September Important for Retraining Tax Credits
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September is an important month for Retraining Tax Credits. For 2011 and 2012 tax years, here are reasons why your clients need to act now: - Your clients may have already met the $1,250 per employee annual cap in 2012. No need to wait until the end of the year -- go ahead and get the credit $$ working for your clients now!
- New employees hired after August won't qualify in 2012 due to the 16-week rule
- Quarterly estimates are due 9/17 - why not collect and utilize the tax credits now?
- Extended return deadline is 9/15 - need to quickly review 2011 and 2012 before the returns are filed
- Better to complete the tax credit during this slower time rather than the hectic tax season
- This is a great opportunity for business development with existing and prospective clients to discuss their year to date accomplishments and plans for the rest of the year.
So get out and "nudge" your clients a little to help them benefit now from this tax credit. Everyone needs a little wake up (and tax credit) during this hot muggy summertime! |
Job Tax Credit Proposed Rules
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Georgia DOR will be holding three tax credit-related hearings in August:
- August 2, 10:00 AM -- Proposed Amendment to Rule 560-7-8-.42 "Tax Credit for Qualified Research Expenses." Reflects significant changes enacted in the 2012 Session and provides detailed guidance for your clients seeking credits for qualified research expenses.
- August 9, 10:00 AM -- Proposed Amendment to Rule 560-7-8-.51 "Quality Jobs Tax Credit." Explains and clarifies changes enacted in 2012 Session. Definitely check this out for your clients with job increases of 50 or more.
- August 13, 10:00 AM -- Proposed Amendment to Rule 560-7-8-.36 "Job Tax Credit Description and Definitions." Clarifies 2012 change of Tier 1 threshold from 5 to 2 jobs, increases Withholding Credit DOR review period from 90 to 120 days. Check this out especially for your clients with small increases (2 or more jobs!) in Tier 1 counties.
All hearings will be held at DOR Headquarters, 1800 Century Blvd. NE, Atlanta, GA 30345. Click here for link to notices.
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Healthcare -- Meaningful Use Gaps Left by EHR Software
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Your physician practice clients may feel that they are on top of Meaningful Use due to their new EHR software. However, it is unfair for them to ask their EHR software to do everything for Meaningful Use. In fact, if they passed every measure reported by their certified EHR, they could still fail an audit and be required to give back the Meaningful Use $ they received.
For more details, I found a good article that highlights these potential gaps (click here).
Continue reaching out to your healthcare clients, and see how you can help! 
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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. |
