The Utah Governor’s Office of Economic Development (GOED) is pleased to announce that 1-800Accountant will open an office in Utah, creating up to 120 new high-paying jobs in the next five years.
“1-800Accountant has a unique business model where many of the company’s employees work remotely, and services are performed virtually,” said Val Hale, GOED’s executive director. “Given our current situation with COVID-19, it’s great to see companies providing these opportunities for employees. We’re pleased they chose Utah to expand, and we welcome them to the state.”
1-800Accountant is an online virtual accounting firm that offers services for small businesses. They have multiple teams of CPAs, tax professionals, bookkeepers and payroll specialists who provide accounting services including tax, bookkeeping, payroll and advisory services to clients throughout the United States.
“Utah is a great place for businesses to start,” says Brendon Pack, chief revenue officer of 1-800Accountant. “We wanted to expand our operations to a state that understands the needs of small business owners. With a preferential tax system that supports small businesses, Utah is the ideal choice for our new office.”
1-800Accountant may earn up to 15% of the new state taxes it will pay over the five-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $160,974. Each year that 1-800Accountant the criteria in its contract with the state, it will earn a portion of the total tax credit.
“Locations on both the East and West Coast competed for this expansion,” said Theresa A. Foxley, president and CEO of the Economic Development Corporation of Utah (EDCUtah). “Thanks to the quality of talent coming out of the finance programs of our universities and our competitive costs of doing business, Utah won out. We look forward to helping 1-800Accountant thrive here.”
State of Utah Tax Credit Projections by the Numbers
About Utah Corporate Incentives
The Utah Legislature has authorized economic development incentives in the form of post-performance tax credits. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once GOED confirms those criteria have been met, according to statute (U.C.A. 63N-2-106(2)), companies can receive a refund of up to 30% of the state taxes they paid for up to 20 years. The contract with the state is post-performance; it only provides a state tax credit if the company meets its obligations.