Monthly Archives: June 2016

7 Facts to Know about the Adoption Tax Credit by Joanie B. Stein, CPA

Posted on June 30, 2016 by Joanie Stein

Families that plan to adopt a child in 2016 may qualify for a $13,460 nonrefundable tax credit to recoup some of the costs they incurred, depending on the adoptive family’s income and the expenses they incur. Following are seven facts to know about the federal adoption tax credit: The credit is subject to income limitations, […]

How to Maximize Health Savings Accounts for Retirement Spending by Adam Cohen, CPA

Posted on June 23, 2016 by Adam Cohen

Taxpayers who participate in high-deductible health plans are permitted to make tax-deductible contributions to health savings accounts (HSAs) to cover the costs of qualifying medical expenses. The current pre-tax contribution limits are $3,350 for individuals and $6,750 for family coverage, which will increase $50 for individuals and remain the same for family plans in 2017. […]

What the New Overtime Pay Rules Means to Your Business by Thomas L. Smitha, JD, CPA

Posted on June 20, 2016

On May 17, 2016, President Obama and the Department of Labor announced a significant update to the Fair Labor Standards Act (FLSA) by extending overtime pay to a broader base of eligible employees. Under the new rules, which go into effect on December 1, 2016, the threshold at which full-time employees would qualify for overtime […]

The Reality of Investing: A Look into Behavioral Finance by Shane Phillips, CFA, CAIA

Posted on June 16, 2016 by Richard Berkowitz

Most versions of economic and finance theory take the approach that humans are rational and will make the best decisions given their specific circumstances. Unfortunately, theory is not reality. In reality, humans often make irrational decisions. Often, these choices are influenced by psychological factors that can be explained through the study of behavioral finance.   […]

Individuals with Foreign Assets Face June 30 FBAR Filing Deadlines by Tony Gutierrez, CPA

Posted on June 14, 2016 by Anthony Gutierrez

  Federal tax laws require U.S. citizens and resident aliens to report and pay taxes on their worldwide income.  As a U.S. person, you are also required to report certain details about your financial interest in or signatory authority over foreign financial account.   A foreign financial account includes a bank account, brokerage account, mutual fund, trust, […]

Understanding the Value in Business Valuations by Daniel Hughes, CPA/CFF, CGMA, CVA

Posted on June 09, 2016 by Daniel Hughes

There are many times during a business’s lifecycle when a valuation will be required to measure the entity’s realistic economic worth at the present time, historically or into the future. Examples can include situations involving litigation or a corporate dispute, a loan request, succession planning or a business purchase, sale or merger.  Additionally, because a […]

Businesses Face New Guidelines in Applications for Accounting Method Changes by Angie Adames, CPA

Posted on June 08, 2016 by Angie Adames

The IRS recently updated guidance regarding how certain businesses may obtain consent to change their methods of accounting through Form 3115, Application for Change in Accounting Method.  The automatic accounting method changes apply to Forms 3115 filed on or after May 5, 2016, for a year of change ending on or after Sept. 30, 2015.   Application of […]