We appreciate the personal approach Gross Collins takes with our tax planning and preparation needs.
John Sudduth, Controller
Pioneer Concrete Pumping Service, Inc.
Many available Federal and Georgia tax credits are often overlooked and go unused. With proper planning and assessment, these credits can go a long way toward improving the bottom line. Following is a summary of some of the more recognizable credits available.
The three credits described are not an exhaustive list and there may be more Federal and Georgia credits that apply specifically to your business. HLB Gross Collins, P.C. has been serving some of the Southeast's most prominent companies for 50 years. We work closely with the clients to ensure that they are taking advantage of all available credits and savings opportunities.
Research & Development (“R&D”) Tax Credit
The R&D Tax Credit is a Federal credit introduced in 1981 as a boost of the economy. Usage became so prolific that many states, including Georgia, created their own version of the R&D Tax Credit. In general, the R&D Tax Credit is to help a company offset dollar-for-dollar incremental research expenses. Manufacturers and distributors may be eligible for the credit, for example, if new processes or materials are being used in manufacturing and distribution of products. This credit was made permanent with the passage of the Protecting Americans from Tax Hikes Act of 2015.
Work Opportunity Tax Credit (“WOTC”)
The WOTC is a Federal credit provided to employers hiring persons belonging to specific groups, and there are special guidelines with extended credit for qualified veterans. In general, the credit can be equal to 40% of first-year wages up to $6,000. The Protecting Americans from Tax Hikes Act of 2015 extended the hiring deadline to January 1, 2020, meaning the employee must be hired and start working before that date to be counted as part of this credit.
Georgia Retraining Tax Credit
The Georgia Retraining Tax Credit is only a Georgia credit. The purpose is to encourage employers to continually invest in their employees by upgrading equipment, acquiring new technology, and completing ISO 9000 training. The annual maximum credit is $1,250 per employee. This credit is available to any business that files a Georgia income tax return.
Packard has been a client of HLB Gross Collins for 33 years, through the tough years and the growth years. They have been a loyal and trusted advisor to us for everything from Audited financials to our recent transition to 100% ESOP, we could not have completed this transaction without their expertise. The firm has grown with us over these years and we look forward to trusting them for all our accounting and tax needs for many years to come. I don’t know how to say enough about how I trust the advisors and friends I have a HLB Gross Collins.
Susan Kirkland, President
Gross Collins has been a trusted partner for close to thirty years. The firm has been by our side as we faced the various challenges our competitive industry provides. The firm has been a vital part of the team which guided us to the successful company we are today.
Tracy Pierce, COO
Precision Concrete Construction Inc.