IRS UPDATES 2014 PER DIEM RATES

Brian Wynne, CPA

The IRS has announced updated 2014 per-diem rates for the optional high-low substantiation method, effective October 1, 2013. Per-diem rates can be used by employers in lieu of reimbursing actual substantiated expenses for lodging, meals and incidental expenses (M&IE) while an employee is on business travel. The employee must provide simplified substantiation (time, place and business purpose) and the reimbursement is treated as made under an accountable plan (not taxable to the employee).

Notice 2013-65 announces the updated […]

October 1, 2013 Accounting, Tax Read more...

Michael D. Rockefeller, Brian G. Wynne Promoted to Principal at Bond Beebe Accountants & Advisors

Bond Beebe, a certified public accounting and advisory firm, is pleased to announce that Michael D. Rockefeller and Brian G. Wynne have been promoted to Principals in the Firm’s audit and tax practices.

“Michael and Brian have been valuable team members for many years and bring a wealth of knowledge to our clients,” remarked David Dorsey, Managing Partner. “We are pleased to recognize their expertise and achievement and look forward to their continued contributions to the Firm’s growth and success.”

Previously […]

October 1, 2013 Firm News & Events Read more...

The Government Shutdown: What Taxpayers Need to Know

Posting by Billy Thomas
UPDATE: With the end of the government shutdown, the IRS has resumed operations and is processing tax returns received since 10/1, as well as refunds. They have begun to respond to correspondence and requests, but do expect initial delays, as well as high call volumes.  For additional information on the transition and any associated delays, visit the IRS website.
With the government shut down, IRS operations are limited; according to its contingency plan, the IRS will only […]

October 1, 2013 Tax Read more...

IRS Issues Guidance for Correcting Employment Taxes on Same-Sex Spouse Benefits

Brian Wynne, CPA

As promised, the IRS yesterday issued guidance for employers who need to correct prior
payroll tax withholding for employees previously taxed on certain same-sex spouse benefits. In Notice 2013-61, the IRS outlines two optional special procedures for correcting income tax withholding and Federal Insurance Contribution Act (FICA) tax withholding for all prior quarters in 2013. It also outlines the procedure for claiming refunds on prior years’ FICA taxes withheld.

The IRS announced last month in Revenue Ruling 2013-17 that all legally married same-sex couples […]

September 24, 2013 Accounting, Tax Read more...

Pros and Cons When Your Family Name is the Brand Name

Posting by Joel C. Susco, CPA

For a family business, it’s not unusual to put the family name as part of, or the entire, brand name. A surname can serve as the trademark, or brand, if it identifies – and distinguishes – the source of the product or service; but it also must not infringe on an existing user’s mark. There are many positives and negatives to consider when naming your family business, changing the firm’s name, or trying to […]

September 24, 2013 Family Owned Businesses Read more...

IRS Issues Guidance for Correcting Employment Taxes on Same-Sex Spouse Benefits

Posting by Brian Wynne

As promised, the IRS yesterday issued guidance for employers who need to correct prior payroll tax withholding for employees previously taxed on certain same-sex spouse benefits. In Notice 2013-61, the IRS outlines two optional special procedures for correcting income tax withholding and Federal Insurance Contribution Act (FICA) tax withholding for all prior quarters in 2013. It also outlines the procedure for claiming refunds on prior years’ FICA taxes withheld.
The IRS announced last month in Revenue Ruling […]

September 24, 2013 Tax Read more...

Bond Beebe Principals Teach at Benefit Plan Industry Conferences

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that David P. Dorsey and Lawrence R. Beebe each taught educational classes to benefit plan industry accountants and trustees at programs sponsored by the International Foundation of Employee Benefit Plans (“IFEBP”) in Boston, MA.

Beebe and Dorsey taught various sessions at the Collections Procedures Institute, the Construction Industry Benefits Conference, and the Benefit Plan Professionals Institute for Accountants. The Benefit Plan Professionals Institute for […]

September 19, 2013 Firm News & Events Read more...

How Family Business Advisors Can Help Communicate Difficult Topics

Posting by Geoffrey D. Brown, CPA

Family business leaders have many responsibilities and roles. These often cross lines between business matters and personal family concerns, and therefore cover more topics of a sensitive nature than just one or the other. This is more than one person could or should typically handle, especially when that person is responsible for the overall business. That’s where family business advisors – typically a mix of professionals including a certified public accountant, an attorney, a […]

September 18, 2013 Accounting, Family Owned Businesses, Human Resources Read more...

Bond Beebe Raises $10,000 With Third Annual Charity Kickball Tournament

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, raised $10,000 for charity with its Third Annual Bond Beebe Charity Kickball Tournament held on September 14, 2013 in Chevy Chase, MD. Approximately 140 individuals participated in the tournament and the event was sponsored by over 20 local businesses. All event proceeds benefitted The National Center for Children and Families, a Bethesda, MD not-for-profit organization that provides social services for poor, disadvantaged, […]

September 16, 2013 Firm News & Events Read more...

IRS Announces Tax Guidance for Same-Sex Marriages

Brian Wynne, CPA

The IRS has ruled that all legally married same-sex couples will be treated as married for federal tax purposes, regardless of where they currently reside. The ruling is the first official guidance from the IRS since theSupreme Court ruled on June 26 that section 3 of the Defense of Marriage Act was unconstitutional.

Details of IRS Ruling
Going forward, all same-sex married couples must file their 2013 tax returns using either the “married filing jointly” or “married filing separately” […]

September 9, 2013 Accounting, Tax Read more...