Balancing the Mix of Family and Non-Family Leadership

Posting by Geoffrey D. Brown, CPA

By definition, of course a family business has family members in it:  sometimes entirely, sometimes running the business, and sometimes mixed throughout all levels.  But nowhere it is required that only family members work in the business, and that includes as the primary firm leaders (e.g., management team).  While the desire of many first generation family business owners is to eventually pass overall leadership to the next generation, there are good reasons to consider […]

June 19, 2013 Family Owned Businesses, Human Resources Read more...

Legal and Ethical Considerations When Hiring a Forensic Accountant

Alex Helfand, ENCE, Computer Forensic Specialist

It makes sense that you’d be looking at ethics and the law when looking for a forensic accountant to perform a fraud investigation – as those who perpetrate fraud clearly lack ethics and are breaking the law. But understanding these concepts in depth becomes more difficult, especially in the somewhat nebulous and individual realm of ethics. What about law and ethics are considered as part of the education of Certified Public Accountants (CPAs) and […]

June 19, 2013 Accounting, Forensic Accounting Read more...

Making Your Small Business a Family Business: Employing Your Children

Posting by Sean Urbany

If you have children and also own and operate your own business, summer is a great time to implement an easy tax savings strategy: hire your children to work for you. This could have several tax benefits for both you and your children, including lowering taxable income, reducing payroll taxes, and creating opportunities to start your children’s retirement savings.
Lower Taxable Income
Paying your child wages to work for your business is a great way to shift some […]

June 18, 2013 Family Owned Businesses Read more...

FASB Indefinitely Defers Employee Benefit Plan Disclosure Requirement

Brian Garstecki, CPA

The Financial Accounting Standards Board (FASB) recently voted to indefinitely defer certain disclosures regarding investments held by a nonpublic employee benefit plan in its plan sponsor’s own nonpublic equity securities. Accounting Standards Update (ASU) 2011-04, issued in May 2011, originally required that plans disclose the valuation processes used for fair value measurements of Level 3 investments held by the plan sponsor.

There was significant concern that disclosing this information would provide sensitive proprietary financial details about the plan […]

June 18, 2013 Accounting, Benefit Plan Accounting Read more...

Actionable Tactics for Keeping Emotions in Check Within the Family Business

Posting by Geoffrey D. Brown, CPA

It’s said that one important thing that makes humans different from animals is that we experience emotion.  Although it is typically considered wise to separate emotions from participation in the business world, this is not a realistic expectation.  Nor is it necessarily the better option; some emotions – such as passion, joy, a little fear (i.e., being risk averse) – can contribute positively to the running of a family business.  Can you imagine the […]

June 13, 2013 Family Owned Businesses, Wealth Management Read more...

What to Do if You Suspect Fraud in Your Family Business

Posting by Geoffrey D. Brown, CPA, Principal

Family businesses often benefit from increased trust between family members who are involved in the business.  However, this trust unfortunately does not exempt family-owned businesses from fraud and security breaches.

Do you know what to do if you suspect that fraud is occurring in your family business?  Perhaps you have spotted some unusual employee and/or family member behavior or lifestyle habits that don’t seem quite right, or you have found irregularities on reconciliations and […]

June 10, 2013 Accounting, Family Owned Businesses, Forensic Accounting Read more...

Innovating the Family Business: Helping Older Generations Embrace Technology

Posting by Geoffrey D. Brown, CPA

As the baby boomer generation ages, and younger generations step in to take over certain leadership responsibilities within the family business, conflicts can arise when it comes to managing and innovating the business — usually due to the older generation’s hesitance toward change.  Today we have an overabundance of business amenities – many of which weren’t even in existence just a decade ago.  While baby boomers often have irreplaceable experience and insight into the […]

June 6, 2013 Family Owned Businesses Read more...

Tips for Establishing and Managing Trust Funds for Young Family Members

Posted in Accounting/Tax, DCFBA Blog, Featured post, Succession, Succession/Estate Planning |Post By Geoffrey D. Brown, CPA, Principal

Posting by Geoffrey D. Brown, CPA

Your family business is doing well – so well in fact that you have made a significant amount of money and are concerned about how to preserve it for the next generation.  Maybe as the current CEO you know due to a health issue that you may be gone before your children are old enough to be taught […]

May 30, 2013 Family Owned Businesses, Wealth Management Read more...

Out-of-State Sourced Taxable Income – Update on Wynne V. Comptroller

Posting by Jobe Dupre

On Friday, May 17, 2013, the Maryland Court of Appeals denied the comptroller’s motion for reconsideration inBrian and Karen Wynne, et al v. Comptroller of Treasury.  The original ruling was in favor of the taxpayer, allowing taxes paid to another state to count as a tax credit against the income taxes paid to a Maryland County.

The ruling is still standing in favor of the taxpayer, although the effective date is on hold, allowing Maryland time to […]

May 30, 2013 Tax Read more...

BOND BEEBE PROMOTES TAX AND AUDIT PROFESSIONALS

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce the following promotions of firm professionals: William Thomas, IV has been named Tax Manager and Jonathan Hammond is now a Senior in the Audit Department.  Thomas focuses on individual income, fiduciary income, and estate/gift tax; Hammond serves the firm’s emerging and established business clients, focusing on real estate entities, as well as a number of not-for-profit organizations.

The Personnel […]

May 29, 2013 Firm News & Events Read more...