Latest News

Is Your Manufacturing Company's Budget Realistic?

You've likely already begun your company's 2025 budget planning. A comprehensive, realistic budget allows you to identify potential cash shortages, production capacity constraints and other threats. However, be aware of certain pitfalls when creating your budget. Below are just a few. Basing next year's budget on the past year's results Too often, companies create budgets by applying an... Read More

Exit Strategy: ESOPs for Construction Companies

Contractors often struggle to find suitable buyers for their companies when they're ready to retire or otherwise move on. That may be why many construction businesses implement employee stock ownership plans (ESOPs). These plans offer a gradual exit strategy and other benefits that can pay off for owners and employees. Of course, they're not without potential drawbacks. Nuts and bolts An ESOP is a... Read More

The IRS issues final regs for the advanced manufacturing production credit

The IRS has published final regulations for the Section 45X advanced manufacturing production credit. The final regs update several significant areas from the proposed regs released in late 2023. The credit in a nutshell The Sec. 45X credit was created by the Inflation Reduction Act (IRA). It is available to manufacturers that domestically produce and sell certain clean energy equipment in the United... Read More

Prepare for the Tax Fiscal Cliff: What Construction Contractors Need to Know

As the 2025 tax fiscal cliff approaches, construction companies face critical changes that could significantly impact their bottom line. Depending on any changes made by the new administration, the expiration of key provisions from the Tax Cuts and Jobs Act (TCJA) will result in higher tax rates, reduced deductions, and more complex filings. HLB Gross Collins understands the unique challenges faced by... Read More

Nationwide Preliminary Injunction Against Enforcement of the Corporate Transparency Act

As a result of a Texas federal court decision handed down on December 3, 2024, a preliminary injunction is now in place against enforcing the Corporate Transparency Act. While this is not likely to be a final stop in the courts for this decision, it does provide a reprieve on filing. Background: Prior to this injunction, existing companies formed before January 1, 2024, had until January 1, 2025, to file... Read More

Year-End Tax Planning for Businesses

With the looming Fiscal Cliff of 2025 and uncertainty as to whether or not provisions of the TCJA will be extended, businesses should maximize year-end tax savings strategies. There are many ways a business can still minimize the tax bite before the end of 2024. Retirement Plans The SECURE 2.0 Act of 2022 expands provisions for retirement plans to benefit both employers and plan participants. Although... Read More

Year-End Tax Planning for Individuals

MINIMIZING INDIVIDUAL TAXES Income taxes The key to any year-end planning strategy is to minimize taxes. This is generally done by either reducing the amount of income received or increasing the amount of deductions. With much uncertainty as to whether or not the TCJA will be extended or if the looming Fiscal Cliff will actually happen, planning for the next year can be overwhelming. However there is... Read More

Hurricane Helene Relief

The IRS has announced relief for many taxpayers in the wake of Hurricane Helene. The relief will extend filing and payment deadlines for those who live in impacted areas until May 1, 2025. Designated areas include all of Alabama, Georgia, North Carolina, and South Carolina. It also includes 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia. You can read the full IRS... Read More

Upcoming Changes to Depreciation in 2024

The rapidly expanding tech industry is seeing many new startup companies. These new businesses are often making large asset purchases to get up and running. This year in 2024, businesses will benefit from an increase to the maximum immediate expensing option under Section 179 from $1,160,000 to $1,220,000. Items deductible under Section... Read More