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Small Business and Work Opportunity Tax Act of 2007

At the end of May 2007 new tax legislation was signed into law. The following are some of the highlights (and lowlights) of the new legislation: Small Business Expensing. The new law extends and expands the Code Sec. 179 enhanced expensing provisions through 2010. It provides for an immediate 2007 increase in the expensing limit from $112,000 to $125,000, with the phase-out level increasing from $450,000... Read More

Estate Tax Reform

Estate tax laws are often considered to be some of the most complicated in our tax code & keeping up with the reforms can be challenging. Taxpayers want to avoid leaving an inheritance to heirs and then having a significant amount turned right over to Uncle Sam courtesy of estate taxes. For the short-term, the outlook is good. Congress has approved a schedule that increases the amount that an individual... Read More

Repayment of S Corp Affected by IRS Regulations

Many small and mid-size businesses operate as “S corporations” for income tax purposes. As an S corporation, the business does not compute a tax liability on its operations, but instead shareholders report their shares of the corporation’s income or loss on their individual income tax returns. In the current economic environment, many such businesses will be passing through losses to shareholders.... Read More

Gifting Appreciated Property – Benefits and Savings of Donating Stock

With the end of a tax year just around the corner, the time is right to review opportunities to deduct charitable contributions. Consider the benefits of gifts of appreciated property. Generally, a gift of appreciated property (such as stock) to a qualified charitable organization is deductible to the extent of the fair market value of the property at the time of the gift. The appreciation in the property... Read More

Debt, Debt and Taxes Too

Got debt. Got debt relief. Walked away. Now what? Generally, if you borrow money from a commercial lender and the lender later cancels or forgives either a portion or all of the debt, you may have to include the canceled amount in income for tax purposes, depending on the circumstances. There are some exceptions. Debts discharged through bankruptcy are not considered taxable income. Generally if you are... Read More

Cash for Clunkers

Bill to Entice Trade-In of Gas Guzzlers President Obama has signed a “cash-for-clunkers” bill. Consumers will be eligible for tax-free vouchers of either $3,500 or $4,500 toward the purchase or lease of a new, more fuel-efficient vehicle. Vouchers will be applied by participating dealers, reducing the purchase price and the government will reimburse dealers. Congress appropriated $1 billion for... Read More

Making Work Pay

In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. This tax credit will be calculated at a rate of 6.2 percent of earned income and will phase out for taxpayers with modified adjusted gross income in excess of $75,000, or $150,000... Read More

Incentive for First Time Homebuyers

House Bill 261 On May 11, Georgia Governor Sonny Perdue signed House Bill 261 allowing a tax credit for homes purchased between June 1, 2009 and November 30, 2009. The credit is the lesser of $1,800 or 1.2 percent of the purchase price and it is not limited to first time homebuyers. To qualify for this credit, the home: Must have been for sale prior to May 11, 2009 and still be held for sale, or Must... Read More

Jeff Plank Talks Profit Enhancement, Tech Start-ups, Mindshop and More

Jeff has been with HLB Gross Collins for 14 years and is their Director of Consulting Services. HLB Gross Collins is a full service Certified Public Accounting and Consulting firm provides traditional accounting & audit services and specialized technical guidance for international tax, estate, and business consulting. Jeff graduated with an MBA from University of Chicago Booth School of Business... Read More