The Empowerment Zone Program is a federal tax incentive that offers businesses an income tax reduction in exchange for investment in highly distressed urban and rural communities. The key benefit from this program is an employment tax credit given to employers who hire people that work and live within these distressed communities. Eligible businesses who operate within an Empowerment Zone and are able to identify and document eligible employees can receive up to 20% of the first $15,000 of wages paid for each calendar year of employment.
Parts of the following communities are Empowerment Zones:
DSF identified $1.5 million in tax refunds for a client who wasn't even aware that any significant tax credits applied to their business!
Client had independently identified $14.1M in credits, DSF was engaged to perform a secondary review and found an additional $3.8M of credits.
A closely held corporation (4 principals) shared $2.5M in tax refunds after engaging DSF.
Downey, Smith & Fier has been helping businesses maximize the benefits of the Empowerment Zone Program for over 15 years. DSF will document business eligibility, identify all eligible employees, compute the maximum allowable tax credit values and prepare all necessary tax forms. DSF will ensure that your business not only receives current year federal tax savings, but is refunded for any prior year tax benefits. Current IRS legislation allows a business to retroactively claim refund for these tax credits for up to 3 years. If you believe you are an eligible business, do not wait to contact DSF to start a risk-free review. For immediate assistance contact Joel Peterson or call (562) 249-6012
