Latest News

New Audit Guidelines for Partnerships

The Bipartisan Budget Act of 2015 (the Budget Act) includes major changes in the way the IRS will audit entities that are classified as partnerships for federal income tax purposes. In general the Budget Act repeals current-law audit and adjustment procedures for partnerships (commonly referred to as TEFRA) and rules for electing large partnerships (ELP) and replaces them with a centralized system for the... Read More

Employee Travel Expense Reimbursement

Often, clients ask for clarification on expense travel rules and the treatment of reimbursements when frequent flyer miles are used. A couple common questions include: If employees use their personal frequent flyer miles to purchase airplane tickets for a work-related flight, should the employees be reimbursed by the company? If the employees are reimbursed, is this a taxable benefit? Frequent Flyer... Read More

HLB Raises Over 8,600 Euros for Charity

HLB International, one of the leading global accountancy networks with a presence in 140 countries, raised over eight thousand and six hundred euros for the Malta Community Chest Fund. The funds were presented to Noel Zarb, Chief Administrator of the Community Chest Fund when the network held its annual conference in Malta from October 18-22 . The Malta Community Chest Fund is a charitable foundation under... Read More

Real Estate Dealer or Investor

Investors in real estate generally do so for financial gain. The upside to investing in real estate is that investors get a return on their investment and receive cash distributions but are also able to defer income tax. The significant depreciation that the property provides offsets the rental income and often times generates losses. These losses that are passed through to investors are not usually... Read More

The Georgia Retraining Tax Credit

Is your company investing in employees through means such as new equipment, new software, or new technology? If so, your company may be eligible for the Georgia Retraining Tax Credit. The purpose of this credit is to encourage employers to continuously invest in their employees via the very means mentioned above – upgrading equipment, acquiring new technology, and even completing ISO 9000 training.... Read More

Laura Madajewski Honored at Georgia Manufacturing Alliance Summit

Congratulations to HLB Gross Collins, P.C. Manufacturing and Distribution Practice Leader, Laura Madajewski, who was recently honored at the Georgia Manufacturing Alliance Summit. She received an award to recognize outstanding leadership in networking for the North West Chapter of GMA. HLB Gross Collins, P.C. hosts the Northwest Chapter for monthly networking group luncheons, as well as various... Read More

Year-End Tax Planning for Charitable Donations

Some surveys indicate that more than 30% of all charitable giving occurs in December, and that over 10% of donations are made in the last three days of the year. The year-end holiday spirit may be a factor in the early winter philanthropy, but taxes probably play a role, as well. A check you write to your favorite charity in December gives you a tax deduction the following April, but if you wait until New... Read More

Year-End Business Tax Planning

IRC Section 179 permits “expensing,” or first-year tax deduction, of outlays for business equipment that otherwise would be recovered through depreciation over many years. For 2017, expensing the costs of up to $510,000 of equipment is allowed, with a phase-out beginning after $2.03 million of purchases. Example 1: ABC Corp. spends $400,000 on equipment and off-the-shelf computer software equipment in... Read More

Year-End Retirement Tax Planning

If your company sponsors a 401(k) plan, your employer may offer a match. Make certain that you’re contributing at least enough in 2017 to get the full match, which is essentially free money. The same is true when you’re setting up your 2018 contributions late this year. Example 1: Jill Myers earns $100,000 a year working for a company that offers a 50% match on 6% of pay. For Jill, 6% of pay is $6,000,... Read More