Final Comprehensive Repair/Capitalization Regulations Take Effect: Theory Becomes Practice

Posting by Kelly Lopez

The IRS released the much anticipated “repair and maintenance” regulations for Sections 162(a) and 263(a) in September of last year, providing guidance regarding the deduction and capitalization of costs related to tangible property. The final regulations replace the temporary regulations issued in 2011.

Much was written about these changes when they first came out, however, since these regulations will affect virtually everyone who has a business (as most businesses have tangible property) and just took effect at […]

January 20, 2014 Tax Read more...

Exit Planning Exchange Hosts Alliance Founder Geoffrey Brown for Seminar

Brown discusses strategies for successful family business transitions

BETHESDA, Maryland (January 16, 2014) – Bond Beebe, a certified public accounting
and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that Principal Geoffrey Brown spoke at the DC Metro Exit Planning Exchange on January 16, 2014. Brown presented a seminar entitled “Creating Successful Transitions for Family Businesses,” discussing the unexpected events that often occur in family-owned entities. Through the presentation, Brown offered insights to help advisors guide family businesses to […]

January 16, 2014 Family Owned Businesses, Firm News & Events Read more...

Risk Management: Operational Controls for Your Business

Mark A. Buckberg, CPA, CFE, CFF, Principal

There are various definitions for what constitutes operational controls, but it really comes down to one common theme: the power of management over daily activities. In your business, operational controls regulate the day-to-day activities via the formulation of policies and execution of procedures. To put it in plain English, it is what you do and how you do it.
The Basics of Operational Controls
As management, you know best the ultimate goals for your business […]

January 16, 2014 Accounting, Forensic Accounting Read more...

New Year Checklist for Business Owners

Posting by Joel Susco, CPA

The beginning of the year is the perfect time to step back and get a 360-degree view of your company. Taking the time to plan ahead and think strategically will help you set the foundation for success in 2014. There are a number of essential tasks this time of year that can’t be overlooked – like preparing for your 2013 tax obligations – and quite a few strategic decisions and efforts you should consider undertaking, […]

January 15, 2014 Family Owned Businesses, Tax Read more...

2014 EXPIRED TAX PROVISIONS

Sean Urbany, CPA

As of December 31, 2013, a number of tax provisions affecting both individuals and businesses expired. Currently, it is unclear whether Congress will retroactively extend any of the provisions, but the possibility remains. A few of the notable expired provisions are outlined below:
Expired Tax Provisions for Individuals

Tax-free IRA distributions to charities
Section 179 expense deduction is now limited to a maximum deduction of $25,000
Income exclusion for debt forgiveness on a principal residence mortgage
Above-the-line deduction […]

January 15, 2014 Accounting, Tax Read more...

Principal Geoff Brown to Speak at Exit Planning Exchange

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that Principal Geoffrey Brown will speak at the DC Metro Exit Planning Exchange on January 16, 2014. Brown will present a seminar entitled “Creating Successful Transitions for Family Businesses,” discussing the unexpected events that often occur in family-owned entities. Through the presentation, Brown will offer insights to help advisors guide family businesses to plan for the unexpected and discuss how to […]

January 15, 2014 Firm News & Events Read more...

Preparing for a Compliance Audit: A Guide for Labor Unions and Employee Benefit Plans

Larry Beebe, CPA

In addition to your financial statement audit, your union and/or benefit plan may be selected for an audit by the Department of Labor (DOL), the Internal Revenue Service (IRS), or the Employee Benefit Security Administration (EBSA). While these audits originate from different governmental departments, they often review and scrutinize many of the same areas.

Before we look at how to prepare for a compliance audit, let’s look at the different types:

Union Compliance Audits
The Office of Labor Management Standards […]

January 9, 2014 Accounting, Audit, Benefit Plan Accounting Read more...

Buy-Sell Agreements: It takes a Team and a Plan!

Every few weeks I am asked to review an existing buy-sell agreement, and the partners want to know if they have enough life insurance. My response is usually something like, “Probably, but are you protected if something other than death happens to you or your partners?” For reasons unknown to me over the course of my career in insurance and specifically in Executive Benefits, buy/sell conversations always revolve around life insurance. That has always struck me as strange because […]

January 8, 2014 Accounting, Wealth Management Read more...

NORTH CAROLINA ADOPTS SALES TAX FOR SERVICE CONTRACTS EFFECTIVE JANUARY 1, 2014

Glenn Bailey, CPA

In July of 2013, North Carolina adopted N.C. Gen. Stat. § 105-164.4(a)(11), which imposes the 4.75% general State and applicable local and transit rates of sales and use tax “to the sales price of a service contract” sold by a retailer on or after January 1, 2014 and sourced to this State.

N.C. Statutes define “service contract” as “a warranty agreement, a maintenance agreement, a repair contract, or a similar agreement or contract by which the seller agrees […]

January 6, 2014 Accounting, Family Owned Businesses, Tax Read more...

Family Business Values: The Key To Your Success

 

Posting by Geoffrey D. Brown, CPA

Research has shown that family businesses are more resilient than non-family firms and often weather economic turmoil better than their counterparts. An oft-cited reason for this phenomenon is that family businesses are better able to take a long-term perspective, focusing on the benefits and the legacy for the next generation. There is another important factor that affects longevity: strongly-held family business values.

For any business, a strong sense of corporate values and a well-defined mission […]

January 6, 2014 Family Owned Businesses Read more...