Recognizing The Opportunity

How do you determine what the potential is for offering specialty tax services to your current client base? Tax services firms may be surprised by the number of prospects they have within their current client base. Many firms think only of large companies when they think of those who can qualify for tax credits and incentives, or they focus only on certain industries. The truth is, companies of all sizes and in dozens of industries can and do qualify. All too often, long-term, small and annual or routine clients are overlooked.

Here is an overview of R&D Tax Credits and Cost Segregation Benefits.

R&D Tax Credits Study

R&D tax credits present an opportunity for you to help clients grow their businesses by minimizing their tax liability. With the passage of the PATH Act, R&D Tax Credits became a permanent incentive to companies in a wide range of industries to reinvest in their companies. The number of activities that qualify for federal and state R&D Tax Credit often surprises CPAs, and especially their clients. From architectural, engineering firms, aerospace, food processors, chemical companies, and a wide range of other industries; companies no longer need to develop products or processes that are new to their industry – those that are new to their business R&D activities include innovative products, processes, software, techniques and business know-how. Your firm can increase annual revenue when you make the business decision to partner with a knowledgeable, qualified R&D Tax Credit firm with a team of experts that includes Engineers, CPAs and Tax Attorneys to conduct an engineer-based R&D Tax Credit Study. You also want a business partnering relationship that allows you to be in control of your client relationships.

Cost Segregation Study

Tax legislation and reform have greatly increased the value of cost segregation for CPA firms and their commercial real estate owners and investor clients thanks to changes in bonus depreciation. Bonus depreciation allows individuals and businesses to deduct a percentage of their assets the first year they are placed in service and accelerate depreciation. Recent changes allow 100% depreciation in the first year through 2022 and added used property to assets that can be depreciated. Cost segregation studies also identify any overlooked tax deductions and provides greater opportunities to improve cash flow – a benefit many of your clients could use right now. The IRS requires engineers to prepare these studies, so it is vital that a CPA firm partners with qualified experts who know how to do the work properly.

Adding Specialty Tax Services To Your Firm

If you are thinking about increasing your firm’s annual revenue by adding Specialty Tax Services to your practice, by partnering with a specialty tax services firm, you want to ask yourself the following questions first:

• Can you identify clients who will benefit from these services?
• Can you outsource the work and remain in complete control of the client relationship?
• Does the income earned make up for the time invested? 

Engineered Tax Services provides you with valuable information that helps firm leaders weigh these decisions, including information about how to evaluate your clients who will benefit most from these services.

Tax Leaders Nationwide! Contact Julio Gonzalez, CEO And Team, Engineered Tax Services, West Palm Beach, Florida

Call 800.236.6519