{"id":74249,"date":"2020-05-07t12:00:00","date_gmt":"2020-05-07t16:00:00","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=74249"},"modified":"2021-07-21t08:30:36","modified_gmt":"2021-07-21t12:30:36","slug":"found-money-delights-clients","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/05\/07\/found-money-delights-clients\/","title":{"rendered":"‘found money’ delights clients"},"content":{"rendered":"

\"businessman<\/a>how to operationalize new services that find or save clients\u2019 money.<\/strong><\/p>\n

by bill penczak<\/em><\/p>\n

even during normal times, \u201cfound money\u201d solutions are great door openers for new clients and a great value-add for your current clients.<\/p>\n

more:\u00a0<\/b>re-thinking today\u2019s firm with five global leaders<\/a>\u00a0|\u00a05 things your firm should do differently this summer<\/a>\u00a0|\u00a0do you have the guts to beat the covid crisis?<\/a>\u00a0|\u00a0how to inoculate your firm against covid competition<\/a>\u00a0|\u00a0\u2018found money\u2019 delights clients<\/a>\u00a0|\u00a0the three r\u2019s for beating the corona crisis<\/a>
\n\"goprocpa.com\"exclusively for pro members.\u00a0
log in here<\/a>\u00a0or\u00a02022世界杯足球排名 today<\/a>.<\/strong><\/p><\/blockquote>\n

these solutions are different from traditional audit and tax work in that they are opportunities for companies to retrieve monies they\u2019ve paid in the past, or are ways for companies to lower the cost of a function, process, or service for which they are already paying.<\/p>\n

such solutions include:<\/strong><\/p>\n

<\/p>\n

the net operating loss carryback from the cares act:<\/strong> thought dead after the tax reform act of a few years ago, the cares act revived nols from the 2018, 2019 and 2020 tax years to be carried back to the previous five tax years (beginning with the earliest year first). the cares act also suspends the 80 percent of taxable income limitation through the 2020 tax year. <\/span>this<\/span> carryback can mean an immediate refund of prior taxes \u2013 the ultimate in \u201cfound money.\u201d<\/span><\/p>\n

r&d credits:<\/strong> there are many firms that provide nothing but these services, many times on a contingency fee, which presents no risk to clients and lots of upside to the provider. it\u2019s surprising what can be construed as research and therefore qualify for tax credits.<\/p>\n

salt refunds:<\/strong> the labyrinth of state and local tax regimes can spin the head of the most seasoned tax professional, and i\u2019ve always admired salt professionals for their knowledge and penchant for detail. since its inception three years ago, one middle market client firm\u2019s salt group had identified $25 million in savings for the firm\u2019s clients (and new clients), so there\u2019s real opportunity in that space.<\/p>\n

client accounting services:<\/strong> firms with which i\u2019ve spoken in different parts of the country indicate they can<\/p>\n