Latest News

A New Business Plan — Featured in Commercial Investment Real Estate Magazine

These strategies will help to design a recession-proof business model. In our current economy, it’s important that commercial investment real estate professionals devise a new business plan to survive, both now and in the future. Currently, business planning is less about expansion and more about survival as customers, vendors, and competition begin to disappear. It also is about doing more with less and... Read More

IRA to Roth Conversion

Now that 2010 is upon us, a significant opportunity is available for individuals. Taxpayers can now to convert a traditional IRA to a Roth IRA, regardless of income level or filing status. This is an exceptional opportunity for many. Here is how it is going to work and what the implications are. First, here are some basics on a Roth IRA. The Roth IRA contribution is not deductible for tax purposes, so... Read More

Coming to Work In The US? You May Need an ITIN

Do You Need an Individual Taxpayer Identification Number (ITIN) The ITIN is a nine-digit number issued by the IRS to individuals who are required to have a U.S. taxpayer identification number for tax purposes but who do not have and are not eligible to obtain a social security number. The ITIN is for federal tax purposes only. It does not entitle the holder to social security benefits or change an... Read More

Changes to Electronic Filing Requirements

Are You Required to Pay and File Your Business Tax Returns Electronically? New requirements affect many more businesses Since July 1, 2006, all businesses submitting sales tax returns or withholding returns where the tax amount exceeds $5,000 have been required to submit those returns electronically. Effective January 1, 2010, the threshold drops to $1,000 and effective January 1, 2011, the threshold... Read More

Stephan Strothenke Presents Doing Business in Germany

Stephan Strothenke, who is working at HLB Gross Collins, P.C. as part of an international exchange, presented “Doing Business in Germany” during a firm Lunch and Learn session. This is one of the many ways that we will benefit from participation in this exchange, as he shared insights and knowledge of the German tax system, business operations and regulations. Topics discussed included: ... Read More

Accelerated Deduction Option for Haiti Relief Contributions

Haunting images of destruction and moving stories of rescue have encouraged Americans to give generously to help their neighbors in Haiti recover from the January 12, 2010 earthquake. To encourage donations to charitable organizations working in Haiti, Congress recently passed, and President Obama signed into law, a special measure making your monetary contributions tax deductible in 2009 even though they... Read More

Preparing for Your Audit

Getting the Most Bang for Your Audit Bucks Audits are great financial tools for financial institutions, bonding agencies, CFOs, and board of directors, but many organizations often fail to see their own audit as anything other than a necessary evil. When used properly, audits can and should be used by organizations to increase accountability, improve financial operations, and improve transparency. ... Read More

Changes to the Homebuyer Credit

Amendments offer credits to both new and existing homebuyers by Jennifer L. Harrison Congress recently extended and amended the home buyer credit. Initially, the home buyer credit was available only to first-time home buyers. The new bill allows existing homeowners to obtain a credit for home purchases if certain criteria are met, raises the amount of the credit, and raises the income limitations for... Read More

Our Changing Tax Laws

Many tax changes enacted and some still pending Enacted Tax Legislation The year 2009 was certainly another active year for tax law changes. One that will impact nearly all Americans who use a tax preparer is the requirement for mandatory e-filing of individual, estate or trust returns filed after December 31, 2010 if the return is prepared by a tax preparer that prepares more than 10 returns. Some of... Read More