January 16, 2017 With audit season upon us, it is likely time to start thinking about (if you haven’t already) valuation issues that will impact your audit prior to field work getting started. With an eye towards simplification and streamlining, FASB has issued several pronouncements over the past few years dealing with Fair Value accounting and valuation. The [...]
January 16, 2017 Most business owners are proud of the business they built. They care about their company’s legacy and its ability to thrive after they retire. They care about the employees who have helped build the company. In many cases, a business is truly an entrepreneur’s “baby”. So, when we discuss the issue of selling an entrepreneur’s [...]
January 12, 2017 Choosing the wrong executor of your estate can have wide-ranging implications. Learn about the duties of an executor and your options so you can make the right decision based on your circumstances.
January 11, 2017 Today’s employers must offer competitive benefits. But if you maintain a retirement plan, you’ve got to know who’s considered a plan fiduciary in order to effectively manage risk.
January 11, 2017 Effective for the 2016 reporting year, due to law changes implemented under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the foreign bank account report (FBAR) filing due date is now April 15th, with an available extension of six months to coincide with due dates of individual income tax returns. This [...]
January 10, 2017 Tax identity theft is an increasingly common scam. It involves thieves filing bogus returns and claiming legitimate taxpayers’ refunds. Here’s how to help avoid it.
January 05, 2017 Complex and expensive asset protection trusts not right for you? Simpler tools to protect assets against creditors, including insurance policies and gifting, are available.
January 04, 2017 The more you know, the better your business can perform. A competitive intelligence policy can support the effective, but ethical, gathering of information on your competitors and industry.
January 03, 2017 The first tax-related deadlines of 2017 for businesses and other employers are rapidly approaching. Make sure you know what’s due in Q1.
December 30, 2016 About 30 public companies filed financial reports using “inline XBRL” in 2016. It’s cheaper and more reliable than the two-step interactive data format. Here’s what you need to know.
December 29, 2016 Grappling with the decision of having a parent declared incapacitated? Learn about two key questions to consider and some estate planning tools that can help.
December 28, 2016 You may not want to sell all of your company, but what about part of it? Spinning off a business unit can generate capital and improve efficiency. But the strategy brings considerable challenges.
December 27, 2016 It’s time to start thinking about how much you’ll contribute to retirement plans in 2017. Find out what the 2017 limits are and whether you can increase your contributions.
December 23, 2016 Struggling with today’s complex accounting rules? Mistakes can lead to restatements that carry a stigma with lenders and investors. But restatements don’t always mean something negative. Here’s why.
December 22, 2016 Transferring intellectual property (IP) to loved ones can be complex. For estate planning purposes, IP raises two important questions. Here’s what they are and how to answer them.
December 22, 2016 The time to consider tax-saving opportunities for your business is before its tax year-end.
December 22, 2016 This article is intended to assist you with your year-end tax planning.
December 21, 2016 You may be the boss. But purchase the wrong business software and you could waste time, money and energy “selling” the product to your staff. Here’s how to boost employee buy-in before you buy.
December 20, 2016 Build More: R&D Tax Credit Benefits For Construction Companies; Perspective in Real Estate
December 20, 2016 Economic data from August and September painted a picture of a U.S. economy that remains stuck in a slow-growth cycle, but which is strong relative to its primary global partners.
December 20, 2016 Data on prices has begun to show some consistent lift as the third quarter ended. Demand for construction nationally is pinching labor supply and is giving manufacturers the confidence to test the market with price increases.
December 20, 2016 Don’t miss out on the chance to maximize tax-advantaged savings for education expenses. ESAs provide unique benefits, but because the annual contribution limit is low, it’s important to contribute every year in which you’re eligible.
December 19, 2016 At this point tax reform seems to be a question of when, rather than if – the primary question being: when will tax reform be effective, 2017 or 2018?
December 16, 2016 Simpler rules for reporting discontinued operations went into effect in 2015. Most companies haven’t applied the changes unless they’ve sold off a business line or other component. Here’s how to comply.
December 15, 2016 The year is quickly coming to an end — and so is your time to make charitable donations to reduce your taxable estate and increase your 2016 income tax deductions. Learn more here.
December 14, 2016 GBQ had a number of professionals in attendance at the 2016 AICPA Credit Union conference earlier this fall. We thought you might be interested in some of the key issues that were presented and discussed.
December 14, 2016 Business owners have a wealth of strategic planning information at their fingertips that often goes underused. Case in point: Your balance sheet. Here are some ways to make the most of it.
December 14, 2016 While the Internal Revenue Code (IRC) hasn’t seen a major overhaul since 1986, the tax law as we know it today may not be the tax law next year. What does this mean for America’s charitable organizations?
December 13, 2016 The 2016 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free. Even with a possible 2017 estate tax repeal, 2016 annual exclusion gifts may be tax-smart.
December 09, 2016 Sending confirmation letters is an effective auditing procedure. But it can be time-consuming, especially if customers and suppliers don’t respond. Here’s how the process works and why it’s important.
December 08, 2016 Legally adopting your stepchildren will provide them with inheritance rights. However, there are other considerations to take into account before doing so. Learn more.
December 07, 2016 As holds true for many family business owners, your company may be the financial legacy you leave your loved ones. Here’s how to protect it.
December 06, 2016 An annual bonus plan can be a great way to attract, retain and motivate employees. It can provide tax benefits, too: Your business might be able to take a 2016 deduction for bonuses paid in 2017.
December 05, 2016 In May of 2016, the IRS issued regulations that partners were not intended to and will no longer be eligible for employee treatment in the SMLLC, but will also be treated as if they were self-employed by that SMLLC.
December 02, 2016 Business tax reform is in the works. Will it affect the uncertain tax positions reported on this year’s balance sheet? Here’s guidance on how to identify, measure and disclose these accruals.
December 01, 2016 Employers today often say that students and younger workers have strong problem-solving and thinking skills, but are lacking in social skills. While this is certainly a gross overgeneralization of an entire generation, the reality is that the need for social skills is increasing in the workplace.
December 01, 2016 Could community property rules affect your estate plan? If you’re married and live in a community property state, or are moving into or out of one, maybe. Learn more about the impact.
November 30, 2016 In nearly all cases of emergency planning, employers and business leaders claim their people are their most valuable asset. However, disaster preparedness and business continuity planning routinely fails to address individual employee preparedness. We discuss steps to keep employees prepared in case of an emergency.
November 30, 2016 Many Millennials may already be thinking about retirement. By allowing these younger workers to convert their regular 401(k)s to Roth 401(k)s, you can help them plan for the future.
November 29, 2016 Will your year-end donations qualify for a 2016 charitable deduction? Only if their “unconditional delivery” is by Dec. 31 and the organization is eligible to receive tax-deductible contributions.
November 25, 2016 External audits aren’t designed to pinpoint your errors and omissions. Proactive companies see external audits as a learning opportunity. Here’s how to get more from yours.
November 23, 2016 Given today’s globally connected business world, you may want to embark on an overseas expansion of your company. Careful! You risk sinking your own profitability if you don’t plan carefully.
November 23, 2016 Keeping your children in the dark over your wealth plans by using a quiet trust can backfire. A better option may be an incentive trust. Learn the differences between the two trust types.
November 22, 2016 If you have a 2016 property tax bill that isn’t due until 2017, you may be able to time your payment to your income-tax advantage. Here’s how.
November 21, 2016 California Reduces State Portion of Sales and Use Tax Rate from 7.50% to 7.25%; Effective January 1, 2017.
November 20, 2016 Can you name the ratios used to unearth inventory theft? It’s important to know the red flags of inventory fraud. Otherwise, your company may be an easy target.
November 18, 2016 If a normally high-income taxpayer has a year when their income is lower than usual, it may be more advantageous to use Form 8814 instead of the children filing their own tax returns and using Form 8615.
November 18, 2016 On December 10, 2008, Bernard Madoff admitted to his sons that his investments were "all one big lie." As of December 2008, the losses were estimated to be $65 billion, making it the largest investor fraud in history. We discuss how the IRS treats Ponzi scheme losses and how they may affect your business.
Ohio Supreme Court Rules Commercial Activity Tax Can Be Imposed On Online Retailers Without Physical Presence
November 18, 2016 On November 17, 2016, the Ohio Supreme Court issued an opinion in Crutchfield Corp. vs. Testa. The court ruled that Ohio can impose its commercial activity tax on an online retailer that meets the statutory threshold of $500,000 of annual gross receipts sourced to Ohio, regardless of whether the retailer has any physical presence in the state.
November 15, 2016 What’s the President-elect’s tax plan for individuals? The top tax rate would go down and the estate tax would be abolished. But some taxpayers could see their taxes go up.
November 14, 2016 Thank you to all who attended the 10th annual Perspectives event on Monday, October 31st. If you were unable to attend, the following is a quick recap of areas discussed.
November 11, 2016 Fair value and other types of accounting estimates are hard to measure. Here’s why subjective, complex estimates require a special auditing approach and possibly the use of outside specialists.
November 10, 2016 Among many reasons to review your beneficiary designations regularly is to ensure that your life insurance proceeds will be distributed as you wish. Learn about three beneficiary types that can cause problems.
