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AAA Warns: Watch Your Language on Earnings Reports
-Complaints about corporate self-congratulation and optimism are a common feature of securities lawsuits. -Sued firms use substantially more optimistic language in their earnings announcements than do non-sued firms. -Study results indicate shareholder litigation could be an effective ex post mechanism to assure investors that managers are not simply engaging in cheap talk when they use optimistic language.
FASB Is Viewing Private Company Standards through a Different Lens
The FASB has taken steps to identify and make decisions/tentative decisions regarding current accounting standards as they apply to private companies. The FASB has issued an Accounting Standards Update on Goodwill Impairment, adding a standard-setting project and a separate research project on fair value measurement for private companies. Efforts are being made by the FASB to convince private companies and their auditors, bankers, and investors that it has paid attention to the conclusions of the Blue Ribbon Panel on Private Company Financial Reporting.
NTEU President: IRS Budget Cuts Will Hinder Service to CPAs, Clients
National Treasury Employees Union (NTEU) President, Colleen M. Kelley, is understandably "pleased" that Congress finally put away its bipartisan bickering, allowing President Obama to sign into law December 23 a large scale omnibus spending agreement. The agreement will avert a "costly" government shutdown and fund government services for the rest of the fiscal year.
IMA Ready to Compete with AICPA/CIMA Management Accounting Designation
The Institute of Management Accountants (IMA), which has offered the Certified Management Accountant (CMA) credential since 1972 and represents more than 60,000 accountants and financial professionals in business worldwide, is facing "fierce competition" from a new management accounting designation ? Chartered Global Management Accountant (CGMA) ? that will be launched by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) in January 2012, according to Jeffrey Thomson, IMA President and Chief Executive Officer.
Web Sites Designed for Accountants by Thomson Reuters & Emochila Team
On December 9, Thomson Reuters announced it had acquired Emochila, a leading Web site design company that works specifically with accounting and tax firms. Thomson Reuters and Emochila will now work in collaboration to assist accounting professionals in creating and maintaining their Web sites.
Three Irreverent Time Management Strategies for the Digital Era
Strategy 1: Focus on the single-most important item on your to-do list Strategy 2: Automate everything to expand your productive time Strategy 3: Ditch most of your social media efforts
How Web Sites Can Be Used to Recruit Clients
Your Web site should be a profit center for your accounting practice and generate a steady flow of qualified leads. If it is not, then something is wrong....
Keep All Your CPE Certificates of Completion - You Might Be Audited
When fulfilling their continuing professional education (CPE) requirements for license renewal, certified public accountants (CPAs) must always remember to keep their certificates of completion, even if their particular state boards of accountancy don't require them to file the forms. State boards routinely audit a random selection of applicants for proof of course completion. Providing incomplete or false information can mean a fine, a reprimand, or the loss of one's license.
QR Codes Provide New Way To Market Your Practice
Have you considered QR Codes to promote your accounting practice? QR (Quick Response) Codes are a black and white patterned square able to house specific information.
Is Your Future Cloudy? Cloud Computing and Accountants
By definition, Cloud computing is Web-based computing, whereby shared resources, both software and information are provided to computers and other devices on-demand through an Internet connection. Instead of having to buy, install, maintain, and manage these resources on your own computer or device, you access and use them through a Web browser.
Social Security COLAs for 2012: Take the Bad with the Good
The Social Security Administration (SSA) recently announced cost-of-living adjustments (COLAs) for 2012. There's both good news and bad news for your clients.
Demystifying The New 3.8% "Medicare" Tax
On January 1, 2013, a new 3.8% federal tax on some, but not all, investment income will go into effect. The tax is sometimes called a ?Medicare Tax? because the proceeds of the tax are earmarked for the Medicare Trust Fund. This tax has the potential to increase taxes for owners who sell their primary residence and investors who sell investment property, so it is important for all owners of real estate and their advisors to have a basic understanding of how the tax will work.
CFPB Works to Correct Technical Glitches
The new Consumer Financial Protection Bureau (CFBP) is experiencing some "technical problems" in its infancy. Significantly, some banks have not received credit card complaints from consumers due to browser compatibility issues. But the agency has already addressed the glitches.
THRIVEal +CPA Network to Present Firm of the Future Symposium
In conjunction with its first anniversary celebration, the innovative THRIVEal +CPA Network group will host the Firm of the Future Symposium, presented by experts Ron Baker and Ed Kless. The event is set for October 28 and 29 and will be held at Brains on Fire in Greenville, South Carolina.
Moving To the Cloud: What, When, and How?
Recently the conversation in the enterprise IT department has shifted for many from "should we be moving to the Cloud?" to "what, when and how are we moving to the Cloud" as many of the key benefits of the Cloud model - reduced costs and management overhead, flexibility and scalability and accessibility - become increasingly well understood and accepted.
FAF Rejects Independent Standard Setting Board for Private Companies
A new council with the authority to identify, propose, and vote on specific improvements to U.S. accounting standards for private companies has been proposed by the Board of Trustees of the Financial Accounting Foundation (FAF).
New XBRL and proposed 2012 US GAAP financial reporting taxonomy released
Nearly 2,500 letters were sent to the Financial Accounting Foundation demanding the creation of an independent separate board to develop different standards for privately held businesses. According to the AICPA's review, 99 percent of privately held businesses are in favor.
Postal Service Delivers Sustainable Messages for Business
Reports abound about a potential United States Postal Service (USPS) bankruptcy, and there are many who advocate for this outcome as a necessary pivot point that would result in a more efficient and sustainable postal service. However, "doom and gloom" nay-sayers fail to acknowledge the many strides the USPS has made in its sustainability, the vital services it provides to help other businesses improve their performance in this arena, and the example it sets as it revamps to adjust to new dynamics of modern enterprise.
California to tax Scofflaws: Pay up or lose your driver's (or CPA) license
The California State Assembly has approved Assembly Bill 1424, the Delinquent Taxpayer Accountability Act, aimed at the state's worst tax debtors. The bill delivers a clear message: pay your back taxes or we'll suspend your driver's license and/or professional licenses.
How to Grow in a Zero Growth Environment
Every CPA firm needs to grow, even in a zero growth environment (like today). When other busines development and marketing efforts fail, there is one way to grow when your competitors are stagnant: build a micro-niche business around your expertise and the needs of your clients.
AICPA says U.S. Companies should have option to use IFRS as issued by IASB
Barry Melancon, American Institute of Certified Public Accountants (AICPA) president and CEO, and Paul Stahlin, AICPA chairman, stated in their letter dated August 17 to the Securities and Exchange Commission (SEC), that public companies in the United States should be allowed the option of adopting use of International Financial Reporting Standards (IFRS) as the SEC weighs a possible future framework for incorporating IFRS into the U.S. financial reporting system. Melancon and Stahlin wrote, "We believe U.S. issuers should be given the option to adopt IFRS as issued by the IASB."
A move toward separate accounting standards for private companies begins
For all those private companies frustrated with being forced to spend $25,000 on a valuation of intangible property or goodwill, or spending hours drafting disclosures that users may not read, or being burdened with a myriad of other financial reporting responsibilities, there may be some relief on the way.
NASBA, AICPA announce online mobility tool designed to help CPAs practice across state borders
The National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA) have launched CPAmobility.org – an online tool designed to help CPAs navigate the new practice privilege requirements, commonly referred to as mobility laws, that allow CPAs to practice across state borders.
