A few weeks ago, on July 21, the Senate Finance Committee approved a two-year extension of numerous business tax credits and incentives in a 23-3 majority vote. If approved by Congress and signed by the President, the group of more than 50 tax credits and deductions would be extended through the end of 2016.
This group of tax provisions, known as tax extenders, represents substantial tax savings to both individuals and businesses. Many of the temporary tax extensions expired on January 1, 2015.
In order to effectively capture tax savings through tax incentives and other deductions, your business may require more resources than you currently have available. Outsourced tax experts are knowledgeable and experienced in pursuing tax strategies that help you maximize savings.
While your business may employ accounting professionals, tax experts must be familiar with specific tax credit deadlines, rules surrounding certain deductions and the required paperwork for all tax benefits.
Many businesses have never faced an IRS or state audit and are consequently unfamiliar with the process of defending their tax claims. An audit is a review of your business’s accounts and financial information to determine whether the amount of tax reported is substantiated and correct.
The possibility of being chosen for an audit is not a reason to avoid pursuing tax savings strategies. Your tax consultant service should provide audit representation in order to help you feel more confident as you pursue tax solutions. A consultant also assists you in proving that your business is qualified to claim valuable tax credits.
The right tax software allows businesses submitting for tax credits and other tax saving strategies to streamline their workflows and improve their documentation processes. In particular, tax credit software offers decision-makers at your company greater control in outsourcing the credit process to a tax consultant.
Increased transparency and more control over expenses leads to a significant amount of cost savings. When you combine these savings with potential tax savings awarded through incentives and cost-segregation studies, your budget greatly benefits. Your tax experts are committed to delivering the highest quality tax software to improve your project management.
Delivering superior client services and a customized experience helps CPA firms stand out among other firms in a competitive market. The best way to ensure client loyalty is to offer tax solutions and implement cost-saving strategies that exceed the benefits other CPA firms provide.
Working with an outsourced tax expert helps your firm provide extensive tax services of the same quality clients have come to associate with your name. Learn how audit representation, tax incentive services and cost segregation services improve your CPA firm’s level of client satisfaction.
With the numerous federal tax credits available to businesses, it’s sometimes easy to disregard green tax incentives that focus on renewable energy efforts. Employment and R&D incentives, for example, offer benefits to both businesses and the federal government.
Because of these mutual benefits, the tax savings offered by employment and R&D incentives are significant. However, what makes green building tax incentives valuable to the government? Some of the reasons the federal government provides renewable energy tax credit opportunities to businesses include:
Many businesses fear that if they submit for tax credits and incentives, an IRS audit becomes more likely. Instead of allowing clients to miss valuable tax credit opportunities, CPA firms should stress that having guidance and audit support is a solution for businesses inexperienced in the audit process.
It is also important for your clients to understand how businesses are selected to be audited. Contrary to what many people believe, there are no automatic triggers for an audit. Your clients are not necessarily selected to be audited because they pursue a certain tax incentive.
Both environmentalists and businesses have welcomed solar energy as an effective form of renewable energy. As a result, the federal government has put tax incentives in place to support the deployment of solar energy in the United States.
One of the most important mechanisms to grow solar energy resources is the solar Investment Tax Credit (ITC), also known as the Section 48 tax credit for commercial properties. This green tax incentive is beneficial for businesses working to improve their tax budgets.
Is your CPA firm thinking of outsourcing tax consultant services to improve business operations and client services?
As CPA firms continually turn to outsourced tax experts, this relatively new business methodology is no longer loitering in trending territory. Outsourcing specific tax services to an expert is a bona fide path towards achieving success.
While such outsourcing growth is good news, it’s more important than ever before to ensure you partner with the right tax consultants.
Many businesses today are focusing their efforts on enacting social or environmental change as part of the mentality that “giving back” is a responsibility. As an example, Starbucks is dedicated to reducing their environmental impact through a variety of efforts.
Not only does Starbucks promote recycling and purchase renewable energy credits, but they are working to bring all of their stores to LEED building standards. Starbucks believes that they can have a positive impact on the communities they serve.
