Business Tax Planning,News,Tax

Several State-Wide Tax Rule Changes Announced08 May

Libby Slater__015 - 4 x 6You may want to pack this update in with your favorite novel and the sunscreen as you head out for some beach or poolside fun this spring… because effective May 9, 2013, several changes to the administrative code will occur throughout the sunshine state. Light spring reading is good, smart spring reading is even better.

The Florida Department of Revenue recently announced the following amendments, modifications and/or updates and we want our clients and all Florida taxpayers to be well-informed of how these changes may impact them.

Please be aware of the changes in the paragraphs that follow and feel free to contact Hill, Barth and King, LLC with any questions.

Fuels & Minerals / Fuel Tax Rules

Rules 12B-5.090 and Rule 12B-5.100 have been amended to remove a reference to the incorporation of a refund permit that does not meet the definition of a “rule” and is not incorporated by reference. The amendments to Rule 12B-5.150 remove Form DR-179 (Corporate Surety Bond Form for Refund Permit Application), which is no longer used by the Department. The amendments to Rule 12B-5.200 clarify that it is unlawful to put alternative fuel into a vehicle that does not have a required decal attached to the vehicle.

General Administrative Provisions

  1. Electronic Payments and Recordkeeping – Rule 12-24.011 to adopt, by reference: (1) simplification of the tax types and filing method selections contained in Form DR-600 (Enrollment and Authorization for e-Services Program); and (2) changes that will update the privacy notice statement on Form DR-654 (Request for Waiver from Electronic Filing), used by the Department in the administration of the e-Services program. The amendments to Rule 12-24.028 change the reference regarding recordkeeping requirements. Rule 12-24.030 is repealed to remove an unnecessary rule that only refers to a statutory provision. 
  2. Final orders – Rules 12-2.021, 12-2.027, and 12-2.028 have been amended to remove unnecessary requirements and provisions regarding the indexing and handling of final orders that are redundant of other departmental rules. Rule 12-3.006 is repealed to remove provisions regarding the Department’s official reporter for final orders that are redundant.
  3. Large Currency Transaction Rule RepealedRule 12-19.001 has been amended to remove unnecessary provisions that are redundant of provisions contained in Rule 12-19.002 regarding the reporting of large currency transactions pursuant to the Money Laundering Control Act.
  4. Debt Collection Rules – Rule 12-15.001 has been appealed. The repeal of Rule 12-15.005 removes unnecessary provisions regarding the confidentiality of state tax information required in the performance of contracts with the Department to collect certain delinquent taxes.
  5. Vending Machine RuleRule 12-18.008 has been amended to update the notice to customers that must be affixed to a vending machine by the operator of the machine.

