Know the cast of characters in economic development projects
In his latest piece in Accounting Today, Ben Worrell discusses the cast of characters in an economic development project, and how a knowledgeable advisor is required for a winning performance.
Successful economic credits and incentives present challenges in their pursuit. Incentives, the often-discretionary awards for new business endeavors, bring an “X factor” into the equation that many other credits do not involve: politics. Due to the approval process and nature of incentives, political allegiances and opinions often influence community decision-makers and the outcomes of incentives activities. The “cast of characters” involved with credits and incentives projects is often complex and dynamic, never reflecting a one-size-fits-all approach. Understanding and navigating these complexities is critical to realizing a successful outcome for clients seeking to utilize these valuable tax benefits.
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.