MACPA embraces XBRL in case study for private companies and nonprofits
Historically, the conversation about XBRL has centered on public companies, thanks to its promise of delivering timely, accurate, and transparent financial information to investors. That conversation is beginning to shift, though, thanks to projects like the one undertaken by the Maryland Association of CPAs (MACPA).
Sage North America announces end of product brand names
Peachtree, MAS, Accpac, Timberline, and others to become known as Sage.
PCAOB moves forward with changes to auditor's reporting model
Citing a goal of investor protection, the Public Company Accounting Oversight Board (PCAOB) has issued a concept release to discuss alternatives for changing the auditor's reporting model. The Board also announced that it will convene a public roundtable to discuss the concept release in the third quarter of 2011.
Do You Have a Premium Pricing Mindset?
Most CPA firms need to improve profitability. Yet most do not have a premium pricing policy for at least some of the services they charge. Building a micro-niche is one change that encourages a firm to charge premium pricing. This should not be the only time CPA firms think about premium pricing strategies. Here are the steps your firm needs to take to create a premium pricing mindset.
Cloud Computing: Trendy or Transformational
In the world of information technology, it seems that every few years a new concept comes along that emerges as being the next great leap in technology. One of the current concepts that fits that description in the IT world is called cloud computing. However, before a company decides that it will embrace cloud computing, it needs to make sure that it understands all the implications of this new offering.
Accounting Methods
An accounting method is the method that a company or individual chooses to book transactions and prepare financial statements. There are two types of accounting methods: cash basis and accrual accounting. The main difference between the two is the way the company books the receipt of and the paying of cash from the business. The choice of accounting method can lead to very different looking financial statements.
Understanding Activity Ratios
Understanding activity ratios is a very important tool for evaluating a company's performance. Whether interpreting the financial ratios for your company or evaluating another company, it is essential to understand what the activity ratios indicate about a company's performance. Activity ratios are frequently referred to as efficiency ratios because they measure how efficiently the company is managing their assets. Activity ratios can be broken down into two categories; turnover ratios and days on hand ratios.
Report says IRS plagued by financial management system problems
The IRS financial management systems, which do not comply with federal law, are unlikely to be fixed before 2014, according to an audit report.
IRS Provides Time Extensions for Taxpayers in Disaster Areas
Internal Revenue Code sections 7508 and 7508(A) each provide a list of time sensitive acts that are automatically postponed for taxpayers serving in the military and which may be postponed for taxpayers affected by Presidentially declared disasters. Revenue Procedure 2007-56 is the latest in a string of Revenue Procedures issued by the IRS that clarify and expand the taxpayers and acts eligible for postponement and add extensions to time deadlines specifically relating to 1031 exchanges.    
MYOB Vs QuickBooks: Which Should I Choose?
It's the age-old debate, almost as well known and as polarising as East vs West or Ford vs Holden! MYOB and QuickBooks are each very different accounting packages, although you'll find many dual MYOB bookkeepers/QuickBooks bookkeepers. Each program has its own strengths and weaknesses, and is suitable for different types of businesses and sometimes different industries. We explore those industries here.
IRS extends FBAR filing deadline for certain individuals
The Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) have announced that a small subset of individuals with only signature authority required to file the Report of Foreign Bank and Financial Accounts (FBARs) will receive a one-year extension beyond the upcoming filing date of June 30, 2011.
Condorsement and the future role of FASB
Looking ahead to the time when International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) in the U.S. have nearly completed their high priority convergence projects, Paul Beswick, deputy chief accountant at the SEC, introduced the concept of condorsement as a potential approach for global standard setting process. In a speech before the American Institute of Certified Public Accountants' (AICPA) annual conference in December 2010, Beswick stated that he used the word, condorsement, a word he coined, to describe how a process that is not convergence might work.
Global study shows new direction for internal auditing
In the next five years, the focus of internal audit activities will differ significantly from current practice, and it's important that internal auditors at all levels - not just the chief audit executive - keep up-to-date, according to preliminary results from the 2010 Global Internal Audit Survey: A Component of the Common Body of Knowledge (CBOK) Study. The study was conducted in 22 languages by the Institute of Internal Auditors Research Foundation(IIARF) and includes responses from 13,582 participants in more than 107 countries.
If You Think Your Tax Rate is Only 15%, Think Again!
Everyone breathed a sigh of relief when the tax cuts were extended at the end of last year for another two years.  Although it is good for real estate investors that the maximum federal capital gains rate will remain at 15% for the next two years, savvy investors know that they really pay much more tax than that when they sell their properties.  Even if your gain is not substantial due to a downturn in the market, it's important to know and calculate the different ways you may be taxed before deciding whether to cash out or defer your tax in a 1031 exchange.  
Accountants as business advisors
Many accountancy practices claim to be both accountants and business advisers. Is this borne out by the way they operate? And do they take their own advice?I suppose the answer to the first question depends on whether you approach business advice as:Something you provide automatically; orAn extra service that business clients only get if they ask for it and pay for it over and above the fee for recurring accounting and tax work.
Five Cool Web Apps For Running Your Firm
You've probably noticed that most new software is now developed for the Web rather than the desktop. This actually isn't a trend; instead, I expect Web-developed software to become the norm, and perhaps even accelerate, in the years ahead.
IRS Sets Automobile Depreciation Deduction Limits
The IRS has recently released Revenue Procedure 2011-21 which provides limitations on depreciation deductions and lessee inclusions amounts for owners of passenger automobiles, trucks, vans, and electric automobiles first placed in service during the 2011 calendar year.
Treasury Department Issues New Foreign Bank Account Reporting Rules
Final Regulations Are Applicable for FBARs Due June 30, 2011The Financial Crimes Enforcement Network (FinCEN) of the Treasury Department has issued new, final regulations governing foreign bank account reporting requirements under the Bank Secrecy Act.  The new rules are effective for Reports of Foreign Bank and Financial Accounts (a reporting form commonly referred to as an “FBAR”) which are due to be filed by June 30, 2011, and for all subsequent calendar years.  Among the significant changes contained in the new FBAR regulations are (1) a revised definition of “signature or other authority”; (2) clarification of whether an account is “foreign” for FBAR purposes and, in particular, filing obligations in context of custodial accounts holding foreign assets; (3) a revised definition of “mutual fund”; (4) changes to the filing obligations for foreign accounts held by trusts; (5) enactment of an “anti-avoidance” provision designed to deter non-compliance with the FBAR rules; and (6) clarification of the recordkeeping obligations of officers or employees who file FBARs because of signature or other authority over foreign accounts of their employers.  The final regulations include a lengthy preamble which contains a significant number of explanatory notes which clarify a number of previously ambiguous areas based upon comments submitted to FinCEN.  It is expected that Treasury will issue a new FBAR form with instructions to reflect changes in the filing rules sometime prior to the June 30 filing deadline.
Getting the Most from Your Home Mortgage Interest Deduction
Many tax advisors say that one of the most common errors on tax returns is claiming more home mortgage interest deduction than is actually available.  Many homeowners believe that all interest paid on a home mortgage is deductible, but there are limits based on which property secures the debt and how you used the money. 
Asset Protection for a Married Couple
Couples living in community property states can easily shield assets through smart inter-spousal transfers.
