EAIG has provided over one billion in secured business incentives.
25% of Fortune 1000 companies have partnered with EIAG.
Our clients range in size from 25 employees to over 400,000.
Employee Retention in the Face of the COVID-19 Pandemic
For the most recent Employee Retention Credit information, please see our comprehensive ERC: Employment Retention Guide .
Employee Retention Credit (ERC) is a refundable tax credit for the period of March 13, 2020, to December 31, 2021, for businesses that started operating during the COVID-19 pandemic, retained employees while shut down or while interrupted in more than a nominal way by the COVID-19 pandemic, or posted significant reductions in gross receipts.
Companies or trades that experienced a significant decline in gross receipts during the pandemic or whose operations were suspended entirely or partially due to governmental orders or recovery start-up businesses are eligible for the ERC. The ERC's key eligibility and calculation rules in 2020 and 2021 differ.
The deadline to submit Form 941-X for Employers eligible to claim funds from the ERC for 2020 is April 15, 2024. Employers eligible to claim funds from the ERC in 2021 must submit Form 941-X by April 15, 2025.
Economic Incentives Advisory Group (EIAG) is a national firm with clients ranging from Global Fortune 100 companies to local businesses that need professional guidance to identify, secure, and administer tax credits, grants, private foundation funding, and other business incentives.
EIAG is the only consulting firm in the nation with a proprietary database that tracks over 12,000 grants, credits, and other business incentive programs. Clients and partners of EIAG can benefit from this information. This proprietary information allows a company to capitalize on the business incentives available to them based on where they have current locations or considering expansion.
Our professionals have an average of 20 years of experience in the credits and incentives industry. They have been carefully selected based on expertise, ethical standards, professional track record, and ability to deliver the highest quality work product. Our professional backgrounds consist of Big Four accounting, government, legal, consulting, grant development, corporate site selection, IT, and sophisticated research analysis.
As part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, an Employee Retention Credit (ERC) was introduced to encourage employers to retain employees during the recent pandemic by offering them a refundable tax credit that can be used to offset the costs of employee retention. There are no specific limitations on how the business should use these funds.
EIAG helps clients by outlining a reasonable basis for claiming the ERC, scoping activities such as receiving PPP forgiveness or contributing toward employee health benefits, and subsequently quantifying and applying for the estimated tax credit benefits.
Learn more in our online guide, ERC: Employee Retention Credit. A Definitive Guide .
Many states are introducing what they call “Covid-Pilot” programs. Depending on state, these programs will provide a cash benefit, tax credit or payroll tax reduction. States are encouraging companies to hire and train employees. They recognize these are challenging times and providing economic assistance to help companies maintain through this unprecedented period.
Our firm, EIAG, will help your company determine if you have facilities/offices/operations are located in states that have Covid-Pilot programs.
We will help with the following:
• Qualification requirements
• Funding levels
• Application due dates
• Required reporting
In most cases, the program will provide a set amount of funds for each employee hired and/or trained during the pandemic. Some states will provide a retroactive component to the program. This means a company may be able to “look-back” to jobs created during first quarter of 2020 through to present. Please also keep in mind, not all states have an established Covid Pilot program. EIAG will help you assess.
We believe the most important part of the incentives process is the compliance and administration. This step takes place "post" award or after the negotiation of the incentives are complete. Often times a company engages an attorney or site consultant to negotiate the economic incentives package. Frequently, the amount negotiated can be in the millions of dollars. Fees are then paid to the consultant, real estate group or attorney, and the management of the incentives is turned back over to you, the client. This practice, in our opinion, is not fair or equitable to you. The administrative challenge and true expertise is needed post-award. This is after the state or city sends you the award letter.
"Most consultants charge the bulk of their fees at the time you receive your award notice from the state. This does not make sense because you, the client, have not received your first dollar or claimed your credits yet. You are substantially out of pocket at this time. The true work begins post-award. This is the reporting the state needs to release your funds or for your company to claim your tax credits. At EIAG, the main portion of our fee is paid AFTER you claim your credits or receive your grant funds. That is the sign of a true partnership. We are primarily paid after you claim your benefit." Bryant Colman – Managing Principal – EIAG
(According to several studies and surveys, utilization of incentives is less than 12% of the total award available. Our clients typically achieve 90% + utilization of their incentives.)
