Effective management of your organization’s compensation and benefits programs is a major challenge. Failure to keep on top of the latest IRS and Department of Labor regulations can result in fines and penalties that go directly to your bottom line.Whether you’re public, private or nonprofit, the battle for talent is real. And when a valued employee walks out the door for the last time, it can be a body blow.In today’s competitive marketplace, your strategies for compensating and rewarding employees in multiple ways should align closely with your business goals and objectives.
Francis’s Compensation & Benefits Consulting professionals help you design a more strategic approach to your compensation and benefits plans and can assist you with the following:
Corporations of all sizes in most every industry regularly turn to Francis’s Corporate Tax Group for help in managing and minimizing federal and state tax risk and liabilities. Tax laws are complex, and complying with all the rules and regulations can be exacting. You need experienced, perceptive professionals to arrive at the desired outcomes.
The fact is, a strategic approach to federal and State tax regulations may enable you to defer paying tax and enjoy the time value of money when acquiring, repairing or improving a commercial or residential rental property. As your advisors Francis tax professionals take a holistic approach to the transaction, improvement or repair of tangible property and how you account for it on your balance sheet.
A high percentage of clients aren’t aware that it’s possible to accelerate depreciation and defer tax liability until a later date by dissecting your residential or commercial real estate into its taxable components. Instead of depreciating an entire residential property over 27.5 years or a commercial property over 39 years, it might be possible to depreciate some portions of the property over 5, 7, 10 or 15 years. A cost segregation report can be a highly effective strategy for people or entities who are holders, not flippers, of real estate, allowing them to defer portions of their tax liability early on when cash flow can be more challenging. A cost segregation report also allows for correct reporting of partial dispositions of property.
The opposite of real property, tangible property like equipment or office fixtures may not have to be capitalized and amortized over 39 years. Depending on your specific situation, the tax regulations may assist you in taking necessary changes for tenants as repairs instead of improvements, allowing building owners and landlords to recover their costs in as little as one.
We help you file Form 3115 to gain IRS approval when switching from a cash basis accounting method to an accrual basis method or vice versa. Changes in your depreciation or amortization methods generally do not require approval. If required as a result of a cost segregation study, we will help you file Form 3115 to ensure the resulting changes are properly reflected.
We help you file Form 3115 to gain IRS approval when switching from a cash basis accounting method to an accrual basis method or vice versa. Changes in your depreciation or amortization methods generally do not require approval. If required as a result of a cost segregation study, we will help you file Form 3115 to ensure the resulting changes are properly reflected.
Francis’s International Tax Services Group assists businesses and global families with tax planning strategies to minimize their worldwide tax obligations and meet business and financial objectives. With Francis, you have access to a wide array of planning, consulting and compliance services.
Experienced Francis international tax professionals provide you with advice and guidance on aligning your company’s operations to maximize direct and indirect tax efficiencies. This can include realigning functions, risks, responsibilities and assets to allocate global profits in a manner that’s tax efficient, risk averse and compatible with your company’s operations. We also provide planning specific to foreign-owned businesses, and U.S. companies with foreign subsidiaries, with particular emphasis on the provisions of the Tax Cut and Jobs Act of 2017.
With increasing frequency, U.S. companies deploy technical talent, sales managers and executives overseas to conduct business, and foreign companies bring their employees to the U.S. for short- and long-term assignments. Francis provides a variety of income tax compliance and consulting services for these clients. In addition, Francis assists companies in navigating the complexities of Social Security and employment-related taxes for employees assigned to foreign jurisdictions. Services are customized based on your needs, facts and circumstances.
The Research and Development Tax Credit is often overlooked, but it can provide enormous benefits to companies that recognize its potential. Typically, organizations claim less tax benefit than they’re entitled to or, even worse, believe they don’t qualify because research and development isn’t their main business. In addition to the federal tax credits, many states have enacted generous credit programs, and some are refundable even if you haven’t paid taxes. Francis has helped our clients save more than $200 million using the Research & Development Tax Credit.
What’s needed is a strategic approach that revolutionizes how you think about risk. The new paradigm transforms the technology risk function from its traditional focus on periodic audits and controls reviews to a more strategic view of your goals and objectives and how to turn technology into a true strategic advantage. The results are stronger internal controls; smarter business practices; and increased efficiencies, productivity and revenues.
Our team understands the auditor’s preconceptions. We can help clients address a state tax auditor’s presumptions, mitigate exposure, and negotiate resolutions.
Additionally, this type of CFO isn’t always as hands-on as the organization would like or need. Our team is equipped to fill all financial roles at the appropriate skill level. We are also well versed in restricted funds tracking and reporting, federal grant tracking, compliance with OMB circulars, and selecting and optimizing the most cost-effective software.
Busy companies often overlook tax credits and incentives as ways to lower costs. Especially when there’s a general business or economic slowdown, opportunities arise to take advantage of tax incentives that can positively impact the bottom line, including ways to:
The Work Opportunity Tax Credit (WOTC) is an often-overlooked payroll-based tax credit. Claiming the tax credit, however, isn’t easy. To claim the credit, the taxpayer has to have hired a qualified employee from one of 10 target groups, and specific forms must be filed with the state’s WOTC coordinator within 28 days of the hire date. The credit can range from $2,400 to $9,600 per employee, depending on which target group the qualified employee belongs to.
Individual states offer tax credits and incentives (deductions, credits and exemptions) to companies in numerous industries. States use them to attract new businesses and add jobs that bolster their economies.
Taking advantage of these opportunities can be challenging, however, because the types of credits and incentives in each state and rules for qualifying vary greatly. It’s also tough to keep on top of them because they’re constantly changing.Tax credits and incentives can definitely be worth pursuing. Francis tax professionals can recommend options for your industry and business, and assist you in taking advantage of those that deliver real benefits.
The Consolidated Appropriations Act of 2021 passed December 27, 2020, allows employers that received PPP1/PPP2 loans through the SBA to also claim the ERTC. These were previously mutually exclusive relief options. The credit is a refundable payroll tax credit, meaning you don’t need to have a tax liability to claim a refund. Your payroll processor may not have told you about this credit, because payroll companies do not have access to information they would need to prepare the calculations.
