Alliances and Partnerships, Business, Free News Articles, Software, Taxes and Accounting, Travel and Tourism

Say Goodbye to Receipt Headaches! AmTrav and Emburse Automate Travel Expenses

AGOURA HILLS, Calif. -- AmTrav, the one connected platform for business travel, and Emburse, a global leader in expense management and accounts payable automation, today announced the next evolution in their partnership with the launch of their automatic receipts integration. This cutting-edge integration automatically populates AmTrav travel expenses in clients' Emburse expense wallets to save travelers, expense preparers and expense administrators time, frustration and mistakes.

Traditional travel and expense integrations all have shortcomings that cause errors and create additional work for users. Booking data feeds often don't match up with actual payment data, credit card data feeds are delayed several days and don't include receipts or important expense details, email forwarding is unreliable, and manually entering expenses and uploading receipts is a time-consuming pain for users.

The automatic receipts integration solves these pains by enabling AmTrav to send 100% accurate expense data and receipt images from the AmTrav point of sale to users' Emburse expense wallets. Users can then add these complete travel expense items to an expense report with one click. This feed includes any travel changes made through AmTrav, automatically populating expense records for additional fare amounts, change penalties or refunds. Emburse users can also designate expense owners to receive expenses for specific travelers.

This new integration builds on AmTrav and Emburse's history of simplifying clients' travel and expense processes since 2013. Busy travelers and expense preparers are freed from tedious tasks like uploading receipts and entering receipt data for travel purchases and travel changes. Expense owners no longer need to remind travelers to forward receipt emails for expense report preparation. And expense administrators get reliable expense data straight from the AmTrav point of sale, saving those administrators time and frustration as travel expenses reliably reconcile with company credit card statements with fewer user or system errors.

"The word 'integration' gets thrown around a lot these days, but the one between AmTrav and Emburse is robust and real-time," said AmTrav CEO Jeff Klee. "Customers who pick AmTrav and Emburse can get a travel management platform that they'll love, paired with a world-class expense management system, tightly integrated so their travel expense data flows accurately from one to the other to save all users time and headache."

To learn more about how AmTrav and Emburse can make travel and expense management easier for your team, reach out to AmTrav or Emburse today.

About AmTrav Corporate Travel

AmTrav is a new kind of technology and services platform that's driving business travel into a bold new era. Our easy-to-use solution empowers travelers and travel bookers to be more productive. Companies of all sizes use AmTrav to book trips, find savings, set travel policies, manage payments and expenses, and keep their travelers safe. Travelers love AmTrav because our one connected platform provides a seamless experience across the travel ecosystem and our travel experts and relationship managers are always ready to help. More than 1000 businesses use AmTrav to go places, meet people, build meaningful connections, and get the most out of every trip. For more information on AmTrav visit https://www.amtrav.com/, call us at 800-795-8371 or drop us a note.

About Emburse

Emburse humanizes work by empowering business travelers, finance professionals, and CFOs to eliminate manual, time-consuming tasks so they can focus on what matters most.

Emburse offers a growing portfolio of award-winning expense and AP automation solutions, including Emburse Abacus, Emburse Captio, Emburse Certify, Emburse Chrome River, Emburse Cards, Emburse Nexonia, Emburse SpringAhead and Emburse Tallie. Its innovative offerings are tailored to meet the unique needs of specific industries, company sizes, and geographies, and are trusted by more than 9 million users in more than 120 countries. Over 16,000 customers, from start-ups to global enterprises, including Boot Barn, Grant Thornton, Telefónica, Lufthansa Systems, and Toyota rely on Emburse to eliminate manual processes, make faster, smarter decisions, and help make users' lives - and their businesses - better.

Emburse is recognized as a leader in expense management and accounts payable automation by analyst firm IDC, and has received multiple awards for its high levels of customer satisfaction.

For more information on Emburse, visit https://www.emburse.com/, call 877-EMBURSE, or follow the organization's social channels at @emburse.

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Alliances and Partnerships, Business, Free News Articles, Insurance, Taxes and Accounting

HWS Enters into An Exclusive Partnership with Mrs. LTC to Offer Long-Term Care Claim Processing for Household Employers

STERLING, Va. -- HomeWork Solutions (HWS), the industry expert in household payroll and employment taxes, has entered into an exclusive partnership agreement with Mrs. LTC, a leading provider of Long-Term Care Claims processing. The new partnership will provide HWS customers with a top-quality resource for processing long-term care claims.