November 09, 2016 Your company’s financial statements can do more than just tell the story of the recent past. They can also help shape your future by serving as a helpful starting point for next year’s budget.
November 08, 2016 Small business owners: If you don’t already have a tax-advantaged retirement plan, consider setting one up this year. Here are some options.
November 04, 2016 As we approach the holiday season, you might be considering giving to your favorite charities. Keep the following tips in mind as you enter this year’s ‘giving season’.
November 04, 2016 ROTH Individual Retirement Accounts (ROTH IRAs) are attractive investment vehicles. While annual contributions are not tax-deductible, all the funds can still be invested without current or future income tax.
November 03, 2016 Are you a member of the sandwich generation (those caring for young children and elderly parents)? If so, there are steps to take to better address your parents in your estate plan.
November 02, 2016 Your company’s profitable future depends on the skills and comfort level of your successor. By being an effective mentor, you can put him or her in the best possible position to truly succeed.
November 01, 2016 If you have an NQDC plan, be sure you’re familiar with the applicable tax rules. Some rules might require action before year end. And the penalties for noncompliance can be severe.
October 28, 2016 Is a contingent loss remote, probable or reasonably possible? The answer determines whether to disclose it in the footnotes and accrue a liability on the balance sheet. Here are the details.
October 27, 2016 The manner in which you transfer a family business can affect estate and income taxes. Two techniques to consider using are an intentionally defective grantor trust or an estate defective trust.
October 26, 2016 It’s not unusual for a business to re-evaluate its vendors on occasion. So how is your retirement plan provider doing? Here are some good questions to ask and important cost issues to consider.
October 25, 2016 Income-based limits on tax breaks can be costly to higher-income taxpayers. Will your deductions and exemptions provide the tax savings you’re expecting?
October 24, 2016 On August 23rd, GBQ hosted John Brandt, CEO of MPI Group, for a presentation on the state of the Industrial Internet of Things (IoT). If you’re wondering what is the IoT or how does this apply to my business?, you’re not alone.
October 21, 2016 Reporting property, plant and equipment can be challenging. Here’s some helpful information about how to capitalize, depreciate and write down fixed assets under GAAP.
October 21, 2016 What is my business worth? A business has value because of what it will produce in the future, period and end of story.
October 21, 2016 Setting performance goals to promote corporate growth can be tricky. Finding a middle ground between setting the bar too low and too high is challenging. Employers need to analyze potential actions employees can take to reach these goals.
October 21, 2016 On October 13, 2016 final and temporary regulations under Section 385 were released which address related party financing instruments. The regulations were officially published today.
October 20, 2016 Are you charitably inclined but wish to retain control over investment management and the distribution of assets to charities? A private foundation may be a viable option.
October 19, 2016 To better understand the pros and cons of each option, a company should ask itself the following seven key questions to determine which option best suits its operations and strides toward innovation.
October 19, 2016 In a complex business world full of regulations and competition, it’s easy to focus only on the day-to-day. But you’ve got to be bold and devise a financially feasible long-term strategic plan.
October 18, 2016 Self-employed? You may owe double the employment tax you’d owe as an employee. Here’s how to meet your employment tax obligations and perhaps even save tax.
October 17, 2016 On September 2, 2016, New Jersey Governor Chris Christie (R) notified Pennsylvania that New Jersey terminated the reciprocity agreement between the two states.
October 14, 2016 Unsure which transactions belong under operating, investing and financing activities on the statement of cash flows? Here’s some helpful information, including the lowdown on a recent FASB update.
October 13, 2016 Grandparents: Estate-plan-friendly options are available to help fund your grandchildren’s college educations. Read more about how grantor and Crummy trusts can be beneficial tools.
October 12, 2016 They say a company’s most valuable asset is its employees. But coming in a close second is its data. If you’re using a cloud service to store yours, manage the arrangement carefully.
October 11, 2016 The timing of your business’s income and deductible expenses can have a big impact on your tax liability. Here’s how to determine the right timing strategies for you this year.
October 10, 2016 How is this election going to hit your pocket book? The following summarizes each candidate’s tax policy proposals.
October 07, 2016 The new revenue recognition standard will affect many businesses. If you report comparative financial results, you should start the implementation process ASAP. Here’s how to get the ball rolling.
October 06, 2016 On September 15, 2016, the California Office of Administrative Law approved the California Franchise Tax Board's amendments to the FTB's current market-based sourcing regulations, and filed the amended regulations with the California Secretary of State.
October 06, 2016 A prenup should work in concert with your estate plan, rather than against it. Learn about estate planning benefits and potential tax traps involved with using a prenup.
October 05, 2016 Slow-paying customers can turn your cash flow to sludge and put your company’s very existence at risk. Always be on the lookout for ways to fine-tune your collection process.
October 04, 2016 Tax-advantaged retirement plans like 401(k)s are subject to numerous rules and regulations. They can be especially tricky when you change jobs. Here’s how to avoid getting hit with unnecessary taxes and penalties.
September 30, 2016 If you are hoping to organize a new nonprofit this year, new legislation passed at the end of 2015 may have an impact on your organization.
September 29, 2016 The California Franchise Tax Board (“FTB”) addresses the treatments the FTB will apply in situations where a unitary foreign affiliate of a water’s-edge combined reporting group becomes subject to income/franchise tax after the enactment of the “factor presence nexus” statute beginning January 1, 2011.
September 29, 2016 Can beneficiaries remove a trustee if they’re not satisfied with his or her performance? Learn procedures to include in an estate plan that give beneficiaries options to replace the trustee.
September 28, 2016 As a business owner, you’ve got to think about how to preserve your wealth for heirs. One idea to consider: Give away company stock to keep its future appreciation out of your taxable estate.
September 27, 2016 Are you planning to make charitable donations before year end? Do you own appreciated stock that you’d like to sell, but you’re concerned about the tax hit? Then consider donating it to charity.
September 26, 2016 Job satisfaction in the workplace is not always the easiest feat to accomplish. Many employers across the United States are struggling to retain talented employees.
September 26, 2016 As part of the short-term highway funding extension passed by Senate in late July, tax return due dates for certain filers have changed for the 2017 filing season (2016 tax returns).
September 22, 2016 Proposed IRS regulations, if finalized, may limit the estate planning power of family limited partnerships (FLPs). Here’s a brief overview of how FLPs work and the potential impact of the regs.
September 21, 2016 Employees who are knowledgeable about retirement planning are more likely to participate in their employers’ plans and succeed at saving. Here are some ways your company can play the role of teacher.
September 20, 2016 If you’re thinking about investing in a 529 plan to help fund college for your child or grandchild, you’ll need to choose between a prepaid tuition plan and a savings plan. Learn how they compare.
September 15, 2016 Today the federal estate tax rate is a whopping 45%. Do you know if your estate could be subject to this tax?
September 14, 2016 If your company is trying to determine its growth strategy for the future, you need to consider growth through innovation vs. acquisition. Here’s a look at the rewards and risks.
September 13, 2016 You need to keep detailed, accurate records to protect your business tax deductions. Here are two court cases where taxpayers learned that lesson the hard way.
September 07, 2016 Productivity and, indeed, profitability are both tied to highly engaged employees. When looking to promote employee engagement, lessons lie in Maslow’s “hierarchy of needs.”
September 07, 2016 Corporations large and small have always made expense reimbursement a common procedure for all employees. But with reimbursement procedures there is a high-level of reliance on employee honesty, therefore lies a substantial opportunity for expense reimbursement fraud.
September 06, 2016 Being classified as a trader rather than an investor has certain tax advantages if you make short-term investments. But qualifying as a trader isn’t easy.
September 01, 2016 You may be able to ease long-term care insurance costs with a tax-free or partial tax-free exchange of an existing life insurance policy or annuity contract.
August 30, 2016 Organizational culture is a significant factor at play when assessing fraud.
August 30, 2016 No doubt about it, college is expensive but there are some tax breaks available in the form of credits and deductions that can help if you qualify.
August 30, 2016 The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire individuals facing significant barriers to employment.
August 22, 2016 On July 13, 2016, Pennsylvania Governor Tom Wolf (D) signed into law H.B. 1198, 2015-2016 Reg. Sess. (Pa. 2016), which broadens the sales and use tax base to include digital goods, and includes provisions that require the Department of Revenue to revise the tax due upon review of an amended corporate tax return.
August 18, 2016 Addressing all members of a family in an estate plan can be a challenge, as every member has different circumstances. In some situations, a special needs trust may help you achieve your goals.
August 18, 2016 Proposed regulations regarding estate planning and valuation discounts were released by the Internal Revenue Service and the Department of Treasury on August 2, 2016, and if they become final, would significantly impact the availability of minority or lack of control discounts for transfers of family controlled business interests among family members.
August 17, 2016 Did you know there’s no law requiring employers to provide health care coverage for employees’ spouses? But there are pros and cons to eliminating it or making it more expensive.
August 16, 2016 There might be ways to combine domestic business trips with vacation days and still be able to write off some of the expenses. Here are the rules.
August 12, 2016 Late in 2015, Congress enacted a permanent tax law that allows older taxpayers to support a favorite charity while receiving a significant tax break at the same time. This provision is called a Qualified Charitable Distribution (QCD).
