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Depreciable Assets Under The 2015 End of Year Tax Legislation

The tax update related to Section179 and bonus depreciation is for federal purposes only until adopted by the states. Through 2014 some states have differed in the amount allowed under Section 179 and have totally disallowed the bonus depreciation deduction. Section 179 – Taxpayers (other than estates, trusts, and certain noncorporate lessors) can elect to treat the cost of qualifying property, called... Read More

HLB International Appoints Three New Members in Portugal

HLB International, one of the leading global accountancy networks with presence in 130 countries, has recently signed three new members in Portugal. Conceito S.A Established in 1982 and based in Lisbon, Conceito S.A provides nationwide accounting and tax services. The firm has special expertise in the following fields: energy, real estate, IT, retail, telecommunications, pharmaceuticals, food and drink. As... Read More

Going Outside to Sell Your Company

For business owners who are seeking a successor, the right person might be obvious. If you have a co-owner or partner, a buy-sell agreement can set the terms; if a younger family member is willing and able, you can decide on a way to transfer control. Otherwise, there may be a key employee who’s a logical candidate—or you might hire someone to take over eventually. In some cases, though, this type of... Read More

Deducting IRA Contributions

The deadline for 2015 IRA contributions is April 18, 2016. Workers and their spouses who were under age 70½ at year-end 2015 can each contribute up to $5,500, or $6,500 for those 50 and older. For traditional IRAs, income limits don’t apply. That is, those named can make contributions of these amounts to a traditional IRA. Whether those contributions will be tax-deductible is another matter. In any case,... Read More

Deducting Taxes Paid

When you file your 2015 federal income tax this year, you can take a standard deduction. For 2015, that’s $6,300 for single taxpayers and for married individuals filing separately; $12,600 for couples filing jointly and for certain widow(er)s; and $9,250 for those filing as heads of household. The beauty of taking the standard deduction is that it’s simple: There’s no need to gather information and... Read More

HLB International Appoints New Member in the Channel Islands

HLB International, one of the leading global accountancy networks with presence in 130 countries, has recently signed a new principal member in The Channel Islands – PraxisIFM. Established in 1972, with assets under administration exceeding $42 billion, PraxisIFM is an independent, owner-managed, group of companies providing a wide range of bespoke professional services to private individuals, families... Read More

IRS Extends ACA Information Reporting Deadlines

On December 28 the IRS published Notice 2016-4 which provides an extension of the due dates for the ACA employer mandate reporting. The due date for furnishing IRS 1095-B or 1095-C to employees has been extended for two months from 2/1/2016 until 3/31/2016. The due date for electronically filing 1094-B or 1094-C data to the IRS has been extended for three months from 3/31/2016 until 6/30/2016. This... Read More

2016 Standard Mileage Rates for Business, Medical and Moving Announced

The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents... Read More

Smith & Gesteland LLP Joins HLB International as Part of the HLB USA Network

Smith & Gesteland LLP (S&G) joins HLB International as part of the HLB USA Network of independently owned CPA and business advisory firms. The S&G professional team, headquartered in Madison, Wisconsin, has been serving businesses and individuals in Southern Wisconsin since 1948. The firm provides accounting, audit, tax and consulting services with special expertise in profit enhancement,... Read More