Friday, December 9, 2016

8 Ways to Save Time and Money - Part 2: Credits and Incentives

About a month ago, I had the pleasure of joining together with about 200 of my co-workers throughout the various divisions of our company in management or director roles. Not only was this a great networking opportunity, but I had the chance to learn a lot about a wide variety of things. One of the interesting conversations that I had was with a Credits and Incentives Director out of our St. Louis office. Our conversation was about all these great tax incentives (especially around training) that are available in most states. It was literally a light bulb moment for me. 

I recently blogged about the importance of training in any ERP implementation, and you might remember that I explained that training (or lack thereof) is often time on the list of reasons why ERP implementations fail. This is often times because it is not budgeted for appropriately. Well, what if I told you that you might be eligible to get tax credits, grants, or other incentives to help you pay for that training?

Most states have a variety of tax credits and incentive programs that business can take advantage of. Additionally, there are a variety of federal programs that businesses can benefit from as well. Although you may be aware of some of these credits and incentives, the path to taking advantage of some of these programs can be a daunting and time consuming task. When you factor in the “you don’t know what you don’t know” paradigm, there may be many credits and incentives that you can be taking advantage of with minor adjustments, documentation, or just filling out the right paperwork.

RSM's credits and incentives team provides a broad range of services to help clients identify and secure credits and incentives across the full spectrum of federal, state and local programs. We use an approach that can help you evaluate each of the areas that trigger opportunity. You can read more about our approach and work to adapt these principles in your organization by following the links.
     People – including hiring, retaining and training incentives
     Investments – including research and development tax credits, state investment credits, renewable energy incentives and certain real estate investment incentives
     Operations – including a variety of energy and sustainability programs, manufacturing and production incentives, and excise tax exemptions and credits

In addition to the many statutory programs that exist, there are often opportunities to negotiate incentive packages that may combine statutory, discretionary and custom incentives. We help our clients build credits and incentives investigation into their strategic process because these opportunities are often lost if you don't pursue them before you begin your activities.

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