Search for:
SBA 8(a) Business Development Program Consulting Services
Cybersecurity Maturity Model Certification (CMMC)
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
Healthcare Industry M&A Report: What We Saw in 2021 and What’s Ahead
Cannabis Accounting, Tax & Business Advisory Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
General Data Protection Regulation (GDPR) for Higher Education Institutions
Government Contractor Consulting Services
2021 US Middle-Market Private Equity Report
Advisory, Accounting & Tax Services for Special Purpose Acquisition Companies (SPACs)
Risk Management Consulting Services for the Financial Services Industry
Government Contractor Consulting Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services
Providing You Guidance to Innovate and Grow Your Business
Government Contractor Consulting Services

COVID-19 Guidance Center

Tax Implications and Financial Business Guidance Regarding the Coronavirus

Transaction Advisory Services

Helping businesses navigate financial due diligence engagements and domestic and cross-border transactions.

Employee Retention Credit Tax Services

Expanded Employee Retention Credit (ERC) & how our professionals can assist you.


State Credits & Incentives


What Tax Credits and Incentives Can My Company Use?

Tax credits and incentives can help lower the amount of taxes your business owes. There are many tax credits and incentives your company can take advantage of, but you may need help identifying which credits or incentives are applicable to your unique situation.

State Credit Reviews

Many tax credits are statutory, low-risk opportunities that are often overlooked. Such tax credits include both above-the-line benefits and income tax benefits that may lower your overall effective tax rate. With a complimentary Cherry Bekaert credit review, your company can benefit from previously unidentified state credits that are available to you.

Typically, a one-day state credits and incentives review is more successful if conducted onsite at your location. Otherwise, the data for a feasibility review may be provided to us. Generally, feasibilities are conducted at no cost or at a significantly reduced rate.

The Credit Review Services process helps you identify opportunities for:

  • Relevant and applicable statutory state credits
  • Refundable or transferable state credits
  • Potential state credits that can be converted into cash
  • Location-based credits, grants or refunds
  • Handling unused, misused or missed credits

A feasibility review will consist of discussions with management and a review of tax returns, fixed assets, apportionment data, projected capital expenditure budgets, headcount increases and business locations.

Related Thought Leadership
Jan 10

North Carolina Offers Up To $500,000 To Struggling Businesses

Read More
Nov 10

New 1099 Independent Contractor Reporting Requirements for Florida Bus...

Read More
Oct 30

New Credit Program: California Small Business Hiring Tax Credit

Read More
Aug 17

Georgia State Tax Credit Legislative Changes

Read More
Aug 13

NC General Assembly Approved Grants for North Carolina Businesses

Read More
play button
Jul 27
Webinar Recording

State Taxes and a Remote Workforce

Watch Now

State and Local Incentives

Much like tax credits, state and local governments may award discretionary incentives to qualifying companies that enhance the local economy. Discretionary incentives may be available for certain business expansions, relocations, or rehabilitations that create new jobs or capital expenditures. They are awarded only at the discretion of the state and local authorities. These incentives may include free land, cash grants, low-interest financing, tax abatements, etc. Qualifying projects often need to be approved by the state in advance of the hiring and capital spend and may require the project to be competitive with another state or country. Cherry Bekaert performs a review of discretionary incentives in conjunction with a state credits review.

Employment Tax

Payroll is still the single largest expense most businesses incur, but your payroll tax department can still deliver huge savings. Recovering overpaid taxes, complying with tax law requirements, and detecting potential issues before the IRS does can greatly affect your bottom line. Are you sure your payroll department is doing all this?

Cherry Bekaert’s Employment Tax specialists can work with your HR and payroll professionals to reduce your risk and address your critical issues as they occur. You can get assistance with:

  • Identifying, quantifying, and recovering overpaid payroll taxes
  • Complying with federal and state tax law requirements during mergers, acquisitions and restructurings
  • Securing abatement of penalties for payroll-related assessments

Your team will work closely with our professionals to address payroll concerns before they become significant tax issues.

The Work Opportunity Tax Credit (“WOTC”)

The Work Opportunity Tax Credit (“WOTC”) program is a long-standing federal tax program designed to encourage companies to employ more workers who have traditionally faced barriers to employment. Examples of worker groups include the long-term unemployed individuals, individuals participating in welfare programs, veterans and ex-felons.

As a federal tax credit open to all employers, the WOTC is designed to encourage your business to hire individuals from certain targeted groups. These credits range between $2,400 and $9,600 for each qualified new employee. Some companies earn thousands of dollars each year in credits. These are dollar-for-dollar credits, not just deductions. The credits may even be carried forward if your company is unable to use them in the current year.

Thus, if your organization hires individuals from one of the targeted group categories, you may be eligible for tax credits under this program. Previously, claiming these credits may have seemed cumbersome, paper intensive and even time consuming. That’s why successful organizations turn to Cherry Bekaert to manage the screening process and the tax credit computation necessary for the WOTC to generate tax benefits for their ever-changing workforce.

Let's Talk

Martin Karamon

Principal, Strategic Tax Advisory Services, Tax Credits and Incentives Advisory Leader

Let's Talk


Investment Tax Credits for Georgia Manufacturers and Communications Companies

Learn more about Investment Tax Credits for Georgia Manufacturers and Communications Companies. We can help...

Learn More

Virginia Enterprise Zone Incentives: Real Property Investment & Job Creation Grants

Learn about Real Property Investment and Job Creation Grants. Let us help you secure grants...

Learn More

State Credits and Incentives Review Services

Cherry Bekaert can help identify relevant state credits and incentives available to you. Tax credits...

Learn More

SALT: Credits & Incentives – Employment Tax

Learn More

Georgia Tax Credits for Investors: Angel Investor Tax Credit & Seed Capital Fund Tax Credit

Learn more on Georgia Tax Credits for Investors: Angel Investor Tax Credit and Seed Capital...

Learn More

Georgia Jobs Tax Credit

Is your business eligible for the Georgia Jobs Tax Credit? Learn more here & let...

Learn More