SOC 1 Reports – Why You Need Them

Post by: Ashleigh Hall
What are SOC 1 Reports?
A Service Organization Controls (SOC) Report describes the design of the internal controls at a service provider (SP).  There are multiple kinds (SOC 1, SOC 2, SOC 3), however, the SOC 1 report is the most likely one to apply to your organization.  There are also 2 types of SOC 1 reports; a Type 1 report describes the SP’s internal control structure.  A Type 2 report goes another step.  The firm engaged to […]

IRS Releases Income Thresholds, Benefit And Contribution Amounts For 2017

Post by: Veronica Calvo

For 2017, the cost-of-living adjustments increased the dollar limitations on benefits and contributions. The amounts are listed below per type of retirement plan.

 
Cost Of Living Adjustments

 IRA’s

IRA Contribution Limit | $5,500
IRA Catch-Up Contribution (Age 50+) | $1,000

 401(k), 403(b), Profit-Sharing Plans, etc.                  

Elective Deferrals | $18,000
Catch-up Contributions (Age 50+) | $6,000

 SEP

SEP Maximum Contribution | $54,000

 Other

457 Elective Deferrals | $18,000

The IRS also made changes to the phase-out income thresholds for taxpayers who contribute […]

4th Quarter Estimates Are Due Soon

Post by: Kelly Lopez

As tax season approaches, we wanted to give you a friendly reminder that fourth quarter federal estimated tax payments are coming up soon.  Thus, if you have not done so yet, make sure you mail out your payments on or before the 17th January.  Most states follow a similar concept, each having their own rules so our discussion will focus on federal payments.

What are estimated taxes anyway?

While you only file your tax return once a year, the […]

Charitable Contributions: Substantiation and Disclosure Requirements

Posting by: Richard L. Ruvelson

Many individuals will be writing checks or making gifts of appreciated investment property to their family foundations or other charitable organizations over the next few days in anticipation of year end. If the gifts are being made to publicly supported charities with established giving programs and infrastructure, including donor advised funds, it is likely that the donors will receive a written acknowledgement of their gifts within a short period of time, well in advance of […]

Single Member Limited Liability Company – is this the right entity for my business?

Posting By Glenn Frank

So you are thinking of starting a business or already have a business and are wondering what this “Single Member Limited Liability Company” (SMLLC) is all about? All your friends talk about it and now you are wanting to know if this is the right business structure for you! The primary reason people form these entities is for asset protection. The entity may well protect your non-business assets (like your home) if something were to go […]

New Filing Deadline for Employer W-2/1099-MISC FILING

Post by: Sarah McCraine

In an effort to reduce tax payer fraud, changes have been made to deadlines that will affect payroll filings starting in 2017.  The Protecting Americans from Tax Hikes (PATH) Act, passed in 2015, changed the deadline for reporting wages and nonemployee compensation. Previously, businesses & employers were required to provide recipient copies of forms 1099-MISC and W-2 by January 31st. The corresponding filing copies along with forms 1096 and W-3 were due to the IRS/Social Security […]

Decrease in Standard Mileage Rates for 2017

Post by Camille Smith

The IRS has announced the standard mileage rates for 2017. The rates, which are reviewed annually, have decreased from the 2016 amounts. Effective January 1, 2017, the rates are 53.5 cents per mile for business purposes and 17 cents per mile for medical or moving purposes.

Standard Mileage Rates
      2017
2016

Business Miles
53.5 cents/mile
54 cents/mile

Medical or Moving Miles
17 cents/mile
19 cents/mile

 

The standard mileage rate for charitable service miles remains at 14 cents per mile, as the rate is […]

Holiday Party as a Tax Deduction?

Post By: Glenn Frank

It’s the most wonderful time of the year! Time when the company is thinking about celebrating a good year and sharing good cheer with the staff and clients. What a perfect way to say thank you to the folks that work for you and the customers you service. Eat, drink and be merry!

Before you rush to sip a libation and enjoy the holiday treats, we want to make sure you understand the tax deductibility of the […]

Lapping of Cash Receipts: A Bond Beebe Case Study

A few years ago, one of our audit clients was the victim of fraud when an employee embezzled cash receipts.  The fraud was made possible by a combination of unusual circumstances and errors in management judgment.

As we started the annual audit of our client’s financial statements, we learned that the long-time controller had decided to retire.  He did not want to leave the company in a bind, so he offered to stay on until the audit was completed.  By […]

The Field of Forensic Accounting

Particularly since the emergence of far-reaching financial scandals, and sweeping legislation like the Sarbanes-Oxley Act of 2002, there has been a growing demand for the services of forensic accountants. These specially trained individuals possess fraud examination skills which can help organizations in the detection and deterrence of fraud.

For a forensic accountant to succeed in this dynamic and competitive field, four fundamental areas of knowledge should be mastered:

Criminology – What is the motivation for people who commit fraud?
Financial Transactions – […]

Bond Beebe in now Withum

Bond Beebe is now Withum. This powerful union expands and enhances our capabilities and services. Read More>>

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