Latest News

New Tool Available on IRS Website to Help Taxpayers Who Have to Repay Their First-Time Homebuyer Credit

The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation. The following four tips will help you look up information on your First-Time Homebuyer Credit: 1. Who needs to repay the credit? If you bought... Read More

IRS Exploring A Real-Time Tax System

The IRS recently held the second in an anticipated series of public meetings on a real-time tax system. The January 25 meeting in Washington, D.C. brought together IRS officials, software providers, payroll processors, and state officials. “A real-time tax system would be a change in process across all aspects of the tax ecosystem changing many behaviors and processes that stakeholders are accustomed... Read More

HLB International Appoints First Audit Working Group Chairman

HLB International is delighted to announce the appointment of Darryl Swindells as Chairman to HLB International’s Audit Working Group. Darryl Swindells, who was appointed during the recent HLB International European Meeting, is an audit partner at HLBI member firm HLB Mann Judd in Sydney, Australia. He has been a member of the group since its inception in 2003 and is the group’s first Chairman. Darryl... Read More

2012 Mileage Rates

The IRS announced in December that the business standard mileage rate for 2012 will be 55.5 cents-per-mile, which is unchanged from the second half of 2011. The standard mileage rate for medical and moving expenses will be 23 cents-per-mile, reflecting a 0.5 cents-per-mile reduction from 2011. The statutorily-determined rate for the charitable deduction remains unchanged at 14 cents-per-mile for 2012. Read More

Pauline Reynolds Presented “Tax Issues for the Real Estate Investor”

Pauline Reynolds recently presented “Tax Issues for the Real Estate Investor” to to Georgia Real Estate Investor’s Group. She reviewed many industry-specific tax issues including: Tax Treatment of Rental Income and Expense Vacation Homes Short Sales and Foreclosures Read More

IRS Extends Tax Deadline

The IRS has announced that taxpayers have until April 17, 2012, to file their tax returns and pay any tax due because April 15 falls on a Sunday and Emancipation Day, a holiday in the District of Columbia, falls on April 16. Taxpayers requesting an extension will have until October 15, 2012, to file their 2011 tax returns. The IRS will begin accepting e-file and Free File returns on January 17, 2012. The... Read More

Ports Activity Job Tax & Investment Tax Credits

Businesses or the headquarters of any such businesses engaged in manufacturing, warehousing and distribution, processing, telecommunications, tourism, or research and development that have increased their port traffic tonnage through Georgia ports during the previous 12-month period by more than 10% over their 1997 base year port traffic, or by more than 10% over 75 net tons, five containers or 10 20-foot... Read More

Watch Rick Hamilton’s Interview on Fox 5 News

HLB Gross Collins, P.C. Principal, Rick Hamilton was interviewed today at our office by Fox 5 News. The interview focused on last minute year-end tax planning tips. With just a few days left in the year, there is still time to implement some tax savings strategies. We pride ourselves on helping clients identify and take advantage of any opportunity to reduce their taxes and improve their bottom line. To... Read More

Federal Extension Forms No Longer Accepted in Place of New York Forms

The New York Department of Taxation and Finance has issued an important notice for personal income taxpayers declaring that federal extension forms will no longer be accepted in place of the state form. The department noted that effective for tax years 2011 and beyond, a copy of federal Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, or Form 7004,... Read More