Hospitality Solutions LLC Merges with Tax-Credit Company to Deliver Employer and Employee Tax Credit

New company also provides affordable, voluntary insurance benefits

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. October 14, 2008

RANDOLPH, NJ, September 26, 2005. This month Hospitality Solutions LLC merged with a leading nationwide company with more than 27 years of tax credit and benefits experience to create a new entity called: Hospitality Tax Credit and Benefits Solutions LLC. This division is a national provider of government tax credit and voluntary benefits programs for the hospitality industry.

"Through business development tax-credit programs, we can bring tens of thousands of dollars to hotels each year, regardless of size or franchise affiliation," said Steven J. Belmonte, president of Hospitality Solutions LLC. "We also can put money directly into the hands of hotel employees through the IRS Earned Income Credit Laws. In most cases, hotels are able to increase an employee's take home pay by as much as $130 per month, with no cost to the hotel.

"Our Voluntary Benefits program has been designed to be of great help to lower paid hotel employees who often live paycheck to paycheck and can't normally afford insurance benefits," he said. "It enables hotels to provide more benefits choices to all their employees. Hotels now can offer Disability/Accident Insurance, Critical Illness Insurance and Life Insurance without impacting their benefits budget."

Belmonte said that the Voluntary Benefits program has been proven time and again to help hotels attract and retain high-quality employees, while controlling the rising cost of providing employee benefits.

"The best part of working with Hospitality Tax Credit and Benefits Solutions LLC is that there are NO UPFRONT COSTS for our services, as we are paid upon consignment a percentage of the credits each hotel receives," Belmonte said. "It's a NO RISK, NO COST solution for hotels looking to create new revenues."

Responding to industry challenges

Hospitality Tax Credit and Benefits Solutions LLC will be operated under the direction of Howard Labow, Executive Vice President of the division and Belmonte's partner in this venture. Labow spent the past 27 years helping employers and employees generate millions of dollars through tax-credit programs.

"The uncertain economy has led to a new set of challenges for the hospitality industry," Labow said. "These challenges encompass workforce training and development and maximizing profits while operating with very tight margins.

"Business development tax credit programs are available to respond to these challenges, such as Welfare to Work, Work Opportunity and Enterprise Zone Credits," he said. "Although most hotels are entitled to tax credits for hiring entry-level employees, billions of tax credits go unclaimed each year."Labow said the potential to reduce the amount of Federal income taxes a hotel pays is astounding.

"Hospitality Tax Credit and Benefits Solutions LLC is designed and administered to identify and maximize the tax credits to which your hotel is entitled," he said. "For example, if just 10 hotel employees qualify during the year for one of the tax-credit programs, a hotel's potential credit could be $24,000. If 50 employees qualify, a hotel's credit could potentially be $120,000 and if 100 employees qualify, the hotel's potential tax credit could be $240,000 or even more. Hotels have nothing to lose by allowing us to assist them in capturing these valuable tax credits."