Location, Timing, Investment and Jobs are Key Pillars for C&I
There are key pillars of Credits & Incentives projects that can determine the potential success of a project, including location, timing, and investment. If a project is in the right location and incentives are pursued at the right time, the potential to maximize incentive opportunities is greater. In his series in Accounting Today, Ben Worrell dives into the pillars of viable and successful credits and incentives projects.
When it comes to location, businesses should carefully consider the value of state and local tax and other economic credits and incentives when making decisions about where to locate their operations. The first article in this series explores the many layers of considerations for where to locate your business to maximize the value of potential incentives.
Staying in front of a growth project is key to maximizing credits and incentives for clients. The reason for this is primarily the role of discretion — state and local authorizing bodies often have discretion over how they offer credits and incentives. Accountants, who often have insights to future growth plans, can bring valuable credits and incentives discussions to the table, giving their clients a significant advantage in realizing their growth plans. The second article in this series discusses how to leverage timing to maximize incentive opportunities.
With interest rates at all-time lows, economic demand continuing to provide growth potential, and federal programs assisting with cash on hand, many businesses are considering new investment options. Identifying investment and growth projects early on could qualify for valuable inventive opportunities.
Employees are the single most important factor contributing to a business’s success. Employees drive value for their employer by sharing their experience, wisdom, productivity and, most importantly, their innovation. These intangible qualities are recognized in the new cultural buzzword “human capital.” Because employees provide so much economic value to a business, they also are the primary driver for another kind of value: credits and incentives.
As a consultant for McGuire Sponsel’s Credits and Incentives practice, Ben Worrell fosters client relationships by guiding clients through the intricate compliance requirements associated with credits and incentives benefits.
Ben builds confidence in the McGuire Sponsel client relationship by working with clients throughout the duration of their project – not just in a one-off transaction.