Large language models love large bodies of text. What would take a human months can be done in an instant. Even with the messiest of data, Neo.Tax's AI System can deliver an R&D credit with better substantiation than the time-consuming process of engineer interviews, because it’s one based on contemporaneous data, which the IRS now prefers.
Many people don’t know this, but you can claim the R&D tax credit for the current tax year plus amend returns for the previous three tax years. For example, in 2023, you could claim credits for 2023, 2022, 2021, and 2020. That retroactive tax filing could be worth hundreds of thousands of dollars (or more) for your company.
Accuracy, supported by quantifiable data, will become even more essential for those filing for the R&D credit. Luckily, Neo.Tax’s automated filing LLM connects directly to your project-management and payroll & GL software to create a data-backed filing that already meets the proposed higher IRS standard. And best of all, you can be confident that your R&D credit filing is backed by contemporaneous data and audit-ready.
