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Print ArticleRIX Technology has released a 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.
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.
The webinar schedule is available at www.californiahvip.org.
