Depreciation and Retraining Tax Credits
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Many CPAs have told me that clients don't tell them about what is going on in their business. And with tax season now upon us, it is a mad dash to complete everything on time, it is hard to get the tax data from clients, and everyone is busy.
So how can you find the time to investigate key options for your client such as Retraining tax credits? It may be simpler than you think. A great place to look for retraining tax credit potential is on the client's depreciation schedule. Software assets may point to a large $ Retraining tax credit for your client.
If you see software costing $10,000 or more, it may be worth further investigation. This applies to prior years also - as long as the Georgia tax return can be amended.
NOTE: not all software will be on the depreciation schedule. Your client may have acquired the software on an operating lease or as part of a bundled service offering with the software paid on a usage basis. Regardless of how your client acquires the software, there may be potential for tax credits.
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Quick Update
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We attended the annual Georgia Chamber of Commerce "Eggs and Issues" breakfast on January 13. This is always a good session to hear what the governor and other top elected officials intend to do during the upcoming Georgia legislative session. This year, none of the speakers mentioned any changes to taxes or tax credits. But with the large budget deficit, it will be interesting to see what really happens this year. To keep track of what is going on, look at the House Ways & Means committee web site here.
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Faster Refunds
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If your client will be getting Georgia income tax refunds on current year filing, we have heard that the turnaround time (and $ check back to your clients) from DOR is very quick if the returns are filed electronically. But if returns are filed via snail mail with the "USPS Certified Mail Receipt," DOR's receiving area sets them aside to be processed later. Much later, as it turns out! We have heard of situations where it took almost a month from the time of DOR-acknowledged receipt until the DOR approval person actually received it via internal mail. Help your clients get their $ refunds back quickly, and help DOR reduce its processing times by filing electronically if you can.
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Upcoming Alpharesults 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. The following are upcoming presentations:
February 19, 2009 - GSCPA North Perimeter. Click here to register.
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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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