Latest News

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

Benefits of the US Adopting IFRS

The new chairman of the International Accounting Standards Board recently discussed the economic benefits of US adoption of IFRS accounting standards. Hans Hoogervorst argued that the US would fulfil a G20 commitment to adoptworldwide uniform accounting standards if it endorses International Financial Reporting Standards. He further explained that US businesses would benefit financially because having a global... Read More

Maximizing Value of your Business for a Liquidity Event

Began business with a vision of tangible accomplishment. Cash flow to support a future lifestyle Accomplish goals with special and nimble approach which others are not Large company – bureaucracy Political stalemate in existing company – family or deep bench to work through. Idea of technology or new business process that can change a market New technology for old problems – changing of the... Read More

HLB International Appoints New Member in China

HLB International, the international accountancy network, has signed a new member firm in China. Joining the network is Zhejiang Dewei Certified Public Accountants Co.,Ltd. (Zhejiang Dewei) based in Ningbo, the north eastern Zhejiang Province in Eastern China. Rob Tautges, Chief Executive of HLBI commented: “We are very pleased to announce the addition of Zhejiang Dewei to HLB China. This firm is the... Read More

Does Your Business Need a Tune Up? Try our GPS Diagnostic

Just as we take our car to the shop for a diagnostic to make sure everything is running correctly, business owners should periodically perform a diagnostic on their business. HLB Gross Collins has now added a business diagnostic tool to our website that allows business owners to do just that. The GPS diagnostic is a simple but powerful tool to help you pinpoint key opportunities for increasing the level... Read More

HLB Fast & ABS Auditores Acquires Jimenez Asociados

HLB Fast & ABS Auditores, HLB International’s member firm in Colombia, has acquired accounting firm Jiménez y Asociados with offices in Bogota and Medellin. José de Jesús Hernández Herrera, International Contact Partner of HLB Fast & ABS commented: “Through our recent merger HLB Fast & ABS has gained a significant place in the Colombian market with increased nationwide coverage.... Read More

IRS Plans to Discontinue High-Low Method for Substantiating Travel Expenses

The IRS has announced it will discontinue the high-low method for substantiating travel expenses. The agency did not specify when the high-low method will be discontinued but indicated that additional guidance will be issued. Brian Mullen, CPA, president-elect of the south-central chapter of the Pennsylvania Institute of Certified Public Accountants (PICPA) predicted that discontinuance of the high-low... Read More