Tax Incentives Blog

Volkswagen’s (VW) recent emissions-rigging scandal has its proverbial foot firmly rooted in the automaker’s use of a federal tax credit (the advanced lean-burn technology motor vehicle credit) intended for fuel-efficient cars.

On the heel of certain allegations came an admission from VW that they installed “defeat devices” in nearly 500,000 diesel vehicles in the U.S. that emit far more exhaust pollution than is legal. The automaker had installed the devices on as many as 11 million vehicles worldwide between 2009 through 2015.

In order to help your clients generate revenue, you have to pursue every avenue of savings. If you fail to assist them in pursuing tax incentives, you are neglecting an important component of your clients’ financial savings plans.

In order to build your customer base and retain existing clients, your CPA firm should focus on continually improving your value proposition. One way to better serve your clients is to identify more opportunities for them to save on tax costs and generate revenue.

Are you actively pursuing tax savings strategies that accomplish these goals for your clients? If not, perhaps you’re lacking the tools to accurately determine what tax credit opportunities are realistic.

When you partner with an outsourced tax consultant, you receive tax credit software that assists you as you identify credits for your clients. The following advantages associated with tax credit software help your CPA firm provide better services:

As a CPA firm, you are your clients’ trusted advisor on all the key areas of their accounting needs, from financial statements to tax returns. However, today, your clients expect your firm to do even more as their advisor – especially in terms of capturing tax credits and incentives.

Tax credits and incentives all come back to the tax return. This is why clients are looking to your CPAs for guidance on business incentives, and why your CPAs need to be in a position to offer more than just casual recommendations. Your CPAs must guide clients on not only what tax credits and incentives.

As a CPA firm, it’s important to keep up with innovation. Your CPAs are responsible for their core accounting responsibilities, but clients are also expecting them to be trustworthy advisors. The processes your CPAs have been using to service clients are no longer enough.

More efficient workflows are required to meet client demands for improved tax return outcomes, and that includes guiding clients on capturing business incentives.

Even though you likely realize you need a tax software solution that focuses on business incentives for your CPA firm, how do you bring it all together?

If you’re looking to bring your CPA firm into the digital realm, you don’t want to just jump right in without the proper software and support. Partnering with an outsourced tax consultant who offers proprietary tax software, along with expertise in corporate tax incentives, is highly recommended.

In today’s market, simply providing clients with referrals for tax incentives is no longer enough. Your CPA firm must be a go-to provider of corporate tax credit services if you hope to maintain long-term client relationships.

The process of capturing tax credits is often difficult, especiallywhen the CPAs at your firm are unfamiliar with tax rules and documentation requirements. However, it is advisable for your CPA firm to provide tax services, even if that means expanding beyond your comfort zone. It’s in your CPA firm’s best interest to expand your scope of services to include tax savings programs. The more avenues you pursue to help clients maximize savings and increase cash flow, the more valuable you become to clients.

Today, there is a unique set of challenges your CPA firm faces, due to the rise of client expectations for your accountants to know and do more. Essentially, aside from normal accounting practices, your CPAs are also expected to be the source for detailed answers on a broad range of complex tax issues.

As the core services of your CPA firm are highly commoditized, this creates time constraints that actually constrict good client management. The result is unrealized tax savings for your clients.

This is an updated version of a blog article that was originally published in May of 2015.

Outsourced tax credits services are a valuable resource for CPA firms working to provide more effective delivery of tax savings to their clients.

Every client your CPA firm works with has different needs and aspirations when it comes to their budget. Pursuing tax incentives is a beneficial strategy for many businesses, but it’s sometimes difficult for CPAs to navigate the path that earns clients maximum tax savings.

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.