Helping a manufacturer identify over $1.2M in job credits

Elliott Davis was asked: "We relocated to South Carolina, but still maintain an out-of-state CPA. Can you help us identify if we are eligible for additional tax incentives?”

Context

• Boat manufacturer and distributor
• Relocated headquarters to South Carolina
• Continued to utilize an out-of-state CPA firm, unfamiliar with South Carolina credits and incentives
• Wanted to identify if company could take advantage of additional tax saving opportunities

Our Approach

• Our State and Local Tax (SALT) team reviewed all employee headcount data
• Calculated job tax credit using most advantageous calculation method
• Prepared credit forms for previous three years and amended previous income tax returns
• Provided general state and local tax consulting services to assist with income and franchise tax, sales and use tax, property tax, payroll and unemployment tax, unclaimed property and state credits and incentives

Customer Impact

• Identified $400,000 of credits to be claimed on amended returns
• Generated a $215,000 refund through amended returns
• Estimate an additional $800,000 of credits to be earned in future years.

We Can Help

For more information on how Elliott Davis can assist you and your business, contact a member of our team.

The information provided in this communication is of a general nature and should not be considered professional advice. You should not act upon the information provided without obtaining specific professional advice. The information above is subject to change.