Some Fraud and Misconduct Provisions Applicable to Federal Taxes
The cost of tax misconduct, whether fraud, negligence, or other form of misconduct, can be quite high.  Both criminal and civil penalties can apply and there are other adverse effects of such conduct.  Every tax practitioner should have a basic awareness of the key penalties and issues related to such misconduct.
Maximizing Revenues through Royalty Compliance Audits
One major source of revenue, particularly for not for profit and academic research entities, is revenue from royalty payments for the use of intellectual property.  In order to realize the full benefit of licensing their intellectual property, companies must ensure that their intellectual property is being utilized to its full potential by third parties.  Many royalty audits uncover underreporting and underpayment, the source of which is often human error and not necessarily malicious intent. 
Good news for businesses seeking simple creditor protection
The decision of whether to form an LLC, corporation or other entity used to be primarily driven by tax and other concerns.  However, a primary motivation for those using Michigan entities may now be creditor protection.
Alert: Impact of the 2010 Tax Act on your estate, gift and GST tax issues
The "Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010" (the "Act") is complex, and this Alert only highlights features that are important to Estate, Gift and Generation-Skipping Transfer Tax ("GST Tax") planning.
Are You a Commodity or an Expert?
Being a commodity is not fun. Nobody enjoys being one of many in a faceless crowd. Experts, on the other hand, stand apart because of their knowledge and experience. Clients are referred to them because people know they can meet the needs of the people the send to them. Which would you rather be?
NEW ESTATE TAX NEW PUTS VIABILITY OF MOST EXISTING ESTATE PLANS IN DOUBT
On December 16, 2010, Congress passed and sent to the President the “Middle Class Tax Relief Act of 2010.”  The law contains the most sweeping change in the taxation of estates in 29 years.  It also contains a ticking time bomb that might explode in the faces of the beneficiaries of many trusts.  As a result of the new law, many existing estate plans no longer work, and many others will cause actual harm.  As a result, every married couple’s existing estate plan should at least be reviewed, if not scrapped.
Proposed Rules May Increase Ownership of Commercial Real Estate
Although accounting rules usually don't end up as front page news, there are some recent proposals to change the Financial Accounting Standards Board (FASB) accounting rules that should have a significant impact on the commercial real estate industry.  The rules may make it more likely that companies will choose to own property rather than rent it, and may also change lease negotiations for those who do rent.
How the Small Firm Can Win in Competition with Big Firms
The way to win in competition with big firms is to step outside direct competition. Build a highly specialized business based on your particular expertise. Micro-niches are built to meet specific needs with great expertise the big firms cannot match.
McCourt Divorce Sheds Light on Asset Protection
The use of post-nuptial agreements for asset protection is the subject of debate in the McCourt divorce.  When properly drafted, these agreements are effective asset protection tools.
1031 Exchanges and Tax Filing - Important Information to Know
YOU MAY NEED TO FILE FOR AN EXTENSIONA 1031 exchange is reported on the tax return for the tax year in which the exchange begins, i.e. the tax year the relinquished property is transferred, using IRS Form 8824.  If an investor's exchange transaction started late in 2010, he may need to file for an extension using Form 4868 in order to reflect the entire exchange on the appropriate tax return.
Advantages of Foreign LLCs
Offshore limited liability companies offer many planning advantages.  Surprisingly, set up costs are a lot lower than you would expect.
1031 Exchanges and Related Parties
What is a related party exchange?A related party exchange is a 1031 exchange where either the buyer of the relinquished property or the seller of the replacement property (or both) is considered "related" to the investor doing the exchange.  If either the buyer of the relinquished property or the seller of the replacement property is considered a related party, there are special rules and restrictions on the ability to defer tax in a 1031 exchange. 
Building Your Next Generation Team
According to the AICPA, more than 60% of CPA firm partners and owners will be eligible for retirement within the next ten years. This could result in the retirement of thousands of senior CPAs and a rush to snap up the best of the next generation of firm leadership. The best way to build the future of your firm might be to build your next generation team by looking to the potential within you firm today.
Nearly half of executives anticipate SEC decision on IFRS in 2011
Most executives responsible for corporate financial reporting said their firms will be ready, but likely will not move to International Financial Reporting Standards (IFRS) until mandated, even if an "early adoption" option is allowed, according to an IFRS convergence survey.Some 75 percent of the respondents said their organizations would wait until the U.S. Securities and Exchange Commission (SEC) requires IFRS as the standard for filing financial reports before they move away from U.S. generally accepted accounting principles (GAAP).
Disregarded Entity Issues in 1031 Exchanges
Provides an overview of disregarded entities and the implications in a IRC Section 1031 exchange.
An Update on the Related Party Rules and 1031 Exchanges
Provides additional information on the related party rules as they relate to 1031 exchanges.
Agricultural, Farm and Ranch Exchanges
Provides a brief overview of issues related to farm and ranch 1031 exchanges.
CREATIVE EXCHANGE PROPERTY
Explore a New Universe of 1031 Exchange Opportunities
INTENT TO HOLD FOR INVESTMENT
“LESSONS LEARNED FROM GOOLSBY V. COMMISSIONER”
Checklist for Maximizing Your Business Opportunities
Most CPAs and accounting firms use checklists for a number of reasons. They are commonly used heavily during tax season and other busy seasons. If your firm is not using a checklist for maximizing your business opportunities during these times, you are likely missing important new opportunities to grow your business.
Building Your Firm with the Five Pillars of Practice Growth
There are five principle ways to grow a CPA firm. Learn the basics of each of the five, as well as how to use the pillars together to further accelerate the growth of your firm.
Who Are the Right People for a Micro-Niche Boutique?
CPA firms can achieve significant growth by thinking smaller. Focus your expertise on a micro-niche and build a boutique business around it. But who are the right people in the firm to build a micro-niche? Here are the answers.
Study: Compliance, staffing capabilities will need special attention in changing economy
The 2011 benchmarking study of the finance function, which gives accounting and finance executives a tool for evaluating how their organizations are performing relative to peers, has been released. The reportwas developed jointly by Financial Executives International (FEI) and Robert Half Management Resources.
AICPA recommends changes to SEC proposed ruling for family offices
A proposed ruling from the U.S. Securities and Exchange Commission exempts family offices from any requirement to register with the SEC under the Dodd-Frank Wall Street Reform and Consumer Protection Act.Dodd-Frank eliminated the small adviser exemption from the Advisers Act of 1940, claimed by family offices in the past, so that the SEC could regulate hedge funds and other private fund advisers. The American Institute of Certified Public Accountants (AICPA) has recommended several changes to the proposed ruling in a comment letter to the SEC.
Withholding tax tables available from IRS
The Internal Revenue Service has released the 2011 Percentage Method Tables for Income Tax that were developed as a result of the recently passed Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.The new tables, available in Notice 1036,should be implementedby employers as soon as possible, but no later than January 31, 2011.
Unreasonable Compensation and the IRS
Many executives are well paid in corporate America, and people are asking whether the amounts paid are excessive and unreasonable compensation.  Since the answer to that question has dramatic tax consequences at privately-owned companies, Internal Revenue Service (IRS) auditors are looking closely at executive compensation.
Small Business Lending Funding Act Establishes Four Lending Programs
When President Obama signed the Small Business Jobs and Credit Act of 2010, the new law created a $30 billion lending fund that will  encourage more small business lending. Here is a breakdown of the four lending initiatives.
