IDS Case Study: Data Clean Up Project

By Keiter CPAs

IDS Case Study: Data Clean Up Project

Challenge and Opportunity

A leading logistics company, with a sizable workforce of more than 800 employees across 16 different locations, turned to us for assistance in claiming the Employee Retention Credit (ERC) under the CARES Act. The company was aware of the significant credit potential and sought to verify their eligibility as a qualifying employer, which hinged on proving their average full-time employee count was 500 or less.

Approach

  • The Keiter Technologies team collaborated with Keiter’s corporate tax specialists to leverage both teams’ combined expertise in data analytics, payroll data, and corporate tax law.
  • Reviewed and validated employee payroll data across 20 diverse data sources.
  • Developed an algorithm to address the challenge of calculating payroll data on weeks that straddled two months.

Results

Our thoughtful project approach, detailed data analytics, and deep understanding of tax laws enabled our team to successfully guide the client through this complex process. The result of the intricate and intensive project culminated in the confirmation of the company’s eligibility for a more than $9 million refundable payroll tax credit.

 

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About the Author


Keiter CPAs

Keiter CPAs

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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