Monthly Archives: June 2017

California Court Limits Application of State’s Franchise Tax on Certain Out-of-State Businesses by Karen A. Lake, CPA

Posted on June 29, 2017 by Karen Lake

A recent decision by the California Superior Court limits the economic nexus the state may assert over certain pass-through entities that have a presence in the state and provides qualifying entities with an opportunity to file a claim for a refund of a previously paid California franchise tax.   The matter of Swart Enterprises, Inc. […]

Upcoming 2017 Tax Deadlines

Posted on June 23, 2017 by Richard Berkowitz

July 31:                        Deadline for calendar-year Employee Benefit Plan sponsors to file Forms 5500, 5500-EZ or 5500-SF, Annual Return/Report of Employee Benefit Plan, or receive an automatic extension to file on November 15 July 31:                        Due date for businesses to file 2nd quarter 2017 payroll tax returns and federal unemployment tax September 15:            Due date for […]

Partnerships Must Adapt to New IRS Audit Rules, Liabilities at the Entity Level

Posted on June 23, 2017 by Richard Berkowitz

For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level.  Since TEFRA’s enactment, partnerships have proliferated […]

Reasonable Compensation and Its Effect on the Value of a Business by Scott Bouchner, CMA, CVA, CFE, CIRA, and Sharon F. Foote, ASA, CFE

Posted on June 20, 2017 by Scott Bouchner

Over the next two decades, millions of business owners will sell or transfer several trillion dollars’ worth of privately held business assets. Proper valuations of these entities using an asset approach, an income approach and/or a market approach will provide worthwhile information to both buyers and sellers. However, when using the income or market approaches […]

Forensic Interview Techniques are Key to Uncovering Financial Crimes by Richard A. Pollack, CPA

Posted on June 08, 2017 by Richard Pollack

This article originally appeared in Daily Business Review.  Attorneys involved in forensic investigations are well-versed in the finer points of gathering information and conducting interviews that can uncover the truth from the most reluctant and guarded sources. Careful preparation and planning goes a long way toward building trust and rapport with interviewees, recognizing their verbal […]

IRS Announces 2018 HSA Contribution Limits by Adam Cohen, CPA

Posted on June 05, 2017 by Adam Cohen

Taxpayers who participate in high-deductible health insurance plans will receive a minimal increase in the amount of pre-tax dollars they may contribute from payroll deductions into Health Savings Accounts (HSAs) in 2018. The IRS recently announced that the annual HSA contribution limit in 2018 will be $3,450, compared with $3,400 in the current year. For […]