Jay Schulze, President of HomeWork Solutions, stated, "As the in-home care marketplace continues to grow, we are seeing more families turn to Long Term Care insurance policies to fund the cost of a caregiver. This partnership with Mrs. LTC allows HWS to expand our offerings and expertise in the administrative side of household employment, including payroll, taxes, worker's compensation, and now long-term care insurance claims processing."

Stana Martin, President, Mrs. LTC stated, "We're excited to form this exclusive partnership with HomeWork Solutions and provide its clients with our expertise in Long Term Care insurance claims. I'm excited I now have a resource for my clients on household payroll and taxes."

HWS offers uncomplicated, straightforward household payroll, tax support, and now Long-Term Care Insurance Claims processing for its clients.

Anyone interested in scheduling time with Mrs. LTC can click here. Stana offers a 1-hour free consultation - https://www.homeworksolutions.com/long-term-care-claim-processing/.

Call us today at 866.959.7812 to learn more. Clients can enroll online at https://www.homeworksolutions.com/.

HomeWork Solutions, Inc. has provided payroll and tax preparation services to families nationwide since 1993. As experts providing services to tens of thousands of families, the staff at HomeWork Solutions has been a trusted resource for household employers and publications such as The Wall Street Journal, New York Times, Fox, The Washington Post, and many more. Homework Solutions provides free consultations to families, CPAs, and other financial professionals at 866.959.7812 or online at HomeWorkSolutions.com.

Mrs. LTC, Stana Martin, is a recognized leader and author in long-term care insurance for the past 14 years. She holds a Ph.D. From the University of Texas at Austin. Mrs. LTC was created in large part because of the complexities of understanding long-term care insurance claims. Stana was interested in taking the burden off of families to concentrate on taking care of their loved ones. Learn more: https://mrsltc.com/.

For further information:
Jay Schulze
Jay@homeworksolutions.com
703-404-8151
www.homeworksolutions.com

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Business, Free News Articles, Reports and Studies, Software, Taxes and Accounting, Transportation

Report: Over One Quarter of All Mileage Reimbursement Claims Are Overreported

ISSAQUAH, Wash. -- According to internal data gathered by TripLog, a leading enterprise mileage and expense tracking solution, over 1/4 (nearly 30%) of all mileage is overreported, which could potentially cost businesses millions of dollars per year in fraudulent reimbursements.

Between January 2018 and January 2021, TripLog found that roughly 2.8 million trips were overreported. The 52.33 million miles reported among those trips were inflated by 27.2% for a total of 14.26 million miles.

For drivers reporting manually (that is, not using the app to automatically start tracking their mileage when they start driving), that number balloons to 28.9%. At 58 cents per mile, this would account for $8.2 million in fraudulent reimbursements.

For example, a driver may take a trip and report that it took 27 miles when in reality the trip only took 17 miles. TripLog's system compares the route recorded by their app's automatic mileage tracking features or a given manual mileage entry by the driver to Google Maps' data.

If Google Maps says that the drive actually took 17 miles, that can result in overreporting. Thanks to TripLog, those trips were flagged and easily corrected, but companies using manual reporting and processing methods are far more likely to miss such errors.

"Companies still using outdated pen-and-paper forms of mileage tracking and expense processing may be losing out on thousands of dollars each year per driver due to inaccurate mileage claims," said company CEO, Ted He. "Modern digital solutions, such as mileage tracking apps, are a powerful way to avoid such losses."

The most common type of expense fraud is mileage reimbursement. Employees that travel long distances in their own vehicles often pad their mileage amounts in order to receive additional funding from their employer.

Even before the COVID-19 pandemic, expense reporting fraud was on the rise. According to Chrome River's 2019 Expense Fraud Survey, an average of 5% of employees committed expense reporting fraud that year. The most important piece of information, however, is how these expenses were being submitted.

Employees were most likely to commit expense reporting fraud when submitting manual or spreadsheet-tracked receipts to accounts payable. 9.1% of employees who submit expenses this way have committed fraudulent actions in their expense tracking, typically inflating small expenses that are less likely to be noticed.

