Latest News

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

Put Cadillac Health Plans on Your Road Map

As 2015 nears its end, business owners are naturally looking ahead to 2016. When it comes to your company’s health plan, you might want to peer farther into the future, to 2018. That’s when a steep tax on high-cost health insurance under the Affordable Care Act, dubbed the Cadillac tax, will go into effect. Although some people have described this tax as an effort to rein in lavish health plans offered... Read More

QTIP Trusts Still Offer Advantages

For many people, trusts can play a role in estate planning. Indeed, a qualified terminable interest property (QTIP) trust may offer benefits to married couples. That’s especially true for people who are in a second (or even a third) marriage, because a QTIP trust can prevent a second spouse from disinheriting children from a first marriage. Extending control A QTIP trust allows the creator (grantor) to... Read More

Investing for the Long Term

August 2015 was a brutal month for stocks. There were constant reports that the Dow Jones Industrial Average (DJIA) was down hundreds of points for the day, even down by 1000 points during one daily trading session. Ultimately, where do you think August 2015 wound up as far as historical comparisons? As bad as the crash of late 2008? Or even the subsequent bottom of early 2009? Not exactly. August 2015 was... Read More

IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping

The Internal Revenue Service today simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to acquire, produce or improve tangible property that would... Read More