August 12, 2016 Here are three aspects of earnings quality that are frequently overlooked by management teams in evaluating a business for sale or divestiture.
August 11, 2016 By now, you likely know that there is a new revenue recognition standard that will soon be effective and it will impact the way that construction companies recognize revenue.
August 11, 2016 Having spouses’ trusts that are too similar isn’t simpatico with the IRS; you may trigger the “reciprocal trust” doctrine. Here’s what you need to know to avoid unintended tax consequences.
August 10, 2016 Although budget approval is one of the more important roles played by a nonprofit’s board of directors, not every board member is a savvy businessperson used to budget work. At least some board members might be unfamiliar with key budget terms. And there’s even a greater chance that they’re reluctant to admit clarification is needed. [...]
August 10, 2016 A sensible starting point for upgrading a nonprofit’s internal controls is a look at Internal Control — Integrated Framework, a document issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission.
August 10, 2016 Today’s companies can be undermined by many things. Savvy leaders must lay a solid foundation and continue to elevate their success. Here are the four pillars on which you should build your business.
August 09, 2016 It’s the goal of many Americans to pass wealth to the next generation. To maximize what goes to your loved ones vs. Uncle Sam, you need to carefully plan your gifts.
August 08, 2016 Effective June 28, 2016, Nevada adopts regulations to accompany the Commerce Tax that was enacted in June 2015, and which applies to taxable years beginning on or after July 1, 2015.
August 04, 2016 Do you remember the last time you reviewed your powers of attorney? Here are four reasons why you should review these important components of your estate plan now.
August 03, 2016 You want employees to show up for work. But a worker who’s ill or distracted can actually inhibit productivity — otherwise known as “presenteeism.” Learn more about this common problem.
August 02, 2016 If you win a bet, do you have to report the income? Are wagering losses deductible? If you’ve gambled this year and can’t answer these questions, here’s what you need to know.
July 29, 2016 If you’re not paying tuition and medical expenses on behalf of loved ones, you’re missing a valuable opportunity to reduce potential gift and estate tax exposure down the road.
July 28, 2016 The Department of the Treasury and the Internal Revenue Service finalized Treasury Regulations under Internal Revenue Code Section 6038 that require large United States parent companies of multinational enterprise groups to report certain information to the Service on a country-by-country basis.
July 27, 2016 Nearly every business is vulnerable to fraud. One common scheme is padding expense account reports. This threat could derail your profitability.
July 26, 2016 Taking an IRA withdrawal and donating it to charity can be a tax-smart option for charitably inclined retirees. But if you’re eligible, you might save more tax by making a direct charitable IRA rollover.
July 25, 2016 After years of relative stability, construction costs have begun to see upward volatility in several key categories.
July 25, 2016 As the presidential political season approaches its climactic months, there is growing evidence that the U.S. economy is functioning far better than the headlines. At its foundations, however, the economy is showing cracks.
July 21, 2016 Retiring overseas sounds exciting, but undesirable tax and estate planning consequences, such as double taxation and unusual inheritance rules, can become an issue without careful planning.
July 20, 2016 If much of your wealth is tied up in a family or closely held business, you may worry that your estate will lack sufficient liquid assets to pay estate taxes. IRC Section 6166 offers relief.
July 19, 2016 Most business owners don’t have to worry about the “material participation” rules. But if you have losses you’d like to deduct, you must spend a certain amount of time in an activity.
July 18, 2016 On June 6, 2016, Connecticut Governor Dannel P. Malloy (D) signed into law S.B. 502, 2016 Gen. Assem., May Spec. Sess. (Conn. 2016), which adopts single sales factor apportionment for Personal Income Tax purposes, and market sourcing for Corporation and Personal Income Tax purposes.
July 15, 2016 There may be many factors that go into your decision as to when and where you will establish residence in a new state. Here are the proactive things you should undertake to make sure you have established your new residence and accomplished your desired outcome.
July 14, 2016 Adverse tax consequences may result if you continue to treat assets as your own after transferring them to an irrevocable trust.
July 13, 2016 Smaller businesses want to offer competitive health benefits. An HSA coupled with a high-deductible health plan might be the way to go.
July 13, 2016 Thinking of going green at home? You may be able to save both energy and tax with an extended credit for investments in energy-efficient home improvements and equipment purchases.
July 11, 2016 At its April 20, 2016 meeting, the Financial Accounting Standards Board (FASB) voted to add a project to its agenda to improve and clarify existing guidance on revenue recognition of grants and contracts by nonprofits.
July 11, 2016 Charitable giving has been an essential part of the tax code for many years. Therefore, it is important that Congress try to ensure that the value of the charitable deduction does not diminish during any rewrite of the tax code.
July 07, 2016 Are you charitably inclined? Then you may want to consider a donor-advised fund as part of your estate plan. It’s easy to set up and maintain and provides other valuable benefits.
July 06, 2016 You may picture your sales staff spending all their time chatting up prospects and closing deals. But many reps spend hours performing nonsales activities. Here are some ways to keep them on task.
July 05, 2016 The PATH Act of 2015 brought about many changes to the tax law, many of which provide substantial opportunities for a wide variety of taxpayers. The one modification that no one seems to be talking about is the new category of property entitled "Qualified Improvement Property."
July 05, 2016 Mutual funds offer many benefits, such as diversification and professional management. But they can also come with a few tax hazards if you hold them in taxable accounts.
June 30, 2016 As more companies broaden their business landscape and engage in business outside of the U.S., questions often arise as to additional tax filing requirements.
June 30, 2016 Currently, there is a new pervasive scheme that has continued to grow in recent years and resulted in attempted theft of more than $3 billion since October 2013.
June 29, 2016 On June 8, 2016, Michigan Governor Rick Snyder (R) signed into law H.B. 5131, which eliminates the requirement for an entity classified as a partnership or S corporation for federal income tax purposes ("FTE") to withhold income tax on an owner’s distributive share of Michigan income.
June 29, 2016 Up-to-date business technology — you can’t work without it! But if you’ve considered outsourcing one of your IT functions, be sure to set a budget and manage the relationship carefully.
June 29, 2016 Now that the races are down to a manageable number of candidates, we want to provide some information on their tax proposals (as of May 17th). No political commentary, just an overview to help keep you informed. Although many of these proposals may never become law, they nonetheless provide valuable insight into the underlying principles [...]
June 23, 2016 If you or your spouse is a U.S. resident but not a U.S. citizen, not all estate planning strategies for married couples are available. Here’s how the IRS defines “residency” and options for making tax-free transfers to a noncitizen spouse.
June 22, 2016 In business, failure can seem just a misstep away. Be sure to focus on ample revenue, low labor and production costs, and lean operations.
June 22, 2016 On June 16, 2016 the Financial Accounting Standards Board issued the long awaited, but not highly popular, new standard on recording credit losses, which will change the methodology required by all banks, savings associations, credit unions and financial institutions holding companies regardless of asset size or complexity.
June 20, 2016 A common rule of thumb is that most businesses are worth 5x EBITDA. While sometimes that may be a fair proxy, here are a few reasons why this common rule of thumb may not work.
June 16, 2016 It turns out there are some common characteristics of people who perpetrate a fraud. And if you, as a business owner, are aware and vigilant about your business, you might never have to say that you “should have known.”
June 16, 2016 That diamond ring that’s been passed on from generation to generation may be more “valuable” to heirs than a piece of real estate. For that reason, properly address smaller personal items in your estate plan.
June 15, 2016 Tax incentives are intended to spur economic growth which may have not otherwise occurred. But what happens when a company doesn't make good on their commitments?
June 15, 2016 Every company needs to buy certain assets to stay operational and competitive. Remember that, come tax time, the Section 179 deduction can make a smart buy even smarter.
June 14, 2016 HSAs, FSAs and HRAs all offer tax-advantaged funding of health care expenses. But each type of account has its own rules and limits.
June 13, 2016 Monitoring financial performance is just as important to Nonprofit Organizations (NPOs) as it is to all other types of entities, especially given NPOs’ external sources of capital, financial stewardship and emphasis on accountability.
June 09, 2016 A nonprofit’s board of directors, which changes regularly, and staff need to be familiar with exactly what the bylaws of their nonprofit contain — and what they don’t.
June 08, 2016 Many business owners name a successor who seems like a good fit to take over the company but isn’t ready for the job. Don’t make this mistake! Here are some ways to properly prepare your successor.
June 08, 2016 On May 13, 2016, Mississippi Governor Phil Bryant (R) signed into law S.B. 2858, which enacts a phase-out of the Corporation Franchise Tax via a gradual rate reduction starting with taxable years beginning in 2019 and ending with taxable years beginning in 2027.
June 07, 2016 One way to take a low-cost family vacation is to bring loved ones along on a business trip and extend your stay. But review the rules to preserve the tax benefits of business travel.
June 06, 2016 The research and development tax credit is a general business credit that was originally introduced in the Economic Recovery Tax Act of 1981 to stimulate research and development in various industries. Since 1981, the research and development credit has been expired and extended several times; however, the credit was made permanent in 2015 by the PATH Act.
June 06, 2016 Identity theft and tax scams have dramatically increased over the past several years. Most adults have become wise to the ways of this new world and do not fall prey to these tactics. So the scammers have moved on to new victims – our children.
