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Monthly Archives: June 2015

BE-10 Survey Extensions Available – Deadline Approaching


Posted on June 29, 2015 by Jim Spencer

U.S. persons with investments abroad have until midnight, June 30, to request a two-month extension to file an informational BE-10 benchmark survey.  With a properly filed extension request, U.S. individuals, businesses, estates and trusts, and private funds that are new filers for 2014 with more than 10 percent direct or indirect ownership interest in 1 […]

Summer Jobs Offer Students Important Financial Lessons by Joanie B. Stein, CPA


Posted on June 22, 2015 by Joanie Stein

While school is out for summer, students shouldn’t miss out on opportunities to gain a valuable financial education that comes with a summer job. Often, these temporary positions represent a student’s first source of income and their introduction to U.S. tax laws and the benefits of developing a sound savings strategy.   With a paid […]

Got Foreign Affiliates? It’s Time to Report by James W. Spencer, CPA


Posted on June 16, 2015 by Jim Spencer

In an effort to measure the scale of global business activity, the U.S. Commerce Department’s Bureau of Economic Analysis (BEA) conducts quarterly, annual and benchmark surveys that require informational reporting from U.S. individuals, businesses, estate and trusts, and private funds with direct or indirect ownership interest of more than 10 percent in a foreign affiliate. […]

Some Florida Businesses Must File Amended Returns to Comply with Revised Corporate Tax Code by Karen A. Lake, CPA


Posted on June 12, 2015 by Karen Lake

Due to recent revisions to Florida’s Corporate Income Tax Code, Florida-based corporations and/or partnerships that have a corporate partner may be required to amend their 2014 returns to reflect a modified, often higher, taxable income.   Under the bill, signed into law by Governor Rick Scott on May 14, 2015, Florida retroactively decoupled, or disassociated, […]

The Importance of Selecting and Updating Beneficiaries by Scott Montgomery, CLU, ChFC


Posted on June 12, 2015 by Richard Berkowitz

Naming a beneficiary to receive proceeds from a life insurance policy or retirement account is a difficult decision that requires consideration of a range of factors. Because these selections supersede designations contained in one’s will, they are an important step in the estate-planning process that must be addresses with particular care and attention to details. […]

Government Offers Alternative Savings Tool for Special Needs Families by Lee Hediger


Posted on June 10, 2015 by Richard Berkowitz

Historically, Americans with disabilities who held assets valued at more than $2,000 risked losing government benefits, such as Medicaid and Supplemental Security Income, unless they created special-needs trusts. However, with the December 2014 passage of the Achieving a Better Life Experience (ABLE) Act, disabled individuals and their families will soon be able to begin saving […]

You Can Fix Mistakes on Your Tax Returns by Adam Slavin, CPA


Posted on June 09, 2015 by Adam Slavin

Taxpayers who discovered missing information or mistakes on their already-filed federal tax returns need not worry. It is not uncommon to correct these errors by filing an amended return. In fact, the process is quite simple when taxpayers address the following rules. Use IRS Form 1040X, Amended U.S. Individual Income Tax Return Taxpayers must complete […]

IRS Data Breach Impacts More Than 200,000 Taxpayers by Joseph L. Saka, CPA/PFS


Posted on June 05, 2015 by Joseph Saka

More than 100,000 U.S. taxpayers may be victims of identity theft following a recent data breach through the IRS’s online “Get Transcript” application. According to the IRS, criminals gained access to its system by using taxpayer’s social security numbers, birth dates and addresses that hackers had obtained previously. In addition, hackers tried, but failed, to […]

Safeguard Records During Hurricane Season by Joseph L. Saka, CPA/PFS


Posted on June 05, 2015 by Joseph Saka

The start of hurricane season is the perfect time for individuals and businesses to secure their records and begin preparing for potential losses that could result if a storm should strike.   Document Assets Taxpayers should create an inventory of their highly-valued assets, such as jewelry, art and other collectibles, as well as more common […]