Archive

Monthly Archives: February 2016

Manage Identity Theft with Expert Assistance by Dustin Grizzle


Posted on February 29, 2016 by Dustin Grizzle

Not a day goes by without news of another data breach that comprised consumers’ personal information. Most recently, the IRS detected thieves attempting to access its system in an effort to generate PINs and file bogus tax returns for more than 100,000 taxpayers. Despite the safeguards individuals and businesses employ to protect the personal information […]

5 Tax Considerations when Hiring Domestic Workers by Joanie B. Stein, CPA


Posted on February 23, 2016 by Joanie Stein

Families are often unaware of the tax and legal implication that come with hiring housekeepers, nannies, caregivers, chefs, drivers or other workers that perform services in or around their homes. In fact, hiring someone to help around the home and improve one’s life may actually result in a complex web of tax regulations. Following are […]

Employers Welcome Affordable Care Act Cadillac Tax Delay by Adam Cohen, CPA


Posted on February 18, 2016 by Adam Cohen

Among the provisions included in the recently passed federal spending bill is a two-year delay in the Affordable Care Act’s 40 percent excise tax imposed on employer’s sponsoring high-cost health insurance plans. With the postponement of the so-called “Cadillac” tax, employers who offer health insurance valued at more than $10,200 for individual plans and $27,500 […]

Businesses will Face New Standards for Presenting Deferred Taxes in the Future by Robert C. Aldir, CPA


Posted on February 16, 2016 by Robert Aldir

The Financial Accounting Standards Board (FASB) has issued new accounting methods intended to reduce the complexity businesses encounter when presenting deferred income tax assets and liabilities on their financial statements.   Under the current U.S. Generally Accepted Accounting Principles (GAAP), a business must expend a significant amount of time, effort and costs to separate deferred […]

MLPs do not Play Nicely with IRAs by Jeffrey M. Mutnik, CPA/PFS


Posted on February 15, 2016 by Jeffrey Mutnik

Investing in master limited partnership interests (MLPs) comes with a multitude of traps and foibles, for which investors should keep their eyes wide open. A recent article in The Wall Street Journal describes a common situation that turned into a tax nightmare   because the investors were unaware of the potential for an investment in an […]

Six-Year Deadline for Retirement Plan Sponsors Comes Up in 2016 by Sean Deviney, CFP


Posted on February 11, 2016 by Richard Berkowitz

Businesses that sponsor pre-approved 401(k), profit-sharing or other defined contribution (DC) retirement plans, must sign and adopt restated plan documents that comply with IRS-approved wording by April 30, 2016. Doing so will ensure the plans continue to qualify for tax benefits.   Sponsors of pre-approved prototype and volume submitter retirement plans typically purchase their plans […]

Valuation Dates and Subsequent Events by Sharon F. Foote, ASA, CFE


Posted on February 09, 2016 by Scott Bouchner

One of the key characteristics of a business valuation is that it is the value of a business interest as of a specific point in time. Therefore, establishing the valuation date is of great importance and should be done at the beginning of the information-gathering stage. It is possible that the value of the business […]

Social Security Changes to Know in 2016 by Jeffrey M. Mutnik, CPA/PFS


Posted on February 04, 2016 by Jeffrey Mutnik

  Under the Bipartisan Budget Act of 2015, taxpayers under age 62 will no longer have the ability to take advantage of two popular strategies that once yielded married couples increased Social Security benefits in retirement.   Effective May 2016, married couples will be prohibited from employing the “file-and-suspend” and “restricted application for spousal benefits” […]

Employer’s Duty to Support Retirement Plan Loans and Hardship Distributions by Lisa N. Interian, CPA


Posted on February 01, 2016 by Lisa Interian

There are times when an employee may request a loan or hardship distribution from his or her employer-sponsored retirement account in order to meet an “immediate and heavy” financial need. While these withdrawals are often permissible under the terms of a plan, the IRS and Department of Labor have expressed concern that improper authorization and […]

Pin It on Pinterest