“We took the time to really assess the need and then also go a little further and not just do the cost segregation study, but look at the land versus building value, go out to the county assessor website, see what the value is and see if there are any ways we could reduce it. And that’s where I think we add more value than other companies that do cost segregation studies.”

The post Case Study: Understanding the Impact of Cross Segregation Studies appeared first on MGO CPA | Tax, Audit, and Consulting Services.

This is why it is essential to work with an assurance provider with specific knowledge of the biotech/life science landscape. In the video below, we detail how our specialized guidance focuses on risk assessment, control evaluation, and regulatory adherence to safeguard your projects and funding.

The post Federal Award Audits: Biotech Best Practices appeared first on MGO CPA | Tax, Audit, and Consulting Services.

Even without tax liabilities, organizations investing in renewable energy, energy efficiency, or renewable energy equipment can access substantial incentives, potentially covering 6% to 70% of their investment costs.

MGO Tax Credits and Incentives Director Danielle Bradley details how state and local governments can benefit from federal energy tax credits:

The post SLG Guide to Federal Energy Tax Credit Benefits appeared first on MGO CPA | Tax, Audit, and Consulting Services.

The post What Your Company Should Know About Tax Credit Incentive Filing Requirements appeared first on MGO CPA | Tax, Audit, and Consulting Services.

1. Understanding Elective Pay and Eligibility 

Elective pay allows government entities, traditionally ineligible for tax credits, to receive refunds. This shift, introduced by the Inflation Reduction Act, opens the door for substantial financial incentives. For example, a Northern California city recently secured over $6 million in credits on a $28 million project.  

To take advantage of these opportunities, your government must navigate the elective pay process — including pre-filing registration and understanding critical timelines. 

2. Diverse Credit Opportunities 

Energy tax credits are not limited to one type of project. They encompass a wide range of investments, including: 

• Energy Property: Investments in renewable energy equipment. 

• Energy Production: Generating electricity from renewable sources. 

• Commercial Clean Vehicles: Purchasing new commercial clean vehicles. 

• Electric Vehicle Recharging: Installing recharging or refueling equipment. 

Each category has specific criteria and potential return rates, which can vary significantly based on factors like project location and adherence to prevailing wage requirements. 

3. Critical Timelines and Application Processes 

Timely action is crucial for maximizing these credits. For the 2023 tax year, pre-filing registration must be completed by July 15, 2024, to meet the IRS’s review period recommendations. Additionally, applications for the Low-Income Community Bonus Credit Program, which can increase credits by up to 20%, are due by June 27, 2024.  

Properly tracking and documenting project costs is essential for accurate credit computation and successful filing. 

Maximizing Energy Tax Credits for Your Government 

Your state or local government stands to gain significantly from energy tax credits by understanding and navigating the elective pay process, exploring diverse credit opportunities, and adhering to critical timelines. Engaging with tax professionals can help you maximize potential refunds and enhance your renewable energy investments. 

For more detailed information on how your government can take advantage of energy tax credits, watch the webinar video on this page or reach out to our Tax Credits and Incentive team today. 

The post 3 Tips to Unlock Energy Tax Credits Locally appeared first on MGO CPA | Tax, Audit, and Consulting Services.

Our process aims to provide you with peace of mind, managing every aspect of your audit with the highest standards of clarity and professionalism. 

The post MGO’s Audit Approach: Clarity, Communication, Control appeared first on MGO CPA | Tax, Audit, and Consulting Services.

Sales and use tax rates and regulations change often, and the rules vary widely from state to state. As a result, many businesses find themselves “over-complying” with sales tax rules and neglecting potential savings. For taxes that have already been paid (and that are still within the statute of limitations), you can submit a claim for refund — through a process that is often referred to as a “reverse audit.” In this video, we explore how collaborating with our State and Local Tax team can help you perform a reverse audit to improve your bottom line.

To read more about Reverse Sales Tax Audits read our article here.

To get started working with the MGO State and Local Tax team, click the link HERE.

The post 4 Steps to Recover Overpaid Sales Tax with a Reverse Tax Audit appeared first on MGO CPA | Tax, Audit, and Consulting Services.