We help companies all over Georgia identify and obtain tax credits. Tax credits maximized. Risk minimized.

Archive for April, 2011

Amending, Extending, and Doughnut Holes!

Filed under: Job Tax Credit,Retraining Tax Credit
April 28, 2011

It has gotten more complex to utilize the retraining and job tax credits for prior year amended returns, and 2009 may be a “doughnut hole” for your clients (as in, nothing there – no tax credits can be utilized on amended returns), even though they can still get 2008 credits.

Here is the rule for 2009, 2010 and 2011: your clients can only amend up to one year after the return was due or extended.

Suggestions:

  • Extend if you can (both corporate and individual equity owners) – just in case there are tax credits that you and the client didn’t know about.
  • Before you amend, exercise caution and make sure that tax credit can be utilized.
  • Beg your clients for no surprises!

JimSig

Healthcare

Filed under: Other Incentives
April 28, 2011

New Federal incentives that have created a lot of $$ opportunities for healthcare providers and other companies. Unfortunately, they have also created a lot of confusion for CPAs!

These incentives were created under the American Recovery and Reinvestment Act of 2009 (ARRA). They are called by many names, including the Federal Medicare and Medicaid Electronic Health Records (EHR) Incentive Program (click here).  You may hear the words “Meaningful Use’ in conversations with your clients.

These are not tax credits — the $$s flow from Medicare and Medicaid re-imbursements to the healthcare providers. However, there is great potential for utilizing the Georgia Retraining Tax Credit because the incentives require certified EHR software and employee training.

Many of your non-healthcare clients may also benefit from this incentive, including information technology support firms, software companies, law firms and others.

To be continued.

JimSig