DOR-IPT One Day Tax Seminar Overview
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We attended the annual Institute for Professionals in Taxation (IPT) Georgia DOR One Day session. It provided a great opportunity to listen to upper level DOR representatives discuss tax law and policy and to talk with them during breaks and lunch. Some highlights:
- Tax credits: The 2008 legislature passed several new tax credits. As a result, the workload has increased for DOR personnel due to requirements of pre-approval and tracking the $ cap on many of these tax credits (e.g., private school tax credit). Some of the regulations are still being documented.
- New technologies: DOR will be implementing new systems to streamline their processes and analyze data. One they mentioned is a new data warehouse system that helps them cross-reference data in other state agencies. For example, a company that registers with the Secretary of State but doesn't file tax returns would raise a red flag for DOR review.
- Sales tax exemptions: The new integrated plant theory (HB 237) and fuels used in manufacturing (HP 272) exemptions were discussed. Amy Oneacre reviewed the proposed regulations - there may be real potential savings for your clients that qualify. These exemptions will expire Dec. 31, 2010.
This was an informative session that provided us an opportunity to better understand DOR's direction and to talk with the people at DOR who are frequently involved with client tax credit issues.
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Job Tax Credit Notice of Intent Time
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It's about that time of year to check whether your clients who take Job Tax Credits need to file Notices of Intent in order to keep their current tier rankings or census tract designations.
The Dept of Community Affairs (DCA) will soon distribute the annual tier rankings that are used to calculate the job tax credit $ amounts. Click here for the website.
If a county's tier increases (or saying it another way - the $ per employee decreases), the potential job tax credit $ will decrease. You can help your client by locking in their tier ranking.
DCA will allow a company to keep its existing tier ranking for up to 3 years if a "Notice Of Intent For Georgia Jobs Tax Credit" form is submitted no later than January 31, 2009. NOTE: also use this form for keeping their less developed census tract designations AND their "Lower 40" designations. Click here for the form.
Of course, if your client's tier ranking decreased, you don't need to file a Notice of Intent -- but don't forget to allow for the increased $ credit amounts!
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UPCOMING EVENTS
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We frequently speak about Georgia business tax credits to individual CPA firms as well as Georgia Society of CPAs chapter meetings. No presentations are scheduled for the Holiday season.
HAPPY HOLIDAYS !!!!
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About Us
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Alpharesults has assembled a team with the specialized knowledge and approach required to obtain Georgia income tax credits. We are not a public accounting firm. Rather, our services complement those of public accounting firms and do not create conflicted loyalties, because our professionals do not perform attestation work or other external audit functions.
We focus on small to medium-sized businesses and work exclusively in Georgia with a wide variety of in-state and out-of-state accounting firms. For more information on our services, follow this link.
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