Taking Full Advantage of Tax Credits
My practice is located in extreme western Kentucky. We are predominately an agricultural area and tobacco, particularly dark-fired tobacco, has been a huge cash crop in this region for decades. Dark-fired tobacco is used in chewing tobacco and dips both of which have seen a substantial decline in usage and social acceptance in the last decade. We have been fortunate to have associated ourselves with a forward-thinking farm producer who has invested an immense amount of time and resources into an alternative product for tobacco farmers, which is hemp.
Hemp at one time was a staple crop for Kentucky farmers; however, its byproduct was cloned and developed into the drug known as marijuana. Modern technology has now preserved the plant back to its original industrial usage, and recent legislation has now made it, once again, legal to produce this previously profitable crop in Kentucky.
My client has been a leader in research for cloning, planting, practicing harvesting methods, etc. for this new industry. As a result of their research and experimentation, we expect to receive over $60K of income tax credits for their initiative. Adapting and overcoming is an adage not just reserved for the US Marines, but should be embraced by any company expecting to make a difference.
ATA has always had the ability and resources available to meet our continuously growing needs. We look forward to continuing our partnership with ATA for many years to come.
-Nick Campbell, Williams Steel
When transitioning ownership and job duties among closely held and family-owned businesses, you will encounter many challenges. I have partnered with over 50 clients that have successfully transitioned ownership and experienced culture shifts throughout the changeover. At ATA, we strive to aid clients in improving their business throughout every stage. Our quality products and services have helped us to achieve our goal of seeing clients succeed.
-J. Schifani, Partner
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