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Valley Corporation
Earning credit for innovation
Valley Corporation’s taxes were simply “done.” That meant money was potentially being left on the table. Wipfli helped the third-generation cranberry grower get a bigger yield from its tax services.
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The Challenge
About 95% of Valley Corporation’s cranberry beds are high-yield varieties the grower breeds itself. Wipfli recognized the company could qualify for R&D tax credits for its innovation — something the previous tax firm hadn’t mentioned.
The Solution
A feasibility assessment showed that Valley Corporation could qualify for a $30,000 R&D tax credit for the current year, which was substantially greater than the cost of the study. During the full study, Wipfli identified hybrid breeding activities and expenses that qualified for the tax credit and gathered documentation to substantiate it. Wipfli also started entity selection to protect the company’s assets and estate planning to ensure the business could be optimally transferred in the future.
I was worried switching firms would be disruptive, but I couldn’t have been more wrong. Every person I met from Wipfli was knowledgeable and friendly.
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The results
In addition to the current-year R&D tax credit, Valley Corporation netted nearly $40,000 through a three-year lookback study. The company also established a 401(k) plan that allows the group to invest $80,000 annually on a tax-deferred basis versus just $22,000 with an IRA. Veteran stakeholders can save for retirement, confident they can sell or gift the business to the next generations.
