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HLB International Appoints New Member in Switzerland

 

HLB International, one of the leading global accountancy networks with presence in 140 countries, continues its growth with the recent signing of a new member firm in Switzerland – Veco Group.

Veco Group is based in Lugano, a city in Southern Switzerland’s Italian-speaking Ticino region. Established in 1998, the firm provides Tax and Estate Planning, Establishment and Management of Trusts/Foundations, Incorporation and Administration of Companies and Asset Management.

Antonio Mandra, Managing Partner of Veco Group, commented: “It is a great pleasure to join the HLB International family. With our experience as corporate and tax advisers, we now have the ability to benefit from an international network, as well as local consultants, who have specific knowledge in the jurisdictions our clients do business in. It is very important for us to be able to assist our clients not only with providing relevant advice but also with the execution of this advice. We know that with HLB International we have found a great match for our business. We look forward to sharing with the HLB International colleagues our experience and capacity of structuring, administration and management of companies and banking assets.”

Veco Group will work closely with the other HLB members and makes a great addition to our coverage across Europe.

Valuable Tax Credits for Manufacturers and Distributors

Many Federal and Georgia tax credits are available to manufacturers and distributors, though they 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. In the coming months we will delve into the details of each type of credit.

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.

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.

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.

The three credits described above 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 manufacturers and distributors for nearly 50 years. Our Manufacturing and Distribution Practice works closely with clients to ensure that they are taking advantage of all available credits and savings opportunities.

IRS Continues to Expand Taxpayer Services with New Account Features

The Internal Revenue Service announced today the addition of several new features to the online account tool first introduced late last year as part of the IRS’s commitment to improve and expand taxpayer services.

The online account allows individual taxpayers to access the latest information available about their federal tax account through a secure and convenient tool on IRS.gov. When it first launched in December 2016, the tool assisted taxpayers with basic account inquiries such as information about their balance due and access to the various IRS payment options. Since then, the IRS has added new features allowing taxpayers to:

  • View up to 18 months of tax payment history
  • View payoff amounts and tax balance due for each tax year
  • Obtain online transcripts of various Form 1040-series through Get Transcript
  • Give feedback on their experience with their online account and make suggestions for improvements

“We are constantly looking for ways to improve taxpayers’ interactions with the IRS and adding these new features to the taxpayer’s online account is an important step in that direction,” said IRS Commissioner John Koskinen. “The IRS is committed to serving taxpayers in multiple ways and now taxpayers who want to interact digitally with us in a secure environment have access to even more helpful features.”

Before accessing the tool, taxpayers must authenticate their identities through the rigorous Secure Access process. This is a two-step authentication process, which means returning users must have their credentials (username and password) plus a security code sent as a text to their mobile phones.

Taxpayers who have registered using Secure Access for Get Transcript Online or Get an IP PIN may use their same username and password. To register for the first time, taxpayers must have their personal and financial information including: Social Security number, specific financial information, such as a credit card number or loan numbers, email address and a text-enabled mobile phone in the user’s name. Taxpayers may review the Secure Access  process prior to starting registration.

As part of the security process to authenticate taxpayers, the IRS will send verification, activation or security codes via email and text. The IRS warns taxpayers that it will not initiate contact via text or email asking for log-in information or personal data. The IRS texts and emails will only contain one-time codes.

In addition to the online account, the IRS continues to provide several self-service tools and helpful resources available on IRS.gov for individuals, businesses and tax professionals.

July/August Dates to Remember

 

July 17

Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in June if the monthly rule applies.

July 31

Employers. For Social Security, Medicare, and withheld income tax, file Form 941 for the second quarter of 2017. Deposit any undeposited tax. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return.

For federal unemployment tax, deposit the tax owed through June if more than $500.

If you maintain an employee benefit plan with a calendar year-end, file Form 5500 or 5500-EZ for calendar year 2016.

August 10

Employers. For Social Security, Medicare, and withheld income tax, file Form 941 for the second quarter of 2017. This due date applies only if you deposited the tax for the quarter in full and on time.

August 15

Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in July if the monthly rule applies.

Valuable Tax Credits for Restaurants and Franchisors

 

Many Federal and Georgia tax credits are available to restaurants, franchisors, and caterers, though they are often overlooked and go unused. With proper planning and assessment, these credits can go a long way toward improving a business’s bottom line. Below is a summary of some of the more recognizable credits available. In the coming months we will delve into the details of each type of credit.

Work Opportunity Tax Credit (“WOTC”) The WOTC is a Federal credit provided to employers hiring persons belonging to specific groups, including a higher credit for hiring 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 considered for this credit.

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.

FICA Tip Credit

The FICA Tip Credit is a federal credit provided to employers who pay FICA tax on employees’ tips over the federal minimum wage. To qualify for this credit, employees must earn the federal minimum wage, which can include their hourly wages, meals furnished to them, and tips received. Employees must provide an accurate report of their tips to the employer and the employer must pay the applicable FICA taxes on those tips.

The three credits described above 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 restaurant and catering companies for nearly 50 years. Our Service Practice works closely with the clients to ensure that they are taking advantage of all available credits and savings opportunities.

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