DC EMPLOYERS MAY HAVE NEW FILING REQUIREMENT…

The District of Columbia has enacted legislation to require that, beginning with the 12-month period ending September 30, 2012, any employer required to file a District withholding return, but not required to collect and remit sales taxes, must file an annual use tax return.  The annual use tax return is due October 20, 2012.

On the use tax return you must report the cost of all personal property and taxable services used or consumed by you in DC on which […]

August 10, 2012 Accounting, Tax Read more...

Bond Beebe Welcomes Mark Buckberg, CPA, CFE, CFF

Natalia

We’re pleased to announce the addition of Mark Buckberg, CPA, CFE, CFF to our growing Benefits and Labor Practice!  An experienced professional with over fifteen years of accounting experience, Mark serves as a trusted advisor, specializing in providing audit and compliance services to international, national, and local multiemployer benefit plans and labor organizations.

Specifically, Mark has in-depth experience regarding federal reporting and compliance for labor unions, defined benefit and defined contribution pension, health and welfare, and political action funds.  He is also […]

August 8, 2012 Accounting, Benefit Plan Accounting Read more...

Illustrating Retirement Savings: DOL Considers Lifetime Income Estimations

Scott Price, CPA

In an effort to help defined contribution plan participants more effectively save for retirement, the Department of Labor (DOL) is considering rules that would require defined contribution plans, such as 401(k), 403(b) and profit-sharing plans, to include lifetime income stream illustrations in participant statements.

Current regulations under the Employee Retirement Income Security Act of 1974 (ERISA) require plan sponsors to provide periodic benefit statements to participants or beneficiaries that show only the total accrued benefits. The regulations currently […]

August 7, 2012 Accounting, Wealth Management Read more...

Performing Payroll Audits for Multiple Funds: How to Share Audit Costs

Posting by Phil Vivirito

Occasionally, an employer needs to be audited by two funds. This most commonly occurs when an employer makes contributions to both a national fund and a local fund. Let’s assume the same firm is for the auditor for both funds; how should the audit costs be applied?  The approach will differ depending on the contribution parameters.

Same Employees, Same Contribution Parameters
If both the national and local funds cover the same employees with the same contribution parameters, audit […]

August 6, 2012 Accounting, Payroll Audit Read more...

RUMORS OF NEW “REAL ESTATE TAX” CONTAIN ONLY A GRAIN OF TRUTH

The Facts about Medicare Contribution Tax on Unearned Income and the “Home Sale” Exclusion

There has been a great deal of misunderstanding and misinformation circulating with regards to elements of the health care reform legislation passed in 2010.  In particular, there has been a rash of internet stories and chain emails purporting that the legislation includes a 3.8% “real estate tax” that would apply to the sale of a principal residence.  Although there have been no changes to the rules […]

July 31, 2012 Accounting, Tax Read more...

Self-Employed Individuals Rejoice!

Posting by Billy Thomas

Well, the truth of the matter is self-employed individuals have been celebrating since 2010.  However, it was only recently that the IRS published Chief Counsel Advice legitimizing a business deduction of medicare premiums paid for self-employed individuals.  Under CCA 201228037, all of the medicare parts are permissible as medical care insurance as described in IRC 162(I) and therefore are deductible.

The memorandum supports the deduction for not only the self-employed individual, but allows the deduction for premiums […]

July 23, 2012 Tax Read more...

Using Tips and Hotlines to Detect Corporate Fraud

John Merchant, CPA, CFE

The Association of Certified Fraud Examiners (ACFE) recently published its 2012 Report to the Nations on Occupational Fraud and Abuse.  This publication reports the findings from an analysis of more than 1,300 cases of occupational fraud that were reported to the ACFE by Certified Fraud Examiners (CFEs) around the world.  Consistent with information gathered by the ACFE in previous studies, this report found that the initial detection of occupational fraud was most often due not to […]

July 17, 2012 Accounting, Forensic Accounting Read more...

Bond Beebe Awards $12,000 Scholarship to DC Student

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, has awarded a $12,000 college scholarship to Don Bosco Cristo Rey (DBCR) High School graduate Dillon Barrett.   As a sponsor of DBCR’s Corporate Work Study Program, Bond Beebe has sponsored Barrett as a work study employee of the firm for the past three years and is DBCR’s first Corporate Work Study Sponsor to award a student scholarship.

DBCR High School provides a college […]

July 10, 2012 Firm News & Events Read more...

FOREIGN REPORTING CATCH UP

The IRS has announced new procedures (IR-2012-65) to help some US Citizens residing overseas file their delinquent tax returns and Reports of Foreign Bank and Financial Accounts (FBARs) without being assessed large penalties or other enforcement action.  In addition to tax returns and FBARs the IRS will allow submission of retroactive deferral elections of foreign retirement plans under the new procedures.  All of this is scheduled to go into effect September 1, 2012.

These new procedures specifically target taxpayers who […]

July 10, 2012 Accounting, Tax Read more...

A Case Study on Unreported Hours: Performing an Payroll Audit on a Union and Non-Union Company

Posting by Jake Lawler,

I was tasked with what seemed to be a routine payroll audit, but it turned into quite an interesting case.

Only One Employee?!
At the outset of the payroll audit process, the owner informed me that his company only had one employee with the trade that I was auditing.   The owner reported that he had an agreement with the union business manager for just this one employee and the record for that employee was the only record that […]

July 6, 2012 Payroll Audit Read more...