How a Forensic Accountant Can Aid in Divorce Settlements

Complicated financial issues often come into play during a divorce settlement, and even more so in high net worth cases. It’s common for one spouse to assume the money management role in a marriage, and rarely do both spouses have equal knowledge of their financial affairs. So when a spouse is suspicious of unreported income or hidden assets, it can be critical for legal counsel to work with a qualified forensic accountant to aid in a divorce settlement. The […]

February 20, 2013 Accounting, Forensic Accounting Read more...

Two Bond Beebe Professionals Earn Industry Licenses

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce that two professionals have earned industry licenses:  Aaron Slaughter, a staff accountant with the Firm, has earned the designation of Certified Public Accountant.  Sarah Phillips, the Financial Services Assistant for Bond Beebe Financial Advisors, has earned her Series 7 and Series 66 licenses from the Financial Industry Regulatory Authority.

Slaughter is a 2010 graduate of McDaniel College and holds […]

February 20, 2013 Firm News & Events Read more...

How does using a forensic accountant assist an attorney with litigation

Forensic accountants can be invaluable when reaching settlement in a case – but how?

I think the greatest use for a forensic accountant would be to uncover very clear, undeniable evidence, which certainly helps in a case.

The second thing that the specialist could do is have a well-written report, because if you can combine clear and compelling evidence with a clearly-written report, it’s likely to convince a judge or a jury.  That often promotes a settlement, because the other side […]

February 19, 2013 Forensic Accounting Read more...

5 Steps to Building a Successful Family Foundation

Posting by Joel C. Susco, CPA, Principal

After experiencing success in the business world, many families decide to establish a family foundation to give back to the community or to a specific organization that is near and dear to their hearts.  In addition to favorable tax benefits, family foundations can engage younger family members in philanthropy and establish a legacy of giving in your family for generations to come.

As with many large undertakings, getting started can be the hardest part. […]

February 19, 2013 Family Owned Businesses, Tax Read more...

Delayed Tax-Filing Season and Your FAFSA

Posting by Sean Urbany

With the fiscal-cliff deal being reached on the last day of 2012, the IRS announced that it was going to delay the opening of the 2012 tax-filing season until January 30, 2013. Along with this delayed start, there has also been a delay in the release of several of the forms that are used in the preparation of tax returns. Some of the delayed forms commonly used include: Form 4952 (Deprecation & Amortization), Form 8863 (Education […]

February 13, 2013 Tax Read more...

Protecting Yourself from Income Tax-Related Fraud

John Merchant, CPA, CFE

As the 2013 income tax filing season gets underway, taxpayers are beginning to gather information in anticipation of filing income tax returns.  Identity thieves have begun to do the same thing. The difference is identity thieves are not gathering their own information.  They are gathering information to allow them to file returns using stolen identities.

Identity theft in income tax filings has become a major problem, both for the Internal Revenue Service and for taxpayers.  What the […]

February 13, 2013 Accounting, Forensic Accounting, Tax Read more...

Retirement Nest Eggs: IRS Proposes Regulations to Help Manage Savings

Fabricia Edwards, CPA

During the past few years, the US government has issued incentives for Americans to save more for retirement, including opportunities for automatic enrollment in 401(k) and other retirement savings plans.  Unfortunately, many Americans are still not saving enough money for retirement.

As life expectancy increases and retirement periods lengthen, Americans are at risk of outliving their retirement assets.  This is known as longevity risk.  Research has shown women are especially susceptible to longevity risk because their life expectancy […]

February 12, 2013 Accounting, Benefit Plan Accounting Read more...

New Trustee’s Guide to Investments: Rate of Return

Larry Beebe, CPA

New trustees can be overwhelmed by the investment knowledge that must be quickly acquired to function effectively in their new roles.  This series will provide in-depth information about plan investments to assist new trustees in their fiduciary duty of managing plan assets.

As a new trustee, examining your plan’s investment statements can be confusing.  However, proper examination of plan investments is essential to help you understand the financial position of the plan.  One of the first items to […]

February 7, 2013 Accounting Read more...

SHOULD YOU CONVERT TO A ROTH 401(K)?

Brian Wynne, CPA

Tucked into the recent “Fiscal Cliff” bill (the American Taxpayer Relief Act of 2012) was a provision allowing an individual to convert amounts in their 401(k) plans to a Roth 401(k).   Previously, an individual could only convert amounts that were otherwise available to withdrawal from their 401(k), meaning after leaving their job, retiring, or reaching age 59 ½.  Under the new rules, as long as Roth contributions are offered by the employer’s 401(k) plan, employees can convert […]

February 6, 2013 Accounting, Benefit Plan Accounting, Wealth Management Read more...

Theory of Relativity: Best Hiring Practices for Family Businesses (Part 2 of 2)

Posting by Geoffrey D. Brown, CPA, Family Business Advisor

Hiring team members in a family business often is not as simple as having a conversation with family members over the dinner table and choosing them as employees.  As reviewed in Part 1, there are numerous reasons to hire (or not hire) family members.

In this post, we reveal items to consider when bringing both new family and non-family talent on board.

Ensure buy-in on the company’s vision. During the hiring process, it’s […]

February 6, 2013 Family Owned Businesses, Human Resources Read more...