Tax Credits
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Tax Credits

Tax Credits

As a new client of HLB Gross Collins, we have found ourselves extremely happy and satisfied with the quality of services offered. Their knowledge, follow-up, timeliness, and organization is superior to those I have seen in the past. They understand the value of building relationships with their clients. All questions and inquiries are answered in a timely manner either via email or phone and they are always willing to accommodate urgent requests. I would highly recommend HLB Gross Collins CPA's to any individual or business for their tax preparation, consulting, and business needs. We look forward to a continued relationship!

Elishiba Hunter

Timothy Baptist Church, 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.

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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.

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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.

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Meet Your Expert

Iliana Malinov

Meet Iliana Malinov

I have used HLB Gross Collins for personal taxes and partnership returns for over 10 years. I have found the firm and my primary contact, Abigail Hampton to be competent and responsive even when I have been late providing information. I have no reservations in recommending Gross Collins and Abigail to anyone needing a CPA.

Steve Zeis CEO & Founder

Zeis Brothers Investment

HLB Gross Collins, P.C. consistently demonstrates integrity, professionalism, and technical ability. Additionally, they adhere to time deadlines, and most of all, display a concern and passion for our best interests.

Curtis A. Pollock Co-COO & J. Bruce Bolick CFO

Greystone

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