Latest News

Message from Our CEO About COVID-19

HLB Gross Collins, P.C. places great emphasis on the well-being of our team, our clients and the community. There is much uncertainty as COVID-19 cases continue to rise. We would like to advise you that we have a business continuity plan with appropriate technology in place that will allow for continued operations as the situation evolves. At this time, we do not have plans to close our office... Read More

Stock Compensation Plans

If you are one of the rising number of employees receiving some form of stock compensation through your job, you know how confusing it can be to understand how each type works and the varying tax considerations you need to be aware of. Here's a quick description of the most common plans. Stock Options Having a stock option gives you the right to purchase a certain number of shares of company stock at... Read More

Why Getting a Tax Refund Isn't Always A Good Thing

Everyone loves getting a tax refund, right?Not us! We'll explain why; but first let's cover some basics about filing deadlines and refund timing. Preparing, Filing and Acceptance of Return. There are several steps your tax professional goes through with your return. Here is a very rough, general rundown: Client (you) signs engagement letter (legal agreement documenting the services to... Read More

March/April 2020 Dates to Remember

March 2, 2020 Form 1040 (Farmers/Fishermen) Provide Forms 1095-B, 1095-C to recipients. March 10, 2020 Form 4070 (Feb. 2020) - Employees who work for tips has received $20 or more in tips during February , report them to your employer using Form 4070. March 16, 2020 Form 1042 -Annual Withholding Tax Return for U.S. Source Income of Foreign Persons Forms ... Read More

The Augusta Rule - Tax Free Rental Income

What is the Augusta Rule? The Augusta Rule, known to the IRS as Section 280A, allows homeowners to rent out their home for up to 14 days per year without needing to report the rental income on their individual tax return. Originally created to protect residents of Augusta, Georgia who would rent out their homes to attendees of the annual Masters golf tournament, the Augusta Rule applies to any... Read More

What Happens if You Don't File Taxes

In addition to the personal stress it can cause, failing to file your taxes for many years can lead to serious consequences, not only with the IRS, but with other agencies that require you to show tax returns. This could lead to repercussions such as not being able to obtain a passport, apply for a mortgage, or even losing assets you own. If you don't file a tax return voluntarily, the IRS will create a... Read More

Innovation Trends in Manufacturing

We are so excited to announce that we are a new partner in conjunction with the Georgia Manufacturing Alliance. The popular topic of "Today in Manufacturing" is Supply Chain Now's first episode in a six part series! Read More

2020 Outlook for Georgia Manufacturers

A new year, a new decade has begun. As we move into 2020, what steps should Georgia and its manufacturing community be taking to continue to move the needle forward? Georgia continues to be a strong economic leader in the southeast, with scores of manufacturing projects in the queue bringing continued jobs growth to the state. Many factors continue to make Georgia the place to call home for... Read More

Where to Start When Starting a Business

As 2020 rolls in right around the corner, you may be thinking of things like New Year’s resolutions and dreams you’ve had year after year. One big dream that a lot of people have is starting a business. Deciding to start your own business is a big step, one that requires special planning and thought. But where do you start? The first step is to decide the type of entity that is best for you. Choices, Choices (of Entity, That Is) Here are the five most common choices of entity structure for businesses for profit and a few of their characteristics. Read More