The clauses requiring the most attention in a construction contract, whether it is a standard or customized contract, are progress payment and retainage clauses. Other clauses also deserve special attention from both the contracting parties and the practitioner because they have financial statement and tax implications. Change orders The change order clause permits additions, deductions, or changes to the contract after work has begun. If the change order clause is not included in a Fixed-Fee Contract, additional work will have   [Read More...]

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   [Read More...]

HBK is an independent member of BDO/Seidman Alliance, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals.  This gives us a greater worldwide presence and expands our offerings to clients. One example is the BDO Knows Healthcare Newsletter.  You can download the Spring 2011 Edition by clicking on the cover photo to the right.  If you’re interested in receiving a free subscription to this newsletter which is published several times   [Read More...]

In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting the payroll tax by two percentage points, the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” (Tax Relief Act) extends a host of other important tax breaks for businesses and individuals. I’m writing to give you an overview of these key tax breaks that were extended by the new law. Please call our office for details of how the new   [Read More...]

The Bush tax cuts refer primarily to tax changes in two major pieces of legislation back in 2001 and 2003: the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA).

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.

A business with net income from "qualified production activities" is entitled to a tax deduction of 9% in 2010. This is a tax break designed to benefit companies that produce and pay wages domestically.

the new law that provides tax incentives for businesses hiring new workers

As most of you are now aware, the House of Representatives approved a massive health care reform package on March 21, 2010 that includes over $400 billion in revenue raisers and new taxes on individuals and employers.  Certain legislative rule changes were made to allow the Senate to pass the Health Care Act with only 51 votes rather than the usual 60 vote super-majority.  With certain changes still pending, the Patient Protection Act is expected to be signed by President   [Read More...]

For the past several months, we as tax practitioners have fielded many questions on the tax implications of short sales and foreclosures. Mainly the concern that, “If I perform a short sale or foreclosure, will I end up with a huge tax bill?”