June 05, 2016 New overtime rules were recently issued under the Fair Labor Standards Act (FLSA) that become effective December 1, 2016.
June 02, 2016 Life insurance has traditionally played a critical role in estate planning, providing a source of liquidity to pay estate taxes. Today, however, estate taxes are no longer a concern for many families because of the $5.45 million estate tax exemption. But even for nontaxable estates, life insurance continues to offer estate planning benefits.
June 02, 2016 Recently, the CFPB published its latest rulemaking agenda so we can know what to expect on the horizon in terms of new proposed and final rules.
June 01, 2016 Nonqualified deferred compensation can help attract and retain key employees. But strict rules govern these arrangements under Section 409A of the Internal Revenue Code.
May 31, 2016 Roth IRAs offer many benefits, but income-based contribution limits prevent some taxpayers from taking advantage of them. Converting a traditional IRA to a Roth can be the solution, and stock market volatility can reduce the tax bite.
May 26, 2016 Worried about your aging parents’ LTC and associated medical costs? There are estate planning strategies that can help prevent these expenses from devouring their resources.
May 25, 2016 A company’s strategic plan must be a living document that springs from an ongoing process of gathering data and seizing opportunities.
May 25, 2016 U.S. businesses lose millions of dollars to white-collar criminals every year. The manufacturing sector is especially vulnerable to fraud schemes involving billing, corruption and noncash assets, such as theft of inventory and equipment.
May 23, 2016 The nexus questionnaire means different things to different businesses. It may mean an income tax issue vs. a sales tax issue. At the end of the day, the burden of proving nexus rests with the taxing jurisdiction.
May 22, 2016 Over the years, I have heard several credit union executives lamented the fact that their institution’s indirect auto lending program generates such minimal yield they wonder if it’s even worthwhile to continue to pursue this segment of the loan portfolio.
May 19, 2016 If your living trust isn’t properly funded, certain assets may be subject to probate and you could miss out on other benefits. Here’s a look at how to transfer assets to the trust and which assets can be left out.
May 18, 2016 Good workers can keep a company’s profitability strong and maintain operational stability in a way that virtually nothing else can. And the cost of finding and hiring new employees remains steep. There are a wide variety of ways to keep your best and brightest on staff.
May 17, 2016 On March 31, 2016, the Michigan Court of Appeals issued its decision in LaBelle Management, Inc. v. Dep’t of Treasury, in which it reversed a decision of the Court of Claims.
May 12, 2016 A charitable IRA rollover benefits your charity of choice, satisfies your 2016 RMD and offers estate planning benefits.
May 11, 2016 A business can drown in its own inventory while its cash flow dries up. For this reason, you’ve got to continually refine your inventory management methods.
May 09, 2016 For individuals currently operating a single-member LLC or planning to start a sole proprietorship in the future, it may be time to consider an S-corporation as a vehicle to reduce your overall tax burden.
May 09, 2016 When performing due diligence on a potential merger, it is easy to remember the big issues. However, one area that is easily overlooked during this busy process is unclaimed property.
May 05, 2016 Transferring a substantial amount of wealth tax-free for your children’s or grandchildren’s education is possible with a 529 plan. Learn more about the estate planning benefits as well as a few downsides.
May 04, 2016 A net operating loss occurs when a company’s operating expenses and other deductions for the year exceed revenues. Fortunately, there’s a tax deduction for such losses.
May 04, 2016 Evaluating and forecasting risk is no longer a compliance role and should be viewed as an integral part of strategic decision making. Completing opportunity and risk forecasting successfully provides an environment in which your nonprofit organization can continue to strive towards its mission statement and program goals.
May 02, 2016 Benchmarking is a valuable tool for all nonprofits. The quantitative findings and resulting qualitative discussions can lead to better decisions, improving performance and making organizations stronger.
April 29, 2016 If you’re getting remarried, it’s time to review your estate plan. A QTIP trust is one option that can benefit both your new spouse and your children from a previous marriage.
April 27, 2016 Many business owners are overwhelmed by the idea of creating a buy-sell agreement. But it can protect the company against conflicts arising from an owner’s sudden departure.
April 25, 2016 Valuators often rely on the use of market-based approaches to provide additional indications of value. Similar to income-based approaches, however, market-based approaches have inherent benefits and weaknesses.
April 21, 2016 Providing for employees in your estate plan can result in unintended tax consequences. Certain gifts to employees, such as “de minimis” fringe benefits, aren’t taxable. Otherwise, the IRS generally views transfers to employees as “supplemental wages” subject to income and payroll taxes.
April 21, 2016 On March 10, 2016, Rhode Island adopted Regulation CT-16-17. The regulation, which is divided into 23 rules, explains all aspects of Rhode Island combined reporting, including determination of the combined group, computation of taxable income and apportionment, tracing and utilization of net operating losses ("NOLs") and credits, and various administrative requirements.
April 20, 2016 People changing jobs often keep small 401(k) balances with their former employers. These accounts can increase employers’ plan costs and even trigger an audit. Here are some wise steps to consider.
April 14, 2016 If your estate plan doesn’t address incapacity, your wishes may not be carried out. Here are four tools that allow you to specify how financial and health care decisions will be made if you become incapacitated.
April 13, 2016 One important factor that goes into paying employees competitively is your compensation philosophy. Here are some ideas for developing a winning approach that doesn’t break the bank.
April 07, 2016 Transferring a life insurance policy with a sizable cash value to an ILIT can reduce your estate tax liability. However, there are pitfalls to this strategy.
April 06, 2016 Want to engage employees (especially Millennials) in business-related tasks? Try “gamification.” It involves integrating game-playing into training, project management and more.
March 31, 2016 Your pension payout method (lump sum vs. annuity, single-life vs. joint-life payout) can affect how much wealth you’ll have left to pass to your heirs. Here’s what to consider before making a choice.
March 30, 2016 Are you planning to apply for a business loan? If so, you need to have a clearly formulated, well-expressed plan for what you’re going to do with the money.
March 29, 2016 Within the Bureau of Labor Statistics’ March 4 report were several bits of encouraging data for the economic outlook.
March 29, 2016 Financial conditions for contractors continued to improve in 2015, making the year another healthy and profitable one for the surety industry; however, some significant individual losses, coupled with significant changes among the insurers is making the outlook for 2016 more dynamic than in recent years.
March 29, 2016 Low energy prices and a sluggish global economy continue to push down the prices of many building products and materials while, at the same time, scarcity of skilled workers in key trades pushes labor costs higher.
March 25, 2016 The value of a security is determined by both internal factors (such as operating history and the use of leverage), which are subject to the control of management, and external factors (such as economic and industry conditions), which are entirely out of the control of management. Regardless of the business or asset being valued, current [...]
March 24, 2016 Appointing a beneficiary as trustee can compromise a trust’s ability to protect assets from creditors. But if naming a beneficiary as trustee is otherwise desirable, there are ways to boost creditor protection.
March 23, 2016 The Section 199 deduction goes by many names. But, whatever you call it, this tax break may be a way for your company to get some tax relief.
March 17, 2016 As the federal gift and estate tax exemption continues to climb, the number of people subject to estate taxes is shrinking. For those with charitable giving goals, this may increase interest in charitable remainder trusts (CRTs).
March 16, 2016 Every business owner needs to spend some time planning how to either sell the company or pass it along to the next generation. One idea to consider: Form a succession planning advisory board.
March 14, 2016 Knowing the primary cognitive shortfalls of your company’s forecasting process will go a long way to improving the quality and accuracy of examining what obstacles and opportunities may lie ahead.
March 10, 2016 If you have minor children, perhaps the most important element of your estate plan doesn’t involve your assets. Rather, it involves who will be your children’s guardian.
March 09, 2016 Many business owners worry about an income tax audit. But, if you sponsor an employee benefits plan, the IRS could audit it as well.
March 03, 2016 Naive young people may not think factories are the most glamorous places to work. But owners of manufacturing companies know firsthand just how rewarding careers in this sector can be, both financially and intellectually. Some have found creative ways to breathe new life into their mature companies by enticing millennials — roughly defined as people [...]
March 03, 2016 Last year’s landmark U.S. Supreme Court decision making same-sex marriage legal in all 50 states affects estate planning for many same-sex married couples.
March 02, 2016 Whether or not a nonprofit employs external auditors, it can use audit techniques, including year-to-year trends and benchmarking to other nonprofits, to get a better view of the organization’s revenue.
March 02, 2016 Many business owners have used strengths, weaknesses, opportunities and threats (SWOT) analyses to frame their strategic planning. If you’re looking to map out your company’s next big move, now might be a good time to take a shot at it yourself.
February 29, 2016 One of the main characteristics distinguishing many of the more successful companies we work with is sophistication surrounding and attention paid to the financial forecasting process.
February 25, 2016 If trusts make up a big portion of your estate plan, and they’re subject to high state income taxes, you can change their residence, or “situs,” to a state with lower (or no) income taxes.
February 24, 2016 Your company's accounting system should do all of the big and little things necessary to efficiently and accurately track your financials.
February 22, 2016 Commonwealth Court of Pennsylvania holds that the state's net operating loss deduction limitation as applied is unconstitutional.
February 18, 2016 It’s tax-filing season, and the April 18 deadline to file a 2015 gift tax return is fast approaching. But do you need to file a return?