Pension Limits Announced for 2011
Pension and retirement plan contribution limits remain largely unchanged for 2011. The IRS announced limits for 401(k) participants, IRAs, Roth IRAs, married couples and people age 50 and over.
IRS Trains Audit Staff on QuickBooks
The IRS can now request electronic back-up copies of business taxpayers' QuickBooks files as part of specific in-person audits. The agency recently completed training of staff on the software.
Using Technology to Help Your Nonprofit
Can technology help you solve some of your nonprofit's biggest challenges? In a word, yes, in many cases. Every organization is looking for ways to do more with less, and technology can serve as the additional person on your staff to help make things happen.
Federal Payroll Tax Deposits Go Paperless
Regulations recently proposed by the IRS will eliminate the ability to make payroll tax deposits using paper coupons. The proposed rule changes are meant to coincide with the Treasury's move to no longer maintain the paper coupon system after December 31, 2010.
Special Considerations When You Employ "Unretired Workers"
The American Association of Retired Persons reports that eight out of 10 baby boomers will keep working either full- or part-time after they reach retirement age. If your company employs "unretired workers," there are a few special considerations you'll want to consider in your retirement plan administration.
Managing "Nevertirees"
The economy impacted a lot of Americans, and many of them are staying on the job longer as a result. Here's what this new trend could mean for you as a business owner - as well as what it could mean for you if you find yourself working in retirement.
Fraud: Could it happen to you?
Fraud costs businesses worldwide a minimum of $2.9 trillion, with the median loss estimated at $160,000. Are you using these three tools to discourage fraud in your company?
New Law Requires IRS, Other Agencies to Simplify Public Documents
Earlier this fall, President Obama signed the Plain Writing Act, which will require federal government agencies, including the IRS, to write public documents in easy-to-understand language. This means items such as tax forms, federal student aid applications, Veteran's Administration forms and even form letters from the IRS will receive a makeover.
401(k) Plans Impacted by Small Business Jobs Bill
The Small Business Jobs Bill, which was recently signed into law by President Obama, includes a provision that will add some additional planning opportunities for participants of 401(k) plans with Roth provisions. 
Foreclosures and 1031 Exchanges
Investors facing foreclosure are sometimes surprised to discover that they also have a tax problem. Despite the lack of equity, the foreclosure of some properties will result in taxable gain to the owner. How does this happen and what can investors do to address this issue
Closing Costs in a 1031 Exchange
As with many 1031 exchange issues, there is very little guidance on this topic. This article explains generally what the issues are; however, because of the uncertainties and the technical nature of these issues, it is essential that every taxpayer have his tax advisor approve each closing statement and the manner of paying all costs, so that there are no surprises when filing his tax return.
Revised 990 Form's Silver Lining: Greater Board Responsibility
IRS Form 990 causes anxiety for many trustees of tax-exempt organizations. The form, expanded and revised beginning in the 2008 tax year, was designed to help organizations communicate their business operations more transparently to the IRS, members and the general public. But there is a silver lining to this 990 cloud.
Take Time Now to Prepare for New Tax Form Filing Rules
What will your Organization have to report to the IRS in order to comply with the new informational reporting requirements?  Effective January 1, 2012, all businesses, including nonprofit organizations, must submit the information reporting Form 1099-MISCs to any vendor who was paid $600 or more during the calendar year.
Are You Ready for the New Mass. Privacy Law?
The new Massachusetts Privacy Law, 201 CMR 17.00 Standards for the Protection of Personal Information of Residents of the Commonwealth, is designed to protect each resident’s personal information from potential identity theft.   Effective March 1, 2010, all businesses, including not-for-profit organizations, must comply with this law.   The good news is that you don’t have to break the bank to be in compliance with the new Privacy Law. 
Killer Closing Kungfu For CPAs
If you're a CPA who's working on improving your marketing, and you've already made the time for marketing, positioned yourself as the expert, and packaged your services...and you have a steady stream of leads flowing in--the next step is "meeting with the prospect" and "selling" them on your service, right?
New Nonprofit Compliance Requirements - Form 990
The Sarbanes-Oxley Act of 2002 (SOX) was a response to widespread corruption/fraud by publicly-traded US corporations at the time - WorldCom, Enron, etc. This legislation was not intended to apply to nonprofits but several states attempted to pass similar legislation. In 2005, discussions began regarding whether federal legislation was necessary. It was decided that the IRS would apply pressure on nonprofits by including certain requirements in the 2009 IRS form 990 filed annually...
Big Benefits for Small Business
On September 27th, President Obama signed the Small Business Jobs and Credit Act of 2010 (H.R. 5297). According to the Senate Finance Committee, the provisions of the bill are geared towards providing small businesses with access to capital, encouraging investment, promoting entrepreneurship, and promoting small business fairness.
GETTING THE BEST TAX BREAK WHEN SELLING YOUR PRIMARY RESIDENCE
When you sell your primary residence, you may be able to save thousands of dollars by taking advantage of one of the best available tax breaks.  Provided that you have lived in the home as your primary residence and owned it for at least two of the past five years, when you sell your home, you can exclude from income up to $250,000 of gain ($500,000 for married couples filing jointly).  This tax benefit can be used once every two years. 
What Does Your CPA Practice Have in Common With McDonald's?
An important criterion for success as the owner/operator of a CPA practice is to see your practice as made up of systems. Like McDonald's, like any business, an accounting practice has to manage, efficiently and consistently, a number of tasks. As the owner/founder, it's your job to make sure systems are in place to do that, for the sake of you, your employees, and your clients...
The Silver Lining Behind Tax Increases
There has been a lot of bad news the last couple of years and the latest round of bad news warns of higher taxes on the horizon.  For example, the law that lowered the capital gains tax rate to 15% has a sunset date and is scheduled to expire this year, which will result in a maximum capital gains tax rate of 20% in 2011.  This will happen automatically without any action on the part of Congress. 
Installment Sale Essentials
The two main advantages of an installment sale is that it may facilitate a sale if the buyer cannot find third party financing, and it allows the seller to defer paying tax on a portion of the gain because the gain is spread out over the term of the installment note.  There are a few important things to remember when structuring an installment sale transaction...
California's Ban on Same-Sex Marriage Held Unconstitutional
The U.S. District Court for the Northern District of California ruled that California’s ban on same-sex marriage (“Proposition 8”) is unconstitutional because it denies same-sex couples the right to due process and equal protection of the laws as guaranteed by the Fourteenth Amendment to the U.S. Constitution.
Using 1031 Exchange Funds for Improvements on Your Replacement Property
A 1031 exchange is a great tool for investors who want to avoid paying tax on the gain from the sale of real estate; however, in order to completely defer the tax, an investor must 1) find one or more "like-kind" replacement properties with a total fair market value that equals or exceeds what is being sold, 2) invest all the cash from the existing property ("relinquished property") in the new property; and 3) acquire debt on the replacement property equal to or greater than the debt on the relinquished property, unless cash is added to offset the debt.
DISSOLUTION OF PARTNERSHIPS IN A 1031 EXCHANGE: THE DROP AND SWAP
Coordinating a 1031 exchange for limited liability companies or partnerships can present a unique set of challenges.  If the entity itself will remain intact, the partnership or the LLC can sell its property and purchase replacement property through the 1031 exchange process.  However, a common issue that arises is that not all of the members or partners can agree on a property to purchase, or even if they want to do an exchange at all. 
