|
|
 |
|
Frequently asked Questions
|
|
If these programs include tax breaks, how come my CPA has not
told me about them? There are a number of reasons that
some tax breaks are commonly overlooked by CPAs. 1- Some tax advantages require
expertise beyond your CPA's capabilities. Engineering calculations, legal consultation and the simple knowledge
of the application process are just a few examples of this. 2- With such
vast numbers of so-called "tax strategies" being touted to CPAs, it is difficult to know which ones are legitimate
opportunities and which ones are "tax loopholes". Many CPAs are hesitant to adopt new concepts and programs
if they are not familiar with them because, simply put, their reputation is at stake. However, it does not mean that the government
does not have programs put in place that it has full expectation that you will take advantage of. What it does mean is that
a full evaluation investigation is warranted should you suspect that your company qualifies. | | How significant are these incentives? There are incentives available for all sized companies. Business & Property Solutions, Inc has uncovered
hundreds of thousands of dollars for our clients as a results of government incentives and programs. On a number
of occasions, this resulted in an increase in net profit by over 25% for our clients. | | What is the difference between these programs and "tax loopholes"? Government incentive programs have a direct purpose that is aligned with the initiatives of
the Department of Treasury for that government segment (IRS, State Treasury, etc.). Sometimes, the criteria that need to be
met to qualify for the programs can be complex and require the work of a specialist. In these cases we are simply responding
to those criteria in accordance with regulations. We, in no way, endorse or recommend activities associated trying to exploit
legal ambiguity (loopholes) in tax codes. Are there risks of audit or investigation? The answer to this question varies by program and benefactor. As long as your company meets the criteria put forth
with as little ambiguity as possible, risk of discrepancy or provoking an audit is negligible. From the perspective of
the treasury department, an incentive would not be effective if the benefactor feared retribution. The key is to identify and select those programs that were meant for companies like yours and confirm that you
are dealing with a company that can stand by it's work and be around to defend it for years to come. |
|
|
|
.
|
|
|
.
|
|
|
.
|
|
|
Enter supporting content here
BUSINESS & PROPERTY SOLUTIONS,INC.
P.O. Box 16061 High Point, NC
27261 Phone: (336)803-0005 Fax: (336)883-9526
|
|
|
|
