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Interesting Tidbits Included in Obama’s Proposed Changes

Willful Failure to File. President Obama has proposed to upgrade, beginning on December 31, 2012, the willful failure to file a tax return from a misdemeanor to a felony. The proposal would make it a felony to willfully fail to file for three years within any five consecutive years, if the aggregated tax liability is $50,000 or more. Failure to Comply with E-file Requirements. President Obama has proposed... Read More

HLB Intnernational Announces First Member of New Ireland Federation

HLB International, the international network of accounting firms, is delighted to announce the appointment of the first Irish member firm to its new HLB Ireland Federation. Joining the network is Dublin based firm P. Ryan & Company. Established in 1933, the firm has developed a comprehensive range of financial services including Audit and Compliance, Taxation (Corporate & Personal), and Advisory... Read More

HLB Appoints New Member Firm in Greece

HLB International, the international accountancy network, has appointed a new member firm in Greece. The newly established HLB Hellas SA will operate out of the capital city Athens. HLB Hellas SA, formed by internationally minded partners and previously members of BDO and Horwath, is offering assurance services, audit and tax compliance, as well as special advisory services, with a focus on due diligence... Read More

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