Florida Sales & Use Tax

  1. Amended and Repealed Rules – Effective May 9, 2013, the Florida Department of Revenue has repealed or amended various sales and use tax rules. The changes are as follows:
    1. Rule 12A-1.003 is repealed to remove unnecessary rule provisions requiring sales tax to be collected on each single sale.
    2. Rules 12A-1.014, 12A-1.034, 12A-1.064, and 12A-1.0641, F.A.C., remove obsolete provisions regarding when an application for refund must be filed with the Department for tax paid on or after October 1, 1994, and prior to July 1, 1999.
    3. Rule 12A-1.035 is amended to reflect changes concerning the licensing of funeral directors.
    4. The amendments to Rule 12A-1.0371 correct the referenced value of a U.S. Double Eagle Coin.
    5. The amendments to Rules 12A-1.038 and 12A-1.039 remove obsolete provisions which required dealers to maintain blanket resale and exemption certificates and obsolete references to other suggested exemption certificates.
    6. The amendments to Rule 12A-1.044 remove the requirement for churches, synagogues, and qualified sponsoring organizations to place their name and address on vending machines they operate; and also remove obsolete provisions regarding the application of tax to agreements between a vending machine owner and the owner of the location where the machine is placed for operation entered into prior to July 1, 1991.
    7. The amendments to Rule 12A-1.056 remove provisions regarding the imposition of interest on tax due prior to January 1, 2000.
    8. The amendments to Rule 12A-1.059 remove provisions regarding the filling of 22-pound liquefied petroleum gas tanks that are no longer available; and provide that the charge for filling liquefied petroleum gas tanks with gas to be used for purposes of residential heating, cooking, lighting, or refrigeration is tax-exempt when the selling dealer documents the tax-exempt use of the gas on the customer’s invoice or other written evidence of sale.
    9. Rule 12A-1.068 is repealed to remove an unnecessary rule regarding the recapping of tires and the sale of recapped tires.
    10. The amendments to Rule 12A-1.0911 remove the requirement for holders of direct pay permits to submit an annual report of the amount of total purchases by county.
    11. Rule 12A-1.097 is amended to adopt, by reference, updates to Form DR- 231, Certificate of Exemption for Entertainment Industry Qualified Production Company, to remove obsolete taxpayer contact information and to correctly title the Florida Office of Film and Entertainment. 2)
  2. Convention development tax rules repealed – Dade County Convention Development Tax rules 12A-8.001 and 12A-8.002; Duval County Convention Development Tax rules, 12A-9.001 and 12A-9.002; and Volusia County Convention Development Tax rules 12A-10.001 and 12A-10.002 have all been repealed.
  3. Motor vehicle fee rules – Rule 12A-13.002 has been amended to provide the definition of “motor vehicle” for purposes of the fee on the sale or lease of motor vehicles. In addition, the amendments provide that such fees should be remitted to the Department at or within the times that a private tag agent’s sales and use tax and return is due (previously the fee was due not later than seven days from the close of the week in which the private tag agency received the fees). In addition, Fla. Admin. Code Ann. Rule 12A-13.001 is repealed.
  4. Tourist development tax rules repealed – Rules 12A-3.001; 12A-3.002 and 12A-3.006 relating to the tourist development tax have been repealed.
  5. Transient accommodations rule amended – Rule 12A-1.061 dealing with rentals, leases and licenses to use transient accommodations to provide that the provisions of the rule govern the administration of the taxes imposed on transient accommodations including the sales tax imposed under Fla. Stat. § 212.03 has been amended. Any locally-imposed discretionary sales surtax; any convention development tax; any tourist development tax; or any tourist impact tax. The rule is effective May 9, 2013.
  6. Communications services tax rules – Rule 12A-19.050 and Form DR-700021 (Local Communications Services Tax Notification of Tax Rate Change) have been amended and, adopted by reference, in Rule 12A-19.100, in order to clarify provisions applicable to emergency local tax rate changes and to remove obsolete rate change provisions for the adoption of emergency tax rate ordinances for 2002.

For specific questions, please contact Elizabeth Slater at Hill, Barth & King LLC by calling the office at (239) 482-5522 or e-mailing her at lslater@hbkcpa.com .

Libby is a Principal in the Fort Myers, Florida office of Hill, Barth & King LLC (HbK). She joined HbK in 2002, when the Batson, Carnahan & Company accounting firm joined the HbK family. Libby had previously worked with BC&C for eight years and the majority of her client base lies in her specific area of proficiency: the medical industry and, particularly, physician practices. She has extensive experience in consulting with medical practices of all sizes in Southwest Florida ranging from single practitioners to larger multi-specialty groups.

Libby earned both her Bachelor of Professional Accountancy degree and her Master of Business Administration degree from Mississippi State University. She is a member of both the American Institute of Certified Public Accountants (AICPA) and the Florida Institute of Certified Public Accountants (FICPA).

Libby also serves as the Chair of the Professional Women’s Advisory Committee of HbK and is involved with many community and civic organizations and initiatives in the Fort Myers region.

Hill, Barth and King LLC® ranks as the 90th largest public accounting firm in the nation. HBK LLC® employs nearly 300 professional and support staff members who serve clients in 12 offices located throughout Pennsylvania, Ohio and Florida. To learn more about Hill, Barth and King LLC® visit www.hbkcpa.com.

News

A Message to Land and Business Owners about Shale27 Feb

A message to land and business owners in Ohio, Pennsylvania and now, even parts of south Florida:

SteveFWhether you know it or not, you are involved in the SHALE ENERGY arena that is changing the world’s energy platform and our local economies.

In 2013, shale is the expected catalyst for creating more jobs than any other single energy development in decades.

Why should you care about this? You may need to create leases, contracts or other documents with huge financial implications that will potentially impact your business, grow your wealth, consider new investments, valuate your personal or professional interests, plan for your future or simply organize your finances.