February 17, 2016 GBQ’s Transaction Advisory Services (TAS) group works predominately in the Middle Market which we would define for our purpose as companies in the $5.0 million to $2.0 billion revenue range.
February 17, 2016 When business owners start to feel the choking effect of a slow cash flow, they often blame their customers. Here are five often-missed ways to cut costs and improve cash flow.
February 12, 2016 A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan.
February 11, 2016 Many companies start out, and get pretty far down the road, using the “per diem” approach when reimbursing employees for lodging, meals and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers up to specified limits.
February 08, 2016 NCUA has recently issued Letter No.:16-CU-01 outlining its Supervisory Priorities for 2016. This article discusses the top areas of focus for 2016.
February 05, 2016 The “sandwich generation” is a large segment of the population. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well.
February 04, 2016 Joe Doe, a beloved associate program director, worked at a nonprofit social service agency for 15 years. When the executive director retired and he was passed over, Joe stayed on with the organization. During the transition between executive directors (EDs), he took on interim ED duties. His responsibilities included signing privileges for the agency’s accounts. When a [...]
February 03, 2016 The owner of the company believes he’s finally ready to trigger his succession plan and retire. So he names his daughter as his successor, enjoys his retirement party and departs for his vacation home.
February 01, 2016 As 2016 gets kicked off and many individuals and companies are readying their year-end financial statements and tax returns, it is important to remember that since 2014, the IRS has begun expanding its 409a audit program.
January 29, 2016 If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement.
January 28, 2016 Among the most contested areas of employee benefits litigation is an employer’s fiduciary duty to its plan participants and beneficiaries.
January 27, 2016 As the seventh year of economic expansion begins in the U.S., expectations for gross domestic product (GDP) in 2016 are in line with a mature economic cycle. In a growth environment of just under three percent, however, economists forecast continued strength in hiring and for construction spending to increase at a rate that is three times the rate of GDP growth in 2016.
January 27, 2016 The Producer Price Index (PPI) for November revealed what most consumers and businesses were feeling at the cash register. Muted global demand and plunging oil prices are helping to keep the costs of building products and materials well in check while pressures from tighter labor supply continue to push wages higher.
January 22, 2016 Connecticut Adopts Single Sales Factor Apportionment, Allows a 16-Day Personal Income Tax Nonresident Exclusion, and Makes Changes to Unitary Combined Reporting Rules
January 22, 2016 Sharing your estate with charity by making donations during your life not only benefits your favorite organizations and reduces your taxable estate, but also can reduce your income tax bill.
January 21, 2016 All too often, the competitive efforts of many companies are internally focused. Many businesses seek to develop better products and services without knowing enough about their competition.
January 20, 2016 On December 31, 2015, the Supreme Court of California ruled in Gillette Company v. Franchise Tax Board that the Multistate Tax Compact (“MTC”) is not a binding reciprocal agreement.
January 19, 2016 SwanLuv, a new Seattle based start-up, will pay soon to be wed couples up to $10,000 to help them fund their wedding, free of charge. The catch: if you get divorced you must pay them back – with interest.
January 15, 2016 If you’d like to help fund your grandchild’s higher education, a simple but effective technique is to make tuition payments on behalf of him or her.
January 14, 2016 If your company is getting aboard the telecommuting trend, consider the following four keys to success.
January 12, 2016 In this article, we'll discuss how tax-exempt organizations can focus their compliance efforts accordingly to avoid penalties up to and including loss of tax-exempt status.
January 11, 2016 If a nonprofit isn’t careful, a corporate sponsorship can be deemed paid advertising and the organization could end up liable for unrelated business income tax (UBIT).
January 07, 2016 Portability allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax exemption.
January 07, 2016 You probably track a variety of data to determine where your business stands. But a great way to take your business data one step further is to see how your KPIs stack up against previous periods or those of other companies in your industry.
January 05, 2016 On December 28, 2015, the Internal Revenue Service (“IRS”) extends the deadlines for the 2015 Affordable Care Act (“ACA”) information reporting requirements for those required to file.
January 04, 2016 With year-end behind us and audit season underway, many companies are facing the decision of whether to adopt this alternative for their 12/31/15 financial statements.
December 31, 2015 An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan.
December 30, 2015 Like many business owners, you probably have much of your wealth tied up in your company. And this fact may be creating a conflict between the desire to transfer ownership to the next generation and the desire to stay in control.
Illinois Circuit Court Holds That Significant Economic Presence is Proper Test for Corporate Income Tax Nexus
December 28, 2015 On May 11, 2015, the Illinois Circuit Court of Sangamon County granted the Illinois Department of Revenue’s cross motion for summary judgment in Capital One Financial Corporation v. Brian Hamer, Director of the Illinois Department of Revenue, Docket No. 2012-TX-0001/02, and held that Capital One had sufficient nexus with the state for corporate income tax purposes.
December 24, 2015 To take a 2015 charitable donation deduction, the gift must be made by December 31, 2015.
December 24, 2015 On December 18, clarity finally arrived with the passage of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Here’s a look at the impact on two “classic” depreciation breaks.
December 23, 2015 But the path just became a tad bit straighter with the Protecting Americans from Tax Hikes Act of 2015 ("PATH") which was signed into law by President Obama on December 18th. The Act permanently extends several income tax benefits the construction contractor effectively utilizes in year-end income tax planning.
December 21, 2015 On December 18th, Congress passed and President Obama signed into law the “Protecting Americans from Tax Hikes (PATH) Act of 2015”.
December 18, 2015 To relieve their families of the burden of planning a funeral, many people plan their own and pay for them in advance. Unfortunately, prepaid funeral plans can be fraught with potential traps.
December 17, 2015 As a business owner, you shoulder many responsibilities — but have some perks as well.
December 17, 2015 In the midst of year-end and the holiday season of giving, it’s important to obtain a clear understanding of whether actions taken in regard to gifting and charitable giving during the remaining few days of the year constitute as activity for 2015 or 2016.
December 14, 2015 Unless you do what I do for a living, "valuation" probably isn't a word you hear every day... but it is a word you hear a lot on Shark Tank. And it's usually a point of controversy.
December 14, 2015 It is estimated that the IRS paid $5.2 billion in refunds related to fraudulent identity theft tax returns for the 2013 filing season. The IRS is attempting to mitigate this exposure.
December 10, 2015 For married couples with large estates, second-to-die life insurance (sometimes called “survivorship insurance” or “dual-life insurance”) can be a useful tool for providing liquidity to pay estate taxes.
December 09, 2015 When you start envisioning all of the potential threats to your company, it’s easy to get overwhelmed. A good way to get a handle on risk management is to break down the overall task into focus areas.
December 07, 2015 While your company’s attention may be focused on wrapping up the fiscal year, and not on next year’s employee benefit plan audit, your plan administrator should review your Plan’s treatment of employee bonuses to avoid potential penalties and fees.
December 03, 2015 Estate planning and asset protection go hand-in-hand. After all, no matter how well your estate plan is designed, it won’t do much good if you have no wealth to share with your family. If you have significant assets in employer-sponsored retirement plans or IRAs, it’s important to understand the extent to which those assets are [...]
December 02, 2015 Skilled workers are invaluable and often difficult to find. Increasingly, well-qualified job candidates in today’s workforce are “Millennials” — that is, between the ages of 18 and 35.
December 01, 2015 Many manufacturers, product distributors and stores produce and market products as “Made in the USA,” but what does this really mean? You may be surprised to learn the required guidelines of labeling products “Made in the USA.”
November 26, 2015 Unlike married couples, who can take advantage of the marital deduction, unmarried partners can’t transfer unlimited amounts to each other tax-free. To reduce their estate tax bills, they must take some additional steps. One option is to make lifetime gifts using the $14,000 per year per recipient annual gift tax exclusion. If you start making [...]
November 25, 2015 When it comes to next year’s budget, you don’t have to reinvent the wheel. But you should do more than simply recycle this year’s version. Your financial statements can help. They offer three places to start looking for the right numbers: 1. Your income statement. Here you’ll see information on sales, margins, operating expenses, and [...]
November 24, 2015 The Internal Revenue Service simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items.
New Safe Harbor for Retail & Restaurant Industry Could Ease the Compliance Burden Provided by the Tangible Property Regulations
November 23, 2015 On November 20, 2015, the IRS released Revenue Procedure 2015-56, providing a safe harbor accounting method for costs incurred for remodeling and refreshing restaurant and retail space.
November 23, 2015 Oftentimes, the selection of an auditor for an employee benefit plan audit is an after-thought. However, in reality, one of the most important duties of the plan administrator is to hire an independent qualified public accountant to perform the annual audit.
November 19, 2015 Year-end tax planning for businesses often focuses on acquiring equipment, machinery, vehicles or other qualifying assets to take advantage of enhanced depreciation tax breaks. Unfortunately, two “classic” depreciation breaks expired on December 31, 2014.
November 19, 2015 Valuable works of art may be ideal candidates for lifetime charitable donations. Generally, it’s advantageous to donate appreciated property because, in addition to reducing your taxable estate and garnering an income tax deduction, you avoid capital gains taxes on the appreciation. Because the top capital gains rate for art and other “collectibles” is 28%, donating [...]
