Frequently Asked Questions

What is an Enterprise Zone?

Enterprise Zones were established to stimulate development in economically-depressed areas. Businesses operating or investing within an Enterprise Zone are entitled to special tax incentives.

Why use Zone Credit Consulting ?

Zone Credit Consulting, ZCC, specializes in Enterprise Zone credit computation. ZCC was formed to meet the tax credit needs of small to mid-sized businesses. Both State and Federal programs provide tax incentives for companies located in "strategic" areas. ZCC's mission is to insure corporations are aware of these incentives, and are properly serviced to maximize their credit dollars.

ZCC uses a non-intrusive process to compute these tax credits for you. Our contingent fee arrangement guarantees that you pay ONLY for results. Complicated State statutes and an inordinate amount of asymmetrical information prevent average accounting firms from completely understanding the credit computation process. As a result, ZCC specializes in this area alone. In short, we are better equipped to maximize your credit.

Why not continue to use your CPA?

Most of the CPA's we know are competent, but simply don't have the time to understand the tax credit to the degree a specialized firm does. The tax codes are complex and ambiguous in key areas. Moreover, it takes familiarity and experience to effectively process the tax credits. Identifying potential tax credits is only part of the equation. Understanding how to process the credits is a whole different matter. The combination of understanding the codes, the procedures, and the process is critical to maximizing your tax credits.

We currently use a tax credit consulting firm, so why use Zone Credit Consulting ?

Our experience has shown that the vast majority of consulting firms do not have adequate experience or expertise to properly serve their clients. Thus, most consulting firms are ill suited to compute these credits. Some firms may capture as little as 20% of the credits you're entitled to, while the average firm barely acquires 50%. ZCC's fee approach allows you to have a second set of eyes determine what credits might be left on the table, without it costing your firm a dime.

What types of tax credits can my firm capture?

It depends where your business is located. If you are located within an Enterprise Zone, for example, your firm can qualify for Hiring Credits and Sales & Use Tax Credits. The former is predicated on whether your firm hired employees who had a particular barrier to employment. The latter is based on the type of equipment purchased. Corporations may claim a credit equal to the sales or use tax paid or incurred to purchase qualified property.

What tax years can I claim these credits for?

For businesses within Enterprise Zones, an amended tax return can be filed. Amended returns can be filed within four years from the original due date of the tax return, the date the tax return was filed, or within one year from the date the tax was paid, whichever is later. Essentially, that means you can look at the previous four years and compute the various tax credits that your firm may qualify for.

For businesses in federal zones (e.g. Empowerment Zones, Renewal Communities and Enterprise Communities), essentially you can go back three years and calculate credits owed to you.

Whether you are a business in an Enterprise or Federal zone, credits may be computed for the current year and subsequent years, as well. These credits can be claimed until the expiration of your business's particular zone.