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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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Employee Retention Credit (ERC)

The ERC allows qualified employers to recover wages and health plan expenses incurred during COVID-19.

• For 2020 periods, businesses can recover 50% of qualified costs, up to $5,000 per employee
• For 2021 periods, businesses can recover 70% of qualified costs, up to $7,000 per employee, per quarter

Employers are eligible to claim up to:

                                  $26,000 per employee

Many taxpayers do not realize that Congress passed legislation at the end of 2020 allowing taxpayers to claim the ERC even if they took the PPP loan. This was not previously permitted.  

With over 100 pages of ERC statute and regulation, and the credit now in its third iteration, the ERC can present challenges. VERITY will help you navigate this incentive for both future quarters and retroactively.

State tax credits and incentives in the south east

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. 

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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