Paradigm Partners Reaches Out to Eligible New York Businesses to Help the NY Youth Works Program Succeed

The NY Youth Works Program was extended so that eligible youth may now start work on or before December 31, 2012. Previously, in order to qualify, the eligible youth had to start work before July 1, 2012.

Karim Solanji, a Director at Paradigm Partners, said “The extension of the start work date will allow many more businesses to take advantage of the program. The initial deadline of July 1 was fast approaching thus making it difficult for some companies to get everything in place in time for the deadline. After all, the goal is find employment for disadvantaged youth and the extension will help fulfill that goal.”

Paradigm Partners has been very assertive in contacting businesses in the specified areas to see if they are in a position to hire eligible youth.

“Paradigm Partners has successfully secured $7 Million of the $25 Million available from the program thus far. The extension allows Paradigm to broaden our search of companies in those areas outlined in the New York Youth Works program. I feel confident that we will continue to add businesses as clients that will hire eligible employees and help Governor Cuomo’s program succeed.” relayed Brian Cameron, EVP of Business Development with Paradigm.

Contact Karim Solanji at 281-558-7100 x-109 or via email KSolanji@ParadigmLP.com to learn more about how we can help you benefit from the NY Youth Works Program.

NY Youth Works Program Extended

On December 9th, 2011, New York Governor Andrew Cuomo signed the NY Youth Works Program into law to encourage businesses to hire unemployed disadvantaged youth. The program was designed to support job training and employment for eligible youth ages 16-24 who live in specified areas of New York State.

There was $25 Million in REFUNDABLE State Tax Credits allocated under this program. Even if an enterprise is not paying any state taxes, the enterprise can still receive a significant CASH REFUND from the program.

Paradigm Partners realized that the program could provide consequential financial benefits to businesses willing to help the unemployed, disadvantaged youth. With only $25 Million available, the challenge was to contact our prospects as quickly as possible to stress upon them the need to act now.

The call was heard with outstanding results.

Karim Solanji, a Director at Paradigm Partners, said “At this point, Paradigm Partners has successfully secured $7 Million of the $25 Million available from the program for its clients. And we expect several million more to be awarded to our existing pipeline of customers.”

Under the program, each qualified employee that is hired by a company is worth up to $4,000 in tax credits.

Brian Cameron, EVP of Business Development with Paradigm, pointed out “As with many government programs, in order to obtain the benefits, there is a lot of research and paperwork required along with deadlines to meet. The NY Youth Works Program was no exception. Eligibility for the program had location rules and more importantly, the job had to pass some strenuous guidelines. It was apparent from the start that most enterprises could use the help of our company.”

The bigger firms have chosen not to pursue the NY Youth Works incentive because it’s not worth it. Not worth it to them maybe, but when was a small business owners’ share of $25 Million not considered worth it?

Paradigm is proud of our accomplishments. However, we are not done. We are still welcoming new businesses to work with us to take advantage of this great tax credit. We won’t stop until there are no more funds available for our clients.

The deadline for certification is November 30, 2012.

Contact Karim Solanji at 281-558-7100 x-109 or via email KSolanji@ParadigmLP.com to learn more about how we can help you benefit from the NY Youth Works Program.

Paradigm Partners Helps New York Businesses Take Advantage of the NY Youth Works Program

Houston, TX, April 27, 2012 (GLOBE NEWSWIRE) — On December 9th, 2011, New York Governor Andrew Cuomo signed the NY Youth Works Program into law to encourage businesses to hire unemployed disadvantaged youth. The program was designed to support job training and employment for eligible youth ages 16-24 who live in specified areas of New York State.

There was $25 Million in REFUNDABLE State Tax Credits allocated under this program. Even if an enterprise is not paying any state taxes, the enterprise can still receive a significant CASH REFUND from the program.

Paradigm Partners realized that the program could provide consequential financial benefits to businesses willing to help the unemployed, disadvantaged youth. With only $25 Million available, the challenge was to contact our prospects as quickly as possible to stress upon them the need to act now.

The call was heard with outstanding results.

Karim Solanji, a Director at Paradigm Partners, said “At this point, Paradigm Partners has successfully secured $7 Million of the $25 Million available from the program for its clients. And we expect several million more to be awarded to our existing pipeline of customers.”

Under the program, each qualified employee that is hired by a company is worth up to $4,000 in tax credits.

Brian Cameron, EVP of Business Development with Paradigm, pointed out “As with many government programs, in order to obtain the benefits, there is a lot of research and paperwork required along with deadlines to meet. The NY Youth Works Program was no exception. Eligibility for the program had location rules and more importantly, the job had to pass some strenuous guidelines. It was apparent from the start that most enterprises could use the help of our company.”

