At BRAYN, our internal goal is to make life easier for our clients.
The Payroll Tax Credit – Challenges and Solutions
The Payroll Tax Credit (PTC) is a powerful new tax credit for start-ups. Companies performing R&D, who have less than $5M in gross receipts, and no gross receipts prior to the last 5 years, may qualify for the PTC and offset up to $250K in FICA payroll taxes.
We’ve helped many take advantage of this amazing incentive. However, we’ve also seen a few of them discover challenges in utilizing the credit. We’ve found a few payroll providers that have been less than helpful in enabling clients to utilize these valuable incentives. So, we asked ourselves how we can make life easier on our clients?
In our search for client-centric solutions, we’ve researched the alternatives and identified Gusto as our preferred payroll service provider. We still work with many other payroll providers, but found Gusto to be the most responsive with the solutions meeting our clients’ needs.
The CPA provides Gusto with the Form 6765 to then claim it on the payroll tax return. Additionally, they have a “real-time” payroll tax credit option (for a nominal monthly fee) that allows clients to begin immediately using the credit. They also offer several benefits for accounting firm partners, including free payroll and HR for partner accounting firms.
We are extremely excited to find this opportunity & solution for our clients.
Click here to learn more about BRAYN, and our free, Phase 1 analysis.