Posts Tagged ‘TaxBreak’

PCS Partners

Tuesday, August 30th, 2011

Integrated PartnersWe at PCS are proud to offer a wide array of timekeeping, payroll and HRIS solutions to our customers… but we realize we can’t be all things to all people.  In order to maintain our high service standards, our focus must remain on our core competencies, which is why we have chosen to partner with other local service providers.

This strategy allows us to provide you with best in class solutions, from local vendors who do business next door.  They care about their reputation and have met our standards for quality service and integrity.  We hope you take the time to review our partners each time you have a business services need.  By doing business with PCS Partners, you can feel comfortable you’ll receive the same quality service commitment you get from us.  Plus, wherever possible, we’ve built integrations with our partners to deliver efficient data transfer and reporting.

Featured Partners

TSC
Tax Sheltered Compensation is one of Minnesota’s leading 401k administrators. They help convert your retirement plan from being an ordinary operating expense to an extraordinary management tool.  TSC believes that the key components of a successful corporate retirement plan are:

  • Customized and cost effective
  • Minimal plan management and administration
  • Worry-free compliance
  • Adequacy of retirement benefits
  • Exceptional service by an experienced team

Experience the TSC difference by contacting them today, visit their website by clicking here.

Global Cash Card
PCS has entered into an agreement with Global Cash Card to provide PayCards for our Clients and their employees.  If you are considering going paperless, have unbanked employees or are looking for alternatives to promote electronic payment, you should take a look at this pay option for your employees.

It is proven that PayCards save money and time on the distribution of employee payroll and provides an additional NO COST employee benefit.  Yes, no cost to you the employer, AND the employee can easily enjoy NO COST usage of the card by following simple rules that are outlined in their activation kit.  Find out more by clicking here.

Better Business Solutions
Reduce credit card processing fees by joining the BBS Buying Group where they utilize a two step process that can help your organization keep a lot more of your money in regards to credit card fees. Step 1 is helping your organization initially eliminate layers of profit being made by your current credit card company and step 2 is using the BBS Buying Group Advertising Program to continue to reduce the costs of accepting credit cards. Many of our members continue to save thousands annually by telling others about the BBS Buying Group.

Visit their website today and let them know PCS sent you!

Safe Shield
Keep your corporate status intact and gain anytime/anywhere access to all of your corporate papers and important information by utilizing Safe Shield’s services.

Safe Shield monitors ever changing corporate compliance regulations, completes required annual filings with the Minnesota Secretary of State, conducts regular reviews of all business activities, documents the review, and manages your Business Record Book through its proprietary online record book application.

TaxBreak
TaxBreak helps businesses owners and human resource executives implement an easy-to-manage system for taking advantage of employer tax credits designed to offset labor costs.  One form when hiring your employees does it all.  Contingency based so you pay nothing unless they find you Tax Credits!

These are just a few of the many partner relationships we have developed in order to serve you better.  Visit the partner section of our website to see our complete listing of Agreed Partners, Recommended Vendors and others today!

If you are interested in becoming a PCS Partner, please contact John De Leeuw, jdeleeuw@pcspayroll.com, 763.746.1938 Direct.

Tax Credits Provide Relief for U.S. Businesses

Sunday, October 31st, 2010

TaxBreak Tax CreditsBy:   Shannon Scott, President, TaxBreak-National Tax Credit

Most of you have heard the term “tax credit”, but did you know it can decrease your tax burden and put more cash back into your business?  Each year large and small companies forfeit millions of dollars because they do not take advantage of the tax credits available to qualifying employers. Many of these credits go unclaimed due to the complexity and time-consuming factors that impact the process.  There are many types of tax credits available to your company on the Federal, State and local level.  For the restaurant industry, the federal hiring credits such as the Work Opportunity Tax Credit (WOTC), Empowerment Zone (EZ) and Renewal Community (RC) credits can result in huge dividends.  These credits are available by simply doing what you do every day; hiring employees.

These tax credits can provide up to $9,000 per employee in Federal Income Tax Credits based on the category for which the employee qualifies.  These credits can be taken in the year earned, carried back one year or carried forward 20 years.  The WOTC rewards employers hiring individuals who are members of targeted economic groups while the EZ and RC are zone based credits.  To qualify for a zone credit, an employee simply has to live and work in one of the 81 designated zones in the United States.  Most companies believe they are taking advantage of this program through their regular tax deductions; however, that is simply not the case.  If your new hires are not completing and signing an IRS Form 8850 upon hire, you are not processing these tax credits.

