How Neo.Tax’s AI will save controllers and engineers hundreds of hours this coming tax season

For enterprise companies, tax season is equal parts stakes and tedium. To file an IRC Section 41 R&D Tax Credit at an innovative company, the time expenditure can become especially daunting. 

One of the big challenges faced by a controller or a head of tax during tax season is creating and then interpreting an accurate snapshot of all the work completed at a company during a given year. Traditionally, that process takes hundreds of hours: interviews with engineers, surveys, combing through project management system data, and more. That time expenditure was justified because the R&D tax credit is hugely valuable for innovative companies — but certainly, engineers and executives could be creating much more value if those hours were freed up. 

“Recently, a controller at an enterprise company shared with me that they spent 150 hours on R&D Taxes alone,” Neo.Tax Head of Sales Ben Eachus says. And that’s before considering the worst-case scenario: an audit means hundreds more hours of labor and possibly burdensome penalties for a company. Think of the value of redistributing those hours toward forward-looking strategy or other tasks needed for the company to succeed.

Neo.Tax’s AI solution connects directly with a company’s existing internal task-level data sources to create an accurate, exhaustive, and audit-proof IRC Section 41 filing. 

To learn more about how our groundbreaking technology works, download our White Paper: Leveraging AI in Conducting an IRC Section 41 R&D Tax Credit Study