Upcoming Webinar: The Looming Estate Tax Threat and How to Make the Most of 2012

Tuesday, September 25
1:00PM
Register Here

Bond Beebe’s Family Business Team Members Joel Susco and Geoff Brown along with tax specialists Jay Reddersen and Eric Fletcher will review some of the most common questions and issues regarding potential changes to estate and gift tax law and the family business.

This Webinar, moderated by tax specialist Brian Wynne, will address:

Current estate and gift tax rules and regulations;
Threats to the estate tax;
Wealth transfer issues and stakeholder ramifications; and
Strategic opportunities for wealth […]

September 25, 2012 Tax Read more...

Should it Stay or Should it Go? ERISA Record Retention Rules for Benefit Plans, Part 1 of 2

Jennifer Hohman, CPA

During the June storm that hammered the Northeast, I unfortunately had a tree fall through my house and into my bedroom. Oddly enough, this situation reminded me the importance of saving documents. When the insurance adjuster came to my house, she informed me that my claim would be processed faster and more accurately if I had the original receipts for the damaged items.   I just stared at her and thought “this woman has lost her mind if […]

September 14, 2012 Accounting Read more...

Playing by the Rules: Best Practices for Payroll Audit Policies

Posting by Andrew Staab

The collective wisdom in multiemployer plan administration dictates that there has to be a written policy for everything.  That seems extreme, but it is better to err on the side of caution.  However, just because there is a written policy does not necessarily mean it is the right policy.  In this post I will discuss best practices for creating and updating your plan’s payroll audit policy.

Collections Policy vs. Stand-Alone Payroll Audit Policy
There is considerable discussion about […]

September 13, 2012 Payroll Audit Read more...

REQUIRED MINIMUM DISTRIBUTION (RMD) PLANNING FOR THOSE WHO ARE TURNING 70 1/2 IN 2012

Glenn Bailey, CPA

Required Minimum Distribution (RMD) planning for those who are turning 70 ½ in 2012.

If you have a 401(k) or traditional IRA plan and are turning 70 ½ this year you are now subject to the RMD rules. These require you to take at least a minimum distribution from your plan based on its balance. The law says the distribution must be taken by April 1st of the year after you turn 70 ½.  While sometimes it makes […]

September 12, 2012 Accounting, Tax Read more...

Bond Beebe Raises $7,500 With Second Annual Charity Kickball Tournament

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, raised $7,500 for charity with its Second Annual Bond Beebe Charity Kickball Tournament held on September 8, 2012 in Chevy Chase, MD.   Approximately 100 individuals participated in the tournament and the event was sponsored by over 20 local businesses.  All event proceeds benefited Neediest Kids, a McLean, VA charity that provides local at-risk students with the basic essentials they need so that […]

September 12, 2012 Firm News & Events Read more...

2012 IS WINDING DOWN. WHAT SHOULD YOU BE DOING?

Lately every time I open up my e-mail I am getting a forwarded e-mail from a friend or family member about the tax changes that are coming and how everyone is going to end up paying more money to Uncle Sam.  None of these e-mails ever address the most important question we need to ask.  What can we do to prepare for these changes?

To start with we need to know what we should not be doing.  The worst thing […]

September 11, 2012 Accounting, Tax Read more...

Helping an Employee Benefit Fund Maintain Confidentiality: Understanding Attorney-Client Privilege and the Work Product Doctrine

Posting by Travis Ketterman

A recent federal case provides important reminders on maintaining the confidentiality of Fund information through the attorney-client privilege and the work product doctrine.  The following reviews the underlying issues in the case and provides some pointers for payroll auditors in maintaining confidentiality.

The Facts of the Case – Broken Confidentiality
In Resilient Floor Covering Pension Fund et al v. Michael’s Floor Covering, Inc., the Funds investigated whether a newly formed company was liable for either withdrawal liability or […]

September 5, 2012 Payroll Audit Read more...

What to Do if You Suspect Fraud in Your Organization

Alex Helfand, ENCE, Computer Forensic Specialist

As an executive or business owner, do you know what to do if you suspect that fraud is occurring in your organization?  Perhaps you have spotted some unusual employee behavior or lifestyle habits that don’t seem quite right, or you have found irregularities on reconciliations and the explanations that your employees provide are vague and confusing.

By bringing in forensic experts and consulting with legal counsel, you can stop fraud in its tracks.  And, by […]

August 22, 2012 Accounting, Forensic Accounting Read more...

401(k) Participant Fee Disclosure Requirements: Only 10 More Days to Comply

Fabricia Edwards, CPA

Update: These regulations came into effect on August 30, 2012.  If you have compliance questions or concerns, please do not hesitate to contact me via the information above.

New ERISA regulation, under section 404(a)(5) (otherwise known as the participant fee disclosure), requires that plan participants are provided with an increased level of investment information, including plan expenses and fees.  Under this regulation, plans must provide information in a format that will enable participants to compare the available investment […]

August 20, 2012 Accounting, Benefit Plan Accounting Read more...

DC REPEALS MUNICIPAL BOND INCOME TAX

Sean Urbany, CPA

On July 30, 2013, District of Columbia Mayor Vincent Gray signed the “Fiscal Year 2014 Budget Support Emergency Act of 2013.” Part of this legislation, the Out-of-State Municipal Bond Tax Repeal Emergency Act of 2013, repeals the 2011 law which required interest income from out-of-state municipal bonds acquired after January 1, 2013 to be included in determining DC taxable income for individuals, estates, and trusts.

Due to this new legislation, there will be no change from prior years […]

August 13, 2012 Accounting, Tax Read more...