Cost Segregation: Is a tax planning strategy that accelerates depreciation deductions and defers tax payments on commercial property. Our team of tax professionals, structural design experts and engineers identify and re-classify commercial building component expenses. The result generates a Cost Segregation Study that identifies and maximizes a clients tax benefits. Why wait 39 years to fully realize the benefit of depreciation deductions when we can accelerate those benefits down to as little as 5 – 7 years. The resulting benefit is superior cash flow, re invest-able assets into the business and or time value of money benefits for the business/business owner. 90% of commercial properties qualify for this service.
Property Tax Audit: With this audit, we engage in a review of real and personal property tax assessments which
often results in the identification of opportunities for lower property tax bills. The average
savings realized by our clients relative to their property tax is 20%.
Workers Comp Audit: Many times the employee classification relative to workers compensation insurance is incomplete or simply wrong. Many employees, based on their various daily functions may, or should carry different or multiple classifications, but don’t. These errors cost American employers millions of dollars annually. Through our study we evaluate issued workers compensation insurance policies and the work product of those involved in creating and issuing such policies. By comparing the policy content to the source documentation used to determine the policy premium, the premium audit review process determines the correct amount of premium that each policy holder is, or should have been required to pay. Contingent upon our findings, the business owner may be entitled to substantial refunds on historical payments as well as experiencing savings going forward.
R & D Tax Credit: As with Hiring Incentives, there exist a multitude of stimulus packages offered through the government relative to tax incentives. Research and development is a wage-based credit designed to qualify for grant money from the federal government as an incentive to promote research and development jobs. This audit is not limited to manufacturing or tech based industries, rather you will find a substantial amount of opportunity across a broad array of market sectors. For purposes of our offering – Original Studies are defined as Tax Returns to be amended in addition to the tax year in which the client signs the engagement proposal. Follow up Studies are defined as studies for years following the year in which the client signs the engagement proposal. We facilitate all aspects of the study, review, application and implementation on the employer’s behalf.
Property Lease Audit: With this audit, we help commercial tenants recover rent expense over payments and prevent ongoing operating expense overcharges that are based on inaccurate billing methodologies or impermissible lease charges. All leases are auditable, we are highly effective in identifying issues and recapturing those monies.
Hiring Incentive Tax Credits: As a result of the multitude of stimulus packages offered through various governmental agencies there exists substantial opportunities for employers to realize financial benefit through qualification for hiring incentive tax credits. We review every applicable stimulus package through studies that are performed to determine the eligibility of current and future employees in order to assess potential tax credits. This is accomplished through live screening interviews, offering assistance identifying target hiring categories, and providing internal compliance guidelines to ensure future new hires are properly screened. Our business owner clients will benefit up to $9,000 per year, per employee in tax credits.
Cell Phone Audit: Through this audit we reduce the client’s wireless bills for 24 months via our in house third party review. The review will look at errors, overages, and other fees to optimize the client’s account. The focus is to save money within the same carrier (not to change to a different carrier). We are successful 99% of the time in saving our clients 25% or more of their gross communication costs.
Energy Audit/Study: There exist two opportunities under this study and service. The first is a review of all local, state, and federal programs available to assist in Energy reduction efforts. The second is an actual study of the physical structures, wherein our engineers and contractors can engage in structural changes resulting in vastly reduced energy expenses for which a bonded guarantee is available relative to forecasted savings being achieved. Nationally, energy expenses are rising annually at 11%, participants in our study will realize a savings of between 25% – 45% on average.
Freight and Parcel Audit: With the vastness and volume of today’s shipping enterprise, there exists enormous opportunity for billing errors to occur. With this system, we review and audit a company’s overall freight/parcel costs via primary carriers; FedEx and UPS. Through the audit we have a 90% success rate in identifying client savings that are based on those over charges from the shipping carriers. In addition, client reports are provided detailing the errors.
Equipment Lease Audit: There exist incredible opportunity for even minute errors in billing to develop into massive over expenditures with the volume of usage relative to leased equipment. We will not only identify those errors and recapture those expenses for you, but will also, as a result of our findings, provide savings on future use of the leased equipment. All leases are auditable, the larger the expense and the longer the equipment has been leased the more you will want us to review it.