To help stop these instances of fraud, solutions like TripLog have made it possible and affordable for firms to get exact mileage reports, put them all into a readable format, save time for the accounting team, and, most importantly, stop fraud in its tracks.

Learn more at: https://triplogmileage.com/

About TripLog, Inc.:

Located east of Seattle in Issaquah, Washington, TripLog has been helping businesses ranging from small to enterprise-scale handle their mileage claims and expense reimbursements for over ten years. TripLog's intuitive app provides mobile employees with an easy-to-use system to automatically track their mileage when they start a drive, eliminating any guesswork and inaccuracies. In addition, their web dashboard gives administrators access to detailed data, providing increased oversight, allowing businesses to keep their clients' teams accountable, and provide them with accurate reimbursements.

{Citation -- Chrome River's 2019 Expense Fraud Survey: https://info.emburse.com/rs/496-CPG-762/images/Chrome-River-White-Paper-Expense-Fraud-Survey.pdf]

Related link: https://triplogmileage.com/

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Alliances and Partnerships, Business, Free News Articles, Software, Taxes and Accounting

Compleat Software Invited to Join the Information Technology Alliance (ITA) as an Alliance Partner

ATLANTA, Ga. -- Being recognized for its clear commitment to providing superior technology products and solutions to small and medium-size businesses, Compleat Software has joined the Information Technology Alliance (ITA).

ITA is the highly regarded international not-for-profit association of leading Consulting and VAR firms, CPA firms, and technology product/service providers. The ITA invitation was extended because of the high level of support and service Compleat Software has provided to their business partners and clients, and for their commitment to being a leader in the information technology (IT) industry.

"The primary focus of ITA is to provide an independent forum for leading IT business owners to exchange information, share best practices, assess the current status and future direction of the profession, and thereby to improve their overall business results," said Shawn Slavin, President of ITA. "In becoming an Alliance Partner in ITA, Compleat Software has shown that they are committed to being part of the long-term success of their business partners and their end user clients."

"Being an ITA Alliance Partner is a great way to meet, and network with, some of the biggest and best firms in the IT business," said Bill Hammer, GM of North America of Compleat Software. "We are always looking for ways to improve our products and to help our business partners grow and add more value to their clients. Having this ITA membership opportunity will allow both our people, and our clients, to be more successful in the future."

Current Compleat Software Partners that are ITA Members:

AcctTwo Shared Services, LLC, BCS ProSoft, Inc., BTerrell Group LLP, Business Technology Partners LLP, Express Information Systems, JMT Consulting Group, Inc., LBMC Technology Solutions

About ITA

ITA, http://www.italliance.com/, is a not-for-profit professional trade association of leading firms and companies whose purpose is to share information and build relationships that improve the way member firms do business. Because the ITA membership roster consists of many of the most highly regarded mid-market technology professionals and product/service providers, ITA enjoys substantial collective influence and often acts as an authoritative voice for the IT profession.

About Compleat Software

Compleat Software is a global SaaS company providing leading edge AP Automation and P2P "purchase to pay" solutions that offer the next generation automation at an affordable cost for the SME market. Delivering a single seamless, paperless process that incorporates for e-invoicing, purchase invoice approval, purchase order and receipting along with Savings as a Service.

Learn more at: https://www.compleatsoftware.com/

VIDEO (YouTube): https://youtu.be/1BkmkjsliQU

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Business, Free News Articles, Real Estate, Taxes and Accounting

Proposed Legislation Would Make the 45L and 179D Energy Efficiency Tax Incentives More Lucrative

BLAINE, Minn. -- The 'Growing Renewable Energy and Efficiency Now' (GREEN) Act aims to extend and boost tax incentives for energy efficiency and renewable energy. According to Alex Bagne, the President of ICS Tax, LLC, "If passed, the GREEN Act would make both the 45L Energy Efficient Home Credit (45L Credit) and the 179D Energy Efficient Commercial Building Deduction (179D Deduction) more advantageous while furthering the green missions of these incentives."

THE 45L ENERGY EFFICIENT HOME CREDIT

Currently, the 45L Credit allows eligible developers to claim a $2,000 tax credit for each newly constructed or substantially reconstructed qualifying residence. It applies to single family homes, apartments, condominiums, assisted living homes, student housing, and other types of residences. The residences must be three stories above grade in height or less. The 45L Credit requires a HERS Rater, a credentialed professional who tests residential energy efficiency, to inspect the home, perform energy modeling and prepare certificates of compliance. The 45L Credit is set to expire at the end of 2021.

