Instructional Materials for Retraining Tax Credits
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Instructional materials are an important part of any employee training session, and they are also crucial to the Retraining Tax Credit. These includes materials, supplies, textbooks, manuals, videotapes or other instructional media as well as training equipment purchased or rented and utilized exclusively for the company's employee retraining purposes. Here are some items that your clients need to know as they develop their instructional materials for their employee training: - Copies or samples of instructional materials are required as part of the Retraining Tax Credit documentation. These materials should support the training course objectives.
- Development and delivery costs of instructional materials can be included in the cost of retraining (such as copying costs or renting projectors). NOTE: Costs for renting or otherwise securing space for retraining are excluded.
Many companies are doing in-house Train-The-Trainer and web-based training sessions. Let your clients know that their time, effort and costs could provide big tax credit $$! |
Using Tax Credits Against Withholding Taxes?
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There are now SIX Georgia income tax credits that can be utilized against Georgia payroll withholding taxes in lieu of income taxes. In 2012, several changes were made, including the addition of the Job Tax Credit (for certified competitive projects).
Utilizing the tax credits against withholding taxes can be complex and confusing. There are very strict deadlines for filing notices, applications, income tax returns and other documents. Another important issue -- your client's payroll provider must be (or become) knowledgeable about the details of applying the tax credit against withholding taxes. Click here for the Notice of Intent for claiming the tax credit against withholding taxes).
If your client does not have Georgia income tax liability, then utilizing against withholding taxes is a great option in the right situation.
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Healthcare -- Rural Physician Tax Credit
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It is hard to keep up with all of the healthcare incentives that are available, but make sure you don't overlook The Georgia Rural Physician Credit! It is $5,000 per year tax credit available for 5 years (total = $25,000). There is no carryforward. This tax credit requires no forms to complete other than applying directly to the physician's Georgia Individual Income Tax Return (GA Form 500). (Click here for a list of rural counties and here for a PDF of the rule). Double-check your physician clients' residence and practice locations to make sure they qualify.
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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. |
