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Emergency Paid Sick Leave

On Wednesday, President Trump signed into law The Families First Coronavirus Response Act which includes multiple provisions including paid emergency leave. Below are key highlights of the legislation:EMERGENCY PAID SICK LEAVE ACT (EPSLA)This bill requires employers with fewer than 500 employees to provide paid sick leave to employees who are forced to stay home due to quarantining or to care for a family member... Read More

Georgia Department of Labor Adopts Emergency Rule on Partial Claims

Effective March 16, 2020, the Georgia Department of Labor has adopted an emergency rule 300-2-4-0.5, Partial Claims. This rule mandates all Georgia employers to file partial claims on behalf of full-time and part-time employees if it becomes necessary to reduce work hours or if no work is available as a result of COVID-19. This will allow for faster distribution of unemployment insurance benefits. Employers who... Read More

Families First Coronavirus Response Act

Paid Sick Leave for Workers With COVID-19 On Wednesday, March 18, 2020 the Senate approved legislation to provide paid sick leave to American workers who are affected by COVID-19. President Trump is expected to sign the Families First Coronavirus Response Act. This bipartisan legislation will allow for tax credits for employers when workers receive paid sick leave due to illness from COVID-19. The Senate... Read More

IRS To Allow Tax-Free, Penalty-Free Deferred Tax Payments

In an effort to provide relief in light of the COVID-19 outbreak, Treasury Secretary Steven Mnuchin announced that 90-day tax-free, penalty-free tax deferrals will be allowed as follows: Individuals: Individuals will be able to defer up to $1 million in IRS tax payments. This threshold was determined to allow for pass-through businesses that pay income taxes through their owners' tax returns. Corporations:... Read More

Mitigating Disruption in Times of Crisis

Considerations for Business Leaders in Response to COVID-90 The number of COVID-19 confirmed cases is increasing and government responses are escalating rapidly around the globe. The coronavirus pandemic and the resulting decline in business performance, stock markets and consumer confidence could lead us into a global recession. In order to weather the storm, business leaders need to execute their crisis and... Read More

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