Latest News

Italian Ordinary VAT Rate Increasing from 20% to 21%

Operation (sales of goods and services) put in place starting from September 17, 2011 are subject to the new ordinary VAT rate, increased from 20% to 21%. The correct VAT rate to be applied must be identified according to the moment when the operation/sale can be considered as “preformed” under the VAT general law, different for goods and services. In general: Movable goods’ sales are... Read More

Remembering September 11, 2001

Even as the tragic events of September 11, 2001 are behind us, HLB Gross Collins, P.C. would like to remember the citizens of the United States of America and around the world that were affected by these events. HLB Gross Collins, P.C. honors those who served and lost their lives one decade ago. We also remember the heroism of the family members left behind. Read More

IRS Provides Tax Relief to Irene Victims

The IRS announced that certain taxpayers affected by Hurricane Irene will receive tax relief. For corporations and businesses that previously filed an extension until Sept. 15, 2011, this tax relief postpones certain tax filing and payment deadlines to Oct. 31, 2011. There is also relief for individuals who previously filed an extension. Click here to read more. Read More

September 9 is Deadline for OVDI

Late on Friday August 26, the IRS announced that it was extending the August 31, 2011, deadline for the Offshore Voluntary Disclosure Initiative (OVDI) to September 9, 2011, because of the potential impact of Hurricane Irene. The hurricane is moving up the East Coast and could hit Washington, New York and other major cities. The OVDI is aimed at taxpayers with undisclosed foreign bank accounts and foreign... Read More

HLBGC Client, PARTS, Inc. Recognized with Prestigious Award

We would like to congratulate our client, Parts And Repair Technical Services, Inc. (PARTS, Inc.) for earning the U.S. Department of Commerce’s Export Achievement Certificate. This award recognizes businesses that have benefited from Commercial Service export assistance to make its first export sale or expand to new foreign markets. It recognizes export achievement and job growth. We are... Read More

Deadline for Second Special Voluntary Disclosure Initiative of Offshore Accounts

The IRS Has Issued the Following Reminder to Taxpayers Regarding Offshore Accounts: U.S. taxpayers hiding income in undisclosed offshore accounts are running out of time to take advantage of a soon-to-expire opportunity to come forward and get their taxes current with the Internal Revenue Service. The IRS today reminded taxpayers that the 2011 Offshore Voluntary Disclosure Initiative (OVDI) will expire... Read More

Unwinding Roth Conversions

In view of the decline in the stock market, a taxpayer might wish to reverse a Roth IRA conversion if the value of the assets decreased following the conversion to avoid paying taxes immediately on a depreciating asset. In general, a rollover or conversion to a Roth IRA may be reversed by transferring funds to a traditional IRA by the due date (including extensions) of the taxable year in which the... Read More

HLBGC Attends International Tax and Audit Conference in London

Tom Breedlove, the Director of International Services, and Robert Ainsworth recently attended the HLB International Tax and Audit Conference in London, England. The conference was hosted by the firm’s London affiliate, Menzies LLP, and was attended by HLB Firms around the world from five continents. During the conference, Tom and Robert participated in technical training on International Financial... Read More

IASB Warnes of Weakening Ties with FASB

The International Accounting Standards Board has warned it will stop engaging in new joint projects with its US counterpart if the US Securities and Exchange Commission does not endorse its IFRS standards. The IASB’s vice chairman, Ian Mackintosh, made the claim during a webcast in which he answered industry questions about the IASB’s recent consultation over its future strategy. Cooperation... Read More