Monthly Archives: December 2014

Prepare for Local Minimum Wage Increases in 2015 by Kenneth Strauss, CPA/PFS, CFP

Posted on December 31, 2014

With the close of 2014, employers should be prepared to address minimum wage increases in Florida and other states where they may employ workers during the year.   While the federal minimum wage for non-federal contract workers remains at $7.25 per hour, hourly wages in 23 states will increase in 2015.   For example, on […]

Steps to Prevent and Detect Business Fraud by Steve Nouss, CPA

Posted on December 29, 2014 by Steve Nouss

Corporate fraud is an undiscriminating epidemic that occurs in large, multi-national companies equally as often as it does within small, entrepreneurial businesses. Unfortunately, there is no one magical solution businesses can employ to protect themselves from these schemes over the long term. However, there are opportunities for businesses of all sizes to plan ahead and […]

Congress Extends Expired Tax Provisions for 2014 by Karen A. Lake, CPA

Posted on December 17, 2014 by Karen Lake

On December 16, Congress approved an extension of the tax provisions that expired at the end of 2013. These tax extenders provide individuals and businesses with 54 tax incentives that they may apply to their 2014 tax returns. Following are some of the provisions of the Tax Increase Prevention Act of 2014 (HR 5771):   […]

Required Retirement Plan Distributions Deadline Approaching for Taxpayers over 70 ½ by Jack Winter CPA/PFS, CFP

Posted on December 16, 2014 by Jack Winter

Taxpayers born before July 1, 1944, must take the annual required minimum distributions (RMD) from their traditional IRAs, SEP IRAs, SIMPLE IRAs, 401(k), 403 (b) and 457(b) retirement plans by December 31, 2014, or risk a penalty of 50 percent of the undistributed amount.   The RMD obligation also applies to beneficiaries of eligible retirement […]

Last-Minute Tax Tips for Charitable Giving by Adam Cohen, CPA

Posted on December 12, 2014 by Adam Cohen

With just weeks left until the end of the year, taxpayers have one last opportunity to reduce their 2014 tax bill while helping others. Making charitable donations now to qualified non-profit organizations will allow some taxpayers to deduct those donations dollar for dollar on their income tax returns in April, subject to limitations. The tax […]

Tax Extenders Await Senate Vote by Karen A. Lake, CPA

Posted on December 10, 2014 by Karen Lake

On December 3  the House approved the Tax Increase Prevention Act of 2014 (HR 5771), which provides a one-year extension on a set of tax incentives that expired in 2013. Included in the bill are deductions for higher education tuition and state and local sales tax as well as tax credits for research and production. […]

Can You Spot Fraud in Your Business? by Richard S. Fechter, JD, CAMS

Posted on December 09, 2014 by Richard Fechter

Occupational fraud is on the rise. According to the Association of Certified Fraud Examiner’s (ACFE) 2014 Report to the Nation on Occupational Fraud and Abuse, the average business loses more than 5 percent of revenue each year to fraudulent activities. Moreover, the longer these deceptive practices go undetected, the greater the loss the business suffers […]

IRS Increases Retirement Plan Contribution Limits in 2015 by Kenneth J. Strauss, CPA/PFS, CFP

Posted on December 05, 2014

Due to an increase in the cost-of-living index, the IRS is raising many retirement plan contribution limits in 2015, thereby providing taxpayers with opportunities to save more money for the future. Contribution limits to Individual Retirement Plans (IRAs), however, remain unchanged at $5,500 in 2015. Plan Type  2015  2014 401(k), 403(b) and Profit Sharing Elective […]