November 18, 2015 As contractors build backlog and concerns grow about a tight labor supply, there is increasing conversation about the impact on construction costs in the next few years. However, costs have been rising for several years now, in spite of intense competition, because of regulations and advances in technology that raise first cost.
November 18, 2015 Influences on the cost of construction are beginning to put upward pressure on pricing. A bounce back in oil prices since the end of winter and accelerating wages are creating month-over-month increases.
November 17, 2015 Through three quarters of 2015, construction at the national level has grown robustly. Data from all sectors of the construction industry shows higher activity, dramatically higher in some sectors. Even those construction categories that reflect consumer confidence continue to show strong growth over 2014.
November 12, 2015 If your adult children face the prospect of high taxes on their estates, consider skipping a generation with some of your bequests and gifts.
November 11, 2015 It’s easy to fall into the trap of thinking about a succession plan as being about only two people: you and your successor. But a truly graceful passing of the baton to the next leader hinges on total staff buy-in — or, at least, acceptance.
November 05, 2015 Employers often send employees on work assignments outside of the state or county, particularly in the service industry. The tax treatment of an employer’s reimbursement of travel expenses depends on many factors including a company’s type of reimbursement plan.
November 05, 2015 Thank you to all who attended the 9th annual Perspectives event on Tuesday, November 3rd. If you were unable to attend, the following is a quick recap of areas discussed.
November 05, 2015 For married couples living in a community property state, money earned and property acquired by either spouse during marriage generally is “community property” — meaning each spouse has an undivided one-half interest (regardless of how property is titled).
November 05, 2015 My Dad doesn’t like random sticks laying in his yard. “Go get that stick and put it in the trash.” He doesn’t like footprints in the grass of the front lawn. “Why do you need to walk on the front lawn anyway? There is plenty of room to play in the back yard.” The combination [...]
November 04, 2015 Many employers with long-established 401(k) plans hesitate to add automatic enrollment.
October 29, 2015 For young, affluent people, designing an estate plan is a challenge because it’s difficult to predict what the estate and income tax laws will look like — and what their own net worth will be — decades from now.
October 28, 2015 The right mission statement can be a strong motivational force for employees — and a powerful marketing and branding tool. But, whether you’re writing one for the first time or creating a new statement as part of a rebranding effort, you’ve got to craft it carefully for maximum impact. Here are a few guidelines to [...]
October 27, 2015 North Carolina enacts related party interest addback, phases in single sales factor apportionment, and imposes sales tax on repair, maintenance, and installation services.
October 26, 2015 If you’re hoping to minimize your 2015 tax bill, it’s critical to start planning now. This is especially true if you’ve ever come close to triggering the alternative minimum tax (AMT) and you think you might do so this year. What is it? The AMT — a separate tax system that doesn’t allow certain deductions [...]
October 22, 2015 With the gift and estate tax exemption currently at $5.43 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, here are three reasons to determine the value of your assets: 1. You may be surprised just how much your estate is [...]
October 21, 2015 It’s often hard to tell whether your company really needs the latest tech tool or you’re just trying to keep up with the Joneses. Before you invest in anything, ask five questions.
October 16, 2015 If you own an insurance policy on your life and want to keep the policy’s proceeds out of your taxable estate, one option is selling the policy to an irrevocable grantor trust.
October 15, 2015 Every business owner knows that maintaining a healthy cash flow is essential to a company’s success. But there are a variety of ways to accomplish this objective.
October 08, 2015 A settlement is proposed for BP's 2010 drilling rig explosion and the majority of the settlement is looking to be tax deductible.
October 08, 2015 Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year.
October 08, 2015 When an elderly parent gradually loses control of his or her faculties, it can be difficult for children to determine whether having their parent declared incapacitated is the right thing to do.
October 01, 2015 Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But joint ownership can also create a number of problems.
September 30, 2015 If you’re planning to pass ownership in your business to the next generation, it’s critical to find the best way to do so. One option is a family limited partnership (FLP).
September 28, 2015 Credit or debit card convenience fees charged for paying federal individual income taxes electronically are deductible for some taxpayers who itemize, the Internal Revenue Service (IRS) has announced.
September 10, 2015 Louisiana enacts several laws that limit the use of net operating losses and reduce tax deductions, subtractions and credits.
September 08, 2015 At mid-year 2015, the underlying economic support for the commercial property sector is as strong as it has been since the peak of the last economic cycle in 2007-2008.
September 08, 2015 Much like what happened in 2014, the unusually cold and snowy winter of 2015 put a damper on consumption and mobility that slowed gross domestic product (GDP) and output.
September 08, 2015 Influences on the cost of construction are beginning to put upward pressure on pricing. A bounce back in oil prices since the end of winter and accelerating wages are creating month-over-month increases.
September 03, 2015 The TILA-RESPA rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms.
August 11, 2015 More nonprofits are waking up. From stringent regulations and government scrutiny around tax-exempt status and grant compliance, to increasingly intense competition for funds, organizations of all shapes and sizes are realizing the need to implement strong measurement and monitoring programs.
August 06, 2015 The 2015 Manufacturing RiskFactor Report examines the risk factors in the most recent 10-K filings of the largest 100 publicly traded U.S. manufacturers across five sectors including fabricated metal, food processing, machinery, plastics and rubber and transportation equipment. The factors were analyzed and ranked by order of frequency cited. Every year, manufacturing contributes more than [...]
August 03, 2015 According to the Association of Certified Fraud Examiners’ (ACFE) 2014 Report to the Nations on Occupational Fraud and Abuse, an estimated 5% of revenues each year are lost to fraud.
The South Carolina Department of Revenue Issued a Final Revenue Procedure and Ruling for the Use of Alternative Apportionment
July 27, 2015 On June 30, 2015, Connecticut Governor Dan Malloy (D) signed into law House Bill 7061 and Senate Bill 1502, which together enact significant changes to the corporate income tax law.
July 27, 2015 Connecticut enacts mandatory unitary combined reporting, imposes new limitations on net operating losses and tax credits, and makes sales and use and personal income tax changes.
July 23, 2015 Nevada imposes a new commerce tax on businesses with Nevada gross revenue exceeding $4 million and creates nexus rebuttable presumptions for sales and use tax purposes.
July 20, 2015 Ohio Substitute House Bill 64 ("HB 64"), the Executive Budget for Fiscal Years 2016-2017, continues the effort of the prior biennium budget to significantly cut personal income tax, while also affecting the computation of the Job Creation Tax Credit ("JCTC") and Job Retention Tax Credit ("JRTC").
July 10, 2015 Influences on the cost of construction are beginning to put upward pressure on pricing.
July 10, 2015 As the U.S. economy struggled to recover from the financial crisis at the beginning of the decade, there were three consecutive years that appeared to be carbon copies of each other.
July 06, 2015 “Last call”, in common parlance, is a phrase signifying that closing time is near and that patrons have one last chance to place an order. Catherine Hughes, the Estate and Gift Tax Attorney-Advisor in the Office of Tax Policy for the US Treasury Department, may have just stepped into the role of “bartender” after comments [...]
June 09, 2015 Many nonprofit financial executives are struggling with the changes posed by the Financial Accounting Standards Board’s.
May 19, 2015 Construction costs remained relatively stable through the first quarter of 2014, with prices for construction put in place rising at the same rate as consumer inflation and increasing significantly faster than the overall producer price index (PPI).
May 05, 2015 There are few aspects in the tax world more confusing or complex than those associated with inventories. When can I deduct my worthless inventory or write down the reduction in its value?
May 04, 2015 On April 24, 2015, the Financial Accounting Standards Board (FASB) issued the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954)—Presentation of Financial Statements of Not-for-Profit Entities (proposed Update), for public comment. The proposed Accounting Standards Update is available for review here. As I recently explained in Accounting Today, the [...]
May 04, 2015 Data from the first months of 2015 paints a picture of an economy that continues to be healthy, albeit without the pace of expansion of the latter half of 2014. While the global economic slowdown may finally be impacting the U. S., there is also evidence that the slower pace of gross domestic product growth and hiring may have been due to a harsher-than-average winter.
April 07, 2015 Charitable giving grew by 2.1 percent in 2014, according to the newly-released 2014 Charitable Giving Report from Blackbaud, and this modest growth will no doubt prompt nonprofit fundraisers and executives to take a step back and evaluate their own fundraising results from the past year.
March 25, 2015 Cybersecurity, Interest-Rate Risk and Bank Secrecy Act (BSA) Compliance head the National Credit Union Administration’s supervisory priorities for 2015. This is according to a letter (15-CU-01) sent to federally insured credit unions.
March 24, 2015 If you weren’t able to attend our Fraud and Non-Profits webinar last week, the following are some highlights from the presentation: Approximately 1/3 of all fraud cases in the United States involves collusion This can be collusion among vendors (comparing prices during competitive bids), among employees, or between vendors and employees Approximately 1/5 of asset [...]
March 23, 2015 Growing demand from non-residential construction, combined with continued improvement in home construction, drove the prices of most essential building products in 2014. Data from the Bureau of Labor Statistics on February 18 showed a continuation and steepening of the divergent trend between overall Producer Price Index (PPI) inflation and that of the PPI for inputs [...]
