Crunching Down on Tax Credits to Know Your Tax Incentives
New York, NY, Nov 12, 2012 (ACN Newswire via COMTEX) --
Many companies are not aware of the tax credits for which they are eligible, and as a result they are losing a substantial amount of money, says Mike Snead, Director of Business Development, Romo Incentives Group. Companies should research which tax credits they are entitled to and then find the right personnel or consultants in order to take full advantage of these incentives, he adds.
From a tax incentive consulting firm at the upcoming marcus evans Tax Officers Summit XIV 2012, in Las Vegas, Nevada, November 8-10, Snead points out that a comprehensive approach to tax management should be taken in order for all tax advantages to be recognized.
- How can tax incentives be put in place to minimize tax liabilities
In the area of tax incentives, laws and regulations can change rapidly. Therefore many companies are not aware of new or revised tax credits that might apply. Furthermore, many Certified Public Accountant (CPA) firms do not have the time or resources to stay current since they primarily focus on tax returns, audits, and compliance. Tax consultants fill this void and strive to ensure that the organization's tax credits are maximized. The process starts with a needs analysis to see if the company is eligible for tax credits based on their newly hired employees, which types of equipment they purchase, what type of buildings they construct or remodel, if they have improved some type of product or operational process, or improved their energy efficiencies. Once the applicable tax incentives are identified, then the process of documenting and calculating the credit begins.
Most companies in the US do not take advantage of any tax incentives. For the companies that utilize some tax incentives, most of these still do not take advantage of all the tax credits available to them. A comprehensive approach to tax incentives needs to be taken in order to minimize a company's liabilities.
- What advice can you give for how tax functions can be managed to sustain longevity
A lasting affect can be achieved by maximizing tax credits and by hiring an expert. Many firms have received millions of dollars in tax credits which allows them to reinvest into their operations or capital projects. A firm that specializes in tax incentives will allow a firm's accounting department to concentrate on its core functions.
Tax incentive firms have database feeds from all over the country, and even the world, to keep them up-to-date on the latest changes. This allows them to provide a benefit that, in most cases, their CPA is unable to provide. They are also familiar with tax laws being introduced into legislation as well as the potential impact of these changes. This helps their clients take these issues into consideration while making their strategic plans.
- How will the 2012 US presidential elections affect the corporate tax environment
Both candidates seem to agree on lowering the corporate tax rate from 35 to 25 per cent which will be very beneficial to US companies. But, in order to do this, there is talk about closing some tax deductions. We will have to wait and see which incentives will be reduced and how this will impact the tax environment.
About the Tax Officers Summit XIV 2012
This unique forum will take place at the Red Rock Casino, Resort & Spa, Las Vegas, Nevada, November 8-10, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on corporate tax management, global property tax management, marketing the tax department, transfer pricing, and identifying mitigating transfer pricing risks. For more information please send an email to firstname.lastname@example.org or visit the event website at www.taxofficerssummit.com/MikeSneadInterview2.
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About Romo Incentive Group
Romo Incentives Group is a business tax consulting firm that focuses on obtaining significant savings for its clients in the form of tax credits and incentives. The firm's services include hiring credits, energy incentives, R&D credits, Cost Segregation deductions, Sales & Use Tax recovery and other incentives. www.romoincentivesgroup.com.
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