For those confused by the question, we are challenged every day by the prospect of future taxation.  The word from every source seems to be there is only one direction for taxes and that is up.  Coupled with severely crimped revenues from the Great Recession and federal government outlays that are attempting to prime the private sector pump, this conclusion appears inexorably on the horizon.

The fiscal crisis appears to be gaining greater traction as an issue both financially and […]

Tax Relief Tools in Time for Your Next Family Business Tax Returns

Posting by Geoffrey D. Brown, CPA, Principal

A CPA down to my soul, I decided to focus on a few tax items for my blog post this month – I just can’t help myself.  There were a couple tax relief items for businesses that were passed into law last year and may be of some interest to family businesses.

Nothing but Net – Net Operating Loss Carryback

The first tax change is for Net Operating Loss Carryback.  This measure, to get a […]

Gotcha! How Forensic Accounting brought about the downfall of Al Capone

Lawrence R. Beebe, CPA, Principal

Elliot Ness.  J. Edgar Hoover.  Al Capone.  Frank Wilson.  Wait, Frank who?  Frank Wilson – likely the first and most famous forensic accountant ever known.

The 1920s mobster Alphonse “Scarface” Capone was an accountant’s nightmare; actually, he was a nightmare for many others as well.  It turns out when running nightclubs, speakeasies, dog tracks, brothels and distilleries, having comprehensive accounting “books” is a liability, at least when you’re a criminal.  So when multiple law agencies were trying to bring Al Capone up on […]

Fraud Fight Legislation Passed by Congress

John Merchant, CPA

CNN reports that Congress easily approved a bill this week to allocate more than $500 million over the next two years to provide funds specifically for the fight against fraud.  These additional funds would enable the FBI, the SEC and the Treasury Department to hire additional investigators and step up criminal fraud probes.  Noting taxpayer outrage during debate on the bill, lawmakers specifically mentioned banks and other entities that have received federal bail-out money as organizations that […]

IRS Dirty Dozen Tax Scams

John Merchant, CPA, CFE

Each year the Internal Revenue Service announces its “dirty dozen” tax scams, representing twelve of the most prevalent and bothersome fraudulent scams and schemes perpetrated by taxpayers, paid preparers and others.

The IRS recently announced its Dirty Dozen for 2009 and it included hiding income offshore, filing false claims for refunds, taking frivolous positions on tax returns to lower tax liability and misuse of trusts.  One of the schemes that has made the Dirty Dozen several times […]

Estate Tax Planning in a Family-Owned Business – Where There’s a Will, There’s a Way

Posting by Jacqueline M. Thompson, CPA

No one likes to think about death.  Except perhaps for the family-owned funeral home, but they have a very good reason for this.  Contemplating our mortality is unpleasant, and is made more complicated when our passing involves both personal assets and a family business.  You and your employees work very hard to make your family-owned business profitable; it would be a shame to lose much of this to taxes when the owner passes.  This […]

Family Business Financing Methods and Favorable Capital Gains Rates

Posting by Joel C. Susco, CPA

It has been a very busy few years.  Our firm has had the opportunity to participate in a number of interesting transactions involving the transfer of an ownership interest in a variety of entities.  The need and desire to maintain the viability of an entity and continual existence is on the forefront of every owner’s mind.  It is critical that a well-structured and properly-executed agreement be drafted.  In some instances, the need for adequate […]