One thing about tax credits that is easy to overlook during this busy time of year -- carryforwards.  Make sure you are carrying forward your client's tax credits.  This is especially critical for pass-throughs that go to multiple equity owners.

We have heard that some tax software packages don't do a good job with Georgia tax credits in calculating annual utilization and tracking balances.  This can get complex with different percentages of individual tax liabilities (such as 50% of tax liability for retraining) and stacking credits (such as retraining and jobs tax credits combined).

Most tax credits have a 10 year carryforward, so make sure you double-check your client's prior year return to see if any tax credits need to be carried forward -- don't leave your client's money on the table!

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.