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Tuesday, 21 February 2012 18:40 |
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Effective October 1, 2011, HLB Gross Collins, P.C. co-founder, Steve Gross, retired from the firm and sold his shares of the firm to the shareholder group, assuming the title Founder Emeritus. Steve has played an integral role in developing the firm’s client base, reputation and branding.
HLB Gross Collins, P.C. CEO, Michael A. Bohling stated, “We are appreciative of Steve’s years of service and his role in helping us develop into the firm we are today. We are excited for him as he launches new business ventures.” |
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Monday, 20 February 2012 16:47 |
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Willful Failure to File. President Obama has proposed to upgrade, beginning on December 31, 2012, the willful failure to file a tax return from a misdemeanor to a felony. The proposal would make it a felony to willfully fail to file for three years within any five consecutive years, if the aggregated tax liability is $50,000 or more.
Failure to Comply with E-file Requirements. President Obama has proposed an assessable penalty for failure to comply with e-filing requirements. The penalty would be $25,000 for a corporation and $5,000 for a tax-exempt organization.
National Directory of New Hires (NDNH). The proposed budget would enable the IRS to use the data from the NDNH for general tax administration purposes. These include data matching, verification of taxpayer claims during return processing, preparation of substitute returns for non-compliant taxpayers, and identification of levy sources.
State Tax Adjustments and Statutes of Limitation. The general, three-year statute of limitations for assessment of federal tax liability may prevent the IRS from making an assessment resulting from adjustments to state or local tax liabilities. President Obama has proposed a one-year extension of the statute of limitations from the date on which the taxpayer first files an amended tax return with the IRS reflecting adjustments to the state and local tax return; or a two-year extension from the date the IRS first receives information from the state or local agency under an information sharing agreement between the IRS and state and local agency. |
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Thursday, 16 February 2012 14:14 |
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HLB International, the international network of accounting firms, is delighted to announce the appointment of the first Irish member firm to its new HLB Ireland Federation. Joining the network is Dublin based firm P. Ryan & Company.
Established in 1933, the firm has developed a comprehensive range of financial services including Audit and Compliance, Taxation (Corporate & Personal), and Advisory Services. The firm has significant experience in the areas of corporate finance, specialist taxation advice, and corporate recovery.
“We are very pleased to have P. Ryan& Co. as our founding member of HLB Ireland. The firm is committed to recruiting member firms to provide full geographic coverage throughout Ireland. P. Ryan is a full service accounting firm with a major focus on clients with national and international operations and that specialty fits perfectly with the profile of HLB firms” explains Rob Tautges, chief executive at HLB International.
John Ryan, partner at P. Ryan & Co. says: “We are delighted to announce our membership of HLB International as the founding member of the Irish Federation. We believe that our membership will assist and complement the progress we have made in increasing our international offering to clients, through its network of independent firms.
We look forward to working with HLB member firms in bringing the best quality service and advice to clients. The planned expansion of the Irish Federation will also bring excellent opportunities within our home markets”
P. Ryan & Co.is currently identifying other suitable firms to join the newly formed Federation in Ireland.
For additional information about HLB International, contact our International Practice Leader, Tom Breedlove.
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Thursday, 16 February 2012 14:11 |
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HLB International, the international accountancy network, has appointed a new member firm in Greece. The newly established HLB Hellas SA will operate out of the capital city Athens.
HLB Hellas SA, formed by internationally minded partners and previously members of BDO and Horwath, is offering assurance services, audit and tax compliance, as well as special advisory services, with a focus on due diligence reviews and corporate finance.
Rob Tautges, chief executive at HLB International, commented: “We are very pleased to add HLB Hellas SA to the HLB suite of exceptional firms. As Greece emerges from the global financial crisis, there will be increasing opportunities for inbound investment. The talented partners of HLB Hellas will provide great value for the clients of HLB’s independent member firms around the world.”
Maria Koitsanou, head of the board of HLB Hellas SA, said: “We are excited about these developments and we are looking forward to serving as the HLB member firm representative in Greece. Partnering with a reputable network comprises a milestone to our strategy and enhances our capabilities to the benefit of our clients. A significant portion of our clients are members of international groups, and we will be able to make the most of the HLB network in order to provide them with a cutting edge cross-jurisdictional professional service”.
Currently HLB Hellas SA serves subsidiaries of international organisations based in Greece and reputable Greek companies. This international experience, together with the in-depth knowledge of the local market strengthens the company’s position in a challenging financial environment.
For additional information regarding HLB International, contact our firm's International Practice Leader, Tom Breedlove.
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Tuesday, 07 February 2012 18:26 |
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The IRS has a tool to help people who have to repay their First-Time Homebuyer Credit. Reminder letters will no longer be mailed to taxpayers who have to repay the credit but you can now use an online lookup tool on the IRS website to check your repayment obligation. The following four tips will help you look up information on your First-Time Homebuyer Credit:
1. Who needs to repay the credit? If you bought a home in 2008 and claimed the First-Time Homebuyer Credit, the credit is similar to a no-interest loan and must be repaid in 15 equal annual installments that began with your 2010 return. Also, anyone who sold their home, or stopped using it as their main home, may have to repay the entire credit whether their home was purchased in 2008, 2009 or 2010.
2. Information needed to access the tool The First-Time Homebuyer Credit Tool will provide critical account information to help you report your repayment obligation on your tax return. To access the tool you will need: your Social Security number, date of birth and complete address. If you file a joint return, you'll only be able to access your portion of the First-Time Homebuyer Credit account information.
3. What the tool provides The tool will show the original amount of the credit, annual repayment amounts, total amount paid and the total balance left to be paid. You will be able to print your account page to share with your tax preparer and keep for your records.
4. How to repay the credit To repay the First-Time Homebuyer Credit, add the amount you have to repay to any other tax you owe on your federal tax return. This could result in an additional tax owed or a reduced refund. To repay the credit, you report the repayment on line 59b on Form 1040, U.S. Individual Income Tax Return. If you make an installment payment, you do not need to attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit, to your tax return. However, if you are repaying the credit because the home stopped being your main home, you must attach Form 5405.
You can access the First-Time Homebuyer Credit Lookup Tool, 24 hours a day, seven days a week, visit the IRS.gov website. |
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