SHARING YOUR GAMBLING WINNINGS WITH UNCLE SAM

Jobe Dupre’, CPA

If you placed bets on this past weekend’s Kentucky Derby, you are either celebrating your good fortune or kicking yourself for making the wrong bet. Either way, as with most things in life, there are tax implications. Yes, that’s right, your gambling winnings are considered taxable income. But, if you lost, take heart – you may be able to deduct your losses.
Are Gambling Winnings Taxed?
If you’ve won enough in your gambling exploits, the payer must provide Form […]

May 6, 2014 Accounting, Tax, Wealth Management Read more...

Principal Lawrence Beebe Presents at IFEBP Washington Legislative Update

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that Principal Lawrence R. Beebe, CPA participated in the International Foundation of Employee Benefit Plans’ (“IFEBP”) Washington Legislative Update, which took place May 5 -6, 2014 in Washington, DC. The IFEBP is a non-profit organization offering an objective and independent global source of employee benefits, compensation and financial literacy education and information; the Update provided employee benefits representatives with information on […]

May 6, 2014 Benefit Plan Accounting, Firm News & Events Read more...

5 Strategies for Effective Accounts Receivable Management

Posting by Geoffrey Brown, CPA

One of the biggest barriers to proper cash flow and a source of anxiety for many business owners is overdue accounts receivable (AR). Getting a customer is a big win for you and your marketing/sales team; getting that customer to pay in a timely manner is essential for your company’s financial health.

Besides hounding your late-paying customers (which may not be the best approach for customer satisfaction), here are 5 steps you can take to effectively […]

May 5, 2014 Accounting Read more...

DC Family Business Alliance Welcomes Governance Expert Barbara Hauser for Advisor Roundtable

The Greater Washington DC Family Business Alliance (the Alliance) is pleased to announce that internationally-recognized family business expert Barbara Hauser will be facilitating its Family Business Advisor Roundtables on May 14, 2014. Designed to provide a forum to discuss relevant issues, the Roundtables bring together lawyers, bankers, financial advisors, and other professionals who specialize in serving family-owned entities; Hauser will share governance insights and best practices from her decade-long work with Saudi family businesses during 8AM and a 12PM […]

April 24, 2014 Family Owned Businesses Read more...

Legal Update: Participants Not Allowed to Sue Trustees for Failure to Collect Employer Contributions

Posting by Larry Beebe, CPA

In Fox et. al. v. McCormick et. al., a U.S. District Court in the District of Columbia found that plaintiff participants in a multiemployer defined benefit plan could not sue the trustees of the plan for an alleged failure to collect unpaid employer contributions.

The plaintiff participants said the trustees knew about unpaid contributions, but failed to pursue reasonable collection efforts. The court said the plaintiffs had statutory standing to sue under ERISA, but the question was […]

April 23, 2014 Benefit Plan Accounting, Payroll Audit Read more...

Type of Trusts: Estate Planning for Your Family

Posting by Joel C. Susco, CPA, Principal

Trusts are an important component of estate planning, as they allow you to preserve your wealth for future generations. There are many different types of trusts (an almost overwhelming amount); your unique family and financial situation, and your goals, will help determine which trust is best for you and your heirs.
Revocable vs. Irrevocable Trusts
Before we provide an overview of the main types of trusts, it is important to note this overall distinction and […]

April 23, 2014 Accounting, Tax, Wealth Management Read more...

Running a Green and Streamlined Business: Establishing a Paperless System

Posting by Joel Susco, CPA

Business inefficiencies are often linked to slow, inaccurate, and poorly defined paper-based workflows. Going paperless isn’t just about going“green” – it can also help you save significant time and money. By transitioning to paperless systems in a variety of areas, you can make your business more efficient and also potentially increase profitability. You may be surprised at the far-reaching impacts that simple changes in this area will have for your business.
Streamlining Your Business with Paperless […]

April 14, 2014 Family Owned Businesses, Uncategorized Read more...

DC Family Business Alliance Welcomes Governance Expert Barbara Hauser for Advisor Roundtable

Hauser to Share Insights on Family Business Governance and Generational Transitions
BETHESDA, Maryland (April 24, 2014) – The Greater Washington DC Family Business Alliance (the Alliance) is pleased to announce that internationally-recognized family business expert Barbara Hauser will be facilitating its Family Business Advisor Roundtables on May 14, 2014. Designed to provide a forum to discuss relevant issues, the Roundtables bring together lawyers, bankers, financial advisors, and other professionals who specialize in serving family-owned entities; Hauser will share governance insights […]

April 14, 2014 Accounting, Firm News & Events Read more...

Bond Beebe to Sponsor Don Bosco Cristo Rey Charity Event

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce its sponsorship of the 2014 Celebrity Waiters Luncheon, supporting Don Bosco Cristo Rey High School (DBCR). DBCR is a college-preparatory school that utilizes a Corporate Work Study Program to make education affordable for low-income youth. The luncheon, which will take place on May 8 in Bethesda, MD, will feature local celebrities as wait staff; all event proceeds support the […]

April 14, 2014 Firm News & Events Read more...

5 Reasons Your Employee Benefit Plan Needs Written Plan Policies

Larry Beebe, CPA

Written policies are an essential component of any successful entity, including employee benefit plans. While they may seem complicated and onerous, clear policies are important both for compliance and operational efficiency.

You may have operated for years without a single policy, or perhaps you feel as though your plan is not large enough to warrant such structure. Regardless of your plan’s size or scope, here are five reasons to implement written plan policies:

Compliance. Written policies show government regulatory […]

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