March 23, 2015 By most measures, the U.S. economy has maintained the surprising progress of the second half of 2014 during the first couple of months of 2015. Even the unusually high snowfall levels in major cities and unusually cold weather does not seem to have sapped the economy in the manner that the polar vortex of 2014 [...]
March 18, 2015 I learned today for the first time of a credit union that will be undergoing a Risk-focused Fair Lending Examination by the NCUA. Specifically, the examination will be conducted by “The Office of Consumer Protection, Division of Consumer Compliance Policy and Outreach.” These examinations are to be conducted using the “Interagency Fair Lending Examination Procedures”, and [...]
March 16, 2015 Strategic mergers can be an effective strategy to enhance shareholder value in an increasingly competitive operating environment.
March 10, 2015 If you are like most non-profits, new board members are on-boarded each year. If you don’t already, you should consider providing training during this on-boarding process, so the individual can learn about the organization, their responsibilities, and the expectations in place for them.
March 02, 2015 This article will summarize the most common approach to valuing non-competition agreements for Fair Value financial reporting purposes.
March 02, 2015 The value of intellectual property and intangible assets (or “IP”) is estimated to represent 75% to 85% of the collective value of companies in the United States. Without an accurate understanding of the IP you own – and their values – it can be difficult to make prudent business decisions about developing, protecting and monetizing your IP.
March 02, 2015 One of the most contentious periods in a divorce typically occurs during negotiations over division of property and establishing support obligations. A shrewd divorce attorney is going to be someone who is well versed in not only the facets of family law, but who is aware of the tax implications in property settlements.
February 09, 2015 On February 4, 2015 the House Ways and Means Committee approved five charitable bills, four of which could make various expired tax incentives permanent.
February 06, 2015 Good news: After keeping taxpayers on tenterhooks for virtually all of 2014, Congress enacted the Tax Increase Prevention Act (TIPA) late in December.
February 03, 2015 With low interest rates persisting, homes values climbing back to pre-recession levels and a surprising 40 percent decline in the price of oil and gasoline in the third quarter, business and consumer confidence is very high going into 2015.
February 02, 2015 Even as demand for construction heated up throughout 2014, an unexpectedly steep decline in oil prices impacted the cost of nearly all construction inputs and inflation in general. The Bureau of Labor Statistics (BLS) reported on November’s inflation on December 12 and the effect of the lower price of oil was reflected throughout the data.
January 27, 2015 Does your financial reporting support your strategic plan?
January 20, 2015 Major retrofits and adaptive reuse of older buildings has become a prominent trend in the US as the concept of urbanism and millennials drive change in America’s core cities. The JobsOhio Revitalization Program is focused on helping rejuvenate sites.
January 13, 2015 Thanks to everyone who was able to participate in our 8th annual Perspectives event this past Friday. We had good attendance and a wide variety of speakers and topics. New Approaches to Serving Our Communities – Social Enterprise and Impact Investing: Allen Proctor (Center for Social Enterprise Development and CINCO) and Patrick Westerlund (Tony R. Wells [...]
December 17, 2014 by Jennifer Zimmerman, CPA Late last night, the Senate approved H.R. 5771, also known as the Tax Increase Prevention Act, with a vote of 76-16. The bill expires on December 31, 2014, which means that the new Congress will need to address provisions related to 2015 in 2015. President Obama is expected to sign the [...]
December 03, 2014 ‘Tis the season for giving! Many people think that by giving money this holiday season, they are doing all that they can do. Perhaps some of us need reminded that we can also give our time to great causes in central Ohio, and not just our pocket books. The variety of ways to volunteer our [...]
November 20, 2014 Several metrics for construction costs showed increased upward pressure on prices through September but an unexpected decline in the price of oil has the potential to offset most of the price increases for building materials and products.
November 15, 2014 Trends in construction at the national level are following the arising arc of the national economy.
November 13, 2014 The numbers don't lie.
November 10, 2014 Are you leaving thousands on the table?
November 04, 2014 Following major online giving success stories such as #GivingTuesday and The ALS Association’s Ice Bucket Challenge more nonprofits are actively participating on social media channels to get in front of potential donors: U.S. nonprofits saw 37 percent growth in followers on Facebook in 2013, and 46 percent annual growth in Twitter followers, according to the [...]
October 13, 2014 The Louisiana Department of Revenue will be conducting a one-month amnesty program from October 15 to November 14, 2014.
October 13, 2014 Today, you can’t throw a stick anywhere in the compliance news landscape without hitting at least a few items either from or about the agency that likes to refer to itself as “The Bureau.”
October 06, 2014 The accounting world is abuzz lately with the finalization of the revenue recognition rules that will change the way many companies and organizations account for contracts under GAAP. As a non-profit organization, you may be wondering how and when these new rules will impact you.
September 17, 2014 Early-stage companies often grant equity (or synthetic equity) awards to employees, consultants, and board members both for incentive purposes and as additional compensation when the company has limited resources. In addition, these companies are often limited to raising capital by using non-traditional securities such as convertible notes and preferred stock.As a result, early-stage companies tend to have complex capital structures that require specialized valuation approaches.
September 16, 2014 Many of the actions needed to operating an employee benefit plan (EBP) involve fiduciary decisions. This is true whether or not you hire someone to manage the plan for you or do some of all of the plan management yourself.
September 09, 2014 It is almost impossible to get through a week without hearing about a new cyber security breach.
September 02, 2014 The IRS National Tax Office has recently issued an advice memorandum outlining their position on the taxability of amounts received by dealers from automobile manufacturers to pay for store improvements.
August 26, 2014 If your non-profit receives new federal funding after December 26, 2014, there are new standards and requirements that you should be aware of related to your procurement standards and being in compliance with the Office of Management and Budget (OMB) Supercircular.
August 19, 2014 The circumstances surrounding Casey Kasem's passing raise important issues to consider involving mental health planning and children of blended marriages.
August 18, 2014 The convergence of one of the most significant areas of financial reporting is progressing; however, the fun is just getting started.
California Franchise Tax Board Issues Legal Ruling Regarding Taxation of Limited Liability Companies
August 12, 2014 The California Franchise Tax Board issued a legal ruling that discusses when a corporate member of a limited liability company classified as a partnership is required to report and pay taxes and fees.
July 28, 2014 Many public charities have to pass an annual public support test in order to maintain public charity status and avoid being classified as a private foundation. Certain types of organizations are exempted from this test.
July 14, 2014 After dropping off significantly in January and February, construction activity in March and April showed strong rebounds in both residential and nonresidential construction categories.
July 14, 2014 Steadily improving construction markets, better global economic conditions and rising energy costs resulting from a colder winter contributed to steeper increases in construction prices during the winter and spring of 2014.
July 10, 2014 All the Form 990 boxes say compensation is IRS compliant...has anyone checked?
July 02, 2014 Manufacturing exemption goes into effect for reduced sales and use tax in California beginning July 1, 2014.
July 02, 2014 On June 19, 2014, Rhode Island Governor Lincoln Chafee signed into law H.B. 7133, the budget bill for the fiscal year ending June 30, 2015, which implements combined reporting, single sales factor apportionment, and market-based sourcing of receipts from the sales of services.
June 30, 2014 Alternative funding sources may be able to play a role in adding to the bottom-line at your organization.
June 26, 2014
June 05, 2014 On May 6, 2014, Pennsylvania Governor Tom Corbett signed into law H.B. 1513, Regular Session 2013-2014 (“H.B. 1513”), which limits the authority of Pennsylvania localities to impose privilege taxes and reduces the potential for double taxation of receipts.
June 03, 2014 It's not surprising that fraud and embezzlement are a major concern for employers around the country. After all, you likely read news articles about it on a periodic basis. But a recent investigative report by the Washington Post about fraud inside not-for-profit organizations has raised some eyebrows.
May 29, 2014 As a means for improving safety and reducing workplace injuries, the Occupational Safety and Health Administration (OSHA) recently proposed a change that would require manufacturing firms, among others, to make public information about injuries and illnesses.
May 25, 2014 Normally, a manufacturing firm can buy business equipment safe in the knowledge that it will qualify for an immediate write-off on most, if not all, of the cost under Section 179 of the tax code. But this year is different from others. The maximum Section 179 deduction for 2014 is set at $25,000.
May 21, 2014 Finding new donors and volunteers is a challenge facing almost all non-profit organizations on an annual basis.
May 02, 2014 It is an excellent idea to solicit feedback and suggestions from your employees across all levels of the organization.
April 30, 2014 During a recent conversation with a NCUA examiner, I was informed that the examination approach required by Region 2 for its examiners will be different than the approach used by the same examiners when they were performing examinations in Region 3.
April 22, 2014 Just before midnight on March 31, 2014, New York Governor Andrew Cuomo signed into law S6359-D, which implements components of the state’s fiscal plan for the 2014-2015 fiscal year, including Article 9-A reforms.
April 15, 2014 In a March 24, 2014 internal memorandum, the IRS Director of Exempt Organizations changed the IRS position on the taxability of certain items related to UBIT (unrelated business income tax) for state chartered credit unions. This change in position resulted from the IRS loss in two district court decisions involving credit unions.