The GREEN Act would increase the 45L Credit from $2,000 to $2,500 per residential unit. It also seeks to extend the incentive to 2026, as it is set to expire in 2021. The energy efficiency standards would increase, going from a 50% to 60% savings over the IRS baseline.

"Many homebuilders are unaware that their homes as built qualify for this incentive," says Travis Cansler, a 45L specialist at ICS.

Steve Samos, a HERS Rater and the Director of Inspections for ICS, adds "For homes that do not pass, builders can often make design changes to get them to qualify where the additional costs are more than offset by the credit."

THE 179D ENERGY EFFICIENT COMMERCIAL BUILDING DEDUCTION

The 179D Deduction, often referred to as the EPAct Deduction, is a Federal tax incentive promoting energy efficient buildings for both new and existing structures. Further, architects, engineers, contractors, and other building design professionals may also be eligible for the incentive on public projects. Commercial building owners can take a Federal tax deduction of up to $1.80 per square foot of the building's floor area if they install certain property (e.g., efficient lights or HVAC systems, added wall or roof insulation, etc.) that reduces energy and power costs. The 179D Deduction, which applies to both new construction and renovations, was recently made permanent by the 'Consolidated Appropriations Act, 2021.' However, that Act significantly increased the energy efficiency standards needed to qualify.

For the 179D Deduction, the GREEN Act would raise the maximum amount of the deduction from $1.80 to $3.00 per square foot for improvements made after December 31, 2021. It would also lower the threshold needed to qualify for the maximum deduction. The current standard compares the building to the ASHRAE standard that was in existence 2 years prior to the start of construction and requires a hypothetical 50% reduction in energy and power costs. The GREEN Act would lower those standards to 30%.

"By making these changes, the 179D Deduction will be more beneficial and further incentivize green building design," says Jillian Jones, a 179D Deduction specialist at ICS Tax.

ABOUT ICS TAX, LLC:

ICS Tax, LLC (ICS) is a consulting firm providing innovative tax planning strategies and specializes in both the 45L and 179D tax incentives. ICS collaborates with taxpayers and their tax professionals to identify credits and incentives that reduce tax liabilities and increase profitability. ICS provides nationwide service through its offices located throughout the country.

Learn more at https://ics-tax.com/.

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MEDIA CONTACT:
Alexander Bagne
ICS Tax
alexb@ics-tax.com
216-870-0742

Related link: https://ics-tax.com/

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Business, Free News Articles, Restaurant, Hotel and Hospitality, Taxes and Accounting

Newly-Passed Restaurant Revitalization Fund and Restaurant Tax Relief Strategies by Ace Plus Tax Resolution

LOS ANGELES, Calif. -- James Cha, a CPA and a Certified Tax Resolution Specialist from Ace Plus Tax Resolution, underlines the newly enacted restaurant revitalization fund, recent tax challenges the restaurant industry is facing, and tax relief strategies.

Restaurant Revitalization Fund and Grants

Along with small and medium enterprises, the restaurant industry has also been severely impacted by the pandemic. However, the governments have been trying to ensure that tax reliefs are provided to help the restaurant industry. This has been effectively encapsulated in the Restaurant Revitalization Act signed on March 11. Certified Tax Resolution Specialist James from Ace Plus Tax Resolution recommends that "restaurant owners that are financially struggling must strategize and receive the full benefit of the Restaurant Revitalization Fund."

$5 billion of the fund will be available to eligible restaurants with gross receipts during 2019 of $500,000 or less.

In addition, the crux of this particular tax relief regime provides grants to restaurant applicants of up to $10 million. This is mainly to compensate them for the pandemic-related revenue loss. In this aspect, all restaurants are declared as eligible for the program, with some exceptions, like restaurants that are operated by a state or a local government or are owned by a publicly-traded company. However, it is to be noted that the grant that would be awarded to the entity is not supposed to exceed an aggregate of $10 million and should be limited to $5 million per physical location.

The grant amount will be based on the pandemic-related revenue loss. If the entity was in business for 2019, either entirely or partially, the loss is calculated as the 2020 average monthly gross receipts multiplied by 12, subtracted from 2019 average monthly gross receipts multiplied by 12. A different calculation method is to be applied if the business newly opened anytime between January 1, 2020, and the enactment date of the bill, March 11, 2021. The grant will be reduced by the 7(a) SBA loans received, including PPP loans.

