Latest News

New Standard Mileage Rates in Effect

Effective Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck are: 57.5 cents per mile for business miles driven, up from 56 cents in 2014 23 cents per mile driven for medical or moving purposes, down half a cent from 2014 14 cents per mile driven in service of charitable organizations Read More

President Signs Tax Increase Prevention Act of 2014

In a flurry of year-end activity, Congress approved and President Obama has signed into law the Tax Increase Prevention Act of 2014 (HR 5771). The new law extends so-called “tax extenders” retroactively for one year (through 2014). The one-year retroactive extension of the tax extenders effectively allows taxpayers to claim the popular but temporary incentives on their 2014 returns filed in... Read More

Congress Extends Expired Tax Provisions for One Year

The Senate approved legislation Tuesday that retroactively extends a number of expired tax provisions for one year, through 2014. Included in the extended provisions are the research-and-development credit, bonus depreciation and higher limits under Section 179. The bill goes to the president for his signature. Read More

Financial Planning Association of Georgia Career Development Series

HLB Gross Collins, P.C. was pleased to sponsor the Financial Planning Association of Georgia’s Career Development Series on December 4, 2014. The topic was “Succession Planning” and HLB Gross Collins, P.C. Director of Consulting Services, Jeff Plank was a panelist along with other experts in business law and compliance. Read More

HLBGC Growth and Profit Round Table

HLB Gross Collins recently kicked off our Growth and Profit Round table with a workshop last month, facilitated by Jeff Plank, Director of Consulting Services. The service offering consists of quarterly workshops and access to Mindshop Online, a web based portal that provides cutting edge business tools and access to on-line learning courses in topics including “Marketing and Sales Process” and... Read More

HLB International Appoints New Member in Mozambique

HLB International, one of the leading global accountancy networks with presence in 120 countries, has recently signed a new member in Mozambique: NNC, based in the capital city Maputo. NNC, which provides audit & accounting, tax and business advisory services, has special expertise in the public services, training, services, commodities, non-profit organizations, energy, agriculture and food sectors.... Read More

Taxpayer Guide to Identity Theft

Below is some important information from the IRS regarding Identity Theft: What is identity theft? Identity theft occurs when someone uses your personal information such as your name, Social Security number (SSN) or other identifying information, without your permission, to commit fraud or other crimes. How do you know if your tax records have been affected? Usually, an identity thief uses a legitimate... Read More

In 2015, Various Tax Benefits Increase Due to Inflation Adjustments

For tax year 2015, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest interest to most taxpayers include the following dollar amounts – The tax rate of 39.6 percent... Read More

Social Security wage base increases to $118,500 for 2015

The Social Security Administration has announced that the wage base for computing the Social Security tax in 2015 will increase to $118,500 from $117,000, which was the wage base for 2014. For 2015, the FICA tax rate for employers is 7.65% each—6.2% for social security and 1.45% for medicare. For 2015, an employee pays: 6.2% Social Security tax on the first $118,500 of wages with a maximum tax is... Read More