FinCEN Form 114 Due Date Change


Post By Jobe Dupre

Are you a U.S. person with a financial interest in or signature authority over a foreign financial account? In other words, do you have or have authority over a bank account in a foreign country? If so, you should be aware of the foreign reporting required, specifically the filing of FinCEN Form 114.

If the aggregate value of this foreign financial account exceeds $10,000 at any time during the year, you must file a FinCEN Form 114. Prior […]

IRS Releases Income Thresholds, Benefit And Contribution Amounts For 2017

Post by: Veronica Calvo

For 2017, the cost-of-living adjustments increased the dollar limitations on benefits and contributions. The amounts are listed below per type of retirement plan.

Cost Of Living Adjustments


IRA Contribution Limit | $5,500
IRA Catch-Up Contribution (Age 50+) | $1,000

 401(k), 403(b), Profit-Sharing Plans, etc.                  

Elective Deferrals | $18,000
Catch-up Contributions (Age 50+) | $6,000


SEP Maximum Contribution | $54,000


457 Elective Deferrals | $18,000

The IRS also made changes to the phase-out income thresholds for taxpayers who contribute […]

Charitable Contributions: Substantiation and Disclosure Requirements

Posting by: Richard L. Ruvelson

Many individuals will be writing checks or making gifts of appreciated investment property to their family foundations or other charitable organizations over the next few days in anticipation of year end. If the gifts are being made to publicly supported charities with established giving programs and infrastructure, including donor advised funds, it is likely that the donors will receive a written acknowledgement of their gifts within a short period of time, well in advance of […]

Preserving Wealth

Unidentified risks are a far greater threat to your wealth than tax. While tax may threaten a percentage of your wealth, poorly identified risks can destroy it all. This doesn’t just mean the asset risks within your investment portfolio, such as the proportion of government bonds to shares, or whether you have too much money tied up in junk bonds, but the whole financial context of your life, especially if you’re a business owner. Those who aim to preserve […]

Managing Growth

After all the planning that went into starting your business, the time has come to build on all that research and analysis investment to sustain short-term success well into the future. How long has it been since you revisited your business plan? Do your financial statements provide insights into the health of your business? How do you identify employees who can take on routine and managerial responsibilities, freeing you to envision what issues or trends affect your business expansion? […]

The Gray Areas of Estate Planning for a Family Business

Posting by Joel C. Susco, CPA

Estate planning is a daunting task for most anyone, but estate planning if you are a family business owner is usually twice as difficult. So much must be considered: the estate plan needs to address the equitable division of assets among the heirs while minimizing the impact of estate, gift and income taxes, not to mention the succession of business leadership, coupled with the conflicting goals of inheriting family members. This process is further […]

Estate Planning Checklist: A Guide for Families and Family-Owned Businesses

Posting by Joel C. Susco, CPA

Often when we give a gift we look at the recipient to watch his/her expression. We hope to see eyes widen with delight and a smile form as he/she open that especially chosen item. We look to the recipient to be happy with our choice.

One of the best gifts you can leave your family is an estate that is well-organized, with clear instructions on what is to happen upon your death. To aid in […]


Jobe Dupre’, CPA

If you placed bets on this past weekend’s Kentucky Derby, you are either celebrating your good fortune or kicking yourself for making the wrong bet. Either way, as with most things in life, there are tax implications. Yes, that’s right, your gambling winnings are considered taxable income. But, if you lost, take heart – you may be able to deduct your losses.
Are Gambling Winnings Taxed?
If you’ve won enough in your gambling exploits, the payer must provide Form […]

Type of Trusts: Estate Planning for Your Family

Posting by Joel C. Susco, CPA, Principal

Trusts are an important component of estate planning, as they allow you to preserve your wealth for future generations. There are many different types of trusts (an almost overwhelming amount); your unique family and financial situation, and your goals, will help determine which trust is best for you and your heirs.
Revocable vs. Irrevocable Trusts
Before we provide an overview of the main types of trusts, it is important to note this overall distinction and […]

5 Strategies for Effectively Managing Cash Flow for Your Start-Up

Posting by Geoffrey Brown, CPA

Starting a business is fraught with many potential pitfalls, but there is one important area of focus that can help you avoid those pitfalls and grow your business: cash flow. By managing cash flow and treating cash as if it’s a finite asset, you can avoid some of the common pitfalls facing start-ups.

Here are five basic steps to help you manage your company’s cash and build a foundation for a profitable business:

Establish Goals. Every start-up […]