Under this particular act, there are certain expenses that are eligible for restaurants. They mainly include payroll costs, paid sick leaves, mortgage, rent and utilities, maintenance, supplies, food and beverage expenses, operational expenses, and any other expenses SBA deemed essential. In the same manner, the grant is supposed to be used for expenses that fall within the covered period between February 15, 2020, and December 31, 2021.

Taxability

Restaurant Revitalization Grants that are received are not subject to income tax. In the same manner, the exclusion will not result in the denial of a deduction reduction of tax attributes or a denial of increase in basis. This implies that these businesses are not supposed to include the grant amount as a gross income in the tax return.

Tax Problems for Restaurant Owners

James denotes, "Restaurant Revitalization Grant has been a much-needed life support for the troubled industry. Followed by the pandemic, the restaurant industry was perhaps the most impacted by lockdowns, with the ongoing burden of having to remit tax payments. Payroll taxes, for one, continue to be a pressing cause of concern for the restaurant industry".

When their business struggles, restaurant owners are tempted to use these funds to cover the business expenses. The IRS takes late payroll tax payments very seriously because it wasn't the business owners' money to begin with. If the IRS thinks that if an individual was responsible for filing or paying taxes but did not, then he or she becomes liable for the unpaid taxes.

Business owners must realize that the IRS has the power to close their business, come after the owner personally by asserting Trust Fund Recovery Penalty, levy bank accounts, or seize income sources and properties in an attempt to collect back taxes. Also, their passport may be revoked or declined to issue or renew by the U.S. Department of State.

Tax Reliefs for the Restaurant Industry

In the case where the business is approached by the IRS for back taxes, the best possible course of action might be to adopt an approach to tactfully deal with the issue, without panicking.

James believes "The best course of action is to see if they qualify for any tax relief options." However, this can only be done after delinquent tax returns have been filed and all current income tax and payroll tax deposits have been paid.

Businesses or individuals can settle their taxes for substantially less than they owe through an Offer in Compromise if they qualify. Financial inability to pay is the most common reason an Offer is accepted, but it must be supported by and verified with well-prepared financial documents and statements.

Or, through an Installment Agreement, businesses or individuals may set up an affordable payment plan to pay off the back taxes. If they qualify for a "Partial Payment" Installment, they will not be paying off the full amount, as the balance left at the end of the payment term will be forgiven. Strategizing is crucial when submitting an application in order to maximize the benefit.

Also, they may be able to halt IRS collection actions by declaring a Currently Not Collectible status. To qualify for this status, they must prove they have a dire financial situation and none to very little income. The IRS will put a pause on their attempt to collect payment until the financial situation improves.

The Final Words

The current day and age are quite challenging for almost all business owners. In this regard, it is imperative for businesses to be fully aware of all the taxes that they owe, as well as the options that are available to them. There are numerous tax relief options that are put forth by the government, but business owners should seek a certified tax relief specialist to clearly understand their options and eligibility, so that they can strategize, take full advantage, and save considerable sums of money as taxpayers.

Ace Plus Tax Resolution provides permanent solutions to taxpayers with IRS and state tax problems to individuals and businesses struggling with unmanageable IRS tax problems. If you're struggling with payroll tax problems, contact their tax professionals for a free consultation.

Learn more at - https://AcePlusTaxResolution.com

James Cha is a CPA and Certified Tax Resolution Specialist(r) at Ace Plus Tax Resolution, has been representing his clients and dealing with the IRS for over 30 years. His practice is in Los Angeles, but his clients are across the nation. Contact him at (213) 600-7388 or James@AcePlusTaxResolution.com.

Watch our video about how to resolve your payroll tax problems: https://youtu.be/Xw4mjLKoWKI

Related link: https://AcePlusTaxResolution.com/

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Business, Free News Articles, Real Estate, Taxes and Accounting

Commercial Loan Corp – Offering Free ‘Property Tax Savings Estimate & Consultation’ for Beneficiaries Inheriting a Home – Keeping Parent’s Low Property Tax Base

NEWPORT BEACH, Calif. -- Now that limitations and changes to CA Proposition 58 property tax breaks became active Feb 16, 2021 due to Proposition 19 - popular estate & trust lender Commercial Loan Corp in Newport Beach is offering heirs and beneficiaries inheriting a home from parents a Free Consultation & Estimate of Property Tax Savings - to keep their parent's low property tax base.

