Finding, tracking and processing these credits can become a tedious task for companies to accurately complete internally.

However, this is TaxBreak’s single devotion, and our company has been able to recover hundreds of millions of dollars for companies using tax credits. This allows for money to be put back into companies bottom line.

Below are some of the tax credits we process for our clients:

Federal Credits:

Work Opportunity Tax Credit (WOTC)

The Work Opportunity Tax Credit is a federal hiring incentive that provides a tax credit worth up to $9,600 if your company is hiring from any one of the following groups:

  • A member of a family that is a Qualified Food Stamp Recipient
  • A member of a family that is a Qualified Aid to Families with Dependent Children (AFDC) Recipient
  • Qualified Veterans
  • Qualified Ex-Felons, Pardoned, Paroled or Work Release Individuals
  • Vocational Rehabilitation Referrals
  • Qualified Summer Youths
  • Qualified Supplemental Security Income (SSI) Recipients
  • Qualified Individuals living within an Empowerment Zone or Rural Renewal Community
  • Long Term Family Assistance Recipient (TANF) – formerly known as Welfare to Work

Employee FICA Tip Credits

Under IRS regulations, employers in the food and beverage industry may be eligible for a credit for social security and Medicare taxes paid on their employees’ tip income.

To qualify for the credit, an employer must meet both of the following requirements:

  • The employer must have employees who receive tips from customers for providing, delivering or serving food or beverages for consumption if tipping of such employees is customary.
  • The employer must have paid or incurred employment taxes on those tips.
  • The credit is equal to social security and Medicare taxes paid on qualifying employee tips however, the credit may not be claimed on the portion of tips used to meet the federal minimum wage rate.

Geographic Based Credits

The Federal Government has designated certain economically depressed areas as tax advantage areas. If your business is located in one of these areas and you employ individuals living in the same area, you can earn credit against your federal tax liability.

Empowerment Zones (EZ)

  • Up to $3,000 per qualified employee per year
  • Credits renew every year
  • Look back potentail up to 3 years

Disaster Relief Tax Credit

These credits were created to help businesses rebuild and to help individuals rejoin the work force in the aftermath of Hurricanes Katrina, Rita, Wilma and similar natural disasters. The federal government joined with state and local governments to ensure the rebuilding of infrastructures and physical facilities impacted as a result of the aforementioned disasters. – See more at: http://www.taxbreakllc.com/services/tax-credits/#sthash.c6XzQESf.dpuf

Indian Employment Credit

The Indian Employment Credit provides businesses with tax credits which, unlike tax deductions, directly offset an organization’s federal tax burden. This provides an incentive to hire and retain individuals who are enrolled members of an Indian tribe (or the spouse of an enrolled member) who live and work on or near an Indian Reservation.

Research and Development Credit

The Research & Development Tax Credit (R&D) offers tax incentives and expensing of costs for investments, research efforts of qualifying companies to develop new or improved products/processes in their businesses. This credit is not just for the more technical companies as it is often thought to be. Regulations of the IRS in December of 2003 which are retroactive have made it easier to qualify. In addition, many states also offer R&D credits.

Cost Segregation

Under United States tax laws and accounting rules, cost segregation is the process of identifying personal property assets that are grouped with real property assets, and separating out personal assets for tax reporting purposes.

State Tax and Incentive Credits (Over 3,000 types)

Overview

TaxBreak is able to assist its clients with determining whether they qualify for these lucrative incentives. Business Tax Incentive Zones have been created and offered to businesses by local, state and federal government institutions to entice new development or expansion into specific geographic areas in the U.S. There are thousands of zones individually managed and funded throughout the U.S. and can be time consuming and overwhelming. Let TaxBreak save you time and money with our dedicated compliance team in maximizing your potential Tax credits.

Who Can Qualify

Whether you are a medium size company working within one state or a large Enterprise with Coast to Coast operations, TaxBreak is in an excellent position to help you gain the most benefit from individual hiring-based tax incentives. With years of specialized dealing with dozens of annual programs variances, designations, expirations and modification, TaxBreak will help you gain more retroactive and present-year credits.

Information Detail

TaxBreak’s geographic approach enhances the ability for a client to determine whether a specific address is located within the boundaries of a tax incentive zone and what type of zone credit you may qualify for. Knowing if your business location or your employees reside in a qualified tax incentive zone can mean thousands of dollars in tax savings. TaxBreak will uncover many different types of eligible tax incentive zones, such as Federal Empowerment Zone, Enterprise Communities (EZEC), Manufacturing Enhancement Areas (MEA Zones), Targeted Tax Areas (TTA), federal zones (EZ) and communities (EC) and determine your specific incentive.

Benefit

The geographic definition of the zones and communities vary from state to state and are confusing, overwhelming and could be costly. TaxBreak will provide the expertise in identifying, recovering and maximizing your State Tax Credit incentives. Don’t let your opportunity expire; contact TaxBreak for your specific state tax incentives.

TaxBreak owns and operates proprietary software to record and track existing tax credit recovery opportunities. Data such as employee location, date of hire, age, veteran status and employment industry are used to determine tax credit eligibility. Based on a brief applicant survey, hiring managers can immediately determine whether or not the individual qualifies for tax credit at any point in the pre-hire or hiring process.

This software-as-a-service (SaaS) application is built using the latest XML standards and integrates easily with existing applicant tracking, payroll or HRIS/HRMS systems, producing a streamlined workflow for your staff.

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TaxBreak Mobile App:

Now available and compatible with the iPhone and Android smartphones or tablet, the TaxBreak Mobile App becomes the first Work Opportunity Tax Credit application for managing and improving new hire compliance. This state-of-the-art design provides a secure, convenient workflow device for TaxBreak clients.

The free TaxBreak Mobile App, available for iPhone and Android users, allows employers to see a request for information and submit data immediately with up-to-the minute accuracy. For example, The TaxBreak Mobile App saves time by providing supplemental hiring records, i.e. proof of age and residency for a new hire in consideration for a tax credit. These documents are requested by state agencies, requiring TaxBreak to request the information be submitted to TaxBreak’s Tax Credit Processing Center within a 28-day time frame.

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TaxBreak Reporting:

TaxBreak has industry leading Ad hoc reporting and a 24/7 Client Portal.

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TaxBreak created a program that is deadline focused, ever changing and expansive into a seamless part of your HR process. We relieve internal resources and help drive bottom line growth through the identification of tax credit opportunities you may not even be aware.

Our process involves researching each piece of legislation to understand the qualifications for each tax credit opportunity in-depth. This information is then recorded in our innovative software application so each candidate or new hire can be matched against the latest eligibility requirements.

When you turn to TaxBreak to recover and maximize your capital, we go through an in-depth process to ensure you receive every credit you deserve. This means:

  • We work with you to develop a process that is manageable and dictated by your current processes and staff to maximize efficiency and participation by hiring managers.
  • We train hiring managers at each location to ensure everyone understands the value of the program and how to carry-out the 2-3 minute process.
  • We send reports to corporate management on credits available with a status on paperwork and information received from your locations so you know if you are about to miss an opportunity.
  • We send completed forms to you for new hire signature and subsequently audit the paperwork and submit it for certification on your behalf.
  • We track the information through the certification process and once the employee is certified, we provide the necessary reports and instructions on where to apply the credit.

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