CALCULATING IMMEDIATE TAX SAVINGS
<!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --> It is wise to determine the amount of your capital gain or loss prior to the sale of your investment property.  In fact, the earlier you determine the amount of your gain or loss, the better prepared you will be to structure the transaction to your maximum benefit.  If you have a capital gain and you plan to acquire “like-kind property” that will also be held for investment, you may wish to consider a §1031 tax-deferred exchange to defer the gain and build your wealth.
POSSIBLE INCREASE IN THE CARRIED INTEREST TAX
The U.S. House of Representatives recently voted to pass H.R. 4213, which, effective January 1, 2011, will increase the tax on carried interest.
THE EVER-CHANGING CAPITAL GAINS TAX
Taxes, like life, can be like riding a roller coaster. Sometimes it’s up and sometimes it’s down. This is definitely the case when speaking about the Federal capital gains rate for individuals. In the past 20 years, this tax has been as high as 28% and is currently at its low point of 15%. But, this too shall change as of January 1, 2011, when the rate is scheduled to go back to 20%.
Don't Jeopardize Your 1031 Exchange
What might you be guilty of doing that could potentially disqualify your 1031 exchange transaction? Here are a few reasons you could be putting your exchange at risk.
Florida Supreme Court Limits Charging Order Protection
In a recent decision, focusing primarily on statutory interpretation, the Florida Supreme Court held that the charging order protection is not the exclusive remedy for a creditor pursuing an LLC membership LLC, despite the plain reading of the statute.
TAX DEFERRED OPTIONS FOR LEASE PURCHASES
Leasing property to a potential buyer serves a variety of purposes.  The structure is most frequently used when a potential buyer, for whatever reason, does not have the funds available to purchase the property immediately.  The advantage to the buyer is having additional time to obtain the purchase funds (or financing) while still having use of the property.  For the owner, rental income is generated while a buyer and purchase price are locked in, provided the buyer can secure the needed funds or financing within a given period of time.
IRS Issues FBAR Filing Relief, But Certain Filing Obligations Remain
The IRS has recently issued several pieces of guidance related to the filing of the Report of Foreign Bank and Financial Accounts, IRS Form TD F 90-22.1 (“FBAR”), by pension plan sponsors. While the IRS has relieved some of the filing obligations, most notably the requirement for plans to file for foreign hedge fund investments for 2009 and prior years, certain filing obligations remain.
Federal Reserve Publishes Rules Implementing Provisions of the CARD Act Relating to Gift Cards, Gift Certificates and Prepaid Cards
The Federal Reserve Board has published final rules implementing the provisions of the Credit Card Act of 2009 relating to gift cards, gift certificates and "general use prepaid cards.” The rule applies to all covered products sold or issued to a consumer on or after August 22, 2010.
House Approves Revised Extender Package with Expanded Offsets; Senate Action is Expected in June
The House has voted (215 to 204) to approve legislation (H.R. 4213) to extend a number of popular existing tax incentives, continue benefits for the unemployed and extend the time for correcting certain pension shortfalls. Over $44 billion in new taxes would be used to offset a portion of the cost of these provisions.
Exercise Diligence When Seeking Voluntary Disclosure and Settlement of Unclaimed Property Liabilities
Caution: Don't expect a state to routinely accept a Voluntary Disclosure Agreement (VDA) and settlement of your outstanding unclaimed property liabilities without question or audit. A number of states, including Delaware, provide VDA programs for holders with unclaimed property liabilities. However, the recent settlement of a case in Delaware Chancery Court illustrates holders must exercise caution and perform their own due diligence prior to participating in these programs.
Get Ready for Onerous New 1099 Reporting Rules
Businesses and not-for-profit organizations are accustomed to IRS rules that require them to report certain payments on annual Form 1099 information returns. However, the recently enacted healthcare law imposes surprising new Form 1099 reporting requirements. Complying with them may add significantly to your organization's paperwork burden. While the new rules don't apply to payments made before 2012, it's not too early to start gearing up to deal with them.
Swiss Parliament Votes to Block Disclosure
A week after the upper house of the Swiss parliament ok'd the disclosure of UBS clients to the US government, the lower house of parliament voted to block disclosure.  This may set up a national referendum on this issue, and may lead to the indictment of UBS by the US government.
Gainsharing or Profit Sharing? Choose the Right Tool for Your Organization - Part 2
Article one of this two part series focused on Profit Sharing and how it is often confused with Gainsharing.  The history and purpose of  Profit Sharing was explored as well as the delivery of Profit Sharing in the form of either compensation or as a benefit.  The appropriate organization climate and culture for Profit Sharing was also discussed.  The focus of article 2 is Gainsharing, what it is, how it evolved, and how it might best serve and organization.
Obama's HIRE Act - Explaining the Tax Provisions
President Obama signed the Hiring Incentives to Restore Employment Act (the HIRE Act) on March 18, 2010. The HIRE Act provides $18.6 billion in tax provisions including $13 billion in tax breaks for hiring and retaining qualified workers. Additionally, the HIRE Act increases the expensing limitations under Section 179 of the Code for 2010 and expands the Build America Bonds program.
Corporations: Good Time for Tax-Wise Transactions
With the passage of the massive healthcare bill, odds are the current taxpayer-friendly picture will only last through the end of this year. Unless Congress takes action to extend the status quo, higher taxes on dividends and long-term gains will kick in on January 1, 2011, when the "Bush tax cuts" are scheduled to expire.
Recent Tax Changes Affect Companies Doing Business in Colorado, Massachusetts and Pennsylvania
Effective March 1, 2010, Colorado expanded its sales/use tax to require a non-Colorado retailer to collect Colorado sales/use tax when it is part of a controlled group of corporations where one or more of the members has a physical presence in Colorado. This expansion of tax nexus law has been tried before unsuccessfully in other states, where it was ruled unconstitutional. However, this may create a potential tax exposure for non-Colorado businesses that are members of these controlled groups.
New Avenues Open for Employers to Save on Payroll Taxes
Employers should be alert to significant new legislative and judicial developments in the collection and payment of payroll taxes.Payroll Tax Exemption for New Hires. The Internal Revenue Service has released a new tax form to help employers claim the payroll tax exemption adopted into law by the Hiring Incentives to Restore Employment Act (HIRE Act), signed by President Obama on March 18, 2010.
IRS Releases Draft Form and Instructions for New Disclosures of Uncertain Tax Positions on Tax Returns
The IRS on April 19 released new information (Announcement 2010-30) together with draft instructions and a tax return schedule for its initiative to require corporate taxpayers to report “uncertain tax positions” (UTPs) on their returns.
Gainsharing or Profit Sharing? Choose the Right Tool for Your Organization - Part 1
Many people who confuse Profit Sharing and Gainsharing view them as being one in the same. Employees have an opportunity to earn a financial reward under both approaches, but that is where the similarity ends. I find many companies that install a Profit Sharing plan have selected the wrong tool and quickly become disappointed that they have been unable to foster a change in behaviors or to drive improvements in company performance.
HIRE Act Incorporation Foreign Account Reporting Requirements
The Hiring Incentives to Restore Employment (HIRE) Act (Pub. L. No. 111-14) was signed into law on March 18, 2010. The Act creates tax breaks for businesses hiring new workers and extending higher expensing limits for small businesses that make capital investments. The Act also incorporates provisions of the Foreign Account Tax Compliance Act of 2009, which has far-reaching implications for foreign financial institutions that may have U.S. clients.
