Tax Pros Find Host of New Credits, Deductions – Accounting Today

Thousands of tax credits, deductions and other incentives are hidden throughout the Tax Code. Some, such as the Blender’s Credit, are obscure, while others, such as the Earned Income Tax Credit or the various energy credits, are well known. Roger Russell interviewed various tax experts to break down various credits. Here’s what Brandon Edwards, president and CEO of The Tax Credit Company, had to say:

The Small Business Jobs Act enacted last September greatly increased the value of the R&D credit, according to Brandon Edwards, president of The Tax Credit Company, a tax incentive consultancy. “The act changes the operation of the research credit for eligible companies,” he said. “In the past, the credit did not offset the Alternative Minimum Tax, so the maximum amount of a credit a company could use was limited to the amount their regular tax was greater than their AMT. The Jobs Act makes the credits you generate in 2010 offset the AMT. It applies to all federal tax credits, so it includes the Empowerment Zones Credit and Work Opportunity Credit, as well.”

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Think You Don't Qualify for the R&D Tax Credit? Think Again.

By Donna Fenn
BNET
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Brandon Edwards is President and CEO of the Tax Credit Company.

You could be leaving big money on the table by not thoroughly exploring your eligibility for the R&D Tax Credit. “Most companies believe they have to have people in lab coats looking through microscopes to take advantage of the tax credit,” says Brandon Edwards, CEO of The Tax Credit Company in North Hollywood, CA.  “They say ‘we don’t do any research.’  But under the code, the credit is available to anyone taking economic risk to create new and improved products, process, or software, which is most companies.”

According to Edwards, the IRS estimates that less than 30,000 companies take advantage of the tax credit annually. He believes, however, that hundreds of thousands of companies qualify for the credit.  Are you one of them?  Check out these seven misconceptions about the R&D Tax Credit, provided to BNET by Edwards.

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March 11th, 2011|Categories: Client News|Tags: , , , , , |

Driving Increased Profits with Federal Hiring Incentives

By Brandon Edwards, President, The Tax Credit Company
As written for Hotel Business Review
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There are two ways to increase profits – raising revenue or lowering costs. Hospitality employers often miss opportunities to lower costs by missing valuable tax savings attributable to hiring incentives. The federal government provides businesses with tax credits for hiring members of disadvantaged groups. This often represents a larger share of a hotel’s staff than one would imagine. A member of a targeted group can be as simple as someone who lives in a designated area to one of the 40 million plus recipients of food stamps. Overall, a hospitality employer can expect between 15% and 25% of new hires to qualify for tax credits. Click here for a rundown of the major programs to look for in 2011.

March 10th, 2011|Categories: Client News|Tags: , , , |

The Tax Credit Co. Hires Right

By Brooke Bates
Smart Business
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Brandon Edwards, president and CEO, The Tax Credit Co.

Brandon Edwards is proud to be a geek about a boring industry. In fact, being passionate about tax credits has helped him build a team of likeminded stars.

“We’re tax credit geeks. It’s all we think about,” says the president and CEO of the appropriately named The Tax Credit Co. “One of the reasons we’ve been so successful is that we’ve been able to attract people into the company that think like that.”

Edwards’ previous experience in a recruitment outsourcing business also helped hone his hiring process to bring in the right 47 employees.

“We’re only as good as our people,” he says. “The difference between one really good person and one person that’s not necessarily a fit is tremendous in a company.”

Recruit with purpose. It’s not just about the interviewing. The recruitment process is critical to finding (the right) people.

First of all, when we write an ad for a job, it’s got a lot of personality in it. We are passionate about it, so that almost irreverent, fun-loving personality comes out. Not only is that helpful to attract good people, but it attracts the right people. They’ll say, ‘Wow, I was looking at all these ads, and these people look like my kind of people.’

From the very beginning, we try to find out about the person — who they are, not just what’s on their resume — so we ask for a cover letter. We put specific traits in the ad. For a documentation specialist, we’ll say, ‘Are you the type of person that every single drawer in your house is completely organized? Are you the type of person that gets bent out of shape if something on the wall is tilted?’ We’ll put fun things in there, but we’re looking for certain traits about people that are going to make them good fits for the job. That’s No. 1.

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March 3rd, 2011|Categories: Client News|Tags: , , , , |