RALEIGH, N.C. (May 18, 2010) Responding to client needs and in anticipation of a 30-day window to file for the Therapeutic Discovery Project Tax Credit, Hughes Pittman & Gupton, LLP (www.hpg.com), the largest CPA firm headquartered and staffed in the Research Triangle Park region of North Carolina, has cross trained all of the firm’s CPAs and auditors, regardless of specialty, to assist with preparing applications.
HPG senior tax accountants and advisers expect a similar process to the Advanced Energy Manufacturing Credit of 2009. If this holds true, final applications will be several hundred pages long and need to include technical and financial information as well as job creation and economic impact forecasts.
The “all hands on deck” call was sounded after the firm, which has many biotech and life science companies as clients, began discussing the opportunity for the tax credit and grant option it includes. More than 40 clients packed the information session offered by the firm on May 14.
“When the word went out that we were hosting the information meeting, I heard from several other accounting firms seeking HPG as a partner or sub-contractor to assist their clients in applying,” says Tim Gupton, partner and executive committee member at HPG. “This is the biggest thing in way of funding to have ever happened for start-up to mid-sized companies in the bio, pharma and life science industries.”
Cross training the firm’s staff has poised HPG to offer a menu of services for those interested in applying for the credit.
Additionally, firm partners have been working with the North Carolina Biotechnology Center to make available the necessary economic impact statistics needed to address application criteria regarding job creation and sustainability. Beyond applying for the tax credit, HPG CPAs expect many companies to choose receiving the optional grant. Since it is commonplace for a grant giving organization to require regular reporting beyond tax accounting, the firm is prepared to assist.
HPG is the largest CPA firm headquartered and staffed in the Research Triangle Park region of North Carolina, as ranked by the Triangle Business Journal. More than just an accounting firm, HPG assists clients in looking beyond the bottom line by being the right people, right value and right firm to achieve each client’s definition of success. HPG is a member of CPAmerica International and affiliated with the Horwath alliances of firms, with offices worldwide. The firm leverages this to provide national and global accounting resources to its clients. HPG offers a wide array of business accounting, auditing, corporate tax and management advisory services. Specialties include serving owner-managed, investor-backed technology and life science organizations, healthcare services, real estate development, manufacturing and distribution businesses, as well as providing ERISA audits, family wealthcare services and Sarbanes-Oxley internal audit services.
HPG has remained committed to advancing a thriving Triangle community since its founding in 1983. In recognition, the firm is the recipient of two Pinnacle Business Awards by the Greater Raleigh Chamber of Commerce; the 2009 Large Entrepreneurial Business Award and the 2010 Integrity in Business Award. Several HPG partners are also the recipients of excellence awards, including the CED Outstanding Service and Entrepreneurial awards, Business Leader Magazine’s Impact Financial Leader and Dealmaker recognitions, and the Triangle Business Journal’s 40 Under 40 and Women in Business awards. Visit www.hpg.com of follow HPG on Twitter at http://twitter.com/HPGcpas.