Latest News

HLB International Appoints New Members in Italy and Reunion

HLB International, one of the leading global accountancy networks with a presence in 130 countries, continues its growth with the recent signing of new members in Italy and Reunion. Italy Studio Taxlex joins the network in Tuscany. Established in 1999, the firm provides services across audit, accounting, tax advisory services and payroll. HLB International is already present in Italy with members Studio... Read More

Foreign Stock Funds Can Be Doubly Taxing

Many U.S. investors hold foreign stocks. One of many advantages to holding foreign stocks is diversification because some foreign companies might outperform domestic stocks in bear markets. Some foreign countries, especially those in the developing world, are posting stronger economic growth than the American numbers. What’s more, virtually every sizable nation boasts some excellent companies that are... Read More

Retirement’s Three-Legged Stool is Losing Its Legs

Anecdotally, retirement finances formerly were based on a “three-legged stool.” After people stopped working and no longer had earned income, their cash flow would come from Social Security, personal savings, and a pension from a former employer. This pension would have been a traditional defined benefit plan, paid out for the retiree’s lifetime and perhaps for that of a surviving spouse. It may or... Read More

Treasury Decision 9787

Treasury Decision 9787 – Final Regulations Under §707 Regarding Disguised Sales and §752 Regarding the Allocation of Excess Partnership Nonrecourse Liabilities to a Partner On October 4, 2016, the Treasury Department and IRS released for publication final, temporary, and proposed regulations under sections 707 and 752. The final regulations substantially adopt 2014 proposed regulations with... Read More

Department of Labor New Overtime Rules

New DOL overtime rules issued May 18, 2016, are currently scheduled to go into effect December 1, 2016. The final rule focuses primarily on updating the salary and compensation levels needed for Executive, Administrative and Professional (EAP) workers to be exempt from minimum wage and overtime pay protection under the Fair Labor Standards Act (FLSA). Automatic updates to these salary level requirements... Read More

Year-End Business Tax Planning

The PATH Act’s many provisions also include a permanent increase in the amounts allowed under IRC Section 179, which permits rapid deduction (expensing) of funds spent for business equipment. For 2015, expensing up to $500,000 of equipment was allowed with no phaseout beginning at $2 million of purchases. For 2016, the inflation adjusted amount is $2,010,000. In addition, the PATH Act makes permanent the... Read More

Year-End Planning for Medical Donations

The PATH Act of 2015 is not the only recent tax law affecting year-end planning this year. One provision of the Affordable Care Act, passed back in 2010, comes into play now. For taxpayers age 65 or older, it may pay to incur optional medical expenses by December 31, 2016. Under the Affordable Care Act, the threshold for deducting unreimbursed medical and dental outlays was raised in 2013 from 7.5% to 10%... Read More

Year-End Planning for Charitable Donations

The PATH Act, passed at the end of 2015, exempts certain IRA-to-charity transfers from income tax. For most people, moving money from an IRA to a charity is a taxable withdrawal, subject to income tax. However, once you reach age 70½, such transactions may be untaxed as a Qualified Charitable Distribution (QCD). QCDs are now a permanent tax code provision. Everyone who passes the age test can donate up to... Read More

Year-End Retirement Tax Planning

Many people save money for retirement in a traditional IRA. The funds might have come from annual IRA contributions, or from rolling over an employer sponsored retirement account such as a 401(k). Either way, the dollars in your traditional IRA are probably pretax, so they’ll be taxed on withdrawal. You can leave the money in your traditional IRA for ongoing tax deferral. However, you might need cash now,... Read More