This Free Consultation for Property Tax Savings helps evaluate the benefit of a loan to an Irrevocable Trust, specifically for beneficiaries who want to keep inherited property at their parents' low property tax rate - avoiding current market reassessment. This often involves a fast buyout of siblings looking to sell their share of the same inherited property.

Families, beneficiaries, or their attorneys, who want to take advantage of Commercial Loan Corp's Free Consultation for Property Tax Savings are calling the firm's main office at 1-877-464-1066. The firm assists families and beneficiaries by helping them avoid property tax reassessment, and determines how much a family can expect to save in property taxes (on average saving more than $6,000 per year); as well as weighing costs and benefits of a trust loan working alongside Proposition 58 - enabling a buyout of inherited property from co-beneficiaries, while keeping a parent's low property tax base. Considered to be one of California's premier trust lenders, the firm works for families alongside their attorney, accountant or property tax consultant, as many families attest to.

Tanis Alonso, Senior Account Manager with Commercial Loan Corp, describes the firm's estate & trust lending service: "We don't view each trust loan scenario as simply a 'financial transaction.' Nor do we see the home they've lived in for decades as just a 'piece of real estate'. To us, this a 'piece of family history' in the making. And the process a 'family decision', not a 'transaction'. We see our clients as real families that we're assisting, financially and emotionally, not just as clients signing a contract for a trust loan. We enjoy helping people... getting them money when they really need it - and saving them on the cost side in the bargain, with a trust loan."

Ms. Alonso also elaborates on the firm's process: "Besides lowering property taxes the key issue for families is selling, versus keeping, inherited property. By someone keeping the family property, everyone receives more money than if they were to sell the property to an outside buyer. When taking into account realtor and transaction costs of approximately 6.5%, the average trust receives $45,716 more to distribute by using a trust loan to keep property, than if they were to sell the property. Each beneficiary on average is receiving $16,652 more from someone keeping the property, instead of selling it. And the average overall annual property tax savings is $6,043."

Commercial Loan Corp originates loans to trusts, and estates in probate, and helps to maximize the distribution of funds to a trust or estate; allowing beneficiaries to buyout inherited property from co-beneficiaries. When providing mortgages to trusts or estates in probate, the firm helps clients to avoid the re-evaluation of property at current tax-rates - enabling families to retain a parent's low Proposition 13 tax base - by obtaining a Parent-to-Child Exclusion, saving a good deal of money on yearly property taxes.

To get a Free Consultation for Property Tax Savings to establish a permanent, low property tax base; or to receive a trust loan to buyout co-beneficiaries' property shares, and learn more about keeping parents' low property tax base when inheriting family property - California homeowners and beneficiaries can call Commercial Loan Corp at 1-877-464-1066.

Commercial Loan Corporation

Main office: 1-877-464-1066

Mobile texting: 1-917-544-0551

Website: https://cloanc.com

Blog: https://propertytaxnews.org

Facebook: https://www.facebook.com/CommercialLoanCorp

PR Media Communications: G Sadwith geoffreysf1@gmail.com

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Business, Free News Articles, Taxes and Accounting

Brew Up Tax Savings with the R&D Tax Credit

BOSTON, Mass. -- While the trendy term "Microbrewery" may have been the proper terminology for new craft beer breweries and startups, they no longer remain "micro" in revenue, says ICS Tax, LLC (ICS). Growth in the craft beer industry in the U.S. has steadily grown to almost $30 billion.

While brewing up signature styles of beer is key to their creators' minds, the Research & Development (R&D) Tax Credit can save the craft brewing industry significant tax dollars and make brewers say, "Hop Hop Hooray."

The R&D Tax Credit has been an underutilized dollar-for-dollar cash savings in the brewery and beverage industry altogether. With the R&D tax credit being made permanent and the qualifications of R&D more expansive, the credit has become more valuable and lucrative for a small brewery or startup. A misnomer is that a company must be successful or is developing something new for the "world," whereas the activity only needs to be new or improved to the brewery itself.

The R&D Tax Credit can turn skunky brews into sweet aromatic tax savings.