Second Circuit Reverses Tax Court on Deductibility of Sales-Based Royalties
The Second Circuit Court of Appeals has reversed the Tax Court's holding (TC Memo 2009-9) in Robinson Knife Manufacturing Co. v. Commissioner (No. 09-1496) on the deductibility of sales-based royalties under Section 263A.
Obama's 2011 Budget: Check-the-Box off the Table; Subpart F Expanded
On February 1, the Treasury Department released the General Explanations of the Administration’s Fiscal Year 2011 Revenue Proposals (2011 Green Book), which includes the Obama administration’s plans to significantly reform the U.S. international tax system. The revenue provisions in the new budget alter previous proposals in at least two important aspects: the 2011 budget does not include the previously proposed limitations on “check-the-box” elections but replaces them with a dramatic expansion of the subpart F antideferral rules.
The Role of Forensic Accountants in Divorce Engagements
It is no surprise that financial issues are among the most contentious in divorce actions. The financial aspects associated with marital disputes and dissolution are often complex and consume most of the effort and attention of the parties. Forensic accountants (most often CPAs) possess unique skills that allow them to provide valuable support to divorcing spouses and their attorneys.
Spotlight on SALT: The Global Reach of State Unitary Tax Regimes
A foreign corporation doing business in the U.S. may be surprised to learn that its income can still be included in a State's "unitary combined report" of income. Even though operating in the U.S. through subsidiary corporations, a foreign corporation should not assume that it has no State corporate income tax exposure simply because it may be protected by a United States tax treaty.
A Better Deduction for Equipment
Make sure your company takes full advantage of one of the best tax breaks available to business owners today -- the "Section 179" first-year depreciation allowance for equipment.
IRS Loses Major International Tax Case: Ninth Circuit Changes Course, Affirms Decision in Xilinx
In a decision filed on March 22, the U.S. Court of Appeals for the Ninth Circuit reversed course and affirmed the U.S. Tax Court’s decision in favor of the taxpayer in Xilinx, Inc. v. Commissioner of Internal Revenue. Xilinx is perhaps the most closely watched tax case of the last decade. The Ninth Circuit had previously decided in favor of the Internal Revenue Service (IRS), but after a flood of criticism from the tax community, the court subsequently withdrew its opinion.1
Not-for-Profit Entities Face Closer Scrutiny on "Good Governance"
IRS auditors know what good governance practices are, and they're not afraid to test them on your not-for-profit organization.  Tax-exempt organizations represent a significant and growing industry. There are more than 1.9 million exempt organizations, not including those with religious exempts, and more than 200 new applications are approved each day. With such large numbers, it's not surprising the agency is placing increased focus on this area.
At Last! A Correction Program for 409A Plan Documents
The IRS has issued Notice 2010-6 that offers employers an opportunity to correct documents that are not compliant with Internal Revenue Code Section 409A.  Section 409A imposes strict rules on nonqualified deferred compensation plans and other deferred compensation arrangements.  Deferred compensation plans were required to be in documentary compliance with Section 409A by December 31, 2008.  The IRS previously provided an opportunity to correct certain 409A operational failures under Notice 2008‑113; however, until the issuance of Notice 2010-6, there was no method for correcting document failures.
QuickBooks Chart of Accounts - Income and Expense
Our review of the QuickBooks chart of accounts is almost complete. We've worked through the assets, liabilities and equity sections so far. This post will provide insight on the income, cost of goods sold and expense sections of the chart. First, the income section - income is the money your business makes when you sell products or services to your customers. In many cases, there will be only one income account in the chart of accounts called "Income from Customers", and that is perfectly fine. Other businesses will have more than one account, with each one providing more insight into where the revenue from the business is coming from. For example, it might list "Income from Products", "Income from Labor", and "Income from Warranties" or something similar.
Streamline Your Accounting: Remote Deposit Capture
C'mon, be honest... Hauling yourself to the bank to make your deposit every day is a pain in the shorts, isn't it? As long as your business takes payment by check (and not by coin or currency), you can stop making that daily trip to the bank. How could that be?
Estate and Capital Gain Taxes in 2010
A look at the temporary elimination of estate taxes in 2010 and how this ultimately may leave many more hiers facing higher capital gain taxes in 2010.
Related Party Issues in 1031 Exchanges: A Look at Teruya Brothers v. Comm.
The related party rules in a 1031 exchange say that if someone exchanges with a related party, and the related party sells the property within two years, the transaction is disqualified from the tax deferral benefits of §1031. This article look at the related party rules in light of Teruya Brother v. Comm.
TO HAVE AND HOLD FOR INVESTMENT UNDER SECTION 1031
A discussion of Partnership/LLC issues in a 1031 exchange along with an analysis of the Oregon Department of Revenue v. Marks, Or Tax (2009). Co-authored by Jonathan Christianson, Esq., Counsel for Asset Preservation.
Swiss Court Rules Against IRS, Gives Hope to US Taxpayers
In a recent decision the Swiss Federal Administrative Court held against the IRS and ruled that information will not be shared by UBS with respect to bank accounts of American clients.
Cautious Optimism as Ninth Circuit Withdraws "Xilinx" Decision
On January 13, the U.S. Court of Appeals for the Ninth Circuit withdrew the opinion and dissent filed on May 27, 2009 in Xilinx, Inc. v. Commissioner. The Xilinx decision has far-ranging implications for cost-sharing structures under Section 482 of the Internal Revenue Code (IRC), and transfer pricing in general. Today’s news is met with cautious optimism, as it is not yet clear what the court intends to do. Nonetheless, the withdrawal is welcomed at this point based on the fact that the Ninth Circuit’s priordecision was the target of widespread criticism by taxpayers and the tax bar.
IRS Announces It Will Require the Disclosure of Uncertain Tax Positions
In a speech January 26, 2010 before the New York State Bar Association, IRS Commissioner Douglas Shulman announced that, for certain corporations and other business taxpayers, it will require disclosure of uncertain tax positions on tax returns, but that it is otherwise retaining its policy of restraint on requesting tax accrual workpapers.
Ready, Set, Convert...to a Roth IRA
Taxpayers who convert a traditional IRA into a Roth IRA can enjoy a number of tax advantages, which are described below.  However, there's always been a problem for higher-income folks. You couldn't convert a traditional IRA into a Roth in a year when your modified adjusted gross income (MAGI) exceeded $100,000. The good news is the $100,000 restriction has disappeared. You can now convert a traditional IRA into a Roth no matter how high your income (assuming Congress doesn't change the law).
New Obligations to Self-Report Excise Taxes for Group Health Plan Failures
Until now, no mandate or procedure has existed for employers to self-report excise taxes due under the Internal Revenue Code for violations of the duties imposed by COBRA, HIPAA and other laws relating to group health plans.  The IRS has seldom assessed these excise taxes on audit.
Estate Tax Repealed - But for How Long?
Literally, barring a late eleventh-hour passage of a critical extension by the U.S. Senate, the federal estate tax is repealed for decedents whose deaths occur in 2010. On December 16, 2009, the U.S. Senate failed to extend the federal estate and generation-skipping transfer taxes to 2011.
