For CPAs & Financial Advisors

1. Business deduction opportunity for pass-through entities contributing to HEART

IRS Regulations proposed in December 2019 confirm the federal deductibility of contributions to a qualified RHO by pass-through entities as ordinary and necessary business expenses.

- Important Video Message for Georgia Business Owners
- IRS Proposed Regs Confirm Business Deduction for HEART Hospital Contributions
- The HEART of the Matter for Pass-Throughs

2. NO federal income tax cost for contributing to qualified rural hospital organization

Guidance released by the IRS in June 2019 eliminates any potential federal income tax cost for taxpayers who contribute to a qualified rural hospital organization (RHO) in exchange for a state income tax credit. And, of course, their 100% state income tax credit remains intact.

For more details, refer to: Good News: IRS Releases Notice Affecting Contributions to Georgia HEART

3. A Letter from partner in Pass-Through Entity Practice of Bennett Thrasher, LLP

- May 2020 Bennett Thrasher Letter

More information: HEART Tax Credit FAQ Sheet for Business Entities