Atlanta CPA

Construction companies in Atlanta and across Georgia struggled in 2018 to manage workforce shortages. Almost three months into 2019 it is apparent this challenge has not weakened the demand or appetite to pursue growth opportunities. According to the 2019 Sage Construction Hiring and Business Outlook Survey, 77% of national survey participants are expected to increase their headcount, while 88% of Georgia survey participants are expected to do the same.

The Tax Cuts and Jobs Act of 2017 wrote into law Internal Revenue Code Section 199a, the Qualified Business Income Deduction. This 20% deduction is available to owners of certain pass-through entities and has the potential to reduce a business’s effective tax rate by a significant amount. Unfortunately, the deduction is not available to all taxpayers. Not only is the deduction limited for high earners, but owners in certain service industries are phased out of the benefit completely. Some doctors will be able to benefit from this new tax deduction, but others will not be so lucky.

Serving the community by providing education, training and other vital services is at the center of a nonprofit’s mission. Taking the time to develop the right human resources, whether volunteers or employees, is a necessary step that transforms intention into action and action into results. This means that nonprofit executives need to continually find new ways to energize, engage and cultivate people and programs to deliver the highest return possible.

At the end of last year, the media and various news outlets were buzzing with information about tax reform. It was reported to be the most significant overhaul of the tax code since the mid-1980s. For individuals, it meant a reduction in tax brackets, a doubling of the standard deduction and the phase-out of several itemized deduction opportunities. For businesses, it reduced the overall tax rate to 21%, repealed AMT, expanded the opportunity to claim bonus depreciation and eliminated the opportunity to make like-kind exchanges for any asset other than real estate. While several of the tax saving vehicles were modified or eliminated there were also new opportunities created.

The Tax Cuts and Jobs Act of 2017 was touted as one of the most significant changes to the tax code in over thirty years. There was a sharp reduction in the federal income tax rate for businesses, a near doubling of the standard deduction for individual taxpayers and several important changes that impact estate and gift tax planning efforts. While the media focused on the broader changes that affect almost every taxpayer, there were other changes essential changes that impact estate and gift tax planning strategies.

In 2017, Georgia business and individual taxpayers seeking to reduce their state income tax liability while contributing to a worthy cause should consider participation in the Georgia Heart Hospital Program. The program provides the opportunity for individuals and business owners to make a donation to a qualifying rural hospital in the state in exchange for a state tax credit. The program provides a way for finance-strapped hospitals in rural areas to get desperately needed funding while giving taxpayers an incentive to participate. In 2017, the state provided $60M in credits that taxpayers could apply for and claim on their state tax return.

Taxpayers are continually looking for new opportunities to reduce the amount of federal and state income tax they are required to pay each year. The sweeping changes to the tax code resulting from the Tax Cuts and Jobs Act of 2017 (tax reform) have changed the tax planning landscape significantly. While most can expect to pay less in income taxes over prior years, many of the familiar tax incentives (including credits and deductions) have been eliminated or changed to reduce their benefit. These changes have left some wondering if there are additional tax planning opportunities available.

Serving the community, providing education, tools, training and other vital services to a disadvantaged group, veterans, immigrants or others is the mission of most nonprofit organizations. While robust funding including donations, grants and fundraising events are essential to keeping an organization serving, it’s the employees that transform the dollars into actions that fulfill the mission. Whether it’s providing shelter to the homeless, food to the hungry or training and other services, nonprofit employees are on the front line of service delivery every day. This means that senior nonprofit executives need to spend time managing common employment challenges and issues. The 2017 Nonprofit Employment Practices Survey, conducted by Nonprofit HR, provides important insights into the hiring trends, practices and policies impacting nonprofits.

Most auto dealership owners know there is more to the business than selling cars and managing a robust service department. While these are the essential ingredients to a successful dealership, attention must also be given to meeting customer expectations, increased competition from independent dealers and less demand for warranty-related and other repairs due to higher quality vehicles.

Fraud is an unpleasant reality of doing business, one every company, regardless of location, industry served and revenue size, faces. The threat that dishonest employees, vendors and others pose to the financial vitality of a company cannot be overstated