consultants, like Ms. Aigbe, combine the understating of tax law with engineering principles when conducting R&D Tax Credit studies. Many qualified STEM companies remain unaware of the R&D tax credit, and it takes a uniquely positioned technical and experienced tax consultant, like Ms. Aigbe, who understands the operations of the client’s business to explain how and why their endeavors meet the qualification of the R&D Tax Credit. The work of a technical R&D tax credit consultant has profound impact on individuals, communities, industries, businesses and the U.S. economy at large.
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