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HLB International Appoints New Member in Poland

HLB, the global advisory & accounting network with presence in 150 countries, continues its growth with the recent signing of a new member firm in Poland, Avanta Auditors & Advisors. Avanta Auditors & Advisors is based in Wroclaw. Established in 2009, the firm provides Assurance Services, Merger & Acquisition, Transaction Advisory, Corporate Finance, Business Improvement and Valuation Services... Read More

Funding Your Company's Buy-Sell With Life Insurance Can Be Tricky

Among the trigger events of a small company buy-sell agreement, death of a co-owner typically is included. Example 1: Wendy Young and Victor Thomas both own 50% of YT Corp. They have a buy-sell, which calls for Wendy to buy Victor’s interest in YT if he dies. Similarly, Victor will buy Wendy’s interest in YT from her estate if she is the first to die. Small company buy-sells such as the one for... Read More

September/October Dates to Remember

September 17 Individuals. If you are not paying your 2018 income tax through withholding (or will not pay in enough tax during the year that way), pay the third installment of your 2018 estimated tax. Use Form 1040-ES. Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in August if the monthly rule applies. Corporations. Deposit the... Read More

Life Insurance for More than Just Cash Flow

Many people think of life insurance as a product for family protection. The life of one or two breadwinners is insured; in case of an untimely death, the insurance payout can help with raising children and maintaining the current lifestyle. Once the children are able to live independently and a surviving spouse is financially secure, insurance coverage may be dropped. Such a strategy uses life insurance as a... Read More

High Tax States Consider SALT Countermoves

Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be deducted instead of income tax.) However, as of 2018, the Tax Cuts and Jobs Act of 2017 provides that no more than $10,000 of these state and local tax (SALT) expenses can be deducted on single or joint tax... Read More

Tax Opportunity Zones

Qualified Tax Opportunity Zones Overview The Tax Cuts and Jobs Act introduced IRC §1400Z-2 Special Rules for Capital Gains Invested in Opportunity Zones. This section allows a taxpayer to elect to defer or exclude from gross income gain on the sale or exchange of any property to an unrelated party in the tax year of the sale or exchange if the gain is reinvested in a qualified opportunity zone... Read More

Jeff Plank Talks Profit Enhancement, Tech Start-ups, Mindshop and More

Click here to listen to the full podcast interview with Pro Business Channel. Jeff has been with HLB Gross Collins for 14 years and is their Director of Consulting Services. HLB Gross Collins is a full service Certified Public Accounting and Consulting firm provides traditional accounting & audit services and specialized technical guidance for international tax, estate, and business... Read More

Choosing the Right Entity Type for Construction Contractors

Choosing the Right Entity Type for Construction Contractors Choosing the right entity structure for your construction company depends on many aspects and factors of your business. One of the main concerns for any business is personal liability. Although no entity structure can guarantee exemption from all liabilities, there are ways to protect yourself and your business, based on your company’s needs.... Read More

August/September Dates to Remember

August 10 Employers. For Social Security, Medicare, and withheld income tax, file Form 941 for the second quarter of 2018. 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. September... Read More