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Tax Credits vs. Tax Deductions

Many people prize tax deductions. The promise of a deduction can affect decisions in many areas, including charitable contributions, home buying, and investing in rental property. However, tax deductions offer only partial relief because they reduce income, not the tax bill. The higher your income and tax bracket, the more you’ll benefit from a tax deduction. Example 1: Heidi Jones has recently... Read More

The R&D Credit for Small Businesses

Just as individuals get a dollar-for-dollar tax savings from tax credits, the same is true for businesses that qualify for tax credits. The Protecting Americans from Tax Hikes (PATH) Act of 2015, passed in 2016, expanded the ability of small companies to use the research and development (R&D) tax credit. The R&D credit is based not on the total amount a business spends on R&D, but on... Read More

HLB Adds Presence in Beijing China: CAC CPAs LLP

HLB International, one of the leading global accountancy networks with presence in 140 countries, has added the Beijing office of CAC CPAs LLP (CAC) to its network in China. CAC CPAs LLP has been representing HLB in Tianjin and Urumqi for the past 9 years and has been expanding rapidly through organic growth and strategic consolidations with local accounting practices. CAC will now represent HLB in Beijing,... Read More

De Minimis Safe Harbor Election

Taxpayers should confirm they are maximizing tax benefits associated with the acquisition and production of tangible property and improvements to tangible and real property. One way is with the de minimis safe harbor election. In general, the de minimis safe harbor election allows businesses to deduct expenditures for the purchase or production of a unit of tangible property that would otherwise have to... Read More

IRS Office of Appeals Pilots Virtual Service

The Internal Revenue Service Office of Appeals will soon pilot a new web-based virtual conference option for taxpayers and their representatives. This virtual face-to-face option will provide an additional option for taxpayer conferences. The IRS expects it to be especially useful for taxpayers located far from an IRS Appeals office. Each year, the Office of Appeals hears appeals of more than 100,000... Read More

HLB Gross Collins, P.C. named Top 300 Firm in U.S. by Inside Public Accounting

HLB Gross Collins, P.C. is pleased to announce that once again we have been named as one of the Top 300 firms in the United States based on the 2017 Inside Public Accounting Survey and Analysis of Firms. Read More

The R&D Credit for Software and Technology Companies

The R&D Tax Credit is one of the most beneficial tax credits available to software and technology companies. Made permanent with the passage of the Protecting Americans from Tax Hikes Act of 2015, this non-refundable credit is available to businesses of all sizes and is designed to encourage the development of innovative and enhanced products, processes, and software in the United States. As both a... Read More

The Research & Development Tax Credit for Manufacturing and Distribution Companies

The R&D Tax Credit is one of the most beneficial tax credits available to manufacturing and distribution companies. Made permanent with the passage of the Protecting Americans from Tax Hikes Act of 2015, this non-refundable credit is available to businesses of all sizes and is designed to encourage the development of innovative and enhanced products, processes, and software in the United States.... 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 2017. 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 15... Read More