Moss Adams Launches New Online Tax Credit Exchange
Solution from The OIX Enables Businesses to Buy and Sell via Digital Marketplace
SEATTLE, January 22, 2014—Moss Adams LLP, one of the largest accounting and business consulting firms in the nation, today announced the launch of the Moss Adams Tax Credit Exchange, an online marketplace for buying and selling tax credits. The exchange enables members to trade tax credits across a number of participating jurisdictions.
“We’re proud to bring the exchange to our clients and future members and expect it to transform the way tax credits are purchased and sold,” said Rob O’Neill, state and local tax partner at Moss Adams and leader of the firm’s transferable tax credits practice. “Through this new digital marketplace, exchange members will gain transparency and real-time access to buyers and sellers across the nation and reduce the time it takes to complete a tax credit transaction.”
In the past, buyers and sellers had limited visibility into the transfer of credits, and executing on deals was a time-consuming process. With the Moss Adams Tax Credit Exchange, sellers can easily match up with buyers, converting credits they can’t use into cash they can reinvest in their business. And buyers can conveniently purchase those credits online, helping them offset state taxes owed.
Moss Adams has been involved in transferable state tax credits since 2007, assisting with the transfer of $500 million in such credits. O’Neill believes “large corporations, high net worth individuals and the businesses generating transferable tax credits have all been waiting for something like this. We’re excited to see how quickly the exchange will be accepted as the new norm for transferring tax credits.”
The Moss Adams Tax Credit Exchange is built on a white-label tax credit exchange through The Online Incentives Exchange (The OIX). The OIX software system provides accounting firms, tax credit brokers, tax credit lenders, advisory firms and government agencies with the ability to bring their activities online, efficiently and cost-effectively, resulting in increased growth and liquidity opportunities.
“Our turnkey software-as-a-service solution transforms how businesses facilitate tax credit transactions,” said Daniel Bigel, co-founder and chief executive of The OIX. “Moss Adams is positioning itself ahead of the curve by offering a digital solution that provides exchange members with greater market visibility, access and liquidity to the currently fragmented market.”
The Moss Adams Tax Credit Exchange is located at www.theoix.com/mossadams.
For more information, please contact:
Andrea Baseler, Edelman, for Moss Adams | firstname.lastname@example.org | (206) 664-7817