These programs, although very beneficial, can be almost impossible to administer in house.  Processing and qualifying these credits takes a very good understanding of how tax incentives are applicable to a particular industry, location or employee base.  In some cases, extensive background and address history research must take place in order to verify these credits.  Tax credit processing companies throughout the United States assist you in identifying these credits and calculating the amount for which an employee qualifies.  Most of these companies work on a contingency fee basis, so there is no financial risk to your company and the fees are tax deductible.

Taking a proactive approach in identifying these credits can significantly increase your tax credit yield.   The application process will help you screen your new hires and identify their tax credit potential.  After all, this program was put in place to encourage you to hire these employees.

Recent tax law changes have increased the use of these credits to businesses who could previously not take advantage of the incentives along with extending the program itself.  The WOTC credit was extended for 3.5 years with liberalized rules for hiring disabled veterans and workers in “outward migration counties.”  Under the pre-2007 Small Business Act law, most general business credits, such as WOTC, could not offset a taxpayer’s Alternative Minimum Tax (AMT) liability.  With the enactment of the 2007 Small Business Act, this changed for credits earned after January 1, 2007.  The WOTC credits earned after January 1, 2007 offset AMT.  A taxpayer is subject to AMT whenever their tentative minimum tax exceeds their regular tax.

There are many good resources available for learning more about the types of credits and how these credits can help reduce your tax burden.  Information can be found on most search engines along with the IRS Website (www.irs.gov).  Tax time is fast approaching and it is not too late to help reduce your 2010 tax liability.

For more information:

Call George Shamblin gshamblin@taxbreakllc.com or Todd Griffin email tgriffin@taxbreakllc.com

866-499-6355
www.taxbreakllc.com

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney, CPA or HR Professional.

The Tax Man Cometh

Monday, August 30th, 2010

Tax CreditsSubmitted By Shannon Scott

Most of you have heard the term “tax credit”, but did you know how it can decrease your tax burden and put more cash back into your business? Each year large and small companies forfeit millions of dollars because they do not take advantage of the tax credits available to qualifying employers. Many of these credits go unclaimed due to the complexity and time consuming factors that impact the process. There are many types of tax credits available to your company on the Federal, State and local level. For the staffing industry, the federal hiring credits such as the Work Opportunity Tax Credit (WOTC), HIRE Act credits and FICA Tip Tax Credit can result in huge dividends. These credits are available by simply doing what you do every day; hiring and placing employees.

These tax credits can provide up to $9,000 per employee in Federal Income Tax Credits based on the category for which the employee qualifies. These credits can be taken in the year earned, carried back one year or carried forward 20 years.  They can be demographic or geographic in nature.

Most companies believe they are taking advantage of this program through their regular tax deductions, however, that is simply not the case.  If your new hires are not completing and signing an IRS Form 8850 upon hire, you are not processing these tax credits.

This program, although very beneficial, can be almost impossible to administer in house. Processing and qualifying these credits takes a very good understanding of how tax incentives are applicable to a particular industry, location or employee base. In some cases, extensive background and address history research must take place in order to verify these credits.  Tax credit processing companies throughout the United States assist you in identifying these credits and calculating the amount for which an employee qualifies. Most of these companies work on a contingency fee basis, so there is no financial risk to your company and the fees are tax deductible.

Taking a proactive approach in identifying these credits can significantly increase your tax credit yield.  The application process will help you screen your new hires and identify their tax credit potential. After all, this program was put in place to encourage you to hire these employees.

Recent tax law changes have increased the use of these credits to businesses who could previously not take advantage of the incentives along with extending the program itself. The WOTC credit was extended for 3.5 years with liberalized rules for hiring disabled veterans and workers in “outward migration counties.” Under the pre-2007 Small Business Act law, most general business credits, such as the work opportunity tax, could not offset a taxpayer’s Alternative Minimum Tax (AMT) liability. With the enactment of the 2007 Small Business Act, this changed for credits earned after January 1, 2007.  The WOTC credits earned after January 1, 2007, will now offset AMT. A taxpayer is subject to AMT whenever their tentative minimum tax exceeds their regular tax.

There are many good resources available for learning more about the types of credits and how these credits can help reduce your tax burden. Information can be found on most search engines along with the IRS Website (www.irs.gov).  Tax time is fast approaching and it is not too late to help reduce your 2007 tax liability.

-Shannon Scott is the CEO & President of TaxBreak

Please contact George Shamblin at gshamblin@taxbreakllc.com for questions about the tax credit program available through PCS via TaxBreak.

George Shamblin
Corporate Account Executive
TaxBreak
2010 Club Drive, Ste. 100
Gadsden, AL 35901
205.305.7968 Cell
256.549.7554 Fax
www.nationaltaxcredit.com

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney or an HR Professional.