Monthly Archives: November 2013

IRS Plans to Step Up Audits of Small Business Partnerships

Posted on November 19, 2013 by Joseph Saka

A recent article in Accounting Today reported that the head of the Internal Revenue Service’s Small Business Unit has announced that the group is expected to move from focusing on audits of small corporations to partnerships. During a speech at the American Institute of CPAs’ National Tax Conference in Washington, D.C., last week, Faris Fink, […]

The Portability of Estate Tax Exemptions Can Help Couples Conserve Wealth by Eric Zeitlin

Posted on November 13, 2013 by Richard Berkowitz

The individual exemption from federal estate tax, $5 million plus an adjustment for inflation, has become mobile. Any unused portion of this exemption previously died with the decedent. Now this long-stationary tax benefit is “portable” between spouses. Under the American Taxpayer Relief Act of 2012, surviving spouses can add to their own individual exemption from […]

Valuable Art Can Expose Heirs to Estate Tax Rates Up To 40 Percent by Joseph L. Saka

Posted on November 07, 2013 by Joseph Saka

One picture may be worth a thousand words, but without proper documentation, artwork appraisals for tax purposes are subject to rejection and revision by the Internal Revenue Service. Putting reliable appraisal numbers on tax returns is critical for tax compliance. Only what the IRS considers a “qualified appraisal” is sufficient to justify taxpayer claims of […]

Assurance and Attest Services Can Improve the Reliability of Financial Statements by Robert C. Aldir

Posted on November 04, 2013 by Robert Aldir

Critical to a business’s growth and success are the validity and relevance of its financial statements. Not only can financial information confirm a business’s operating efficiency, it can also provide a credible picture of the organization’s financial position. This gives lenders, creditors, investors and other stakeholders a way to make informed decisions regarding the extent […]