Monthly Archives: December 2013

Factors Affecting Discounts in Valuing Asset-Holding Companies By Sharon F. Foote, ASA CFE

Posted on December 30, 2013 by Scott Bouchner

Asset-holding companies are generally described as entities that possess assets such as real estate, marketable securities, notes or loans receivable, and/or interests in other entities. These entities may take the form of a corporation (S or C), a limited liability company, a general partnership or a limited partnership. Valuation professionals are often asked to determine […]

IRS Updates Standard Mileage Rates for 2014

Posted on December 23, 2013 by Richard Berkowitz

The IRS recently released new standard mileage rates for 2014 that are one-half cent less than 2013 rates. Beginning Jan. 1, 2014, taxpayers may use the following calculations to deduct the costs of using a car, van or truck for business, medical and moving expenses: 56 cents per mile for business miles driven 23.5 cents […]

It’s Not Too Late for End-of-Year Tax Planning by Joseph L. Saka

Posted on December 20, 2013 by Joseph Saka

While end-of-year shopping and celebrations may be a distraction, now is also a good time for individuals to step back, review their finances and see if there are any last-minute strategies to minimize their tax liabilities for 2013.   Max out contributions to tax-deferred retirement plans. By contributing to retirement plans, taxpayers not only save […]

Taxpayers Should Not Overlook the Many Benefits of End-of-Year Charitable Giving by Adam Cohen CPA

Posted on December 18, 2013 by Adam Cohen

Year-end giving is a perfect way to ring in holiday cheer and help those in need while also providing donors with favorable tax benefits. Before opening their hearts and wallets, taxpayers should consider the following tips. Research the Charity. According to Charity Navigator, the nation’s largest evaluator of charities, donors should focus year-end giving on […]

IRS Announces Annual Limits for Retirement Plans in 2014

Posted on December 13, 2013 by Richard Berkowitz

IRS Announces Annual Limits for Retirement Plans in 2014     Type 2014 Contribution Limit Catch-Up Contributions for Taxpayers 50 and Older 401(k), 403 (b) and 457 Deferral Limit $17,500 $5,500 SIMPLE Deferral Limit $12,000 $2,500 IRA Contribution Limit $5,500 $1,000 Compensation Limit $260,000 n/a     Health Savings Account Contribution Limits 2014 Limit Catch-Up […]

Cost Segregation Studies Can Offset Tax Liability by John G. Ebenger

Posted on December 10, 2013 by John Ebenger

Property owners and tenants can benefit from the accelerated depreciation benefits associated with a cost segregation study. This valuable strategy can prove to be a useful tool to offset tax liability in the early years of ownership. The IRS provides guidance on how commercial and residential properties must be depreciated over a period of 39 […]

New Financial Reporting Framework Provides Options Small- and Medium-Sized Businesses by Robert Aldir

Posted on December 05, 2013 by Robert Aldir

Currently, generally accepted accounting principles in the United States (U.S. GAAP) do not provide separate implementation and adoption requirements for public and nonpublic entities. As a result, in recent decades there has been a growing voice of concern from nonpublic entities and their stakeholders for a financial reporting framework that is better tailored to meet […]

The Challenges and Opportunities Businesses Face with the New Final Tangible Property Repair Regulations by Andreea Cioara Schinas

Posted on December 02, 2013 by Andreea Cioara-Schinas

Following seven years of temporary proposals and commentary, the IRS recently released final regulations governing the tax treatment of expenditures related to tangible property. According to the IRS, these long-anticipated regulations will affect more than 4 million taxpayers who own or lease buildings, equipment, machinery or other tangible property. While the framework intends to simplify […]