Release Of RIX® (resource Information Xchange) Online Technology For Obtaining R&d Tax Credit

May 28, 2010 - PRLog -- Seattle, Washington USA – RIX® Technology LLC announces the release of new online technology, Resource Information Xchange (RIX®), for tracking and documenting research and development activity for procuring Federal and State Research Tax Credits.

RIX® combines new online software technology with an IRS approved methodology for documenting, reviewing, and verifying R&D documentation, in real-time. It allows companies to abandon the traditional costly and disruptive, year-end interview and reconstruction process that has been done since 1981, and replaces it with a real-time recording process that usually takes only fifteen minutes per month per reporter.

RIX® allows an unlimited number of divisions, groups, or individuals, to upload reports and documents monthly, as they are performing their work. RIX® also provides an immediate review process to ensure all reports are complete, including required documentation.

By replacing the traditional year-end interview and document reconstruction process with its monthly reporting methodology, RIX® ensures that at year-end, all reporting and documentation is complete and accurate. As a result, RIX® lowers the cost of documenting R&D activities, reduces the disruption to the production process, increases the amount of tax credit applied for, and increases the amount of tax credit retained on IRS review.

VIDEO AND WEBINAR
A ten minute video demonstration of RIX® is available at http://www.rixtechnology.com/videos/index.asp. Registration required.

RIX® Technology is providing monthly webinar presentations demonstrating RIX® Technology and answering questions about RIX® applications, benefits, and general questions about the Research Tax Credit. Webinar schedule available at www.rixtechnology.com.

COST
RIX® is charged on a one-time set-up and customization fee, plus monthly subscription fee basis. The specific cost to a company is based on many factors including amount of customization required, amount of activity, number of divisions, and amount of reporting required each month. RIX® Technology LLC provides a free phone consultation and quotation to qualified companies.

SIGNIFICANCE
In the current economic recovery, a critical element is R&D by private industry. President Obama called for a permanent extension of the Credit in his FY 2010 Budget, and recently stated, “When we fail to invest in research, we fail to invest in the future.”  Along with innovation in R&D, companies must become innovative in how they track and record their R&D activity.

A new online technology, like RIX®, can increase accuracy and reduce overall resources required by industry, professional services, and the IRS. Using RIX® Technology companies will receive more in both Federal and State Research Tax Credits, resulting in a significant stimulus to the US economy.

According to RIX® Technology CEO, Rick Humphrey, “Compared to traditional documentation methods and their typical IRS audit results, implementing RIX® online technology can increase Research Tax Credit benefits by twenty-five percent or more. That’s significant, considering this is a dollar-for-dollar credit against tax that applies directly to bottom line profit.”

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RIX®, with over 18 years experience in federal and state research tax credit services, provides an exciting new online documentation service for taxpayers seeking federal and state R&D tax credits under Federal IRC §41. RIX® is a web-based technology and tax consultancy that simplies the process of obtaining Research Tax Credits.