Two tax experts have offered advice for marine businesses on ways to save on taxes so they can maximize their cash.
Michael C. Laur and Ronald G. Wainwright, both of Cherry Bekaert’s Specialty Tax Group, Credits & Accounting Methods, gave some hints to business owners that they might have overlooked.
R&D tax credit, cost segregation studies and transaction advisory services are three areas they identified for business owners to explore.
“Now that most states offer a measurable path forward for non-essential businesses to reopen, many owners are wondering if the revenue hits that the shutdown caused may be too much to overcome,” the two wrote in an article they co-authored for Soundings Trade Only.
“Reopening does not guarantee a long-term recovery to pre-pandemic levels,” they cautioned. “With this in mind, owners and managers are looking for ways to access cash and limit outlays, to stay viable while their companies search for traction. For all players in the marine industry, immediate cash tax savings are available through three avenues: research and development tax credits, cost segregation studies, and transaction advisory services.”
They then detailed the specifics of each vehicle for tax savings.
Read the full article here.