How can we help you? By constantly analyzing international, national and local data to determine the impact to business/economic growth.  It’s our job.

Here’s what we can do for you and/or your business:

  • Identify and secure the right producer to maximize the monetization of your interests
  • Create strategic plans for business growth related to shale
  • Develop entry and exit strategies into the shale industry, connecting investors and sellers
  • Conduct financial evaluations of leases, agreements and contracts
  • Draft financial blueprints for your future by planning out the details of mineral asset acquisitions, sales, investments or transactions
  • Deliver reliable industry forecasting including breaking news alerts on up-to-date changes in legislation impacting your shale interests
  • Act as your data portal to the industry, whether your company is industrial, investment or peripheral in terms of the shale phenomenon
  • Facilitate the BEST AVAILABLE offer and deal, whether you’ve already signed a lease or have yet to create one

This year proves to be one of significant impact in the shale energy arena. Now is the time to create strategic plans that will help determine your finances for the future.   You know you can trust us to take care of all your shale energy financial needs. All you need to do is tell us.

Anyone interested in any stage of the process should contact Steve Franckhauser for crucial information on how to move forward in their efforts by calling the Fort Myers office of HbK LLC at (239) 482-5522 or e-mailing a request to sfranckhauser@hbkcpa.comFor general information, please visit the HbK Energy™ tab of the HbK LLC webpage at www.hbkenergy.com

Blog,News,Tax

2012 American Taxpayer Relief Act Explained21 Jan

Keith Veres__003 - 4 x 6Tax Provisions of the “Fiscal Cliff” Legislation

On New Year’s Day, Congress passed legislation that supposedly prevented our economy from falling over the “Fiscal Cliff.” This legislation has raised the income tax rate on higher income individuals, permanently extended certain tax provisions while only temporarily extending others, continued emergency unemployment insurance and other programs, postponed the automatic reduction in Medicare reimbursement to doctors, and effectively delayed (until March) the broad range of federal spending cuts that were scheduled to take effect this month.

This article focuses on the provisions made permanent by the new legislation, as well as those business provisions that have been reinstated and/or temporarily extended. Certain other individual provisions that have either been reinstated or only temporarily extended fall outside the scope of this article. We begin by identifying some of the important provisions that were not addressed by the recent legislative process.

I.  Issues Not Addressed by the Legislation

Not addressed by the new legislation was the temporary “payroll tax holiday,” which had lowered the Social Security portion of the payroll tax from 6.2% to 4.2% for years 2011 and 2012.  This holiday was allowed to end, effectively creating a 2% payroll tax increase in 2013 on the first $113,700 of earned income for every taxpayer, whether employee or self-employed.  Many employees have already felt the effect of this increase through reduced paychecks. For those who are self-employed, the increase will affect any 2013 quarterly estimates that may be required.

It is significant to note that this legislation had no impact on several other tax provisions that took effect on January 1 as part of health care reform.   The Medicare portion of the payroll tax has been increased by 0.9% on earned income for taxpayers with adjusted gross income exceeding certain threshold amounts. These threshold amounts are, generally, $200,000 for single filers, $250,000 for taxpayers that are married and file jointly, and $125,000 for taxpayers that are married and file separately.  In addition, a new Medicare surtax of 3.8% will be imposed on the lesser of a taxpayer’s net investment income, or the amount by which modified adjusted gross income exceeds the above threshold amounts. Another provision that the health care legislation implemented was an increase of the itemized deduction floor for unreimbursed medical expenses from 7.5% to 10%. For those who reach the age of 65 by the end of years 2013 through 2016, the floor remains at 7.5%.

Also not addressed by the legislation was the corporate income tax rate.  However, since most businesses in America are conducted as a proprietorship or flow-through entity (such as an “S” corporation, partnership or limited liability company), through which business income is reported by and taxed to the individual owners, the new legislation is likely to have a profound impact on American business.

II.   Permanent Provisions of the New Legislation

Individual Tax Rates.  Beginning in 2013, the income brackets will generally remain the same and the tax rates will stay at 10%, 15%, 25%, 28%, 33% and 35% for most taxpayers.  A new 39.6% rate will apply for taxable income above $450,000 for joint filers and surviving spouses, $425,000 for heads of household, $400,000 for single filers, and $225,000 for married taxpayers filing separately.  These dollar amounts are inflation-adjusted for tax years after 2013.

