Latest News

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

Your Business Plan as a Management Tool

Business planning can be either extensive or simple. Where do you want to go? How are you going to get there? What resources do you need to accomplish this? How will you know when you are there? Business planning should focus on controllable, measurable actions, outcomes and accountable performance. How the economy is doing may affect your outcomes, but you cannot control it, so it’s not part of... Read More

Complexities in Determining Stock Basis

It is one of the most fundamental, and well established, principles in tax law: Gain equals amount realized less adjusted basis. Out of such seeming simplicity, however, substantial complexity can, and often does, grow. While determining a taxpayer’s amount realized and adjusted basis can often be relatively straightforward, there are also many instances in which it is significantly more complex. This is... Read More

A Correction is Underway

Our current view is that a small correction in the equity markets is underway. We believe this is a cyclical adjustment within a broader uptrend and the concerns over another slump in growth are overblown. For the next few months, we could be in a rolling correction. Robust corporate earnings, rising mergers and acquisitions activity, solid global growth, and more corporate share buybacks and dividend... Read More

Court Case Allows Construction Company to Deduct Renovation Project Receipts

A recent tax court ruling determined that a company’s receipts from construction projects may be deducted as domestic production gross receipts (DPGR) because the projects materially increased property value, substantially prolonged property life, or adapted property to a new or different use. View case docket. Read More

Federal Tax Changes and How They Affect Returns

The Governor signed House Bill 168 into law. Consequently, for taxable years beginning on or after January 1, 2010, except as discussed below, Georgia has adopted the provisions of all federal acts (as they relate to the computation of Federal Adjusted Gross Income (AGI) or federal taxable income for non-individuals) that were enacted on or beforeJanuary 1, 2011. For 2010 and 2011, the I.R.C. Section... Read More

2011 IRS Offshore Voluntary Disclosure Initiative

The IRS recently launched a second offshore voluntary disclosure initiative (OVDI). The 2011 OVDI is very similar to one offered in 2009, which, according to the IRS, resulted in more than 15,000 taxpayers voluntarily disclosing previously unreported foreign accounts. The IRS is predicting that the second disclosure initiative will be as successful if not more successful than the first one. The 2011 OVDI is... Read More