Are Things Picking Up?
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We are hearing that things are picking up in some areas of Georgia's economy. This is based on our informal survey of clients, CPAs, bankers and other business advisors.
Indicators include employees are working overtime, temps are being added, and investments are being made.
As your clients are making these decisions, try to give them advance notice of the potential tax credits they could realize. You want to make sure they do at least the minimum so they can utilize these incentives. For example:
- Add jobs to get Job Tax Credits
- Upgrade technology to get Retraining Tax Credits
- Plant expansion/new equipment to get Investment Tax Credits
Ask to participate in their planning meetings and talk with their business advisors to make sure you are included.
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Competitiveness Initiative Update
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We attended the first of 12 GA Competitive Initiative (GCI) meetings in Albany. There were 200+ attendees, but most of them were education, government and economic development representatives (not many from private businesses). The main needs identified centered on workforce development (that is, having a capable and ready workforce and strengthening the existing workforce).
The five-hour meeting format includes facilitated sessions around the 6 topical areas that the Initiative has identified: business climate, education & workforce development, innovation, infrastructure, international opportunity and growth, and government efficiency and effectiveness. Session leaders collect input from attendees, and real-time reports are generated for review.
You and your clients need to participate if you want to be a part of this initiative - OR - accept what the legislators decide during the next session. Registration is required (click here). We hope to see you at one of the sessions!
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Healthcare and Meaningful Use $
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The federal Meaningful Use incentive is a carrot and stick approach: play now & get paid now (carrot) - OR - don't play and get paid less (stick).
Healthcare providers (or Eligible Professionals to use Meaningful Use terminology) can receive a maximum of $44,000 for Medicare or $63,750 for Medicaid over a 5 year period.
This incentive is in addition to other incentives such as PQRS and e-Prescribe. The federal agency CMS has a good summary (click here).
If your client wants to participate in Meaningful Use, this is a great time to do long range planning with the practice and equity owners to discuss tax planning, financial impact, operating agreements, employment contracts and other related items.
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About Us------------------------------------------------------------------------- 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. |
