Tax Accounting & Consulting

Tax Credit Services

Tax credits and incentives at the federal, state and local levels create opportunities for businesses and individuals to significantly lower their tax liability.
Tax Credit Services

More than half of eligible tax credits go unclaimed during any given year…how much money are you leaving on the table? Identifying, qualifying for and claiming these benefits can be time-consuming and complicated, which means many businesses miss out.

By incorporating tax credit services into your business strategy, you can dramatically alter the financial equation -- creating lucrative opportunities that help you stay ahead of the competition.

Are you new to tax credits? Check out our comprehensive tax credits guide to get started.

Tax Credit Services

Our tax credit service providers have the knowledge and expertise to guide you through the specific opportunities available to your company. We provide support throughout the process, including:

  • Tax credits and audits/tax credit compliance consulting – We work with you to review and research potential credit opportunities that fit your specific needs. Our team is your biggest advocate, working to calculate potential tax credits, negotiate tax incentives and ensure you’re getting the maximum cost savings available to you. We work with your business to apply for and secure tax credits that ensure sustainable growth, including those you can qualify for through expansion, downsizing or relocating.
  • Industry-specific tax credit support – Our deep bench of industry expertise ensures that you are aware of key credits and incentives available to your industry. We help you reap tax savings by:
  • State-specific tax credit support – Many states offer tax incentives that can be coupled with federal tax credits for things like affordable housing development, energy incentives and hiring. In other cases, like opportunity zones, some states do not conform to federal guidelines. We’ll help sort through the details and identify added tax savings possibilities.
  • Up-to-date notifications on evolving programs – We provide support and expertise to explore the more technical details and updates from legislative changes and relief programs, such as:
  • Comprehensive support throughout entire process – While some firms rely on tools that track credits and calculate savings, our team has the depth of knowledge and practical capabilities to ensure your success throughout the process. We bring the credits to you, incorporate innovative solutions and help you see the big picture.

Whether you require coaching to supplement your in-house support, need assistance from start to finish or are somewhere in between, we have the resources to make sure you’re covered.

Our Process

Your tax credit needs are unique, requiring an understanding of not only how you do business now, but where you are looking to grow in the future. Our team will work with you to break down the opportunities available, and the first step is yours to take.

Step #1: Are you aware of your cost-saving opportunities?

The first question you need to ask yourself is: Are you paying federal or state income taxes? If so, there are several ways to reduce those taxes -- or even eliminate them -- by utilizing credits and incentives.

Whether looking forward or reflecting back, we know which credits can be claimed retroactively and which costs can be carried forward to offset tax on forthcoming profits.

Step #2: Schedule a discovery call with your Armanino service provider.

To find out more about the credits that are available to you, give us a call or fill out the form below. This initial discovery conversation gives our experts the information they need to better assess your business needs – facts like your location, how many people you employ, what your plans are for the next 3-5 years, etc. If you have the right people on the call with the right information (e.g., human resources with hiring plans, real estate expansion plans, etc.), this is a quick conversation. We have the tools and resources to streamline the discovery process, making it efficient for all involved.

Step #3: Uncover the tax incentives available to you – past, present and future.

The next step is based on the information gathered in the discovery phase and can differ based on type of credit or incentive.

Geographic credits take time to nail down, especially if your plans are not yet solidified, with some requiring pre-certification or notice of intent. It is important to contact our experts early in the process, so they can help guide you through your next steps.

For credits based on minimum requirements, our team will work with you to determine your potential credit and assist with a letter of intent as needed. Once requirements are met, credit certifications will be issued at your state’s discretion.

Incentives tend to take longer due to the negotiation or bargaining window, and many need to be pursued early in your planning process. Our team has strong relationships at state agencies and an in-depth knowledge of who to call and where to go next to help with the negotiations process and keep things moving forward.

While some credits and incentives need to be promptly set into motion (e.g., the Work Opportunity Tax Credit (WOTC) needs to be applied for within 28 days of hire), you do have the ability to amend returns based on the statute of limitations within each individual state. Transparency with your tax credit consultants will reveal all the ways you can save, even retroactively!

Step #4: Keep your Armanino service provider aware of changes in your company.

Stay in touch with your tax credits services provider year-round, keeping them up to date on your plans for growth and expansion. Since there are no deadlines on the calendar (other than your regular tax returns), the only opportunities you’ll miss out on are those you don’t pursue.

How to Select a Tax Credit Consultant

The tax credits offered by the federal government, states, counties, and municipalities can add up to significant money-saving incentives for your company, but only if you know where to look. Selecting the right tax credit services provider is key to ensuring you remain compliant while taking advantage of these benefits.

To guarantee you have found the best provider for your needs, consider these four key factors:

  1. A solid reputation in the tax community – You should expect long-standing excellence from your tax consultant, and there are plenty of ways to predict success. Armanino’s Net Promoter® Score (NPS) (68) is almost two times higher than the accounting industry average (38), and we have been named "Best of the Best by Accounting Today" 19 times since 2001, including most recently in 2021.
  2. Understanding of your industry – Your tax consultant should have knowledge and expertise of your industry to understand both savings opportunities and compliance to meet ever-changing regulations. Real estate development and process manufacturing R&D are two of the many industries with a wealth of incentives.
  3. An approach tailored to your specific business needs – Your tax credit opportunities are dependent on your business’s life stage, industry, geographic footprint and plans for growth, so your services should never be one size fits all. This includes a year-round commitment, not just around tax deadlines, and the depth of services to bring you other cost-saving opportunities unique to your situation. Your tax credit consultant should present a timeline that reflects a thorough review of your needs, and a scope of work that includes ample documentation and review of high audit risk areas.
  4. Fee structure that accommodates your evolving needs – Make sure your tax consultant is transparent with their pricing proposal, addressing the projected time and expenses based on the scope of work and those involved in execution. The time and work associated with specific credits varies, so understanding expectations at the outset is crucial.

Why Armanino for Tax Credit Services

Bottom line, Armanino has the industry expertise, tax credit experience and track record of customer satisfaction to best advise your tax credit incentive strategy and compliance needs.

Contact us today for a free assessment.

Experts
Nick Gibbons - Tax | Armanino
Partner
Nick has over 20 years of public and private accounting experience.

San Jose, CA
David Lee - Partner, Tax - San Jose CA | Armanino
Partner
David is a tax partner in Armanino's national office practice and leads the firm's R&D Tax Services practice.

Irvine, CA
Shawndel Rose - Tax | Armanino
Director
Shawndel specialize in multi-state income and franchise taxes and credits and incentives.

St. Louis, MO