Mark Buckberg, CPA, CFE, CFF
The United States Supreme Court yesterday issued their long awaited ruling in the Harris v. Quinn case. In a 5-4 split, it is the Supreme Court’s opinion, as delivered by Justice Samuel Alito, that the First Amendment does not permit a State to compel a personal care provider to subsidize speech on matters of public concern by a union they do not wish to join or support.In this case, a group of Illinois home care […]
Posting by Mike Rockefeller
There is a large amount of data available to help you more effectively manage and grow your business. But, how do you know which numbers to crunch, and what the data is telling you?
While it’s true that the importance of certain financial metrics will vary depending on your industry, there are three important financial measures and tools you can use to make sure your business is positioned for success and able to sustain growth.
1. Cash is […]
Glenn Bailey, CPA
A Tax Court ruling in January 2014 (Bobrow; TC Memo 2014-21) changed long-standing IRS rules defining when and how often you can rollover money tax-free from one IRA to another.
A “rollover” is defined here as withdrawing money from an IRA and then re-depositing it in the same or a different IRA within 60 days of the original withdrawal. These are considered tax-free transactions and are generally used to change the investment custodian or manager. They are occasionally […]
Posting by Jacqueline Thompson, CPA
Cash flow is one of those issues that always seem to be at the top of your mind – and for good reason. Proper cash flow is the foundation of a successful business.
Cash management is all about properly estimating your current and future obligations and weighing those against your projected in-flows. Time and again, I’ve come across the same mistakes that can derail even the most successful growing businesses. Make sure you avoid these financial […]
Posting by Sean Urbany
On May 15, Governor O’Malley signed into law a bill that will gradually increase Maryland’s estate tax exemption to eventually match the federal exemption, which is indexed for inflation. With these increases, next year Maryland’s exemption will be $1.5 million and will continue to increase until 2019, when it is set to recouple with the federal exemption, which in that year is projected to be $5.9 million.
This is indeed good news for Maryland residents and similar […]
Kelly Lopez, CPA
IRS Issued Announcement 2014-32 last week, which provides guidance on the IRA one-rollover-per-year Rule.
Generally, you are not allowed to withdraw money from an IRA until you reach age 59 1/2. If you do, the cash is subject to a 10% penalty in addition to tax, making early distributions potentially very costly.
If a distribution from an IRA is paid directly to you, you can avoid the related tax and penalty as long as you deposit the distribution in […]
Scott Price, CPA
Fiduciary News recently posted two articles – one with a number of insightful strategies from 401(k) experts from across the country addressing what they see as the biggest issues and another expounding on the opportunities in the industry. At a time when Baby Boomers are retiring in large numbers and the statistics show just how unprepared the majority of Americans are for retirement, a healthy discourse on the state of the 401(k) system is incredibly important.
401(k) Challenge […]
Brian Wynne, CPA
With the June 30 deadline approaching for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), we’ve posted over at JDKatz’s “The Joy of Tax Law” blog, providing a number of details on the requirements for reporting foreign assets. Specifically, we answer the following questions:
What is FATCA and what do I need to disclose?
What is a foreign financial asset?
What forms do I have to file for FATCA?
What happens if I […]
Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce that Alternative House, a refuge for homeless and runaway teens, will be receiving the proceeds from the 2014 Bond Beebe Charity Kickball Tournament. The tournament, now in its fourth year, will take place on September 6, 2014 at Meadowbrook Fields in Chevy Chase, MD.
Sponsorship opportunities are available to local businesses who would like to support Alternative House, and […]
Posting by Larry Beebe, CPA
In Colvin et al v. United Flooring Inc. et al, a participating employer in a multiemployer plan was audited for a three year period and was found to owe delinquent contributions. The employer refused to pay and contended the plan’s claim was barred under the applicable six-year statute of limitations. The dispute centered on whether the statue started when the employer failed to make contributions or when the failure was discovered by the audit.
The court […]