Capital Gains and Dividends.  Beginning in 2013, the top rate for capital gains and dividends will rise to 20% (up from 15%) for taxpayers who fall within the new 39.6% income tax bracket. For taxpayers whose ordinary income is generally taxed at a rate below 25%, capital gains and dividends will continue to be subject to a 0% rate.  Taxpayers subject to a 25% or greater rate on ordinary income, but whose taxable income levels fall below the $400,000/$450,000 thresholds, will continue to be subject to a 15% rate on capital gains and dividends.  For those taxpayers who meet the threshold amounts for the 3.8% Medicare surtax, discussed above, the marginal rates on capital gains and qualified dividends will be either 18.8% (for those taxed at the 15% level) or 23.8% (for those taxed at the 20% level.)

Personal Exemption Phase-Out.  Beginning in 2013, the Personal Exemption Phase-out (PEP), which had previously been suspended, is reinstated with a starting threshold of $300,000 for joint filers and surviving spouses, $275,000 for heads of household, $250,000 for single filers, and $150,000 for married taxpayers filing separately.  Under the phase-out, the total amount of exemptions that can be claimed by a taxpayer subject to the limitation is reduced by 2% for each $2,500 (or portion thereof) by which the taxpayer’s adjusted gross income exceeds the applicable threshold. These dollar amounts are inflation-adjusted for tax years after 2013.

Itemized Deduction Phase-Out.  Beginning in 2013, the “Pease“ limitation on itemized deductions, which had previously been suspended, is reinstated with a starting threshold of $300,000 for joint filers and surviving spouses, $275,000 for heads of household, $250,000 for single filers, and $150,000 for married taxpayers filing separately.  Thus, for taxpayers subject to the “Pease” limitation, the total amount of itemized deductions is reduced by 3% of the amount by which the taxpayer’s adjusted gross income exceeds the threshold amount, with the reduction not to exceed 80% of the otherwise allowable itemized deductions.  These dollar amounts are inflation-adjusted for tax years after 2013.

AMT Exemption Increase.  Effective retroactively for tax years beginning after 2011, the new legislation permanently increases the AMT exemption amounts to $50,600 for unmarried taxpayers, $78,750 for joint filers and $39,375 for married persons filing separately.  In addition, for tax years beginning after 2012, the exemption amounts are indexed for inflation.

Nonrefundable Personal Credits.  Effective retroactively for tax years beginning after 2011, taxpayers may now offset both regular tax and AMT by nonrefundable credits, such as the adoption credit, child credit, savers’ credit, residential energy efficient property credit, non-depreciable property portions of the alternative motor vehicle credit, qualified plug-in electric vehicle credit, and the new qualified plug-in electric drive motor vehicle credit.

Estate and Gift Tax.  Extended by the new legislation is the estate and gift tax exclusion amount of $5 million.  This amount is indexed for inflation ($5.12 million in 2012).  However, the top tax rate increased from 35% to 40% as of January 1, 2013.  Also made permanent by the new legislation is the estate tax portability election, which allows the unused portion of the exemption of a deceased spouse to be added to the exemption amount of the surviving spouse.

III.  Temporary Business Provisions of the New Legislation

Bonus Depreciation.  The 50% bonus depreciation has been extended for qualified property acquired and placed in service before January 1, 2014.  Also extended through 2013 are the special rules allowing for qualified leasehold improvement, qualified restaurant and qualified retail improvement property to be depreciated over 15 years rather than the standard 39 years.  Qualified leasehold improvements will qualify for the 50% bonus depreciation, as will qualified restaurant and qualified retail improvement property that also meets the definition of a qualified leasehold improvement.  The new law also extends the election by C corporations to forego bonus depreciation in exchange for an increase to the AMT credit limitation.

Special Depreciation for Cars and Trucks.  The additional first-year depreciation of $8,000 has been extended for qualifying vehicles placed in service by December 31, 2013.  For passenger autos, the maximum first-year deduction is now $11,160.  For light trucks, the maximum first-year deduction is now $11,360.

