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Prepared by Jonathan Kim, CPA – Staff Accountant
The Qualified Education Expense Credit is a popular GA tax credit that lets taxpayers donate to a Student Scholarship Organization (SSO) of their choice, all the while getting a charitable deduction on their Federal return (subject to usual limitations) and a dollar for dollar tax credit on their GA return. In 2018, the credit cap was reached on January 2, 2018, the very day people could begin submitting applications. However, as of May 7, 2018, GA House Bill 217 was signed into law which contains a provision to increase the credit cap to $100 million (previously $58 million) for the next 10 years beginning with the 2019 tax year (reverts back to the old cap in 2029). You may begin submitting applications for the 2019 tax year on January 2, 2019, so be sure to plan ahead to take advantage of this tax saving opportunity.
If you would like to know more, visit dor.georgia.gov or contact your tax professional.
Prepared by Clayton Crider – Staff Accountant Changes to the way we account for leases have been in the works for close to 3 years. These long-awaited changes will be effective for many companies starting in January of 2019. To improve transparency in financial reporting, the Financial Accounting Standards Board (FASB) issued new guidance related […]
Prepared by Patrick Glenn– Staff Accountant Investing in stocks can be a daunting task. There are thousands of stocks trading on multiple exchanges, and to top...
Prepared by Jonathan Kim, CPA– Staff Accountant Tax efficiency is an attempt to minimize tax liability when faced with various financial decisions. By learning the different ways...
Georgia Online Shoppers Potentially Affected by New Sales Tax Law Prepared by Patrick Glenn– Staff Accountant We all pay sales tax on what we buy. Sometimes we pay...
As a part of the Tax Cuts and Jobs Act, Congress has created a new program to encourage investment in disadvantaged communities across the country called...
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