Monthly Archives: July 2014

To Pay or Not to Pay Summer Interns by Joanie B. Stein

Posted on July 31, 2014 by Joanie Stein

Businesses around the country get helping hands from college interns during the summer months, often without pay. However, businesses that do not pay their interns can get into hot water if their intern classifications are challenged down the road. That was the case in 2013 when a U.S. District Court ruled against Fox Searchlight Pictures […]

Clarification to the Affordable Care Act’s 90-Day Waiting Period by Adam Cohen

Posted on July 25, 2014 by Adam Cohen

The IRS, Department of Labor and Department of Health and Human Services recently released final guidance clarifying the 90-day waiting period under the employer mandate of the Affordable Care Act, which prohibits health insurers from imposing a waiting period of more than 90 days before offering affordable health coverage to full-time employees. Under the new […]

Incorrectly Classifying Workers Can Result in a Large Tax Bill for Businesses by Ken Strauss

Posted on July 22, 2014

Most businesses understand their responsibilities to pay employment taxes on behalf of their employees. However, determining whether to classify workers as employees or independent contractors is not always so cut and dry. Incorrectly classifying an employee as a contractor can result in the imposition of back taxes and penalties on the business. In the most […]

Why Kids Need A Summer Job – by Joanie Stein

Posted on July 14, 2014 by Joanie Stein

In addition to providing children with an opportunity to earn some extra cash, summer jobs and internships also offer a valuable lesson in savings. Often, these summer positions, whether they be as a cashier at fast-food restaurant or as a members of a formal internship program, represent the first time teenagers and young adults earn […]

IRS Adopts Taxpayer Bill of Rights by Joseph L. Saka

Posted on July 10, 2014 by Joseph Saka

The IRS recently introduced an updated Taxpayer Bill of Rights to communicate more clearly and concisely the rights and responsibilities of taxpayers when dealing with the agency. These 10 protections and privileges include: The Right to Be Informed. Taxpayers have a right to receive information and explanations about IRS procedures and decisions regarding their tax […]

New Revenue Recognition Standards Released

Posted on July 07, 2014 by Richard Berkowitz

All businesses that enter into contracts with customers to sell goods and services will need to start preparing now for new revenue recognition standards that will take effect beginning in 2016 for public companies, and 2017 for privately held entities. This includes companies in the real estate, construction, software, telecommunication, manufacturing and distribution industries   […]

Revenue Recognition Issues and Opportunities for Multi-Family Residential Real Estate Developers by Edward N.Cooper

Posted on July 02, 2014 by Edward Cooper

South Florida’s condo market is booming, thanks in large part to cash-rich buyers who are willing and able to pay pricey deposits prior to and during construction. These deposits on long-term construction contracts present property developers with significant tax-planning challenges and opportunities. Long-Term Construction Contracts (LTCCs) for the building, manufacturing, installation or construction of property […]