Section 179 Expensing.  Effective retroactively for tax years beginning in 2012 and extending through tax years beginning in 2013, the maximum Section 179 expense is restored to $500,000.  The maximum property acquisition limits are also restored to $2,000,000 for the same tax periods.  Off-the-shelf computer software continues to be eligible for Section 179 expensing.  In addition, up to $250,000 of qualified leasehold improvement, qualified retail improvement, or qualified restaurant property may be expensed under Section 179 through tax years beginning in 2013.

Research Credit.  The credit has been extended for qualifying amounts paid or accrued before January 1, 2014.  The rules have also been liberalized to allow for the inclusion of certain qualifying expenses incurred by a predecessor upon the acquisition of a trade or business or separate business unit.

Work Opportunity Tax Credit.  An employer hiring a worker from a targeted group is eligible for a credit equal to 40% of first year wages (up to $6,000 per employee).  The credit is available in connection with individuals who begin work before January 1, 2014.

Reduction in Recognition Period for “S” Corporation Built-In Gains.  The new law provides that for the purpose of determining the net recognized built-in gain for tax years beginning in 2012 or 2013, the recognition period is the five-year period beginning with the first day of the first tax year for which the corporation was an “S” corporation.

IV.   Other Temporarily Extended Business Provisions

  • Exclusion of 100% of Gain on Certain Small Business Stock
  • Lower Shareholder Basis Adjustments for Charitable Contributions by “S” Corporations
  • Seven-Year Write Off for Motorsport Racing Track Facilities
  • Indian Employment Credit
  • Differential Wage Payment Credit for Employers
  • Enhanced Deduction for Food Inventory
  • New Markets Tax Credit
  • Expensing Election for Costs of Film and TV Production
  • Allowance of Domestic Production Activities Deduction for Puerto Rico
  • Subpart F Exception for Active Financing Income
  • Look-Through Rule for Payments Between Related CFCs under Foreign Personal Holding Company Income Rules
  • Special Rule for Payments to a Charity From a Controlled Entity
  • Empowerment Zone Tax Breaks
  • Qualified Zone Academy Bond Limitation
  • Exemption for RIC Interest-Related Dividends and Short-Term Capital Gains Dividends
  • Treatment of RIC As Qualified Investment Entity
  • Railroad Track Maintenance Credit
  • Mine Rescue Team Training Credit
  • Accelerated Depreciation for Qualified Indian Reservation Property
  • Election to Expense 50% of the Cost of Advanced Mine Safety Equipment
  • Tax Exempt Bond Financing for the New York Liberty Zone
  • Production Tax Credit for Facilities that Produce Energy from Wind Facilities
  • Credits for Alternative Fuel Vehicle Refueling Property
  • Credits for Cellulosic Biofuel Production
  • Credits for Biodiesel and Renewable Diesel
  • Production Credits for Indian Coal Facilities
  • Credit for Energy-Efficient New Homes
  • Credit for Energy-Efficient Appliances
  • Allowance for Cellulosic Biofuel Plant Property
  • Special Rules for Sales of Electric Transmission Property
  • Tax Credits and Outlay Payments for Ethanol

This article is intended to offer helpful, detailed information to individuals and businesses potentially impacted by the 2012 American Tax Payer Relief Act.  HBK LLC will continue to update our clients and interested consumers about how this and other upcoming changes in state and federal tax legislation may affect them.

Keith A. Veres, CPA is a Principal with Hill, Barth & King LLC in the Fort Myers, Florida office.   Keith has worked as a CPA helping clients in Fort Myers, Cape Coral and other Southwest Florida communities for the last 8 years.  He has been with Hill, Barth & King LLC, a top 75 accounting firm, since 1991.  Keith can be contacted by phone at 239-482-5522 or email at kveres@hbkcpa.com.

Article contributors also included Mark R. Giallonardo, JD, LLM, a Principal in the Naples, Florida office of Hill, Barth and King LLC, and Amy Dalen, JD, a Supervisor in the Naples, Florida office of Hill, Barth and King LLC.

