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Tax Return Tip: Watch Out for IRS Audit Red Flags

As you gather your information for your 2009 tax return, there are a few things to look out for that the IRS may take a close look at and potentially trigger an audit.  In actuality, the percentage of taxpayers who will face an audit is fairly small compared to the number of tax returns filed. However, some taxpayers are more likely than others to face an audit based on the information provided on their tax return. While audits can be done for a number of reasons, often the IRS will take a closer look if the following applies:

  • Higher incomes.
  • Income other than basic wages, for example, contract payments.
  • Unreported income, such as investment returns.
  • Home-based businesses, especially when in addition to salary income and home-office deductions.
  • Non-cash charitable deductions.
  • Large business meal and entertainment deductions.
  • Excessive business auto usage.
  • Losses from an activity that could be viewed as a hobby rather than a business.
  • Large casualty losses.

No one wants to get the dreaded IRS letter stating, “Dear Taxpayer, Some of the information that you provided to us does not agree with information we received from other sources.” Always keep in mind that is critical to maintain proper documentation, receipts and records for anything that affects your tax return.  At HLB Gross Collins, P.C. we are committed to helping clients get every deduction to which they are entitled and minimize the tax bite.

Beware: German Companies Targeted by Fake Email Scam

The German-American Chamber of Commerce of the Southern U.S. has informed ALL German chambers of commerce and trade, that currently German firms are being massively attacked by fake emails. The emails claim to be from the IRS, but they are fraudulent. The emails request a fake form to be returned in order to qualify for exemption for US withholding taxes.

PLEASE NOTE:  The Internal Revenue Service does not use e-mail to request this type of information. Do not respond to unsolicited e-mails that claim to come from the IRS, or any e-mail from an unknown party asking you to submit personal, tax, or financial data. Forward suspicious e-mails to: phishing@irs.gov.

Presently, HLB Gross Collins, P.C. is participating in an HLB International Exchange program and Stephan Strothenke from our German affiliate is working at our firm. If we can answer questions regarding this email scam, or any other international business issues, please don’t hesitate to call us.

 

Client news: Georgia Healthcare Leadership Council Featured in AJC

With the many health care issues that we are faced with, one major issue and area of confusion is in pricing.  The Georgia Healthcare Leadership Council (GHLC) is committed to delivering objective analyses and solutions of health care data that yield value for all health care constituents. Through price transparency, GHLC empowers consumers to determine how their health care dollars are spent.  In recognition of their excellence in this area and commitment to price transparency in health care, GHLC was recently featured in the Atlanta Journal Constitution.

Tom Breedlove Acting Committee Chair for British American Business Group

Tom Breedlove, a Principal in the firm and International Business Expert, is a committee chair for the British American Business Group’s (“BABG”) Trade Committee.  The committee’s primary focus is a target marketing initiative responsible for identifying and procuring new members for the BABG.    Tom leads the marketing and business development effort for HLB Gross Collins, P.C. and believes these skills will be an asset to the BABG with their membership recruiting efforts.

As an expert in international business, Tom actively engages in many international organizations in order to continually connect with these markets and keep abreast of the many facets involved in doing business on a global scale. Through his involvement in such organizations, Tom has positioned himself as a key player in many international markets. By sharing his expertise with organizations that focus on international opportunities, Tom is able to continually expand his knowledge base, as well as his visibility in the international markets.

 

Tom Breedlove Attended Global Impact Awards

Tom Breedlove, a Principal of the firm and international business expert, recently attended the Metro Atlanta Chamber’s inaugural Global Impact Awards.  The luncheon, held at the Intercontinental Buckhead Hotel, honored winners in four categories including Foreign Investment, International Trade and Business Development, International Organization, and Service Provider.    Tom’s hopes to submit nominees from his client base and professional network for these prestigious awards for 2010.
Tom serves many clients doing business internationally.  He has extensive international expertise in dealing with issues that affect foreign operations including:
  • International Financial Reporting Standards
  • International tax planning.
  • Tax planning and savings strategies for inbound and outbound transactions.
  • Developing transfer pricing strategies and earnings stripping calculations.
  • Advising foreign exchange issues.

He is active in many international business organizations including the The Global Commerce Council of the Metro Atlanta Chamber of Commerce, The British American  Business Group Trade Committee, The Netherlands-American Chamber of Commerce, and the Georgia Hispanic Chamber of Commerce.

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