Blog – Page 60 – Bond Beebe

BOND BEEBE PRINCIPALS PRESENT AT IFEBP’S BENEFIT PLAN PROFESSIONALS INSTITUTE FOR ACCOUNTANTS

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that three of their Principals participated in the International Foundation of Employee Benefit Plans’ (“IFEBP”) Benefit Plan Professionals Institute for Accountants, which took place June 13-15, 2011 in Las Vegas, Nevada. David Dorsey, Scott Price and Lawrence Beebe all participated in separate speaking engagements during the program. The IFEBP is a non-profit organization that is dedicated to being a leading objective […]

June 17, 2011 Tax Read more...

Legal Update: Administrator Can Seek Employer Contributions from Company Owner

Posting by Larry Beebe, CPA

A US District Court in the Eastern District of New York, in the case of Finkel v. Lite Tron Ltd., ruled that a plan administrator can continue with his claim to hold the owner of union and non-union companies liable for unpaid company contribution obligations.

The BNA Pension and Benefits Reporter (www.bna.com), in its November 9, 2010 Issue, summarized the findings of the case:

“According to the court, a controlling corporate officer can be held individually liable […]

June 17, 2011 Payroll Audit Read more...

“ALWAYS BE PREPARED…”

Billy Thomas, CPA

Do you have a personal disaster recovery plan? We like to think disasters can never happen here, but as we have seen by many recent tragedies across the globe, disaster can strike anywhere and when we least expect it.

The IRS recently released a very helpful and timely guide to safeguarding tax records in concurrence with the start of Hurricane Season on June 1st. Nonetheless, here are some additional steps recommended by the IRS for you to safely […]

June 9, 2011 Accounting, Tax Read more...

“How To” Series: Putting New Hire Records to the Test – Verifying Accurate Employer Reporting

Posting by Phil Vivirito

Over the next few weeks, Phil Vivirito, Bond Beebe’s Director of Payroll and Compliance Auditing, will explain several fundamental payroll auditing principles. This week he reviews the best practices for ensuring that new hires are properly reported.

Verifying that an employer is correctly reporting new hires should be a relatively simple task. However, you should be thorough and efficient in your methods and may need to apply different strategies if the appropriate information is not available.

Prior to […]

June 6, 2011 Payroll Audit Read more...

Top Ten Fraud Prevention Tips for Small Businesses, Tip #9: Simple Internal Controls Small Businesses Often Miss

Alex Helfand, ENCE, Computer Forensic Specialist

As a small business owner or senior executive, it is your responsibility to promote integrity and ethical values to your employees and implement the proper controls and procedures to prevent fraud. In this series, we are highlighting ten basic fraud prevention steps you can take to keep your organization safe.
Small businesses are especially vulnerable to fraud simply because they often lack the necessary internal controls to help prevent fraudulent activities and safeguard assets. A […]

June 6, 2011 Accounting, Family Owned Businesses, Forensic Accounting Read more...

You’ve Lost that Loving Feeling: Getting that First Generation Family Business Enthusiasm to the Second and Third Generations

Posting by Joel C. Susco, CPA, Principal

I’ve seen it before. You’ve seen it before. A business is created from scratch, perhaps a lifelong dream of the founder, and after years of sweat equity and learning from mistakes, a rags-to-riches tale unfolds. We all know the type of person who starts a successful business. Their passion is omnipresent, their multitasking constant, their drive unrelenting, and their mission clear. No wonder this type of person succeeds in starting a business, and […]

June 6, 2011 Family Owned Businesses Read more...

INTEREST FREE LOANS AND THE APPLICABLE FEDERAL RATES (AFR)

Billy Thomas, CPA

Recently being in the market to upgrade my car to a more fuel economic vehicle, I went to the neighborhood dealership. Financing the vehicle is probably the only way I could afford the purchase until I saw the terms of the loan, which were approximately $32,000 at almost 4.5% interest over the next five years. Perhaps the economy has not turned for me as quickly as it has for others, but I left the offer on the […]

June 2, 2011 Accounting, Tax Read more...

REAL ESTATE PROFESSIONALS NOW ALLOWED LATE ELECTION TO GROUP RENTAL REAL ESTATE INTERESTS

Glenn Bailey, CPA

The IRS has issued Revenue Procedure 2011-34, which allows most real estate professionals to make a late election to treat all interests in rental real estate as a single rental activity for the purpose of applying the passive activity loss rules. Prior to this an election had to be filed with the original tax return, or a Private Letter Ruling could be requested, which was a costly and burdensome process.

The real estate professional exception allows a person […]

June 2, 2011 Accounting, Tax Read more...

THE FOREIGN ACCOUNT REPORTING DEADLINE IS COMING SOON. DON’T BE LATE!

Glenn Bailey, CPA

Foreign bank account reporting forms, “FBAR” for short, are due June 30th. Unlike your typical tax return, these must be delivered to the U.S. Treasury office by the due date, rather than just postmarked. Enforcement of the rules related to foreign account disclosure has increased dramatically in the last couple years. News articles abound with stories of civil and criminal prosecutions and penalties for failing to report the income and/or existence of covered foreign accounts. Standard […]

May 31, 2011 Accounting, Tax Read more...

Revenge is a Dish Best Served Cold – Use of the “Spite Clause” in Wills