Business Tax Planning,Financial Planning,News,Tax

Congress Votes to Approve Legislation to Avert “Fiscal Cliff”02 Jan

Stacked-Coins-20100309Over the New Year’s weekend, both houses of Congress voted to approve legislation that will avert the so-called “fiscal cliff” – the American Taxpayer Relief Act.   The law does increase income taxes on the wealthiest taxpayers in the U.S. and keeps tax rates the same for single taxpayers with taxable income under $400,000 and for joint filers with taxable income under $450,000.  The law also makes permanent changes to the alternative minimum tax that will literally save millions of Americans from an unexpected tax increase in 2012.  President Obama will sign the legislation, but this is only the beginning of continued political debate on the nation’s debt and fiscal policies.  The legislation does not include any spending cuts which will likely be the source of the next debate when the debt limit is up in a few months.  There will clearly be more to come on that piece of the national debt conundrum.

Here is a summary of the most relevant provisions of the new law.

Income tax rate increase. A 39.6% rate (up from 35 percent) would be imposed on single individuals with taxable income of more than $400,000 a year and for joint filers with taxable income over $450,000.  These are increases from the scheduled $200,000 and $250,000 thresholds.  IRS issued new withholding tables shortly before the Senate vote, but will need to re-issue the withholding tables now that the legislation has passed.

Payroll tax holiday ends. The two-percent cut in the Social Security tax for all earners up to the Social Security wage base ($113,700) would not be extended into 2013.  Employees will see an immediate decrease in their first paycheck in 2013.

Alternative minimum tax patched.  The Act permanently fixes the AMT by increasing the AMT exemptions and adjusting the AMT exemption for inflation retroactive to 2012.  This change will prevent millions of taxpayers from an unexpected substantial increase to their taxes in 2012.  Personal credits would be allowed against the AMT.  The AMT exemption amounts for 2012 would be as follows:

Joint:   $78,750 (increased from $45,000)
Single: $50,600 (increased from $33,750)

Dividends and capital gains. The maximum capital gains tax will rise from 15 percent in 2012 to 20 percent in 2013 for single individuals with taxable income over $400,000 and joint filers with taxable income over $450,000.  Dividends and capital gain tax rate will remain at 15% for taxpayers below these thresholds.  The 15% and 20% capital gain and dividend tax rates will also apply for AMT purposes.

Pease and personal exemption phaseouts. The Pease itemized deduction phase out and Personal Exemption Phase-out (PEP) would be reinstated, but with different starting thresholds: $300,000 income for the Pease limitation and $250,000 for the PEP.  This will raise the effective income tax rate for higher income taxpayers by about 1 percentage point.

Estate tax. The estate, gift and generation skipping tax regime would continue to provide an inflation-adjusted $5 million exemption (effectively $10 million plus for married couples) but will be applied at a higher 40 percent rate (up from 35 percent in 2012).  The portability of unused estate tax exemption has been made permanent.

Personal tax credits. The $1,000 child tax credit, the enhanced earned income tax credit and the enhanced American Opportunity college tuition tax credit will all be extended until 2017.

Individual Extenders.  The following, among others, would be extended through 2013:

  • Sales tax deduction
  • Tuition deduction for qualified tuition and related expenses
  • Tax-free distribution from IRAs to charities – Special rules:
    • Any qualified charitable distribution made after 12/31/12 and before 2/1/13 shall be deemed to have been made on 12/31/12
    • Any portion of a distribution from an IRA to the taxpayer made after 11/30/12 and before 1/1/13 may be treated as a qualified charitable distribution if the taxpayer transfers cash to qualified charities before 2/1/13.
  • Deduction of capital gain real property for conservation purposes
  • $250 deduction for elementary and secondary school teachers
  • Exclusion of income of discharge of qualified personal residence debt
  • Mortgage insurance premium deduction

Business Extenders.  The following, among others, would be extended through 2013:

  • Extend the 50% bonus depreciation.
  • Extending the $500,000 Section 179 expensing limitation to 2012 and 2013 and the treatment of certain real property as Section 179 property
  • The research tax credit and the production tax credits.
  • The New Markets tax credit and allow unused credits to carryover until 2018
  • Employer wage credit for employees who are active duty military
  • Work Opportunity tax credit.
  • 15-year straight-line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements and qualified retail improvements.
  • Enhanced charitable deduction for contributions of food inventory.
  • 100% exclusion of gain on certain small business stock.
  • Basis adjustment to stock of S corporation making charitable contributions of property.
  • Reduction in S corporation built-in gain period to 5 years

Look for continued updates from Hill, Barth & King LLC on this evolving tax and financial story.  As always, we remain committed to keeping you informed on developments that affect your personal and business finances and taxes.  Be assured that HBK LLC is proactively working to create strategic plans to ensure the best tax and financial solutions available to our clients.  We look forward to working with you in 2013 and beyond. Please contact a professional at HBK with any questions (239-482-5522).

