Investment Tax Credit Overview
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The ITC could be a great option for your manufacturing or telecommunications clients. This tax credit is based on the costs of additions to property, plant and equipment assets, and includes capitalized items and operating leases. The tax credit $ amount is a percentage of the costs (1%, 3% or 5%), based on the county (Tier 1, 2, 3 or 4) where the assets are located. For example, a $1,000,000 plant expansion in Gwinnett County (Tier 4 = 1%) will generate a $10,000 tax credit. The ITC application (Form IT-APP) must be approved by DOR before the credit can be utilized. Since the ITC is taken the year after assets are booked, you can look back 4 years for qualifying investments. This credit is limited to 50% of income tax liability each year, but unused credits may be carried forward ten years. To download the PDF form and details, click here. 
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Competitiveness Initiative Update
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We have now attended the first 5 of 12 GA Competitive Initiative (GCI) meetings around the state. The sessions are averaging around 200+ attendees, but so far continue to be attended by mainly education, government and economic development people (not many from private businesses). Some specific policy ideas are getting through, although it is pretty hard for the GCI organizers to herd the cats!
The five-hour meeting format with facilitated sessions around 6 topical areas is okay in theory, but it is pretty hard for any of our clients to find that much time away from business. We are looking for ways to get their opinions heard anyway, either remotely or electronically, and will let you know specifics when we know more.
To participate in any of the remaining sessions, registration is required (click here). Hopefully we will see you at one of the sessions!
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Healthcare and Updated HIPAA
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The Meaningful Use legislation (ARRA, HITECH Act) included many changes to HIPAA (Click here ) Here are a few key items: - Privacy & Security - access to all health information data must be controlled -- this includes laptops, thumb drives and remote access.
- Major penalties for violators - up to $1.5 million per year for violations involving willful neglect.
- Business Associates - access to health information for patients OR employees of healthcare providers. Business Associates must comply with HIPAA regulations and are subject to the same penalties. NOTE: a CPA firm may be considered a Business Associate.
HIPAA has gotten more stringent, encompasses more areas, and significantly increases the $ penalties.
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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. |