Training incentives are a core offering provided to businesses at the Federal, state, county and local levels. The purpose of this type of incentive is to award and encourage employers to invest in training their workforce. Most employers are not aware these funds are available to them; and when there is some level of familiarity, they believe the administrative requirements and too burdensome to pursue.
We research, manage and administer training grants, credits and pay-for- performance programs across the U.S. The benefit to an employer can range from $25,000 to $5 million depending on the state, county and city where your company has a presence.
The economic benefit for the employer, depending on location, comes in the form or cash or tax credits. Prior to engaging on a project, we will forecast the economic benefit and provide an overview of the administration. Once your company is approved for the funding or credits, we assign project managers to administer the program and attain maximum benefit. Most clients then continue to apply for the funding year-over-year.
The Research and Development Tax Credit (R&D Tax Credit) is one of the most significant tax incentives available to tax payers. It is also a program most companies are unaware is available to reward their day-to- day activities that produce or improve a product, process, technology or system.
Almost all industries, with new changes to the program, qualify for the R&D credit. The R&D Credit is a government-sponsored benefit that provides cash incentives for companies conducting R&D in the U.S.
EIAG’s R&D Tax Credit Practice Group will help you determine if you qualify— at no cost. Once it is determined a company is eligible; EIAG will (1.) interview personnel involved in R&D, (2.) develop written memorandums of qualified activity, (3.) report development and (4.) the final delivery report, which provides the supporting documentation to claim the credit.
*Congress has made the R&D Tax Credit permanent. Additionally, the two following changes are substantial: (1.) Qualified businesses can claim the R&D Tax Credit and apply it towards payroll taxes (essentially making it refundable.) If you qualify, you will lower your 2017 labor costs significantly. (2.) The credit can be applied against a business’s AMT.
The Work Opportunity Tax Credit (WOTC) has been the marquee hiring credit in the U.S. for over 20 years. This is a Federal program. The financial benefit to an employer is up to $9,600 for every qualified hire. For most companies, 12-17% of your new hires will qualify.
EIAG will screen your new hires for these credits. For many clients, these credits generate a new revenue stream. You do the hiring; we help you claim the credits.
Other Hiring Credits: Throughout the country, there are other hiring related tax credits. Depending on where your facilities are located; the credits can be awarded at the state and local level. These credits are designed to award companies that are creating jobs. Most of the credits at the state level can range from $500 - $5,000 per new hire.
EIAG will analyze your locations and determine if there are state and local hiring credits available.
Federal and state incentives are available to almost all companies, and of all sizes. Federal programs are traditionally more uniform. The economic benefit and qualification requirements are standardized throughout the country. The state programs vary by state. Qualification requirements, economic benefit, funding amounts and guidelines vary. Some examples of how a state can deliver the benefit to a company include cash grants, tax credits, payroll tax relief, property tax reductions, utility discounts, infrastructure abatements, sales and use tax benefits and other forms of economic incentives.
There are thousands of incentives available at the federal and state level. The incentives available to your company will be determined by a number of factors. These include such things as business location, industry type, equipment purchased, training delivered to employees, and hiring trends.
EIAG will analyze your company, at no cost, and determine if there are incentives that your company is entitled to receive and has not claimed. In some states, a “look-back” is permitted and missed opportunities from prior years can be captured generating a tax refund. There will be other incentives simply based on your current business activity that can be claimed going forward. In these cases, EIAG will develop a process to make it efficient for the client to claim your credits or grants going forward. For the cash programs, checks will be issued to your company. For the tax credit programs, reporting will be coordinated with your CPA/Accounting firm so your company can realize the benefits on your quarterly estimated tax payments or final return.
CPA & ACCOUNTING FIRMS
You are your clients’ most trusted advisor. They turn to you for developing tax strategies, compliance and business planning. EIAG would like to compliment your service platform.
This is how EIAG can help:
• EIAG will identify grants, tax credits and other business incentives available to your clients.
• Leverage our proprietary national-incentives database of over of 12,000 government programs.
• EIAG will provide a report of the programs that can impact your clients.