Financial Planning,News

HbK Sorce Named as Top AUM CPA/Financial Planning Firm18 Jul

Hill, Barth & King LLC (HBK), Certified Public Accountants and Business Consultants, are proud to announce that HBK Sorce Financial LLC, an independent advisory firm, has been named as one of the Top Assets Under Management CPA/Financial Planning Firms, Wealth Magnets – Billion Dollar Club by CPA Wealth Provider Magazine. Official rankings were published in their July issue.

In CPA Wealth Provider magazine’s ranking of CPAs by assets under management, HBK Sorce Financial was ranked in the top nine firms with AUM’s exceeding the billion dollar mark. “HBK Sorce Financial has maintained one basic underlying principle, to provide value to our clients,” said Chris Allegretti, Managing Principal and CEO. “The team of HBK and HBK Sorce work closely together challenging each other to better serve our most important partner, our client.” he continues.

For inclusion in this survey, there were two criteria for considerations: firms had to be a CPA firm that has a financial planning practice, even as a subsidiary or affiliate, and the financial planner in the office must hold a CPA credential.

News

Scam Alert from the Florida Department of State13 May

Several of our business clients in Florida have been the target of a recent scam and we felt that it was important to notify you of this potential threat.  Our clients received a very official looking letter from “Compliance Services” requesting an “Annual Minutes Requirement Statement”.  The form is populated with corporation information that is very accurate and states that a $125.00 fee must be sent as well.  The Division of Corporations has confirmed that it is a scam and the PO Box where the information is to be sent is a UPS box that forwards all mail to California.  This scam alert has also been posted on Sunbiz.org.  If you have any questions, please contact your local Hill, Barth and King professional.

News

Local Accounting Firms Merge, Prepare for Area Growth29 Nov

The accounting and business consulting firms of Hill, Barth & King LLC (HBK) and Gilbert, Wallace, Stewart, Stramel & Sowers, P.A. (GWSSS) announced that they have signed an agreement to merge effective November 1, 2010.

The staff from the iconic Fort Myers firm GWSSS (in business since 1948), will relocate to HBK’s Fort Myers office. Not only will this move increase the breadth of talent of the firm and add more depth to their presence in Southwest Florida, it will prepare the firm for the impending economic growth.

“HBK’s resources will enable us to provide options and specialized services that our growing clients need,” said Sowers. “The depth of services HBK’s Tax Department offers, including estate planning, will enable us to continue to exceed client expectations”. Stramel agrees, stating “Our team is excited about joining HBK and we will continue in the future to provide our clients with the personal attention they have come to expect. Additionally, HBK Sorce Financial LLC investment, advisory and financial planning experience will allow our clients additional opportunities to meet their financial goals.”

“This merger was about as close to a perfect fit as you can get. Both HBK and GWSSS have similar philosophies of a culture based on strong values and building trusting, long lasting relationships with our clients,” Chris Allegretti, HBK’s Managing Principal and Chief Executive Officer states, “Our clients benefit from the collective experience of our industry groups which include construction, healthcare, condominium/homeowner associations and family-owned businesses. Our teams are focused on developing industry capabilities, attracting top people and continually building value for our clients.”

HBK ranks as the 71st largest accounting firm in the United States. With the addition of Gilbert, Wallace, Stewart, Stramel & Sowers, P.A., HBK and HBK Sorce Financial employ over 280 professional and support staff, who serve clients in offices located throughout Florida, Ohio and Pennsylvania.

About Hill Barth & King LLC

For over 60 years, Hill Barth & King’s CPAs and financial advisors have been helping families and businesses work toward and accomplish their personal and business objectives.  In Southwest Florida our professionals have guided our clients in critical regional industries such as construction, real estate, medical and a variety of service related fields for decades.  At HBK, we bring world-class tax, assurance, accounting and other business consulting services to our clients to help them achieve their personal and business planning goals.

Address & Phone

Hill Barth & King LLC
8010 Summerlin Lakes Drive
Fort Myers, FL 33907
Phone: (239) 482-5522
Fax: (239) 482-1573
Click here for email contact form

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