Who We Are
McGuire Sponsel offers Fixed Asset Services, R&D Tax Credit Services, Global Business Services, and Location Advisory Services. Our firm is committed to providing high-quality service with integrity in a way that helps partner firms bring value to their clients. Our approach has allowed us to become a trusted resource to the industry across the country, with a strong track record with the IRS.
With more than 1,500 clients, we leverage our expertise across industries to deliver solutions that suit the specific needs of each client, no matter the goal.
Credits And Incentives Compliance
Credits and Incentives Compliance
Compliance reporting is important for credits and incentives. So, what is compliance for credits and incentives? Compliance reporting is reporting for a business to ensure that they are following regulatory rules or requirements. Lack of compliance can result in loss of incentives. Compliance is important to keep clients on track to know what benefits they should be receiving. McGuire Sponsel helps with internal compliance reporting to help avoid incentive loss for a client. Compliance is considered an important piece in the economic incentives to allow clients to receive the benefit they have been working towards from the start of the project. A benefit of McGuire Sponsel is the responsibility of reporting mandatory compliance for clients. McGuire Sponsel’s location advisory services ensure the least amount of work for clients by assisting with reporting compliance. Many credits and incentives have compliance requirements. Compliance is required as it allows companies to realize benefits. Incentives, meaning payments or concessions to stimulate greater output or investment, can be the influence for a business to invest in a specific way to create a greater value in their incentive benefits. Incentives meaning in business terms are typically known as exemptions, deductions, exclusions and tax credits. The most common incentives are cash grants, property and sales/use tax abatement, utility rate reductions, and tax holidays. Incentives can make or break a client’s decision on where to pursue a project. An incentive for a business’ taxes could be the pushing factor in a project. Reasons why a client can pursue incentives include increase in employment, higher number of capital transfers, research and technology development, and development in underserved areas. For credits and incentives, it is important to stay ahead of the project, therefore meaning before construction has begun, before equipment has been purchased, or land has been purchased. Incentive synonyms are motivator, inducer, fillip, and stimulus.
Tax Credits And Incentives Jobs
Jobs that satisfy tax credits and incentives are normally net new full-time jobs created by a growing firm through new investments. The position must not exist before the investment takes place to qualify for net new full-time jobs. A certain number of net new full-time jobs need to be created and maintained during a given period agreed between the firm and local or state governments. Usually, a job qualified for credits and incentives must have the same or higher wages than the county average and be maintained during the period agreed in the tax incentive agreement. To realize the full amount of the agreed incentives, a company must regularly report according to the terms in the agreement showing its compliance with creating and maintaining net new full-time jobs and associated criteria such as average wages, working hours, and annual working weeks. Credits and incentives compliance consulting services provide assistance to firms helping them from determining whether a position satisfies net new full-time job or job requirements listed in the tax incentive agreements to the final reporting and documentation filling process to realize the incentives. Can I do credits and incentives compliance for my business? Short answer is yes. Companies may report and do credits and incentives compliance by themselves. However, excessive time and human resources are needed to determine which jobs are qualified for tax credits and incentives jobs and the reporting procedures. McGuire Sponsel Location Advisory Service team, has experienced experts and professionals working on credits and incentive compliance. Door-to-door service, from the determination of qualified jobs to the final certificate of the incentive, is provided to minimize the companies’ efforts and expenses.
Tax Credits And Incentives
Credits and incentives are credits or incentives provided from a local or state government for choosing to pursue a project in their area. These projects are incentivised before the project begins. Tax credits and incentives are given by state, county, city or town governments. There are some tax credits on the federal level as well. Some projects may require attending a town meeting or local hearing to be considered for a credit or incentive. Examples of government incentives include property tax abatements, sales tax exemptions, and payroll tax refund. Green taxes were created to incentivize companies to be environmentally conscious during their business practices. Companies are now becoming more conscious of their carbon footprint, plastic production, and climate change. With that, they are able to receive a tax incentive for doing so. Compliance is an important part of documentation for credits and incentives. Compliance is able to show the progress of clients throughout the investment to ensure the community is receiving their benefit as well. Compliance is also able to keep track of numbers promised such as the amount of jobs provided. With tracking investments, the government that is providing incentives is able to continue providing incentives for the allotted period of time promised.
Tax incentives are known as aspects of a government’s taxation policy designed to incentivize or encourage a particular economic activity by reducing tax payments. Corporate Tax Incentives Corporate tax incentives are designed to encourage a type of corporate behavior. Examples of incentives include tax exemptions, reductions, refunds and credits. Tax incentives for businesses are able to help businesses reduce the amount of taxes paid by creating credits for investments that are able to help the community. Tax incentives for employers can create a more competitive work environment. There are incentives for employers to increase wages, job opportunities, and offering health care programs and coverage. There is an opportunity to have tax incentives for hiring minorities through the Work Opportunity Tax Credit (WOTC). The Work Opportunity Tax Credit is meant to incentivise employers to hire individuals in certain groups that have faced barriers to employment. There is also a disabled access credit. The disabled access credit is meant to provide a tax credit to small businesses that spend money to provide access to people with disabilities. There is an opportunity to receive tax credits for solar power. Clients can receive credits for implementing solar panels. After 2023, businesses can receive up to 10% on tax credits for installing solar panels.
McGuire Sponsel Credits And Incentives
McGuire Sponsel’s Location Advisory team is able to assist a variety of businesses in finding the appropriate credits and incentives for a project. It is important to apply for credits and incentives before the project begins. If credits and incentives are applied for after a portion of the project has begun before the application, some benefit may be lost. The Location Advisory Services team looks into every existing incentive program on each level (state, regional, county, federal) to provide the most amount of incentives for clients. In addition, credits and incentives for varying categories are looked into including increase in employment, training, expansion, relocation, building a new facility and many more. McGuire Sponsel offers site selection services which analyzes incentives from east to west coast, taking into consideration a client’s values and aligning them with opportunities from each location. Economic development incentives are another category of incentives Location Advisory Services investigates. A main goal of our team is to maximize incentives while minimizing costs. McGuire Sponsel works with long term goals and is able to support the client through the whole process. We work with keeping up dates as well as proper documentation. McGuire Sponsel credits and incentives should be the first organization to consider when exploring credits and incentives as the team is thoughtful throughout the process and takes into account various factors when assisting a client for which credits and incentives fit best with their goals.
McGuire Sponsel is committed to providing first-class service with integrity in a way that helps partner firms bring value to their clients.
Words From Our Clients
“Our clients are very happy with McGuire Sponsel. They offer a great combination of attributes. They are knowledgeable, thorough, responsive, fairly priced and easy to work with. They can handle large projects and small questions. We’re a “team” both trying to service the clients.”William Richardson, Partner | Sisterson
“McGuire Sponsel has been extremely responsive to both the needs of our firm and most importantly the needs of our clients. They have not only helped us and partnered with us to deliver tremendous value to our clients but they make my job easier by allowing us to draw on the expertise of a team.”Jeff Drummonds, Managing Shareholder | LBMC PC
“McGuire Sponsel’s focus on client service is excellent and it seems obvious to me that they understand everything they are working on for us. I have confidence in what they are recommending.”Brad Hamrlik, Director of Tax | Cortland
“McGuire Sponsel is a true partner to us and we have confidence in their ability to bring value to our clients. In fact, we bring them in without hesitation whenever possible because we know they are a valued resource to our firm”Robert Berger, Partner | Anders
“I am confident in the work they do and know it’s done right. McGuire Sponsel is a top notch firm.”Terry Niegel, Partner | Kernutt Stokes