Tax Legislation Fills End-of-year Congressional Agenda
Several major tax bills are set for consideration as the congressional calendar winds down for 2009. Some of these items could slip into 2010, while others are likely to be wrapped up before the end of the year.
Gift Card Management - When Income Tax and State Unclaimed Property Laws Converge
When Income Tax and State Unclaimed Property Laws ConvergeAs we head into the 2009 holiday shopping season, the popularity of gift card programs for retailers, restaurants and other hospitality businesses and their customers becomes apparent. "Breakage," that portion of gift card balances that are not redeemed for food, beverage or merchandise, also can be an important short-term cash flow benefit for the card issuer. Yet, a number of States will treat unredeemed gift card balances as unclaimed property.
The Three Categories of Meal and Entertainment Expenses
As you record and document the expenses in your business, a common sticking point occurs when trying to determine meal and entertainment expenses that are nondeductible, 50 percent deductible and 100 percent deductible. To help ease recordkeeping for both you and your employees, consider establishing these three separate expense categories within your company's expense report.
Tax-Planning Strategies for Stock Market Gains
Few can be pleased with the stock market's performance over the last year or so. However, the market's recent rebound has raised the question of whether now is the time to capitalize on some of those newly realized gains on stocks purchased during the downturn. While taxes should not be the main factor in this decision, they should be considered, given that taxes can significantly impact the investment return.
IRS Will Audit 6,000 Companies - Make Sure Your Employment Taxes Are In Order
An employment tax audit may be in your very near future. In an interview given to Bloomberg by John Tuzynski, IRS Chief of Employment Tax Operations, on September 18, 2009, Tuzynski said that the IRS will spend three years auditing 6,000 companies beginning in February 2010. The companies will be selected at random and will include large and small companies. They will be selected from across many different industries. This marks the first comprehensive examination of employment tax issues by the IRS since 1984.
10 Tips to Ensure Year-End Charitable Contributions Can Be Deducted
The year-end charitable giving season is upon us, and Grant Thornton LLPwants to make sure Americans don't miss out on the federal tax rewardsavailable for their charitable contributions.  "Generosity isits own reward, but that doesn't mean you should miss out on the taxbenefits of your gifts," said Justin Ransome, a partner in GrantThornton's National Tax Office. "Many people don't realize howdetailed the charitable giving rules actually are."
IRS Removes Roadblock to Modifying Securitized Loans
On September 16, 2009, the Internal Revenue Service (IRS) attempted to remove one of the many roadblocks to modifying securitized loans that are not yet in default but are likely to be in default at or prior to maturity. Revenue Procedure 2009-45 provides a safe harbor allowing real estate mortgage investment conduits (REMIC) to modify certain mortgage loans without triggering certain negative tax consequences to the REMIC.
What's Ahead for International Accounting Standards?
The Securities and Exchange Commission has established a"roadmap" with 2014 as the year when companies that currentlyissue 10-K reports must convert to International Financial ReportingStandards (IFRS).
Family Entities Continue as Viable Planning Tool
Two recently-litigated taxpayer victories underscore the continuing viability of family entities (family limited partnerships or LLCs, or FLPs) as an estate planning tool. These entities serve the purpose of organizing management and control of family assets, and at the same time typically generate estate and gift tax discounts on transferred shares of the entity. Although the Obama Administration proposed earlier this year that the discounts generated by family entities should be reduced or eliminated, these cases indicate that current law still respects the advantages, both tax and non-tax, that can be achieved through these entities.
To Defer or Postpone, That is the Question "Exchanges Over Two Tax Years May Be Treated as an Installment Sale"
In a delayed exchange transaction structured to satisfy the requirements of §1031, an exchanger has up to 180 calendar days to acquire like-kind replacement property measured from the day the relinquished property is sold. Once initiated, the delayed exchange may be successfully completed (resulting in complete tax deferral), partially completed (resulting in recognition of some capital gain) or it may fail if no like-kind replacement property is acquired (resulting in the recognition of all capital gain generated by the sale).
Proposed Legislation Would Subject Offshore Investments and Foreign Entities to Significant New Reporting and Withholding Requirements
The Foreign Account Tax Compliance Act of 2009 (H.R. 3933 and S. 1934) was introduced on October 27 by Senate Finance Committee Chair Max Baucus (D-Mont.) and Ways and Means Committee Chair Charles B. Rangel (D-NY). The proposed legislation, which is projected to raise $8.5 billion over 10 years, revitalizes previously introduced anti-tax haven legislation that aims to prevent the use of offshore entities to avoid U.S. taxation of income and assets. President Obama and Treasury Secretary Geithner have already endorsed the proposal.
Have a Small Business? Access Up to $35,000 Interest-Free from SBA
Since September, the Small Business Administration has been offering the America's Recovery Capital loan program, or ARC, as part of its economic recovery efforts. ARC loans provide an immediate infusion of capital to small businesses to assist with making payments of principal and interest on existing debt. These loans allow borrowers to redirect cash flow from making loan payments to investing in their businesses, to help sustain the business and retain jobs. For example, making loan payments on existing loans with proceeds from an ARC loan can allow a business to focus more funds on core operations, such as buying inventory or making payroll. Loans for up to $35,000 are available.
Estate Tax Repealed--But for How Long?
Barring a late 11th-hour passage of a critical extension by the U.S. Senate, the federal estate tax is repealed for decedents whose deaths occur in 2010.
Deferring Gain on Condemned Property - 1033 Exchanges
Sometimes an owner of property can lose that property through a casualty, theft or condemnation, and realize gain because the insurance or condemnation proceeds exceed the owner’s tax basis in the property.  In these cases, even though the owner did not want to dispose of the property, a tax liability is created.  It is possible, however, to defer paying tax on the gain by doing a 1033 exchange.
Seller Financing... Useful Strategies in a 1031 Exchange
In the current lending environment seller financing may be an option that benefits both the buyer and the seller. When an Exchangor sells property and wants to provide seller carryback financing to the buyer and also take advantage of the tax deferral of a 1031 exchange, the Exchangor has several options.
Expatriation to Avoid Taxation
We've noticed an interesting trend lately: more and more clients are asking about EXPATRIATION options. They feel that they are paying too much in taxes, their taxes will keep increasing, and the benefits of U.S. citizenship or a green card just aren't worth the burden of taxes. Cognizant that many foreign countries are excellent places to live, and don't have tax regimes as onerous as that of the U.S., clients envision a low-tax lifestyle in Europe, the Caribbean or elsewhere.
Update on Proposed Changes to Federal Estate Tax Law
Summer has given way to fall, and Congress has returned from its August recess. In addition to facing other substantial initiatives, it has less than three months to address federal estate tax law. Current federal estate tax law provides each individual dying in 2009 with a $3.5 million federal estate tax exemption and establishes a maximum federal estate tax rate of 45 percent. If Congress does not act prior to January 1, 2010, the federal estate tax temporarily would expire for 2010—each individual dying in 2010 would have an unlimited federal estate tax exemption for that year.
Retirement Plans for Small Businesses - Penalty Assessments Causing Unintended Fear
In light of recent penalties imposed relating to retirement plan deductions, is it prudent for a business to adopt a retirement plan?  To an experienced tax practitioner, this may seem like a ridiculous question.  We recognize the benefit of getting current tax deductions combined with tax deferred growth in the funds (assuming positive investment returns).  Additionally, we realize that a deferred benefit plan for an older employee-owner can legally defer almost $200,000 of income for that individual. So why did one of my clients recently come to me, expressing discomfort with even considering this strategy?
