Archive

Monthly Archives: November 2014

Development-Stage Businesses Face Simpler Reporting Requirements by Christopher Cichoski, CPA


Posted on November 26, 2014 by Christopher Cichoski

Development-stage businesses traditionally have been burdened with financial reporting requirements that exceed those of more established companies.  However, in June 2014, the Financial Accounting Standards Board (FASB) recognized the challenges faced by these growing entities and issued Accounting Standards Update (ASU) 2014-10: Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an […]

Pre-Immigration Planning: Understanding U.S. Income Tax Residency Status by Joseph L. Saka, CPA/PFS


Posted on November 24, 2014 by Joseph Saka

Immigration laws in the United States differ from tax laws, which require individuals to report and pay income taxes based upon the government’s classification of their residency status. While it is not uncommon for an individual to live in the U.S. for a significant amount of time without establishing residency for tax purposes, identifying when […]

IRS Eases Reporting Requirements for Canadian Retirement Plans by Adam Cohen, CPA


Posted on November 17, 2014 by Adam Cohen

Effective Oct. 7, 2014, U.S. citizens and resident aliens who hold interest in Canadian Registered Retirement Savings Plans (RRSPs) and/or Registered Retirement Income Funds (RRIFs) will get more favorable tax treatment and simplified reporting requirements from the IRS.   Under a decades-old income tax treaty between the U.S. and Canada, income that accrues in a […]

5 Keys to Effective Succession Planning by Richard A. Berkowitz, JD, CPA


Posted on November 13, 2014 by Richard Berkowitz

Growing family-owned businesses demands years of constant attention and consistent nurturing. Owners take on these responsibilities proudly to grow what will often become their largest assets. Unfortunately, it is the rare owner who puts equal amount of thought and care into how he or she will transfer ownership of the business upon his or her […]

‘Tis the Season for Annual Benefit Plan Notices by Sean Deviney, CFP


Posted on November 05, 2014 by Richard Berkowitz

The fourth quarter is an important time of year for businesses that administer 401(k) plans on behalf of their employees. Among their fiduciary responsibilities under the Employee Retirement Income Security Act of 1974 (ERISA), plan sponsors must distribute to plan participants important notices detailing relevant information that helps participants make informed decisions about their retirement […]

Tips for Making Estimated Tax Payments by Dustin Grizzle (updated)


Posted on November 03, 2014 by Dustin Grizzle

U.S. taxes are based on a pay-as-you-go system for which individuals are required either to have taxes withheld from their paychecks if they are employees, or to make estimated tax payments directly to the IRS throughout the year. These quarterly tax payments typically apply to self-employed taxpayers, who are also subject to a self-employment tax, […]