To elaborate, an R&D tax credit audit is an examination of compliance with the relevant R&D tax credit legislation, and it consists of a thorough review of the claim from both a scientific/technological and a financial/tax technical perspective.
We recommend all our businesses to file for their Federal tax identification number (FEIN). Get your FEIN immediately, online, and for free with the IRS. The FEIN is a nine-digit number assigned by the IRS to identify the tax accounts of employers and business entities.
Even though we recommend all of our businesses to get a FEIN, there are times they are absolutely required (e.g., LLC goes from 1 owner to 2) and times when they are not (e.g., business location changes). Keep reading to determine if you need a FEIN for your sole proprietorship, corporation, partnership, or LLC.
CPA + Owner of Hoppe Tax