• Provide conservative estimates of potential tax credits or grants available to your clients based on location (state/city) and general business activity.
EIAG only manages credit and incentive programs. We are not a tax-preparer or audit firm. Although we have a number of CPAs that are members of our firm; credits, grants and incentives is our sole focus, hence, our unique ability to partner.
Our objective is to compliment you and your firm!
To learn more about our partner program and processes, please contact Bryant Colman at (602) 687.7000 or email@example.com.
Associations are a very important to the success of the members. In many cases, you are driving legislation, coordinating partnership opportunities, creating leaning forums and materials, improving communication in the industry and other important factors that drive success.
EIAG has created a platform to help an associations members become more successful.
• EIAG identifies government incentives available.
• EIAG applies as a consortium for state and federal training funds.
• EIAG speaks at meetings to discuss grants, tax credits and other member benefits.
HR TECH COMPANIES
If you are an HR technology company, we would like to partner! We recognize your focus is to provide your clients tools and technology to better recruit, develop and support their employees. If you are looking to differentiate your company from the pack, we can help. Below are strategies we would like to discuss.
• Covert the HR Department into a profit center through these strategies.
• Many states and cities throughout the U.S. will provide employers grants and tax credits for new hires.
• Most of your clients do not realize they are leaving money on the table.
• Most states provide employers with job training grants or credits to offset training expenditures.
• These benefits can range from $50,000 to $5 million. (Benefit varies by state.)
• If you have a client that is going to expand or relocate an office/plant/facility; most states will provide substantial economic benefits; often times in the millions of dollars.
Our firm, EIAG, can help you determine if your client is eligible for government funding. It is always a pleasant surprise when you can call your client, and inform them they are eligible for these government sponsored programs. This economic benefit for your client will strengthen your relationship and add over all value to the services you already provide.
COMMERCIAL REAL ESTATE FOR TENANT REPRESENTATIVES
As a commercial real estate professional, you are representing your client on their next relocation, expansion or renewal. Any time there is this type of activity, there is a strong likelihood your client is eligible for state or municipal incentives.
As you are in the process of representing your client with their real estate requirements, it is important for your client to recognize the availability of government incentives. Ideally, our firm is brought in to assist with incentives before a “final” location is identified or a renewal at an existing location is completed.
We work hand-in-hand with your team to negotiate and structure the incentives package for your client. You are the tenant representative. We are working behind the scenes to identify and secure the government funds.
Government incentives are typically available based on the following activity:
• Relocation of a facility
• Increases in employee head-count at new location OR existing facility
• Capital investment made at a new or existing facility
• Investment made in training employees
There is also a pool of discretionary funds most states have allocated to retain a company from moving or attract an out of state employer. You, as their real estate professional, are on the forefront of this activity. We will help your clients capitalize on these government incentives.
For Landlord Representatives
If you are a Landlord Representative, we can conduct a free analysis to determine if a building is located in an enterprise zone, empowerment community or any other designated area that offers government incentives. Making tenants aware these benefits are available can make your location more attractive than a competing site. We will work with your tenants to assist with the application process and secure the incentives they are entitled to receive.
As a VC firm you want to see your portfolio of companies grow. They are not only relying on you for capital; your managerial, technical expertise, contacts and business knowledge are also important.
EIAG has worked with VC firms providing webinars and conferences educating early stage companies regarding the various federal, state and local incentives specifically designed by the government for early stage companies.
At a no cost basis, we would be glad to host a webinar or conduct a study to determine if your portfolio companies are eligible for grants, tax credits or other business incentives.
Over our firm’s history, economic development groups throughout the U.S. have been one of our biggest advocates. Incentives are a very important part of a state’s strategy to attract new business. They are also used to encourage existing companies to grow. Unfortunately, after an award is made, very few companies have the expertise, resources or time to manage the compliance and administration of a program.
If we were to isolate one element of our services platform that differentiates us from other consulting firms is that we stay actively involved for the life of the incentives program to help your companies utilize their incentives.
Our team of CPAs, consultants, grant specialists and project managers keep the companies incompliance and actively stay engaged for the life of the program.
Our fees are also aligned with the utilization of the funds and less on the award. We will help your clients achieve maximum utilization.
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