April 08, 2014 Managers and governors of organizations are held to a fiduciary standard that requires them to always act in the best interests of their own organization, even when such action may not be in their best personal interests or best interest of some other person or organization with which they are connected.
March 28, 2014 Harsh winters put a dent in construction of course, but the bigger concerns about the weather are in the effect on consumers.
March 28, 2014 The short-term steep decline in construction starts has significantly dampened demand for products, making it especially difficult for manufacturers to hold price increases.
March 24, 2014 Recent reports regarding the significant diversion of assets by nonprofit organizations has caused federal and state officials to launch investigations as to what this actually means.
March 20, 2014 Internal revenue service releases guidance regarding the stages of the transfer pricing examination process and provides recommended audit procedures, as well as sources of reference material.
March 11, 2014 Non-profit organizations and their reporting have been discussed by the Financial Accounting Standards Board (FASB) throughout the years and they continue to be an area of focus.
March 03, 2014 Charles Ponzi and Bernie Madoff are among the most infamous fraudsters in United States history. Based on the most recent study by the Association of Certified Fraud Examiners the typical organization loses 5-6% of its revenues to fraud each year.
February 24, 2014 A great way to raise funding for program services is through corporate sponsorship. If done correctly the entire payment will not be considered unrelated business income by the Internal Revenue Service.
February 17, 2014 “Cash Flow is King.” This is a popular saying among those in the valuation community and similar fields such as private equity and M&A advisory, based on a fundamental finance principle that the value of an investment is driven by its ability to provide a future return to that investor.
February 17, 2014 During June of 2013, Ohio Governor Kasich signed into law House Bill 59, which introduced multiple legislative provisions that cut taxes for Ohio individual taxpayers. Among the cuts was the new Ohio Small Business Investor Income Deduction, which provides a substantial tax benefit to owners of pass-through entities doing business in the state of Ohio.
February 14, 2014 The issue raised in the case was whether Graphic Packaging Corp. was entitled to elect to use the Multistate Tax Compact as the basis for an evenly-weighted three-factor apportionment formula to apportion its Revised Franchise Tax base in lieu of the standard single-receipts factor.
February 12, 2014 Many architectural, engineering and construction (“AEC”) firms will have the need to transition ownership in the next decade. The following are industry-specific factors that we pay special attention to when valuing AEC firms.
February 12, 2014 The Section 199 deduction, commonly referred to as the "domestic manufacturing deduction," is often critical to a manufacturing firm's tax fortunes.
February 11, 2014 Ohio law currently required charitable organizations and groups that solicit contributions from Ohioans to file an annual report with the Attorney General’s Office. Because of increased monitoring of non-profit organizations, coinciding with the re-vamped Federal Form 990, it is becoming more imperative that charitable organizations stay in compliance with the ever-changing regulations.
February 04, 2014 Data released in mid-December bore out the impact of reduced global demand and compression of margins on manufactured product prices in 2013, despite rising demand from a rebounding U. S. housing recovery. Only the deep recession in 2009 led to lower inflation in any year going as far back as 1956.
February 04, 2014 The current construction activity reflects the continued recovery from the recession and the under-building that followed.
February 04, 2014 As business owners contemplate the task of converting their wealth that is locked up in their company, the option of an Employee Stock Ownership Plan (ESOP) should emerge as a viable option.
January 28, 2014 In an expected move, the goodwill impairment testing alternative for private entities created by the Private Company Council (“PCC”) was released by the Financial Accounting Standards Board (“FASB”). The update to Accounting Standards Codification Topic 350 – Intangibles – Goodwill and Other (“ASC 350”) applies only to non-public entities, as public entities will still be required to comply with GAAP.
Income/Franchise Tax: Elective Combination is an option under Michigan’s Corporate Income Tax (“CIT”) Regime
January 20, 2014 Michigan law expands the CIT definition of “unitary business group” to include an affiliated group.
January 16, 2014 There have been so many significant changes in the operating environment for credit unions over the past 20 years.
January 13, 2014 Frauds are committed within non-profit organizations every year, ranging from employee embezzlement and asset misappropriation to misstatements of financial reporting.
January 10, 2014 Although merger and acquisition activity continues at a robust pace, there are many potential transactions involving the sale and purchase of a business that are never consummated because the buyer and the seller cannot come to an agreement on transaction price. To understand why it is so difficult to reach a mutually agreed-upon purchase price, [...]
January 07, 2014 As states continue to search for new ways to increase revenue, there has been a spike in unclaimed property compliance audits throughout the country.
December 19, 2013 On November 20, 2013, City of Chicago Alderman William Burns introduced proposed ordinance #02013-9148. Section 2-154-016 would require certain businesses doing business, seeking to do business, or seeking city action with the City of Chicago to disclose a variety of state and local tax information, which would eventually be made public.
IRS Releases Proposed Regulations Regarding Permissible Political Activities of Tax-Exempt Social Welfare Organizations
December 16, 2013 On November 26, 2013, The Treasury Department and IRS released proposed regulations under Section 501(c)(4) of the Internal Revenue Code. The proposed regulations provide that the promotion of social welfare does not include direct or indirect “candidate-related political activity”.
December 11, 2013 NCUA will be focusing on interest rate risk, operational risk/off balance sheet risk, CUSO/third-party vendor exposure and compliance during examinations in 2014.
December 05, 2013 Prices for mixed bag of products and materials that are used by the construction industry saw reverses in medium-term trends in September and October but overall the cost of construction maintained the same relationship to consumer prices as has held for the past couple of years. With few exceptions, any significant movement in prices has [...]
December 05, 2013 One byproduct of the federal government shutdown was that the avalanche of economic data that is released weekly was also shut down. Even without weekly jobs claims, unemployment estimates, labor and manufacturing numbers, businesses can be fairly certain that the state of the U. S. economy hasn’t changed much. In fact, what little data was [...]
November 20, 2013 A previous GBQ newsletter analyzed a bankruptcy case involving the use of a discounted cash flow (“DCF”) analysis. Like the bankruptcy case, this decision involves a discounted cash flow analysis and, in particular, the use of management’s projections by an expert.
November 18, 2013 In order to expedite applying for the Recognition of Exception under section 501(c)(3) the IRS has developed an online interactive Form 1023.
November 06, 2013 A time of transition can be a stressful one for many business owners, especially when involving the ownership transfer of a company's assets or stock.
October 22, 2013 The City of Los Angeles has announced a tax amnesty program that began on September 1, 2013 and will continue through December 2, 2013. This amnesty includes the following City of Los Angeles taxes: Business, Utility Users Taxes, Commercial Tenant’s Occupancy Taxes, Transient Occupancy Taxes, and Parking Occupancy Taxes.
October 22, 2013 On September 27, 2013, the IRS posted draft instructions for the 2013 Form 990, Return of Organizations Exempt from Income Tax.
October 18, 2013 The following discussion will summarize some of the more significant sales and use tax changes in California, Florida and West Virginia.
October 07, 2013 The government shut down that began last week may have been predicted, but wasn’t expected by many – thinking our political leaders would come to agreement to prevent the shutdown from occurring. While many people think about the federal employees facing potential layoffs and furloughs, the effects of the shutdown reach much further and may already be affecting your non-profit organization.
September 05, 2013 Business valuation opinions are sought for a variety of reasons. Commonly, they are used to support significant corporate or shareholder transactions in which many stakeholders have a financial (and often personal) interest. Given the importance of these transactions, and by connection, the valuation opinions used to support them, it is imperative that the affected parties [...]
August 28, 2013 With the state exchange beginning open enrollment in October of this year, funding has been granted to organizations who are trained to act as Navigators, playing an important role to educate Ohioans on the different health coverage plans available on the state exhanges.
July 02, 2013 Last December the FASB issued an exposure draft on credit losses that would have a significant impact on the way that financial institutions compute and record their allowance for loan losses, if it is ultimately adopted.
July 02, 2013 With all the information that is available and availed in the development of real estate, there still seems to be no way to avoid overbuilding a hot property type.
July 01, 2013 Have you implemented a formal gift acceptance policy?
July 01, 2013 The national economy passed some significant tests of strength as spring yielded to summer.
June 24, 2013 Over the course of my career providing litigation related consulting services to attorneys, I have witnessed some of the ways that technology has impacted litigation. What might the courtroom look like in ten or 20 years?
June 10, 2013 We provided an update last year on proposed revisions to OMB Circular A-133 and how this would affect your audits. Since then, new proposed revisions have been released that are different than the ones previously issued.
June 07, 2013 U.S. manufacturers face a unique problem: despite high unemployment, the industry still suffers from a skilled-labor shortage. Today, after an impressive recovery from the recession, this problem is even more pronounced
June 03, 2013 An organization can be organized under state law as a not-for-profit organization, but must still meet specific requirements in order to be considered tax-exempt under section 501(c)(3)by the IRS.
June 03, 2013 GBQ's Location and Incentive Consulting Practice provides a full range of services to assist companies with establishing, relocating or expanding operations.
May 17, 2013 The cost trends of recent months continued to extend at the end of the first quarter, as consumer prices (CPI) remained relatively flat, while producer prices for construction materials mirrored the trends in demand for the major construction categories.
April 29, 2013 The regulations contain tax guidance for determining whether and when a business must capitalize costs incurred in acquiring, maintaining, or improving any tangible property.