Monday, April 4, 2011

It's That Time Again!! Are You Tracking Your Incentive commitments?

Businesses participating in Florida's Economic Incentive Programs like QTI (Qualified Target Industry Tax Refund), BRF (Brownfield Redevelopment Tax Refund), or CITC (Capital Investment Tax Credit) are encouraged to monitor their incentive obligations.

You may be thinking that your commitments aren't required until December 2011.  And yes, that is true.  But, let's say that you wait until December to figure out if you've met your obligations. What if you are short on the required average wage? Are you prepared to LOSE your project because you did not meet the wage requirement? That's probably not the option you'll want to take! 
  • Have you considered analyzing your jobs and wage data to determine if you are on track to successfully achieving your incentive compliance goals?
  • What about your taxes? Have you considered monitoring your tax data now to avoid being OVERWHELMED at the end of the year?
Insider TIP: If you haven’t started monitoring your compliance commitments, don’t fret. You still have time.  Begin analyzing your first quarter's jobs, wage and tax goals NOW to determine if you are on track for meeting those goals.
I strongly urge that you DON'T WAIT UNTIL YEAR END TO DO THIS! Be proactive.

You may ask what is the benefit of managing your incentive goals throughout the year? My answer to that question is simply: If you monitor your project goals and determine that you are not on track for meeting one/more of those goals, you have an opportunity to make adjustments before it's too late.

Unfortunately, the reality is that most businesses do not track their incentive goals until the end of the year. For some businesses, this may be ok. However, for others, this may be to their detriment. Do you really want to take this chance?

To find out how to analyze your payroll and tax data to determine if you are on track for receiving a tax refund next year, email me at

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