Latest News

Small Company Tax-Free Investment Gains

For more than 20 years, Section 1202 of the tax code has offered benefits to investors in certain small companies. Generally, non-corporate investors can use this tax break if they buy stock in companies that met specified criteria. After a holding period of at least 5 years, any gain on a sale will be taxed favorably. Originally, the tax exclusion applied to 50% of the gain. In 2010, the exclusion was... Read More

High-Income Families – Get this Tax Break for College Costs

In 2009, Congress replaced the Hope Scholarship Tax Credit with the American Opportunity Tax Credit (AOTC). Compared with the Hope credit, the AOTC offers more annual tax savings and is available to people with higher incomes. Moreover, the AOTC can be claimed during a student’s first four years of higher education, whereas the Hope credit was limited to the first two years. The AOTC was scheduled to... Read More

Business Tax Benefits You Don’t Want to Miss

The tax code includes Section 179, which permits first-year deduction (expensing) of amounts spent for business equipment. This provision formerly allowed annual deductions up to $25,000. After $200,000 of equipment outlays, the allowance phased out, dollar-for-dollar. Congress had raised these amounts sharply in recent years, but the increases expired periodically, going back to the original amounts. The... Read More

HLB International Appoints New Members in Albania and Qatar

HLB International, one of the leading global accountancy networks with presence in 130 countries, continues its growth with the recent signing of new members in Albania and Qatar. Albania T.A.L.I.S. Tax Audit Legal International Services joins the network in Tirana, the capital of Albania. Established in 2006, the firm provides assurance, tax, consulting and financial advisory services. Carlo Alberto... Read More

IRS Released Top 10 Identity Theft Cases

The summary of the following 10 identity theft cases in states including Alabama, Florida, Georgia and New Jersey is based on public information available in court cases: Top 10 Identity Theft Cases Tampa Tax Fraudster and Wife Sentenced in Massive Identity Theft Tax Fraud Scheme – On June 19, 2015, James Lee Cobb III, was sentenced to 324 months in prison, five years of supervised release and ordered... Read More

Beware of Threat to Taxpayers: Criminals Impersonating IRS Agents on the Phone

Aggressive and threatening phone calls by criminals impersonating IRS agents remain a major threat to taxpayers, but now the IRS is receiving new reports of scammers calling under the guise of verifying tax return information over the phone. The latest variation being seen in the last few weeks tries to play off the current tax season. Scam artists call saying they have your tax return, and they just need... Read More

Tax Efficient IRA Withdrawals

Many people save for retirement by putting pretax dollars into an employer-sponsored retirement plan, such as a 401(k). Those dollars may be rolled into an IRA, perhaps at retirement or after a change in jobs. An IRA rollover can maintain the tax deferral. Ultimately, those pretax dollars will be withdrawn and reported as taxable income. If you are retired then, in a lower tax bracket because you no longer... Read More

Deducting Charitable Gifts

Charitable donations usually can be deducted on Schedule A of Form 1040, along with other itemized deductions. You should have the required support materials, in case your charitable deduction is questioned. This article will cover the rules on cash contributions: donations by cash, check, electronic funds transfer, debit or credit card, or payroll deduction. Separate rules apply to noncash donations;... Read More

Cybersecurity for Business Owners

Data breaches at large companies often make headlines. The good news is that major corporations have the resources (and, increasingly, the motivation) to protect themselves from electronic intruders. If your company does business with firms in the S&P 500, your personal and business data probably are secure. The bad news? Thwarted hackers and identity thieves may step up attacks on small and... Read More