The global aerospace and defense industry is likely to experience stronger growth in 2017. After several years of growth, but at a slow pace, early forecasts predict the aerospace and defense sector revenues will grow by approximately two percent in 2017. The global aerospace and defense sector revenue rebound is attributed to a number of factors in both the commercial aerospace sub-sector and the defense sub-sector.
The professionals at Baroldi Gundersen have experience with numerous aerospace and defense companies across the country, from start-ups to well-established corporations looking to expand their operations. Our Aerospace and Defense team brings innovative thinking and executable strategies to the complex challenges you face and are ready to assist on a multitude of matters from tax compliance and assurance to some of the specialized issues affecting the aerospace and defense industry, such as long-term contracts, international transactions, merger and acquisition transactions, exit strategies and entity structures.
Many business owners believe that the R&D Tax Credit only applies to developers of new products. However, many other companies may benefit if they have invested time, money and resources toward:
- Developing New Products
- Improving Existing Products
- Building or Testing Prototypes and Models
- Developing or Improving Manufacturing Processes.
- Developing New Materials
If any of these apply to your company, you may qualify for the R&D Tax Credit. The professionals at Baroldi Gundersen can assist you in performing an analysis to determine if your business can take advantage of this credit.
Through a cost segregation study, the components of a building are reclassified into shorter depreciation groups to accelerate depreciation expense. As a result, companies maximize their tax depreciation deduction, and reduce current-year income taxes. Your business may qualify if it has purchased, constructed, renovated, expanded or refurbished a commercial building within the last five years. Costs that may qualify for a shorter depreciable life include wall partitions, carpet and painting, parking lots, security systems, HVAC systems, landscaping and other items. If may apply to your business, a cost segregation study could save you tax dollars. We are ready to help you consider the benefits of such a study.