SHUTDOWN TO DELAY START OF 2014 TAX SEASON

Scott Reddersen

As a result of the 16-day government shutdown, the IRS is already predicting a delayed start to the 2014 filing season. Citing a need to allow adequate time to program and test tax processing systems, the IRS is anticipating a delay ranging from one to two weeks. If that expectation stands, taxpayers will be able to begin filing their 2013 tax returns no earlier than January 28th, and no later than February 4th.

The delay will not postpone the deadline […]

October 24, 2013 Accounting, Tax Read more...

How do you capture or recover electronic evidence on computers and cell phones?

Natalie Burchfiel, CPA

New technologies mean evidence of fraud may be electronic, hidden and difficult to detect.  How do you capture or recover electronic evidence on computers and cell phones?

Obviously, an investigator can look at the files saved on a computer’s hard drive.  Despite a fraud perpetrator deleting files and emptying the recycling bin, however, most files are still located somewhere on the hard drive.  Using specially programmed computer forensic software, a trained computer forensic investigator can uncover these deleted […]

October 17, 2013 Accounting, Forensic Accounting Read more...

Growing Mervis Diamonds as I Stand on the Shoulders of Giants

In standard cocktail party conversation, people ask me repeatedly the same question: “What’s it like working with your family? I could never do it!” They continue to tell me that it’s an honorable thing to do, and give it the same sort of admiration that one would confer to a shoemaker who learned his craft from his father and the trade goes back generations in the family. The general notion I hear is that working with your family is […]

October 16, 2013 Accounting, Family Owned Businesses Read more...

DOL Concern Over Alternative Investments in Pension Plans

Larry Beebe, CPA

Utilizing alternative investments in employee benefit plans, particularly pension plans, is a common practice. However, as more and more plans have invested assets in these types of investments, the Department of Labor (DOL), in a recently-released audit report (PDF), is expressing some concerns about the use of alternative investments in pension plans.
What are Alternative Investments?
The American Institute of Certified Public Accountants defines alternative investments as assets that are not listed on any exchanges or over-the-counter markets, or […]

October 10, 2013 Accounting, Benefit Plan Accounting Read more...

Premarital Agreements: Protecting Family-Owned Business Assets

Posting by Geoffrey D. Brown, CPA, Principal

Last week, I had the pleasure of facilitating a webinar with Linda Ravdin, a knowledgeable family law attorney from law firm Pasternak & Fidis. While divorce is always a difficult subject, it can become particularly troublesome when there are concerns about protecting family-owned business assets. Through this webinar, Linda shared a number of insights and strategies that business owners can use to protect their business assets in the case of a divorce.

Properly protecting […]

October 7, 2013 Family Owned Businesses, Wealth Management Read more...

IRS 2014 Per Diem Rates

Brian Wynne, CPA

Before we dive in to the updated IRS per diem rates, it’s important to note how the
government shutdown is affecting IRS operations. While the IRS will not be conducting audits and refunds may be delayed, no deadlines have changed.  If your plan has a calendar year end and you are on extension for filing Forms 5500 and 8955-SSA, they are still due on October 15, 2013.  For more details regarding the effect of the shutdown on IRS […]

October 2, 2013 Accounting, Tax Read more...

IRS UPDATES 2014 PER DIEM RATES

Brian Wynne, CPA

The IRS has announced updated 2014 per-diem rates for the optional high-low substantiation method, effective October 1, 2013. Per-diem rates can be used by employers in lieu of reimbursing actual substantiated expenses for lodging, meals and incidental expenses (M&IE) while an employee is on business travel. The employee must provide simplified substantiation (time, place and business purpose) and the reimbursement is treated as made under an accountable plan (not taxable to the employee).

Notice 2013-65 announces the updated […]

October 1, 2013 Accounting, Tax Read more...

IRS Issues Guidance for Correcting Employment Taxes on Same-Sex Spouse Benefits

Brian Wynne, CPA

As promised, the IRS yesterday issued guidance for employers who need to correct prior
payroll tax withholding for employees previously taxed on certain same-sex spouse benefits. In Notice 2013-61, the IRS outlines two optional special procedures for correcting income tax withholding and Federal Insurance Contribution Act (FICA) tax withholding for all prior quarters in 2013. It also outlines the procedure for claiming refunds on prior years’ FICA taxes withheld.

The IRS announced last month in Revenue Ruling 2013-17 that all legally married same-sex couples […]

September 24, 2013 Accounting, Tax Read more...

Pros and Cons When Your Family Name is the Brand Name

Posting by Joel C. Susco, CPA

For a family business, it’s not unusual to put the family name as part of, or the entire, brand name. A surname can serve as the trademark, or brand, if it identifies – and distinguishes – the source of the product or service; but it also must not infringe on an existing user’s mark. There are many positives and negatives to consider when naming your family business, changing the firm’s name, or trying to […]

September 24, 2013 Family Owned Businesses Read more...

How Family Business Advisors Can Help Communicate Difficult Topics

Posting by Geoffrey D. Brown, CPA

Family business leaders have many responsibilities and roles. These often cross lines between business matters and personal family concerns, and therefore cover more topics of a sensitive nature than just one or the other. This is more than one person could or should typically handle, especially when that person is responsible for the overall business. That’s where family business advisors – typically a mix of professionals including a certified public accountant, an attorney, a […]

September 18, 2013 Accounting, Family Owned Businesses, Human Resources Read more...