DOL Announces Temporary Reset of Disclosure Date

Caroline Kettering, CPA

In response to requests from plan administrators and financial service advisors, the Department of Labor (DOL) has announced a one-time reset of the annual due date for providing the investment alternatives comparative chart portion of the participant-level fee disclosure regulation.  Here’s what this means for your plan:

One-Time Opportunity to Reset the Due Date
The timing reset applies specifically to the investment alternatives comparative chart, which contains details on historical returns and fee information for each of your plan’s […]

July 31, 2013 Accounting, Benefit Plan Accounting Read more...

Family Business Communication Insights: Honest Conversations for Effective Transitions

Posting by Geoffrey D. Brown, CPA

Last week, I had the pleasure of moderating a webinar with David Gage, Ph.D. of BMC Associates where we discussed communication and its role in family business transitions.  Ineffective communication can plague any company, but it can be a particularly difficult issue for family businesses dealing with emotionally-charged relationships and decisions around succession and estate planning.

David is a mediator and clinical psychologist who works with family businesses across the country to help them resolve conflicts.  […]

July 30, 2013 Family Owned Businesses Read more...

Fun in The Sun: Summer Camp Tax Credits

Posting by Brian Wynne, CPA

As we suffer through July’s heat waves, many summer day camps are in full swing, keeping kids occupied while we parents keep our noses to the grindstone.  In addition to convenient child care and stimulating educational experiences, day camps can also be a tax advantage to your family.

In addition to child care costs that are incurred throughout the school year, the IRS allows parents to consider the costs of summer day programs for the […]

July 26, 2013 Tax Read more...

Dealing with Cousins, Aunts, Uncles and Leadership Diffusion in the Third Generation and Beyond

Posting by Geoffrey D. Brown, CPA

The impetus for creating a family business may be as simple as a parent wanting to provide his or her child with a business that will be there to provide work and financial security for life.  Those family businesses that even make it to the second generation, as we often discuss here at the Greater Washington DC Family Business Alliance, are relatively few.   Further complicating this growth is the fact that families are not […]

July 16, 2013 Family Owned Businesses, Human Resources Read more...

The Best of Intentions: Implementing Your Succession Plan

Posting by Geoffrey D. Brown, CPA

The New York Times’ You’re the Boss blog recently shared an insightful post on businesses that had no succession plan, and how the children coped when they inherited these businesses.  The second generation of leadership has a lot to say about how these situations have affected their own approach to succession planning.

Many of these leaders are determined to transition more effectively to the next generation.  One comment in particular struck a chord with me:

Jessica […]

July 9, 2013 Family Owned Businesses, Wealth Management Read more...

ACA Update: Healthcare Exchanges Delayed for Small Businesses

Posting by Kelly Lopez

The Obama Administration announced last Tuesday that the implementation of the employer health insurance mandate, a key piece of the Patient Protection and Affordable Care Act, will be delayed until 2015.

The employer healthcare mandate was set to take effect on January 1, 2014. This part of the 2010 legislation requires all employers with more than 50 full-time workers to provide health insurance or pay high penalties.  It also mandates a new insurance marketplace specifically for small […]

July 8, 2013 Tax Read more...

SUPREME COURT RULES DEFENSE OF MARRIAGE ACT UNCONSTITUTIONAL – TAX IMPLICATIONS

Brian Wynne, CPA

The Supreme Court’s June 26th decision in United States v. Windsor has created a great deal of uncertainty surrounding federal taxation of same-sex married couples.  The decision struck down as unconstitutional section 3 of the Defense of Marriage Act (DOMA), which required same-sex married couples to be treated as unmarried for federal law.  This means that in the 13 states (plus the District of Columbia) that currently allow same-sex marriages, the federal government will recognize the marriage.

In […]

July 3, 2013 Accounting, Tax Read more...

Building a Better Board: A Guide for Your Family Business

Posting by Joel C. Susco, CPA

An effective board is essential for the success of your family business, forming the cornerstone of the governance structures that can help guide and direct your company.  A properly formed and functioning board also has implications for the valuation of your business, directly affecting potential exit and succession plans.

Deloitte recently released “Perspectives on Family-Owned Businesses,” a survey of the governance and succession planning practices of family-owned entities across the globe.  This study provides a […]

July 3, 2013 Family Owned Businesses, Human Resources Read more...

THE EFFECT OF THE AFFORDABLE CARE ACT ON MEDICAL EXPENSE DEDUCTIONS

Billy Thomas, CPA 

While sifting through the details of the medicare surtaxes that took effect this year as part of the Affordable Care Act (ACA) implementation, you may have missed the ACA-mandated change to the threshold for deducting qualified, unreimbursed medical expenses.

Before 2013, taxpayers were permitted an itemized deduction for medical expenses exceeding 7.5% of their adjusted gross income (AGI); the level is 10% for those taxpayers subject to Alternative Minimum Tax (AMT).  Beginning this year, the adjusted gross income […]

June 26, 2013 Accounting, Benefit Plan Accounting, Tax Read more...

Employing Your Children

Posting by Joel C. Susco, CPA

Summer is a great time to implement an easy tax savings strategy: hire your children to work for you. Employing your children in your business can be a quick and easy way to generate some additional tax savings, kick-off your children’s retirement savings, and provide your children with important career training that can be particularly crucial for future succession planning if you hope to run a multi-generational family business.

Bond Beebe Accountants & Advisors’ tax […]

June 24, 2013 Family Owned Businesses, Tax Read more...