There are several major types of business entities, including S Corporations, C Corporations, Limited Liability Companies (LLCs) and being self-employed. Each type of structure has its own advantages and disadvantages when it comes to taxes, assets and liability protection. Generally, certain types of businesses are best for certain professions from a tax perspective; however, with…
With talks of changing existing trade deals by then candidate Donald Trump now a reality with President Trump, America has taken a different path for international trade. Seeing mixed results during negotiations, global and domestic stock markets have been shaken and are subject to ongoing volatility. Today, foreign trade talks are in flux, and it’s…
Bloomberg recently released projected tax rates, brackets and other numbers that apply to the 2019 tax year (the IRS will release the official numbers later this year). Note, these are NOT the numbers that apply to the 2018 taxes you file in 2019, but to the income and activity that occurs during the 2019 tax year…
The House Republicans recently introduced legislation that, bundled together, is being referred to as Tax Reform 2.0. Expanding on the Tax Cuts and Jobs Act (TCJA), it’s composed of three main bills that intend to address some of most criticized portions of the TCJA. H.R. 6760, Protecting Family and Small Business Tax Cuts Act of…
Please join us in congratulating Cassie, Kirsten, and Charisse on their promotions! We are thrilled that they are all part of the HBLA team! Cassandra Ong, Senior Auditor Cassandra, known to us as Cassie, joined HBLA three years ago and has quickly proven herself to be a significant member of our audit department. During her tenure,…
On June 21, 2018, the Supreme Court of the United States issued its widely-anticipated decision in South Dakota v. Wayfair. In what is likely the most significant state tax decision in more than 50 years, the Court held that the physical presence rule for state tax jurisdiction is incorrect and not a requirement under the…
The longer people live, the greater the chance they will need assistance in old age. And today, people are living longer than ever. As if providing for one’s own retirement isn’t hard enough, now we must factor in the cost of providing long-term care. Health insurance – including Medicare – is designed to cover only…
Summer is coming to an end, lots of high school and college kids work seasonal jobs before they return back to their studies. It doesn’t matter if it’s mowing lawns, checking out groceries, painting houses or life-guarding at the beach, here’s what you need to know about summer jobs and taxes. Even if you don’t…
A large number of Americans intend to keep working past retirement age. For many, their reasons are financial. Some have a high level of debt while others are afraid if they retire too soon, they will run out of money. Working longer offers several financial benefits; workers are able to: Accrue a higher Social Security…
Every year, the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds (OASDI) issues its annual report on the Social Security system. The report details the current financial status of both Social Security and Medicare as well as future projections. The 2018 report has one key takeaway –…
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