Speed Up Payment on Receivables
Receivables don't have much value if they aren't turned into cash.  Your company really needs to keep tight control on its invoices outstanding so you can get an accurate picture of the receivables situation and take steps to improve the turnover of those accounts.
Tax Amnesty Deadline Passes; UBS Sends Warning Letters to Clients
As the tax amnesty passed, UBS has continued sending letters to their US clients warning of possible disclosure of information to the IRS.
Expatriation to Avoid Taxation
We've noticed an interesting trend lately: more and more clients are asking about EXPATRIATION options. They feel that they are paying too much in taxes, their taxes will keep increasing, and the benefits of U.S. citizenship or a green card just aren't worth the burden of taxes. Cognizant that many foreign countries are excellent places to live, and don't have tax regimes as onerous as that of the U.S., clients envision a low-tax lifestyle in Europe, the Caribbean or elsewhere.
Is Sarbanes-Oxley Really Having An Effect On Fraud?
When Sarbanes-Oxley regulations were created, their sole purpose was to restore the integrity and faith back with corporations and executives that were caught up in the many fraud scandals brought on by Tyco, Enron, and such. Yet, surprisingly to learn, many companies have done little to change their prevention and monitoring of fraudulent acts. This makes many wonder, "Is Sarbanes-Oxley an effective tool where fraud prevention is concerned?"
IRS Extends Amnesty Deadline
IRS has extended the FBAR amnesty deadline to October 15, 2009.  Taxpayers with undisclosed foreign bank accounts should carefully weigh their options.
Employers Paying Severance Have Opportunity to Reduce FICA Taxes
The current economic climate has caused many employers to institute reductions in force. In doing so, employers often provide their former employees with severance pay in an effort to soften the impact of unemployment. Normally, both the employer and the employee recipient incur taxes imposed by the Federal Insurance Contributions Act ("FICA")1 on these payments. However, it is possible for both employers and employees to reduce FICA taxes by structuring some or all of these severance payments as supplemental unemployment benefit payments ("SUB-Pay").
Can You Shield Work Papers From the IRS? Understanding the Boundaries of the "Work Product Doctrine"
A controversial new court case has led to anxiety at some corporations around the country. The decision, by the First Circuit U.S. Court of Appeals, stated that the IRS can peruse a company's internal tax accrual work papers created to determine if it could withstand an IRS audit.
Waiting For a Tax Garnishment - Ouch That Hurts!
One of the worst things that can happen if you are a tax debtor is an IRS garnishment or tax levy. Tax debtors can go for years before IRS collection activities finally catch up to them. It seems the sluggish bureaucracy lulls one into a false sense of security. While the delay from tax due to tax levy may be sluggish, the action of a tax garnishment is not. In fact, it may be the harshest financial event you ever experience and should be avoided if at all possible.
TO DEFER OR POSTPONE, THAT IS THE QUESTION "EXCHANGES OVER TWO TAX YEARS MAY BE TREATED AS AN INSTALLMENT SALE"
In a delayed exchange transaction structured to satisfy the requirements of §1031, an exchanger has up to 180 calendar days to acquire like-kind replacement property measured from the day the relinquished property is sold. Once initiated, the delayed exchange may be successfully completed (resulting in complete tax deferral), partially completed (resulting in recognition of some capital gain) or it may fail if no like-kind replacement property is acquired (resulting in the recognition of all capital gain generated by the sale). If the exchange begins in one tax year and extends into the subsequent tax year, the question arises whether the gain realized on the sale is recognized in the year in which the relinquished property was sold or in the subsequent year in which the exchanger received the cash sale proceeds from the qualified intermediary.  In a perfect world, gain would be recognized in the subsequent year when the proceeds were actually received by the exchanger. In many cases, this turns out to be wholly or partially true.
Justify Salaries with Facts and Data
The IRS sometimes challenges the compensation of corporate shareholder-employees and decides the amounts are too high or too low. If auditors determine your salary is unreasonable, you company could be hit with back taxes and penalties. Here are two cases of taxpayers who contested IRS salary determinations in court, along with some ways to justify a reasonable salary.
Be Aware of the New Tax Laws for 2009
Each year, the IRS releases changes in the US Federal income tax laws. Much hasn't changed for the past years but the recession during the last quarter of 2008 has been a great deal of influence to the new changes in tax laws. Tough economic conditions such as a recession mean that the taxpayer should pay special attention to those changes because this change may greatly affect your finances. Now let's take a look at those new tax laws for 2009...
Power of Appointment: General or Limited?
It is unequivocally imperative that language used to create either a general power of appointment or limited power of appointment be unambiguous and clearly stated to give effect to a general power of appointment as contrasted with a limited power of appointment.
Why It is Critical to Verify Your QuickBooks Data
Want to ensure that your QuickBooks company file works as efficiently as possible and avoid possible data corruption problems? Make sure you verify the data within the file on a regular basis.
Tax Effects of Settlements and Judgments of Employment Claims
In a dispute between an employee and his or her employer, the economic benefits of a settlement or judgment may be importantly affected by the ultimate after-tax results of any payment.  This may, in turn, affect how the claim is framed and whether or how a settlement is negotiated.  The tax analysis of such matters can thus be of real dollar value to the parties to the dispute.  Such analysis starts with some general principles and then moves to more particularized issues.  Let's look first at the most important general principles which will affect the analysis.
Top 7 Small Business Tax Mistakes
Making a mistake on a business tax return can result in thousands of dollars in unnecessary fees and penalties. However, by following a few simple instructions you can easily avoid the most common business tax mistakes.
QuickBooks and CRM: Using CRM to Gain and Maintain a Competitive Edge
I recently came across an article that was published by Naseem Saab, the president and Founder of Results Software. His article provides excellent insight into some of the "high level" benefits of having a CRM system for businesses today as well as the critical needs of having the CRM system integrate with QuickBooks and Outlook.
Applications Open for Tribal Economic Development Bonds
On June 23, 2009, the Internal Revenue Service released Notice 2009-51 to solicit applications for allocations of the $2 billion national bond volume limitation for issuance of Tribal Economic Development Bonds (TEDBs) pursuant to the newly created Section 7871(f) of the Internal Revenue Code of 1986, as amended. TEDBs create new economic development opportunities for tribes by expanding the types of projects they can finance with tax-exempt bonds.
IRS Rules that Developer Can Deduct Payments in Lieu of Taxes (PILOTs)
Local governments frequently encourage economic development by acquiring property with public bonds, then leasing the property to real estate developers. Because the local government owns the property, it is exempt from real property taxes. The local government can preserve its tax base by requiring the real estate developer to make payments in lieu of taxes, called PILOTs, to the local government. What has not been clear is whether the federal income tax deduction for real property taxes applies to PILOTs.
Details of UBS Deal Revealed
Today, the IRS has announced that UBS will reveal names of 4,450 Americans with undisclosed accounts.  What should these people do now?
Taxes and Gambling
Imagine you just struck it rich at the casino... now you have all of this "easy" money that you can waste on anything. Just remember that the IRS is not going to let you get away without paying taxes on those funds. So before you head to the casino, or sign up for a poker tournament, take a minute to reflect on the tax implications of gambling and the proper way to report the income to the IRS.

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