ACE Accounting & Tax Services

ACE Accounting & Tax Services will be sponsoring this meaningful and cultural impact event on June 11th 2017

Just a sad story.

Contact us if your business are within the RED outline in the image.

The Opportunity Zone (OZ) program, implemented by the Georgia Department of Community Affairs (DCA), is designed to induce businesses to create jobs in certain areas. The incentive, which is available for new or existing businesses that create two or more jobs, are credits which can be taken against the business’s income tax liability and state payroll withholding. The credits are available for companies only in areas designated by DCA as Opportunity Zones. The tax cred...its can be used for five years for each employee and the program is in place for the next 10 years. HOW IT WORKS A business creates two net new jobs to the State of Georgia and generates a $7,000 job tax crediton its Georgia Corporation Income Tax Return (2 jobs @ $3,500/job). A business has a Georgia Income tax liability credit of $1,200 - thereby reducing an expense that would have been incurred by the business. If the company paid estimated taxes, then the credit would provide a refund of those taxes back to the company. Excess Credit of $5,800 - eligible to apply against payroll withholding taxes. A business withholds payroll taxes from employees and applies tax credit against future remittances: cash-in-hand for the company. Expansion of the definition of business enterprise to include all businesses of any nature. To qualify for credits offered companies through the Opportunity Zone program, simply: Submit a formal application and receive eligibility approval from the DCA. Create two (2) or more net new jobs to the State of Georgia. See more

Wondering where is your tax REFUND?