Vendor Screening: Business owners carry an incredible amount of liability relative to the vendors they elect to engage. This liability stems from both a Federal Law (Patriot Act) and from a legal liability standpoint (sub contractors/vendors). Our process relieves companies from the burden of management, maintenance and screening of new and existing vendors as well as getting them compliant with all legal guidelines. We supports due diligence and require vendors to provide current documentation to prove they are legitimate. In addition, our screening tracks General Liability and Worker’s Compensation insurance certificates of vendors.
Energy Deregulation: Our reverse auction energy program works much the same way as e-Bay, except instead of bidding the price up, the goal is to bid the price down. An energy deal is presented for auction based on the customer’s specified terms. Suppliers then bid directly against each other electronically during a pre-specified bidding period for the right to service that deal. The lowest priced bidder wins, thus ensuring that the customer gets the best possible deal for saving on their energy cost while expending the least amount of time and effort on their part.
Domestic Production Tax Credit: Every business in the manufacturing sector (and many others for that matter), whether small or large, should consider the manufacturing deduction under IRC § 199. While section 199 comes with a complex set of rules, it nonetheless represents a valuable tax break for businesses that perform domestic manufacturing and certain other production activities. For tax years beginning in 2010 and thereafter, the benefit is fully phased in at 9% of income from qualified production activities.
Sales, Income and Corporate Tax Audits:
These audits utilize forensic accounting to identify over payment of sales, income and corporate taxes. Through this process we are able to refine all costs associated with taxation while providing advanced and comprehensive planning for current and future years. Tax planning and mitigation strategies are among the most important to the long term success and value of a business.
Medical Supply Audit:Through this process IBSP will review all bulk medical purchases and demonstrate through its proprietary database and contracts, the ability to drastically reduce those bulk purchase prices. This can be facilitated through one of two approaches. The first approach results in savings by virtue of direct contract, middle man elimination and superior pricing associated with the purchase of identical products. The second is through superior pricing associated with the acquisition of sufficiently similar products that carry a positive price differential. In either scenario, as with all aspects of IBSP Cost Remediation, there is no cost or obligation to the client for IBSP to review and calculate the opportunity.
Merchant Audit: This audit applies to any business that allows their customers to pay for goods or services via credit card. The Federal Government estimates that each year, merchant processors take greater than $80 BILLION from business owners in the form of inaccurate fees. We will audit the merchant processor at no cost or obligation to the business owner and identify all avenues through which abuses are occurring. We will then demonstrate same to the business owner thereby educating them and affording them the opportunity to do something about it. If they desire to eliminate the abuse, we will work with their current processor to ensure that no additional “errors” occurs, while being compensated only as a percentage of the savings we produce.
Treasury Audit: The banking world is wrought with inconsistency and duplicate billing. With our team of ex banking executives we will audit all aspects of the clients banking and lending relationships to identify and eliminate duplicative and or unnecessary fees while also negotiating down fees that are unreasonable relative to acceptable industry standards and ranges.
PBM and TPA Audit: For those employers that are self insured, they will note that while they have reduced the costs associated with the provision of medical insurance for their employed (and dependent) population, they are experiencing costs and price inflation that is not in line with the pricing they were quoted relative to their going the route of self insuring. This industry is highly specialized and technical while being under regulated. This reality opens up enormous opportunity for manipulation, hidden behind an impenetrable shroud of comprehensive yet intentionally vague reporting. Through our audits we regularly uncover mountainous levels of inaccurate billings (many times ranging in the millions of dollars) that are of a critical nature relative to the sustainability of the insurance platform for that employer.
Qualified Plan Compliance and Expense Audits: These represent two audits covering different aspects of qualified plans. The first is plan compliance – the Federal Government (IRS and DOL) state that somewhere between 82 and 92 percent of all qualified plans in this country are non compliant. This is a major issue for businesses and their ownership as the Government is aggressively pursuing fines against businesses they find to be non compliant. Last year (2014) the average fine levied by the DOL was in excess of $600,000.00 with additional fines coming from the IRS. Recently (2015) legal precedent has been established relative to internal operating costs (both illustrated and not) and the implications associated with same relative to the liabilities facing plan sponsors. These audits can ensure both compliance and cost containment while being able to assist in bringing non compliant plans back into compliance and even negotiating with the governing bodies relative to managing non compliance penalties.