Once-in-a-generation a new tax incentive comes along that significantly impacts small/medium sized businesses.
Some businesses take advantage right away.
Many businesses miss the boat.
It’s called the P.A.T.H. Act (Protecting Americans from Tax Hikes Act) and it includes one of the single most beneficial tax credits of all time: the R&D Tax Credit.
Most business owners hate talking taxes and rely on their accountant but many new incentives require a specific tax and engineering background, which most accounting firms don’t have.
Additionally, this is a busy time of year for accountants and they don’t have time to plan.
Here’s what our clients have found interesting about the P.A.T.H. Act:
- The P.A.T.H. Act is often overlooked by traditional CPA firms,
- Business owners can recapture credits missed from prior years,
- You don’t need to buy anything to reduce the amount of taxes paid,
- Qualifying activities include design, engineering, new product development, new building purchases, building remodeling and expansion.
I recently attended a tax conference and this was all anyone was talking about. The problem is most accounting firms don’t have the skills and they are 2-years behind. That is why they look to C&A for professional third party validation.
The P.A.T.H. Act is significant because it can significantly reduce the amount of tax dollars (cash) owed this year. Once the statute closes your cash is lost forever.
Whether it be through the R&D Tax Credit, or other speciality tax services such as a Cost Segregation Study, C&A's expert staff can assist in identifying specialty tax savings for you and your business.
Time is short; don’t miss the boat again. Talk with one of our experts to discuss your qualifications.
