Benefit Plan Policies: Essential Components of Your Plan’s Investment Policy

Larry Beebe, CPA

In this series, we are reviewing the written plan policies needed to help your benefit plan stay compliant and operate most effectively. For a full list of the necessary policies and why your plan should implement them, click here.

A well-written investment policy is essential for keeping your plan in compliance, as the Department of Labor (DOL) stipulates that benefit plans must have one. This policy shows that plan fiduciaries are acting prudently in the investment arena and […]

July 14, 2014 Accounting, Benefit Plan Accounting Read more...

The Gray Areas of Estate Planning for a Family Business

Posting by Joel C. Susco, CPA

Estate planning is a daunting task for most anyone, but estate planning if you are a family business owner is usually twice as difficult. So much must be considered: the estate plan needs to address the equitable division of assets among the heirs while minimizing the impact of estate, gift and income taxes, not to mention the succession of business leadership, coupled with the conflicting goals of inheriting family members. This process is further […]

July 9, 2014 Family Owned Businesses, Wealth Management Read more...

Estate Planning Checklist: A Guide for Families and Family-Owned Businesses

Posting by Joel C. Susco, CPA

Often when we give a gift we look at the recipient to watch his/her expression. We hope to see eyes widen with delight and a smile form as he/she open that especially chosen item. We look to the recipient to be happy with our choice.

One of the best gifts you can leave your family is an estate that is well-organized, with clear instructions on what is to happen upon your death. To aid in […]

June 30, 2014 Accounting, Valuation, Wealth Management Read more...

RETIREMENT PLANNING: ROTH VS. TRADITIONAL 401 (K) PLANS

Posting by Scott Reddersen

With many employers now offering a Roth 401(k) component with their retirement benefits, you may be wondering which option works best for your retirement planning purposes. Like most questions involving tax planning matters, the answer is rarely straightforward.

In this post, we’ll look at the differences between Roth and traditional 401(k) plans, as well as Roth IRA and Roth 401(k) plans, and cover some of the tax consequences you may incur when using these retirement savings strategies.
Difference […]

June 23, 2014 Uncategorized Read more...

HIRING YOUR CHILDREN IN YOUR BUSINESS – IT’S NOT SO TAXING

Brian Wynne, CPA

If you own a business, employing your child can be a great opportunity to teach valuable lessons about earning, saving and hard work. It is also an excellent tax-savings strategy for you and your child. However, before you bring your college kid on your payroll for the summer, there are a number of regulations and savings strategies to keep in mind.
Hiring Your Child as an Employee
Before we look at the tax savings, it’s important to cover two […]

June 18, 2014 Accounting, Tax Read more...

The One Thing Your Family Business Culture Needs

Posting by Geoffrey D. Brown, CPA

I recently came across a great article in Entrepreneur about re-focusing a fourth-generation family business in a new strategic direction. In this first person chronicle, Will Housh, the current business owner, tells his story of selling the family’s HVAC business and refocusing it on an ecommerce enterprise.

Change is difficult for most of us, and it can be even more difficult in a family-owned entity. The same qualities that can help sustain a family business […]

June 17, 2014 Family Owned Businesses Read more...

Looking in the Crystal Ball: DOL Releases Semiannual Regulatory Agenda

Mark Buckberg, CPA, CFE, CFF

The Department of Labor recently released its Spring 2014 semiannual regulatory agenda. This lists all regulations that the DOL expects to consider for proposal or review within the next six to twelve months.

Here are the regulations that may affect your benefit plan in the near future:
Final Rules for:

Adoption of amended and restated Voluntary Fiduciary Correction Program. The DOL is looking to expand the scope of transactions eligible for correction, as well as streamline correction procedures.
[…]

June 12, 2014 Accounting, Benefit Plan Accounting Read more...

Maryland State & County Tax Credit Ruling – Wynne V. Comptroller Update

Posting by Glenn Bailey

The U.S. Supreme Court has agreed to hear the case of Md. Comptroller of Treasury v. Wynne, (U.S., No. 13-485, cert. granted, 5/27/14) on whether a taxpayer’s resident municipality can tax all of a resident’s income or if it must provide a credit for taxes that person paid to other states. This case specifically addresses Maryland’s denial of credits against the MD county income tax; full details are available in our previous post on this case.

This […]

June 10, 2014 Tax Read more...

IRS Announces New Payment System: IRS Direct Pay

Posting by Sean Urbany

In an effort to provide taxpayers with more service options, the IRS has announced the start of a new web-based based payment system called IRS Direct Pay. Individual taxpayers filing 1040 return series can use IRS Direct Pay 24 hours a day, 7 days a week to pay any balance due on their tax returns or make estimated payments without incurring any additional fees or having to pre-register.

Some of the key features provided by IRS Direct […]

June 5, 2014 Tax Read more...

Planning for Digital Assets

Posting by Billy Thomas

We’ve asked Anne Coventry of Pasternak & Fidis, P.C. to share her recent article from the firm’s newsletter. Pasternak & Fidis, P.C. is a Bethesda-based firm that has been serving individuals, families and businesses for over 35 years.  Anne Coventry, a partner in the Estate Planning & Administration Group, is a Fellow of the American College of Trust and Estate Counsel (ACTEC) and has been named among the area’s top estate planning attorneys by Washingtonian magazine.

How much […]

June 2, 2014 Accounting Read more...