COMPLEXITY2: Claiming credits can be extra complicated. For federal credits alone, depending on the certification category, there are 29 different formulas involving varying credit percentages or wage bases to calculate a credit. In addition, there are 3 different tax forms for federal credits. McKenzie Chase manages all of that complex calculation, including program compliance, and provides reports that enable your tax accountants to quickly put the credits on your tax return. This makes it easy on everyone including HR, Tax, and Finance. Click here for a summary of wage bases, percentage formulas and IRS tax forms.
And the complexity is not just from claiming the credits. If you operate in multiple states, each state has its own certification unit that processes tax credits in its own way, even for federal credits. In addition, taking advantage of the more esoteric state and local incentives requires expertise that only a specialist should pursue.
