We recently had the opportunity to interview our newest R&D Tax Credit team member, Mark Bodenstab. Mark joined KBKG after retiring from the IRS and will be a national Director providing services out of the Northeast office. In his role at KBKG, Mark will serve in a similar capacity to Jack Jolly who is a former IRS Director. Both Mark and Jack will assist KBKG in achieving our objective as being a subject matter expert in our fields of practice while delivering value to KBKG clients and CPA partners.
KBKG: Mark, please tell me a bit about yourself.
Mark: I’m an east coast native. I was born in Wilmington, Delaware and now live in New Hampshire. I met my wife of 40 years in high school. We have two incredible sons who also live here in New England, not too far from our home. I’m a huge Patriots fan! I’m also a U.S. Navy veteran and an adventure seeker—I enjoy golf, boating, and anything outdoors.
KBKG: What experience do you have working in the private sector?
Mark: I spent most of my career working in the industrial gas industry. I was involved with the early-stage development and delivery of cryogenic services for the MRI marketplace, container pressurization in the national beverage space, and the manufacturing and delivery of pipeline atmospheric gases to multiple chemical, steel, and glass manufacturers.
KBKG: What did you find most interesting about that time in your life?
Mark: Oddly enough, that’s when I learned about the Research & Development Tax Credit and it’s benefits to businesses. A group of accountants at one of the companies I worked for began asking about my involvement with research. At first, I did not think I was involved at all! Then I learned that all my time spent tweaking, testing, verifying methods, finding supplies and electronics, and making sure the timing and computer processing worked was all research. In the beverage industry, we were at the forefront of developing the bottling process and pressurization that is still used today. All our work was research until we perfected the process and began implementation. To me, that was incredibly interesting.
KBKG: Since then, what else have you learned about the R&D Tax Credit?
Mark: The single biggest thing that I have learned is that the credit was enacted to stimulate innovation and promote companies and entrepreneurship. Every business that can, should take advantage of this credit. The government wants to encourage research and investment in development in the United States. I want to make sure that every single company that performs research and employs Americans is compensated for it.
KBKG: In your opinion, what are the benefits of having a former IRS professional on staff?
Mark: Perspective. Jack and I know from personal experience the variety in quality the IRS sees with these studies. This experience will help us to work with the technical team at KBKG to perfect our studies. I also strongly believe through my time at the IRS that there is true value to having honest, ethical, third-party providers to assist in the substantiation of these credits. We [KBKG] have an opportunity to demonstrate that importance by partnering with businesses and, in a way, the IRS, to promote the value of this tax strategy.
KBKG: What interested you about the prospect of working with KBKG?
Mark: When I first spoke to Kevin [Zolriasatain], I appreciated his entrepreneurial spirit. He’s pushing new ground in the R&D Tax Credit space and helping to strengthen American businesses. That’s something I want to support. Not to mention that my long-time colleague, Jack Jolly, encouraged me to join the team. He and I met at the IRS nearly 10 years ago and have stayed friends since. I am excited for the opportunity to partner with KBKG and work with my buddy Jack again. We, along with the rest of the R&D Tax Credits team, can do amazing things together for our clients. I’m positive of that.