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Are State and Local Taxes a Reason To Move

As many people are all too aware, some states and localities impose higher income and property taxes than others. Residents of high tax areas may have taken some solace by itemizing deductions on their tax returns and reducing federal income tax obligations by deducting the taxes paid. Example: Jennifer Knight deducted $25,000 worth of state income tax and local property tax on her 2017 tax return.... Read More

April/May Dates to Remember

April 17 Individuals. File a 2017 income tax return. If you want an automatic six-month extension of time to file the return, file Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.” Then, file Form 1040, 1040A, or 1040EZ by October 15. If you are not paying your 2018 income tax through withholding (or will not pay in enough tax during the year that way),... Read More

Corporate, Personal Income Taxes: Governor Signs IRC Conformity Update and Rate Cut.

Georgia has adopted legislation that: updates the corporate and personal income tax federal Internal Revenue Code (IRC) conformity date to February 9, 2018, with certain exceptions; doubles the standard deduction, effective January 1, 2018 and expiring December 31, 2025; lowers the top income tax rate for businesses and individuals from 6% to 5.75%, effective January 1, 2019 and expiring December... Read More

HLB International Appoints New Member in Costa Rica

HLB International, one of the leading global accountancy networks with presence in 150 countries, continues its growth with the recent signing of a new member firm in Costa Rica, Grupo Camacho Internacional S. A. This is a major move and will have a big impact on the Central American market. Grupo Camacho Internacional S. A. is based in San Jose, the capital city of Costa Rica. Established... Read More

The Bipartisan Budget Act of 2018 (BBA)

THE 2018 BIPARTISAN BUDGET ACT’S RETROACTIVE PROVISIONS AND THE CURRENT FILING SEASON The Bipartisan Budget Act of 2018 (BBA), which was enacted after IRS issued final versions of 2017 tax forms, made retroactive tax law changes that affect 2017 returns. This article discusses how IRS is progressing in making it possible for taxpayers to file 2017 returns that reflect those retroactive changes.... Read More

March/April Dates to Remember

March 15 Partnerships. File a 2017 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), “Partner’s Share of Income, Deductions, Credits, etc.,” or a substitute Schedule K-1. If you want an automatic six-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. S corporations. File a 2017 calendar... Read More

Tax Cuts and Jobs Act – Mandatory Repatriation in 2017

The Tax Cuts and Jobs Act (“the Act”) signed into law on December 22, 2017 has significant impact on taxation of foreign-earned income. The Act lays the framework to transition the United States to a territorial tax regime and, as part of this transition, there is a one-time mandatory repatriation of accumulated foreign earnings and profits required to be included in income for tax year 2017. If... Read More

Five-Year Tests for Roth IRAs

Two Five-Year Tests for Roth IRAs The pros and cons of Roth IRAs, which were introduced 20 years ago, are well understood. All money flowing into Roth IRAs is after-tax, so there is no upfront tax benefit. As a tradeoff, all qualified Roth IRA distributions can be tax-free, including the parts of the distributions that are payouts of investment earnings. To be a qualified distribution, the... Read More

How Small Companies Can Address Harassment Issues

How Small Companies Can Address Harassment Issues Politicians, journalists, and other celebrities are not the only ones vulnerable to charges of sexual harassment. As a business owner, you could be in the spotlight if allegations of improper behavior arise, especially if they are brought by one or more employees. Even if your own conduct has been beyond reproach, harassment among staff members might... Read More