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Georgia Dept. of Revenue Rule Amended to Implement ACH Debit Method Changes

The Georgia Department of Revenue has amended its regulation concerning electronic funds transfer, credit card payments, and electronic filing requirements for multiple tax types. Specifically, the ACH debit method procedure has been amended to provide that all essential information relating to the type of tax being paid and the related payment request is due on or before the statutory due date rather than... Read More

Pauline Reynolds Named 5-Star Wealth Manager

Congratulations to Pauline Reynolds for earning the “Five Star Award” for Wealth Management in 2011. This prestigious recognition is limited to just 7 percent of all professionals within a specific industry and market area. The service award is based on a combination of direct client and industry professional feedback. The program is specifically designed to allow consumers to identify... Read More

Information Reporting Updates

In April, President Obama signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (2011 Taxpayer Protection Act). Previously, the Patient Protection and Affordable Care Act (PPACA) required businesses, charities and government entities to file information returns (Form 1099) for all payments of $600 or more in a calendar year to a single vendor, other... Read More

Mid-Year Adjustment to Mileage Rates

The IRS announced a mid-year adjustment to the 2011 optional mileage rates to reflect an increase in gasoline prices since the rates were set in late 2010. The business standard mileage rate rises to 55.5 cents-per-mile and the medical/moving standard mileage rate to 23.5 cents-per-mile, both representing a 4.5 cents-per-mile increase for the second half of 2011. The charitable standard mileage rate, which... Read More

Mileage Rate Mid-Year Adjustment

Effective July 1, 2011, the business standard mileage rate increases from 51 cents-per-mile to 55.5 cents-per-mile for business miles driven on or after July 1, 2011 and on or before December 31, 2011. The medical/moving standard mileage rate increases from 19 cents-per-mile to 23.5 cents-per-mile for the same period. However, the charitable standard mileage rate, which is fixed under Code Section 170... Read More

The S&P Stuck at 1270

The markets have been stuck at 1,270 for three weeks now. The last three Fridays, the S&P 500 has closed at 1,270. (6-10, 1,270.98; 6-17, 1,271.50; and 6-24; 1268.84). That being said, there has been a lot of volatility each week prior to ending up at the same number. The markets have been in a trading range since the first of March after enjoying a continuous, almost uninterrupted, accent from... Read More

HLBGC Braves the Rapids

In mid-June, many of our firm members headed to the Ocoee River for a whitewater rafting trip. There were 22 people in all daring the rapids- 11 firm members, along with some of their friends and family. The day was a perfect day for our thrill-seekers — a 10 mile ride including class 4 rapids and major thunderstorms. The trip was enjoyed by everyone and we are happy to report that no one fell... Read More

Michigan Business Tax Discontinued Effective January 1, 2012

Beginning in January 1, 2012, the Michigan Business Tax is being discontinued and will be replaced by a corporate tax. S corporations and other passthru entities are not subject to the corporate level tax. Like a normal S corporation you would be subject to tax at the shareholder level. The individual rate in Michigan is currently 4.35% but is to drop to 4.25% beginning 2013. If you have more than... Read More

Additional Time to File FBAR

Notice 2011-54 provides for additional time to file FBAR for individuals with signature authority but no direct financial interest in a foreign account. The extension of time is now until November 1, 2011. However, the extension only covers reporting years 2009 and prior. There had been an extension of time to file these FBAR’s until 6/30/2011, provided for in Notice 2009-62 and 2010-23.... Read More