What is Growth Management Consulting?
Growth is risky but imperative and possible! Our team of advisors is ready to assist you during every stage of your business growth. From start-up through ownership transition, we help you navigate the ever-changing landscape of business growth. The image below shows a few examples of how Cover & Rossiter can assist you during each growth stage:
In today’s busy finance departments, the majority of resources often are gobbled up by transactional tasks.
Organizations that achieve operational excellence spend more time analyzing data, looking at trends, and contemplating strategy based on financial and nonfinancial indicators.
Operational excellence is all about having a collaborative focus on your customer’s needs, keeping team members positive, empowered and informed, and continually improving the current activities in the workplace.
Cover & Rossiter’s Growth Management Consulting team offers Profitability Consulting.
Contact us to learn more
Opportunity Zone Tax Incentive (OZ)
The OZ program allows investors to defer paying tax on realized capital gains if such gains are invested in a qualified opportunity fund. In addition to the deferral, the original capital gain tax would be reduced by up to 15% and appreciation from the new investment can be tax free if held for over 10 years.
Why should you consider this incentive?
- Temporary deferral of tax
- Potential state incentives
- Reduction of tax liability
- Permanent elimination of tax
R & D Tax Credits
When you combine the federal R&D tax credit with Delaware’s R&D tax credit, businesses are rewarded for conducting leading-edge research in the State.
Benefits of the R&D Tax Credit include:
- A hidden and immediate source of cash for many small and mid-size companies.
- Creates a significant reduction to current and future years federal and state tax liabilities.
- The R&D Tax Credit is not a deduction; it is an actual dollar-for-dollar credit against taxes owed or taxes paid.
Here are a few examples of company activities that may qualify for the R&D Tax Credit:
- Developing an innovative product that is new to the market
- Engineering and designing a new product
- Conducting research aimed at discovering new knowledge
- Searching for ways to apply new research findings
- Designing and/or evaluating product alternatives
- Introducing significant modifications to the concept or design of a product
- Experimenting with new technologies
Let Cover & Rossiter assist you in minimizing your tax liability through these programs!
To learn more about how Nexus affects your business or to see if you qualify for a state or federal R&D tax credit, contact us .
Rules of accounting are constantly evolving and changing. Cover & Rossiter’s Growth Management Consulting team stays fully informed of changes and works with clients to mitigate their tax liability.
Lease Accounting Standards
The Financial Accounting Standards Board’s (FASB’s) new standard on accounting for leases took effect January 1, 2019 and affects entities across all industries that enter into lease arrangements or sign contracts containing leases to support their business operations. The standard will increase the transparency and comparability among organizations that lease buildings, equipment, and other assets by recognizing the assets and liabilities that arise from lease transactions.
Nexus Tax Consulting
Nexus in general means a connection. The term nexus is used in tax law to describe a situation in which a business has a “nexus” or tax presence in a particular state or states. A nexus is basically a connection between a taxing jurisdiction, like a state, and an entity, like a business, that must collect or pay the tax.
Nexus is determined differently for income taxes and for sales tax purposes. Each state has its own rules for determining nexus.
To learn more about these programs, contact us
Information will be added soon. In the meantime, if you would like to learn more about Succession Planning, contact us.