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HLB Gross Collins Winner of 2009 Client Advisor Award

HLB Gross Collins P.C. is proud to be named the winner of the 2009 Client Advisor Award in the Mid-sized Firm Category. In its fourth year, the Client Advisor Awards recognizes those companies who have demonstrated a world-class approach to the relationship between professional service firms and their clients. Nominess are evaluated based on their excellence in 5 areas – collaboration, creativity,... Read More

Proposed Regulations Encourage Automatic 401(k) Contributions

The Pension Protection Act of 2006 (PPA) provided several changes to current 401(k) rules. Perhaps the most beneficial is the automatic enrollment feature. Effective for plan years beginning on or after January 1, 2008, employees are automatically enrolled in the employer’s 401(k), 403(b) or 457 plans unless they opt out. The PPA preempts many states’ laws that preclude automatic enrollment.... Read More

What is 409A and How Does it Affect You

The IRS has changed the rules governing deferred compensation. Internal Revenue Code (IRC) Section 409A sets more stringent guidelines for private companies when issuing stock options and other forms of non-qualified deferred compensation. Deferred compensation is compensation that promises the benefit in one year and pays the benefit in another year. Section 409A was added to the IRC by section 885 of the... Read More

Understanding Sustainable Competitive Advantage

Knowing your company’s Sustainable Competitive Advantage (SCA) is critical, as it is used as a filter for all the issues that an organization faces. It is also used as a method to allocate resources such as time and money to the issues that will allow the organization to win in the market place. It focuses on two important attributes: Key success factors that would be considered of high value by your... Read More

Social Media Users Beware – The Tax Man Cometh

Social networking is the latest rage among the masses, and it seems that even the Internal Revenue Service has decided to log on. Both federal and state revenue agents have reportedly been nabbing delinquent taxpayers by using Facebook, MySpace, Twitter, and other social networks. Google is also an important new tool for tracking down tax dodgers. In one reported case, the tax man logged on to MySpace and... Read More

The Impact of the Stock Market on Your 401(k)

The U.S. financial markets crisis reached a critical stage during September 2008 when the global credit markets experienced severe contracted liquidity after the bankruptcy of investment house Lehman Brothers and the $85 billion government bailout of insurer American International Group on September 16. With the credit crisis taking out some of Wall Street’s biggest players, it had yet to really affect... Read More

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