Posted by Robert Hancock on 06.04.20
CPAs: Are your clients missing the opportunity to claim valuable tax credits?
With the recent developments, everyone’s priorities have shifted with keeping safe and healthy dominating the list. However, in the current economic climate how many businesses can afford to leave money sitting on the table? Each year thousands of companies, large and small, leave billions of dollars of tax credits unclaimed for a variety of reasons – too busy, too complex to grasp or the lack of expertise to assist them for example. The importance of cash flow now to your clients financial health may push all that reasoning aside.
As part of the Corona Virus Tax Relief package, timely filed returns that were due by April 15th are now not required to be filed until July 15th. Additionally, amended returns for 2016 that were previously due by April 15th are now not required to be filed until July 15th. If the 2016 returns were originally extended there is even more time to amend – But all of those windows are closing and now is not the time delay in helping your clients with a much-needed influx of cash.
While there is still time to claim tax credits for the 2016 tax year you and your clients must take action now. We are working with many companies on multi-year studies focusing on 2016 credits in the near term to help them claim them before the statute of limitations for that year runs out. If you have clients you feel may be eligible for R&D tax credits or 45L tax credits for 2016 please reach out to Tax Point Advisors as soon as possible to get the complimentary initial assessment started.
As you plan your 2019 year-end tax strategies, remember Tax Point Advisors provides specialty tax services to CPA firms and their clients throughout the U.S. All of our Tax Point Advisors are currently working remotely and can answer any questions that may arise regarding this extension. To speak to one of the experts at Tax Point Advisors, please call us at (800) 260-4138 or please leave us a message below.