I received an email last month from a CPA. It said:
“I just got off the phone with Joe Smith from XYZ Company. He has your contact information and will be following up about tax credits.”
Two weeks passed and I never heard from Joe. We did finally speak, but not until I went back to the CPA, got Joe’s contact info, and reached out to him directly.
Clients need a reason to get started.
Everyone is busy – if you want others to take action, you need to nudge them in the right direction with specific information:
So go ahead, pick up the phone now and schedule a no-charge conference call to help your clients take action!
Try this: Take one of your client’s business goals, sit down together, and complete a Tax Incentive Organizer to determine the potential tax incentives that may apply. The Organizer’s questions will tie directly back to your client’s top business goals. Use this link to our online form, here!
Have you noticed the following disconnect?
On the one hand, you’ve spent years with many of your clients – developing trust, growing the relationship, and positioning yourself as someone they can depend on.
But … how often do your clients call to run an idea by you? How often do they share their future plans? How often do they confide in you regarding their business challenges?
It’s frustrating! How can you get them to stop treating you as the “annual tax return filer” and, instead, view you as an indispensable business advisor?
Consider these two steps:
Here’s a practical way to get started: If your client feels they are paying too much in taxes, get together with them and complete a Tax Incentive Organizer to find out if they are missing out on any tax incentives. The Organizer questions will tie directly back to your client’s top business goals. Use this link to our online form here.
Think back – each of your clients originally hired you to do something specific. Maybe it was filing tax returns. Maybe it was a review and audit of financial statements.
Whatever the initial focus, your relationships have grown over the years and, with that, the services you provide have expanded.
So now you need to know – did a gap form between what each of your clients needs and what you are providing?
Here is how to find out. For each client…
It’s a new day! Make sure each of your clients, if given the chance, would hire you again!
Think of TaxCredible as a secure, interactive platform. A platform that allows you to connect with trusted tax incentive providers who specialize in a broad range of tax incentives.
To start, log into your TaxCredible account and fill in a tax incentive plan.
From there, and based on your client’s specific needs and circumstances, we will introduce you to an appropriate provider (depending on the specifics, we may introduce you to several).
The provider(s) will follow up with you and your client to discuss the potential tax incentives. If all three of you agree to move forward, your client will sign the provider’s agreement and start their tax incentive project.
Simple, easy, efficient.
Screenshot: TaxCredible Tax Incentive Planning Page
As a smaller firm, it’s difficult to offer a complete range of tax credit resources to all of your clients. There are simply too many details, regulations and opportunities to keep track of.
TaxCredible solves this problem by expanding the range of what you offer, thereby positioning you as a one-stop-shop for all tax credits.
Thanks to our relationships with a broad range of providers – and our simple Tax Incentive Planning tool for uncovering opportunities – if there is a potential tax credit available, we will match you with a trusted, vetted partner who will lead your client through the process.
Along the way, they will communicate with both you and your client, making sure everybody stays in the loop as the details are seamlessly handled.
Screenshot: TaxCredible Project Page
It’s hard to stay on top of the dozens and dozens of state and federal tax credits for which your clients may be eligible.
Yes, tax research databases such as Thompson Reuters, CCH and Bloomberg have plenty of information. Each of these provides a broad list of possible tax credits, along with lots of accompanying detail.
But using these tools requires digging through loads of information, spending nonbillable hours looking for what you want.
With TaxCredible, on the other hand, you have a practical shortcut for uncovering client tax savings.
It’s up-to-date, simple to use and specific to your immediate client needs.
Screenshot: Insights Blog
Today’s edition of TaxCredible Tips comes to us courtesy of Stephen Wyatt, Southeast Director, Business Development for SourceHOV Tax, a TaxCredible Provider partner.
Many people assume that R&D tax credits only apply to companies that require lab coats to be worn at the office. But the definition has evolved greatly over the years to include a wide range of businesses, from those that are long established to start-ups that have yet to generate revenue, and everything in between.
To answer the question of whether or not a given company is eligible, apply the “4 Part R&D Tax Credit Test.” It’s easier than you may think:
The company must:
1. Develop or improve a product or manufacturing process:
2. Rely on the principles of any hard science:
3. Attempt to eliminate uncertainty:
In other words, there needs to be a technical challenge or issue that must be resolved before the new or improved product or manufacturing process can be achieved. Often, the uncertainty is related to how you achieve your goal (i.e., which design or alternative will work), not whether or not the goal is achieved.
4. Undergo a process of experimentation:
Overall, tax credits can help generate cash flow by offsetting taxes owed or paid. Given recent tax law changes, the R&D tax credit remains one of the few substantial ways for companies to reduce their tax liabilities. Maximizing this benefit is critical.
Stephen Wyatt is Southeast Director, Business Development for SourceHOV Tax