Monthly Archives: September 2015

Sponsors of 401(k) Plans Must Heed Supreme Court Warning by Sean Deviney, CFP

Posted on September 30, 2015 by Richard Berkowitz

A recent U.S. Supreme Court decision reaffirmed that the fiduciary duty of employers sponsoring 401(k) plans extend beyond the six-year statute of limitations. In its unanimous decision, the court ruled that 401(k) fiduciaries must monitor investments, dispose of inappropriate assets and minimize management fees on a continuous and regular basis. According to the court, “an […]

The Taxes of Starting and Maintaining a Non-Profit by Tabitha Branch, CPA

Posted on September 28, 2015

Each day, a need in the community is identified that is not already being met or a problem arises that requires public attention, funding and non-financial support to solve. Sometimes, these problems are so large that individuals consider creating a separate organization to solicit public backing. Forming a non-profit provides an organization with the ability […]

Real Estate Developers and Construction Firms May Be Missing Out on Section 199 Deduction Opportunities, by Karen A. Lake, CPA

Posted on September 24, 2015 by Karen Lake

While the Section 199 domestic manufacturing deduction has been in effect since 2005, few real estate developers and construction contractors understand if they qualify for the deduction and how they may realize the significant tax benefits associated with it.   Under the Internal Revenue Code, taxpayers actively involved in the trade or business of construction, […]

Facebook Allows Users to Keep their Legacies Alive After Death by Kenneth Strauss, CPA/PFS, CFP

Posted on September 18, 2015

In a technology-driven world, where communication and personal affairs are conducted online as often as offline, it is not uncommon for individuals to forget to include in their estate plans access to their digital assets, including email accounts and social media profiles. To help individuals manage or dispose of their online identities after death, Facebook […]

Non-Profit Organizations Face Stricter Solicitation Rules in Florida by Adam Cohen, CPA

Posted on September 16, 2015 by Adam Cohen

Under Florida’s Charity Reform Law, passed in July 2014, the state’s non-profit organizations face increased scrutiny relating to their fundraising and financial-reporting practices. The law, which aims to root out deceptive and fraudulent charities, establishes a more stringent set of rules to protect against misuse of donor contributions.   To maintain compliance with the law, […]

Health and Human Services Takes Aim at Physician Compensation by Whitney K. Schiffer, CPA

Posted on September 08, 2015 by Whitney Schiffer

The Office of the Inspector General for the Department of Health and Human Services (HHS) is warning physicians to take a closer look at their compensation agreements to ensure compliance with anti-kickback statutes. More specifically, HHS is on the lookout for physicians who enter into compensation arrangements, such as medical directorships with hospitals or other […]

Is Your Business Ready for the New Model of Revenue Recognition? by Christopher Cichoski, CPA

Posted on September 02, 2015 by Christopher Cichoski

In May 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) issued new revenue recognition guidance that will affect substantially all businesses, including those in the real estate, construction, software, telecommunication, manufacturing and distribution industries, as well as certain not-for-profit entities. Privately held companies must implement the guidance for annual reporting […]