"Ask yourself, while you may be known for your signature pale ale, have you been working on brewing up the latest lager to captivate the increasing market? Have you adapted your formulas for changing connoisseurs?" says Lacey Robb, the R&D credit practice leader at ICS.

She adds, "It is uncommon that your brewery has not made any improvements to the product, technology, or internal processes to grow and maintain success. Internal process improvements are often overlooked and provide valuable savings to the industry."

The benefits that the R&D Tax Credit can provide the brewing industry will not leave you with a hangover, but hopped up for exciting permanent tax savings.

A few examples of activities that would qualify for the R&D Tax Credit are:

* Developing new bottle conditioning

* Generating new or improved manufacturing processes to improve manufacturing flexibility and agility

* Establishing new or improved hopping techniques and styles

* Creating or improving filtration methodologies or wastewater methods

* Developing new or improved product formulations or recipes (e.g., dry hopping)

* Conducting tests of product ingredient mixtures for desired flavor or aroma profiles

* Developing new or improved quality assurance testing processes

* Producing prototype product samples for testing and validation of new recipe formulations

* Testing prototype samples for analytical and microbiological qualities.

While all the above sounds too good to be true, many breweries may be thinking, "how does this help us when due to the pandemic, we do not have a profit?" The R&D credit was enhanced for small business startups in 2016 and can be applied against your quarterly federal payroll tax instead of your income tax.

Do not let this opportunity go stale. Now may be the time more than ever to explore this power tax savings. To learn more about the R&D tax credit, visit https://ics-tax.com/services/research-development-tax-credits/.

ABOUT LACEY ROBB:

Lacey Robb is Principal for ICS Tax, LLC. She is an attorney with an LLM in Taxation and has helped numerous taxpayers in a variety of industries take the R&D tax credit. She can be reached by phone at 310-968-0970 or by email at laceyr@ics-tax.com.

ABOUT ICS TAX, LLC (ICS):

ICS Tax, LLC (ICS) is a consulting firm providing innovative tax planning strategies. ICS collaborates with taxpayers and their tax professionals to identify credits and incentives that reduce tax liabilities and increase profitability. ICS provides nationwide service through its offices located throughout the country.

Learn more at https://ics-tax.com/.

Related link: https://ics-tax.com/

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Business, Free News Articles, Taxes and Accounting

KBKG Welcomes Two New Directors to Atlanta-Based Operation

ATLANTA, Ga. -- Nationwide tax specialty firm KBKG hired two new Directors, Amar Patel and Ian Williams, as part of their Southeast practice. Both Directors join KBKG with over 25 years of combined experience in Cost Segregation and Research & Development Tax Credits, two key services offered by the firm to CPAs and businesses.

As Director of Cost Segregation, Amar has become an expert in cost segregation and large fixed asset depreciation reviews for purposes of identifying Federal, State, and Property Tax benefits. Prior to joining KBKG, Amar spent 14 years at a Big Four firm focused on various specialty tax products, including Cost Recovery Solutions and Research & Development Tax Credits, serving corporate clients and partnerships in a variety of industries, including: retail, restaurant, manufacturing, healthcare, construction, and telecommunications.

As Director of Research & Development Tax Credits, Ian Williams brings extensive experience in the software, heavy manufacturing, aerospace, automotive, and consumer products industries to the KBKG team. Ian is also well versed in defending credit claims with the IRS. Prior to joining KBKG, Ian spent 11 years at a Big Four firm specializing in R&D Tax Credits and Fixed Asset studies.

"We are pleased to have Amar and Ian as part of the team. Their knowledge and experience in Cost Segregation, Fixed Assets, and R&D Tax Credits are of great use to the firm and its success. The addition of our new directors will support the growth this market is currently experiencing, allowing KBKG to serve more Southeastern clients," said Jonathan Tucker, KBKG R&D Tax Credits Principal and leader of the Southeast practice.

ABOUT KBKG

Established in 1999 with offices across the US, KBKG provides turn-key tax solutions, including research and development tax credits, cost segregation, green building tax incentives, transfer pricing, and more to CPAs and businesses nationwide. KBKG has offices located in Los Angeles, Chicago, Atlanta, New York City, and Dallas-Fort Worth.

For more information on KBKG, please visit: https://www.kbkg.com/

Related link: https://www.kbkg.com/

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