5 Ways an Expert Witness in Accounting Can Bolster Your Fraud Case

Since the recent economic downturn, individuals as well as businesses of all sizes have been facing immense financial pressures. So, it’s no wonder that the number of fraudulent financial activities and schemes is on the rise. An estimated 20 percent of U.S. businesses are subjected to fraud incidents each year, translating to a loss of over $600 billion.

The overall financial climate, coupled with advancements in technology over the past few years have translated to even more opportunities for computer […]

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

HOME OFFICE DEDUCTION SIMPLIFIED FOR 2013

Glenn Bailey, CPA

The IRS has issued Rev. Proc 2013-13 which promises a much simpler way to claim the home office deduction.  Beginning in 2013, a user of a qualified home office can elect to claim an expense of $5 per square foot of office space, up to 300 square feet total, instead of calculating the actual expenses. This $5 amount takes the place of utilities, cleaning, repairs, depreciation and any other expenses related to business use of the home […]

January 17, 2013 Accounting, Family Owned Businesses Read more...

W-2 REQUIREMENTS FOR COMPANIES PER AFFORDABLE CARE ACT

Brian Wynne, CPA

You may have new reporting responsibilities when filing your W-2’s this month.  Employers sponsoring group coverage will have new reporting responsibilities according to the Affordable Care Act and the Internal Revenue Service.  You may need to report costs associated with employer-sponsored health coverage on IRS Form W-2.

 

The Patient Protection and Affordable Care Act requires employers who issue 250 or more W-2’s in a year to report the aggregate cost of coverage under an employer-sponsored group health plan […]

January 16, 2013 Accounting, Tax Read more...

Theory of Relativity: Best Hiring Practices for Family Businesses (Part 1 of 2)

Posting by Geoffrey D. Brown, CPA

By the very term, it is expected that a “family business” always has more than one family member involved in the business.  But just being related doesn’t necessarily make one a good employee of a family business; and all family members are not in fact created equal (except perhaps for identical twins).  How should a family business approach hiring employees in the start-up period and ongoing for the best chance at success?  This two-part […]

January 16, 2013 Family Owned Businesses, Human Resources Read more...

Understanding Employee Benefit Plan Investments: A Guide for New Trustees

Larry Beebe, CPA

New trustees can be overwhelmed by the knowledge that must be quickly acquired to function effectively in their new roles.  Investments is one area that trustees must know well, but the average new trustee may not have the detailed background and knowledge necessary to manage the investments in an employee benefit plan.

In the months to come, we will be posting an in-depth series on investments to assist new trustees in their fiduciary duty of managing plan assets.  […]

January 16, 2013 Accounting, Benefit Plan Accounting Read more...

FISCAL CLIFF NOTES: ANALYSIS OF THE AMERICAN TAXPAYER RELIEF ACT OF 2012

Congress passed the American Taxpayer Relief Act of 2012 (“The Act”) on January 1st, 2013 to avoid the much-discussed “fiscal cliff,” and the President quickly signed it into law on January 2nd.  The Act prevented drastic tax increases on millions of Americans, but several increases were still enacted.  Here’s how you and/or your business might be affected:

Download a PDF Overview
Individual Tax Provisions
Though there were several big changes to the tax code in the Act, they were all tied to […]

January 15, 2013 Accounting, Tax Read more...

Four Tips for Preparing the Next Generation of Leadership

Posting by Geoffrey D. Brown, CPA

When considering how to prepare the next generation in a family business, it is necessary to focus not only on those who might work in the business and become part of the management team, but also those who may only be shareholders and not even work in the business.  Below are four tips, or keys, for preparing the next generation for leadership that apply to those who are going to actively participate in the […]

January 11, 2013 Family Owned Businesses Read more...

New 401k Provisions in the Fiscal Cliff Deal: Converting to a Roth 401(k)

Scott Price, CPA

In addition to the more publicized tax hikes and provisions included within the Fiscal Cliff Deal (formally known as the American Taxpayer Relief Act of 2012) there is also an interesting provision for 401(k) plans.  Specifically, the bill has removed certain restrictions regarding the conversion of traditional 401(k) accounts to Roth 401(k) accounts, making it significantly easier for employees to move their retirement assets.

Previously, one of three scenarios had to occur to qualify for a conversion:

Change […]

January 11, 2013 Accounting, Benefit Plan Accounting, Wealth Management Read more...

FISCAL CLIFF AVERTED: 2012 TAXPAYER RELIEF ACT IMPACT ON BUSINESS

As everyone has heard the past several days, the “Fiscal Cliff” has been averted with the passing of The American Taxpayer Relief Act of 2012.  You’ve read so far about how individuals were impacted but what about businesses?  Below is a listing of the some of the key developments from the act which will affect businesses in the next few years:

Additional First Year (Bonus) Depreciation:  Bonus depreciation has been extended for qualified property acquired and placed in service prior […]

January 8, 2013 Accounting, Tax Read more...

Why Family Business Members Become Complacent (And How to Avoid It!)

Posting by Joel C. Susco, CPA, Principal

Family-owned businesses whether large or small, whether profitable or not, may eventually have to deal with the issue of under-performing or complacent family members who have lost their emotional attachment to the business.

Traditionally, family businesses are started by strong-willed, determined individuals who have the energy, vision and the drive to embark on a business of their own.  The founders often feel strong emotional attachment to the business which they’ve cultivated and grown with […]

January 3, 2013 Family Owned Businesses Read more...