Successfully Preparing the Next Generation to Lead the Family Business

Posting by Joel C. Susco, CPA, Principal

Our family, like many others, cherishes its traditions.  Regardless of whether they are for Christmas, Easter, Passover or a birthday, my wife and I always seem to want to celebrate in the same way.  After all, it’s tradition!  Since these rituals are so important to us, we have trained (or forced) our children to be our successors for these traditions.  Long after my wife and I have passed, we hope that these sacred […]

July 5, 2012 Family Owned Businesses Read more...

DC (AGAIN!) DELAYS MUNI BOND INCOME TAX

Brian Wynne, CPA

DC has again passed legislation that further delays the taxation of non-DC municipal bond income.  The new legislation ensures that income from all municipal bonds will not be taxable for DC residents in 2012.  Starting in 2013, DC will subject municipal bonds from states other than DC acquired after January 1, 2013 to taxation.  DC will continue to exclude Metropolitan Washington Regional Airport Authority bonds and under federal law Virgin Islands, Guam, Puerto Rico and American Samoa […]

June 28, 2012 Accounting, Tax Read more...

REMINDER: REPORT OF FOREIGN BANK AND FINANCIAL ACCOUNTS (FBAR) DUE JUNE 30, 2012

As Spring swiftly becomes Summer, and we’ve had a chance to plan for any required second quarter estimated tax payments, the next date circled on our calendar is June 30th.  For those people who own and/or have signature authority over bank or financial accounts held outside of the United States, that date should resonate as well.

United States persons, including but not limited to citizens, trusts, estates, and domestic entities, are required to file Form TD F 90-22.1, Report of […]

June 15, 2012 Tax Read more...

Bond Beebe to Host Second Annual Charity Kickball Tournament

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, is pleased to announce that it will be hosting the Second Annual Bond Beebe Charity Kickball Tournament on September 8, 2012 from 9:00 a.m. to 12:00 p.m.at Meadowbrook Fields in Chevy Chase, Maryland.   All event proceeds will benefit Neediest Kids, a Bethesda-based charity that provides at-risk children with basic essentials to help them succeed in school.

Bond Beebe is offering sponsorship opportunities to […]

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

“How To” Series: Auditing a Single Employer with Multi-plans and Jurisdictions

Posting by Phil Vivirito

In this series, I will explain several fundamental payroll auditing principles.  This post discusses guidelines for conducting payroll audits of employers belonging to two or more multiemployer benefit funds.

There are occasions when one employer is in more than one multi-employer benefit fund (i.e. the employer may have work falling under the jurisdiction of different unions). Whether the auditor is the payroll auditor for just one of the employer’s funds or all of the funds, the approach […]

June 5, 2012 Benefit Plan Accounting, Payroll Audit Read more...

Small Business Fraud Prevention: Bringing in the Reigns on the Company Credit Card

Alex Helfand, ENCE, Computer Forensic Specialist

Company credit cards offer the convenience and simplicity of documenting multiple expenses on one itemized bill.  However, without the proper controls in place, credit cards can also open the doors of your organization to occupational fraud.  Fictitious expense schemes can lead to significant losses for organizations; employees can use the card for personal expenditures or can submit a separate expense report for the same expenses that appear on the credit card statement in hopes […]

June 1, 2012 Accounting, Forensic Accounting Read more...

HEALTH FLEXIBLE SPENDING ACCOUNT (HFSA) – ADDITIONAL CHANGES FOR 2013

2013 brings additional changes to HFSAs that are offered by many employers. As you may recall, not long ago these accounts were forced to discontinue reimbursements on a pre-tax basis for medication purchased “over the counter.”

Beginning in 2013, HFSAs will encounter further limitations. Starting next year, the maximum amount allowed as a salary reduction contribution to an individual employee’s HSFA will be $2,500. The IRS recently issued Notice 2012-40 which contains guidance as to how this new contribution limitation […]

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

Charitable Contributions: Make Sure You Have a Complete and Correct Receipt

IRS regulations require a contemporaneous written acknowledgement in a specified form from a qualified charity to support your donation of $250 or more.  There is no alternative to this, and no accommodation is being given to taxpayers who don’t strictly follow the rules.

A proper and complete charitable acknowledgment receipt must be obtained at the time of donation, or no later than the earlier of the date the taxpayers return is due or filed. The receipt  must be dated, describe […]

May 30, 2012 Firm News & Events Read more...

A Payroll Auditor’s Guide to Preparing for a Deposition: Part 2 of 2

Posting by Travis Ketterman

In the event that a payroll audit dispute is taken to court, it is essential that, as a payroll auditor, you are prepared to give a deposition.  This two-part post presents five strategies that you can use to successfully prepare for this important part of the litigation process.  In the previous post, I discussed key details for reviewing the deposition process, discussing the purpose of the specific deposition at hand, and which audit documents to review.

Once […]

May 29, 2012 Payroll Audit Read more...

Getting Out: Measuring Your Benefit Plan’s Investment Liquidity

Jason Edwards, CPA

Since the onset of the financial crisis in 2008, employee benefit plan trustees are as focused as ever on asset preservation. We hear them asking “How do I obtain the best return on investment, while protecting the plan’s assets from market decline.  This is a great question and one that certainly merits concern. There is, however, yet another factor you should also consider that carries equal or greater weight: liquidity.

Alternative or non-traditional investments are becoming mainstream as […]

May 24, 2012 Accounting, Benefit Plan Accounting Read more...