Monthly Archives: January 2016

Be Prepared for Stricter Scrutiny of Employee Benefit Plans in 2016 by Lisa Interian, CPA

Posted on January 25, 2016 by Lisa Interian

Sponsors of employee benefit plans will need to take on more responsibilities to keep up with heightened regulatory scrutiny in 2016. Included in a list of priorities recently issued by the Internal Revenue Service (IRS) is a narrow focus on internal compliance controls of the “operation and form” of employer-sponsored retirement plans. According to the […]

IRS Lowers Standard Mileage Rates for 2016 by Kenneth J. Strauss, CPA/PFS, CFP

Posted on January 22, 2016

The IRS has reduced the optional standard mileage rate for employees and self-employed taxpayers who use their cars for business use in 2016 to 54 cents per mile, down from 57.5 cents in 2015. Similarly, as gas prices have declined, so too has the deductible costs for mileage taxpayers drive for medical and moving purposes. […]

The 4 Cs of Financial Advisor Credentials by Todd Moll, CFP, CFA

Posted on January 21, 2016 by Richard Berkowitz

Some financial advisors have so many acronyms attached to their names, it is often difficult for consumers to understand what those credentials represent. Deciphering this alphabet soup of designations and weeding out those that are mere marketing tools is but one step consumers should take when selecting a financial planning advisor. More importantly, consumers should […]

Non-Profits Must be Aware of Nexus-Creating Activities to Minimize State Tax Risks by Karen A.. Lake, CPA

Posted on January 15, 2016 by Karen Lake

An organization that qualifies for tax-exempt status on the federal level is not necessarily exempt from taxes on the state level. In fact, as state and local governments continue to step up their attempts to fill budget gaps, their attention has increasingly turned to non-profits and the taxable income these organizations generate within their geographic […]

Best Practices for Protecting Financial Information Online by Joseph L. Saka, CPA/PFS

Posted on January 13, 2016 by Joseph Saka

The Internal Revenue Service, in partnership with state taxing authorities, and tax preparation and processing firms, have stepped up their efforts to protect taxpayers against the rising incidences of tax-related identity theft and fraud. As a part of the new “Taxes, Security. Together.” initiative, the group is urging taxpayers to adopt the following best practices […]

IRS Raises De Minimis Safe Harbor Tangible Property Expensing Threshold by Angie Adames, CPA

Posted on January 08, 2016 by Angie Adames

Responding to an influx of comments and requests from small businesses and accounting industry professionals, the IRS has raised the expensing limit that businesses without applicable financial statements (AFSs) may deduct for costs associated with the acquisition, production, improvement, repair and/or maintenance of assets used in a trade or business.   Effective for tax years […]

Updated: Businesses Face a Mountain of Reporting Requirements in 2016 under the ACA by Adam Cohen, CPA

Posted on January 07, 2016 by Adam Cohen

Time has run out for businesses with more than 100 full-time-equivalent employees (FTEs) to comply with the provisions of the Affordable Care Act (ACA), also referred to as Obamacare. During 2015, these employers were required to provide minimum essential health insurance coverage to 70 percent of their full-time workforces (and dependent children under the age […]

Estate Planning Tips for Blended Families by Kathleen Marteney, CRPC

Posted on January 05, 2016 by Richard Berkowitz

When second marriages result in the blending of two families, a complicated financial picture may emerge. Couples coming into a second or third marriage bring with them ex-spouses, children from previous relationships and financial responsibilities, assets and liabilities that may carry deep emotional attachments.   Addressing these delicate issues from the onset will help newly blended […]