The bigger firms have chosen not to pursue the NY Youth Works incentive because it’s not worth it. Not worth it to them maybe, but when was a small business owners’ share of $25 Million not considered worth it?

Paradigm is proud of our accomplishments. However, we are not done. We are still welcoming new businesses to work with us to take advantage of this great tax credit. We won’t stop until there are no more funds available for our clients.

The deadline for certification is November 30, 2012.

Contact Karim Solanji at 281-558-7100 x-109 or via email KSolanji@ParadigmLP.com to learn more about how we can help you benefit from the NY Youth Works Program.

About Paradigm Partners:

Paradigm Partners is a national consulting firm specializing in complex federal and state tax and funding incentives, for both public and private entities, across a host of industries. Paradigm Partners’ staff boasts some of the industry’s most experienced attorneys, engineers, PHDs, software developers, and audit experts.

The Company’s core consulting portfolio includes R&D Tax Credits Analyses, Hiring and Location Tax Incentives, Grant and Non-dilutive Funding Advising, IC-DISC, Cost Segregation Studies, and Tax Controversy, Patent and Audit Defense Services.

Paradigm Partners was recently recognized on Inc. Magazine’s 2011 Annual List of America’s Fastest-Growing Private Companies -The Inc. 500, where they achieved a No. 37 distinction in the nationally-tracked Business Products and Services category and a ranking of No. 9 in Houston, TX.

Paradigm was also named as the 14th Fastest Growing Company on the Houston Business Journal’s 2011 Fast 100 List. This honor is bestowed upon companies with the highest percentage of revenue growth in the Houston area.

CONTACT: Paradigm Partners, Houston, TX
         Karim Solanji, Director
         281-558-7100 x-109
         KSolanji@ParadigmLP.com

President Obama’s 2013 Budget Proposal outlines changes to the R&D Tax Credit, adds a new job creation incentive, and introduces the “Buffet Rule.”

American Innovation and Manufacturing

• $140.8 billion for R&D overall; increase the level of investment in non-defense R&D by 5 percent from the 2012 level, even as overall budgets decline; maintains the President’s commitment to double the budgets of three key basic research agencies (National Science Foundation, Department of Energy’s Office of Science, and National Institute of Standards and Technology Laboratories); expands (enhances)  and makes permanent the R&D Tax Credit.

Jumpstart Job Creation

• A new tax credit for this year focused on small businesses and that gives businesses that add jobs and wages a tax cut equal to 10 percent of wages added up to $500,000.

The “Buffet Rule”

• The budget characterizes the “Buffet Rule” as: “No household making over $1 million annually should pay a smaller share of its income in taxes than middle class families pay.”. Its name derives from Warren Buffet’s observation that his effective tax rate is lower than his secretary’s.

• The budget proposes that those making more than $1 million should pay at least 30% of their income in tax. The budget’s introduction says that “[t]he Administration will work to ensure that this rule is implemented in a way that is equitable, including not disadvantaging individuals who make large charitable contributions” (id.), but no specifics are provided.

• The president is proposing that this “Buffet Rule” replace the current AMT.

Summary

Our hope is that these incentives remain part of the budget when passed. From an R&D Tax Credit perspective, our clients will be able add staff with the knowledge that the credit is permanent.

The enhancements to the credit will provide additional funds for R&D to our clients and the “Buffet Rule” could open up the credit to tens of thousands of small to medium size businesses. Today, many owners of SMBs are paying AMT and so have been unable to take advantage of the credit because the credit could not reduce AMT.

Lastly, the new credit “Jumpstart Job Creation” will assist our Hiring & Location Incentive clients to add new staff and help increase employment for the country.

On November 21, 2011, the President signed into law two new tax credits:

• The Returning Heroes Tax Credit is a new hiring tax credit that will provide an incentive for businesses to hire unemployed veterans.
• Short-term unemployed: A new credit of 40 percent of the first $6,000 of wages (up to $2,400) for employers who hire veterans who have been unemployed at least 4 weeks.
• Long-term unemployed: A new credit of 40 percent of the first $14,000 of wages (up to $5,600) for employers who hire veterans who have been unemployed longer than 6 months.
• The Wounded Warrior Tax Credit will double the existing tax credit for long-term unemployed veterans with service-connected disabilities.
• Maintain the existing Work Opportunity Tax Credit for veterans with service-connected disabilities (currently the maximum is $4,800).
• A new credit of 40 percent of the first $24,000 of wages (up to $9,600) for firms that hire veterans with service-connected disabilities who have been unemployed longer than 6 months.

This is the latest of a series of executive actions to help get veterans back to work. Paradigm’s Hiring & Location Incentives Division will be working closely with clients to take full advantage of this incentive and help our veterans find new employment… find out more