Frquently Asked Questions
Client Question #1
DOESN'T MY CPA CALCULATE ALL MY BUSINESS TAX INCENTIVES? CPA's do your Business & Personal taxes, they do not calculate the 7,000+ tax incentives. The good news is that we work with business owners and CPA's to calculate their clients tax incentives. It is a winning solution, as Tax CPA's know how much taxes you pay and we can help you qualify for the tax incentives that you have not claimed.
Client Question #2
WILL THIS TRIGGER AN AUDIT? The short answer is no. Tax incentives by nature are black and white. They are not grey. Either you exhibited the behavior or your didn't. For example, did you hire a Veteran or didn't you? Did you train your employees, pay for CEU's or didn't you. Did your company experiment and perform research & development or improve on a process, procedure, technique, formulation, software or design?
Client Question #3
This is too good to be true! Well, we understand how you might think this, but the truth is that the PATH Act of 2015 now allows small and medium sized businesses to claim the same Research & Development tax credits as the big business has been doing since 1981. Please watch the video of US. Senator Charles Grassley, Chair of the Senate Finance Committee (oversight of the US Treasury Department) below.
Cost Segregation was started in 1997 with the case of The Hospital Corporation of America vs Commissioner. Certain assets had the possibility to be accelerated in regard to the timing of the depreciation. The Engineering firm can generally move up about 30-50% of the depreciation in to the next tax year, which can help you pocket a nice tax credit. You may even qualify for the 100% bonus, if your commercial building was built (placed in operation) or purchased after September 27, 2017.
Employee Retention Credit was put in to effect by the U.S. Congress and President in 2020 to alleviate the effects that the pandemic were having on small businesses. For 2020, this credit is governed by the CARES Act; and for 2021, the credit is governed by the COVID-19 Relief Package.