We work with you to identify the opportunities available and prepare all documentation requirements needed for you to confidently claim the tax credits available to your organization.
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Verity Services
Welcome to Verity Tax Credits, where we specialize in helping your organization identify and secure valuable tax credits and incentives.
Our expert team prepares audit-ready final reports, including everything needed to both claim and sustain each benefit. Let us help you maximize your tax savings and increase your bottom line.
Georgia Credits & Incentives
Companies of all sizes and industries are benefiting from lucrative credits and incentives in Georgia. Depending on location and the number of jobs created, several credits can be used to offset income taxes and/or withholding tax payments.
Tennessee Credits & Incentives
There are a variety of incentive packages to new and expanding business in Tennessee. The flagship program is the Tennessee Job Tax Credit which allows qualified businesses a credit against franchise and excise taxes based on capital investment and jobs created.
South Carolina Credits & Incentives
With a number of different performance-based tax incentives available, businesses are benefiting by creating jobs, expanding operations, and investing in South Carolina. The tax credits can be used to offset income tax , premiums tax, and in some cases withholding tax payments.
Mississippi Credits & Incentives
The state offers a number of income tax incentives for companies creating jobs and making corporate investments. Top programs include the Mississippi Jobs Tax Credit, the Manufacturing Investment Tax Credit, and the Rural Economic Development Income Tax Credit.
Other States
While many of the top state incentives are in the southeast, other states can have significant tax savings opportunities. Verity will work with you to identify activities, in all 50 states, that could potentially qualify for tax credits and incentives.
Employee Retention Tax Credit (ERTC)
What is the Employee Retention Credit?
The CARES Act of 2020 created the Employee Retention Credit (ERC) at the same time it enacted the Paycheck Protection Program. This lesser-known incentive has proven to be a significant opportunity for businesses of all sizes. The ERC allows businesses to recover costs associated with keeping employees on payroll during hardships related to COVID-19.
Two ways your business or organization can
qualify for the Employee Retention Tax Credit
1. Significant Decline in Gross Receipts
If an employer’s gross receipts for a 2020 calendar quarter were below 50% of the comparable quarter in 2019, or for a 2021 calendar quarter were below 20% of the comparable quarter in 2019.
2. Full or Partial Suspension by Government Order
The employer’s business has been fully or partially
suspended by government order due to COVID-19 during the 2020/2021 quarters.
Some of the qualifying criteria for getting the credit include:
- Capacity Restrictions
- Supply Chain Disturbances
- Travel Restrictions
- Group Gathering Limitations
- Customer or Job-site Shutdowns
- Vendor Restrictions
- Social Distancing Requirements
Please fill out our simple, one-minute form to see if you qualify for the ERC.
RECOVER WAGES
The ERC allows qualified employers to recover wages and health plan expenses incurred during COVID-19.
Possible Claim Amount
Employers are eligible to claim up to $26,000 per employee
2020
For 2020 periods, businesses can recover 50% of qualified wages, up to $5,000 per employee
2021
For 2021 periods, businesses can recover 70% of qualified wages, up to $7,000 per employee, per quarter
Will your business be ready for ERTC audits?
Because of the aggressive and inaccurate claims made by “ERC Mills”, the IRS has issued numerous warnings to taxpayers to make certain that all credit claims can be fully supported. The IRS will demand detailed source documentation to ensure compliance with the many nuanced rules associated with Employee Retention Credit claims.
With so much on the line, it can be overwhelming to tackle these studies alone. Verity tax credit experts are here to help your organization navigate the complexities of the ERC claims and provide you with audit-ready reports so that you can confidently move forward.
What Verity Delivers
Memos –Each report builds a solid qualification case and addresses statutory requirements like qualification methodologies, tax aggregation and attribution, interaction with other incentives, and qualified wages.
Qualifications Summaries -Supportable overviews that show exactly how your organization qualifies for the credit.
Qualified Wage Details – Quarterly breakdown of wage information by employee.
PPP Details (If Applicable) -Detail showing employee wages that were paid using PPP funds.
Government Orders – Location-specific orders and restrictions that negatively impacted operations during COVID-19.
Forms – Accurate and supportable numbers which allow an organization to confidently claim the tax credits that they are eligible for.
What Other Companies Deliver
Memos –Each report builds a solid qualification case and addresses statutory requirements like qualification methodologies, tax aggregation and attribution, interaction with other incentives, and qualified wages.
Qualifications Summaries -Supportable overviews that show exactly how your organization qualifies for the credit.
Qualified Wage Details – Quarterly breakdown of wage information by employee.
PPP Details (If Applicable) -Detail showing employee wages that were paid using PPP funds.
Government Orders – Location-specific orders and restrictions that negatively impacted operations during COVID-19.
Forms – Accurate and supportable numbers which allow an organization to confidently claim the tax credits that they are eligible for.
Gourmet Advisory Services
I have and will continue to give Verity every referral I can. Jeremiah is such a pleasant, polished professional. The results were better than we imagined. Verity is the team to go with every time.
Lori Bluberg
Westminster Presbyterian Church
“Working with the Verity team was efficient. They were clear on what they needed and how the data needed to be configured so they could work with it. All on the team were extremely pleasant and professional. Our positive results speaks for itself!”
Terry Monahan, Business Administrator
Pennsylvania Mineral Services
“I was very happy with the work of VERITY. They were very efficient in getting our company tax credits that were higher than my expectations. I would recommend them to anyone.”
Jack Pisarcik, Owner
Businesses
Verity works with companies of all sizes and industries to claim the credits and incentives that they have been missing
CPA Firms
Whether working directly with your clients, or white-labeling, Verity has a solution to fit your needs
Payroll Companies
Add tax credit compliance services to your product offering as a value-add to your clients
Schedule a 20 minute call to discuss your tax credit situation
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