FAQ
Q. Why has my CPA not informed us of the Enterprise Zone program?
A. While your CPA knows best how your business works and what credits or deductions you may potentially qualify for, CPAs that do not specifically specialize in the Enterprise Zone program may not completely understand the complexities of this unique government program. Our Enterprise Zone specialists work closely with our clients' CPAs to maximize tax savings.
Q. Do I need to own our building in order to claim the credits?
A. No. A business doesn't need to own the building in order to qualify for the benefits.
Q. Do my employees have to live in the Enterprise Zone in order to qualify?
A. No. Qualified employees do not have to live in a certain area in order to qualify for the program. Most consultants prepare a high level review and focus on only a couple of the qualification criteria. We ensure that your employees are screened against all thirteen criteria to capture as many qualified employees resulting in more credits.
Q. Can I claim the credits for prior tax years when I wasn't claiming the credits?
A. Yes. The statute of limitations allows a business to file amended tax returns for the prior four tax years and potentially obtain refunds to the extent state income tax was paid. However, a business can never claim credits prior to the designation date of the zone.
Q. How much does an Enterprise Zone Study cost?
A. The cost is based on a percentage of the tax savings a business realizes.
Q. How long does a credit study take to complete?
A. Depending on how quickly a client can provide us with the necessary information, the process can take between 1 to 3 months.
Q. Will claiming these credits increase my chances of being audited?
A. No. The reason companies get audited is because they have either been randomly selected for an audit, or because of questionable figures on their tax returns. The FTB has stated in public forums that claiming the credits does not increase the chances of being audited.
Q. Why should we hire Tax Incentive Solutions to assist us?
A. We maximize two of your most valuable images: your time and your money. TIS' proprietary processes enable our specialists to generate the maximum amount of tax credits while minimizing the effort and time required from our clients.