Talk to the Auditors About Tax Credits
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It's ok, this is not about government auditors. This is about the folks in your own firm.
I usually find that the client's main contact point is the CPA firm's auditors, not the tax group. And when clients discuss their business issues with their relationship executive, the information doesn't always get relayed to the tax team. Many of these business issues could have potential for tax credits, and the client would really appreciate getting the benefits.
We recently met with a CEO to discuss potential tax credits. At the end of the meeting, he wanted us to discuss the credits with his CPA firm to make sure there was no overlap and to determine if there was potential. I contacted the client's audit partner, who then referred me to the tax partner.
It turned out that the tax partner knew about the tax credits, but was not aware of the client's activities that potentially qualified for the credits. By the end of our conversation he admitted that he needs to talk about tax credits to all of his clients' auditors, especially those in his own firm!
After tax season, go talk with the audit teams about the good part of taxes - tax credits and how you can help your clients save money on taxes.
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Quick Update
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As of this writing, the proposed tax credit bill (HB 439) has passed the House and is in the Senate Finance Committee. The House made some significant revisions to this bill including eliminating the job tax credit claw backs and restoring eligibility for all companies to receive the retraining tax credit. There are still many provisions in the bill that make the credits more restrictive. Other tax credit bills are in various stages of consideration, and we will keep you posted as the dust settles. Meanwhile, to keep track of what is going on, look at the Legislation web site here.
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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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