Archive

Monthly Archives: July 2017

Save on Back-to-School Supplies during Florida’s August Sales Tax Holiday by Karen A. Lake, CPA


Posted on July 31, 2017 by Karen Lake

Florida families preparing for the beginning of another school year should plan their back-to-school shopping during the state’s sales tax holiday weekend, which runs Friday, August 4, through Sunday, August 6. Public schools in Miami-Dade and Broward counties begin on August 21, and one week earlier for Palm Beach County. During the sales-tax holiday, Florida […]

6 Financial Lessons after Landing your First Job by Joanie B. Stein, CPA


Posted on July 25, 2017 by Joanie Stein

Congratulations! You graduated college, secured a job, and are entering the real world of financial independence. Before forging ahead and spending your first paycheck, you should take some time to understand some basic lessons in financial responsibilities that you probably did not learn in school. Lesson 1: You Owe the Government Money In general, any […]

It’s Always a Good Time for Tax Planning by Jack Winter, CPA/PFS, CFP


Posted on July 24, 2017 by Jack Winter

Individual and business taxpayers erroneously believe that once they file their returns in April, they can put those documents away in a file cabinet and ignore them until the following year. The fact is that the information contained in an annual tax return can provide an abundance of information about your current financial health and […]

Consider 754 Elections for Immediate Impact when Selling, Buying or Liquidating Partnership Interest by Dustin Grizzle – UPDATED


Posted on July 21, 2017 by Dustin Grizzle

    The sale, exchange or liquidation of partnership interest in appreciated property, such as real estate, is a common occurrence among partners and members of partnerships and LLCs taxed as partnerships. Whether due to disagreements among the partners, the death or divorce of a partner, or the addition of new partners, these transactions can […]

First Steps to Tackling the New Model for Revenue Recognition by Christopher Cichoski, CPA


Posted on July 20, 2017 by Christopher Cichoski

Businesses large and small and across virtually all industries face a perfect storm of financial reporting compliance challenges to contend with in the coming months. On the near horizon are the new revenue recognition standards, which go into effect for public companies, employee benefit plans and certain not-for-profit entities beginning after Dec. 15, 2017, and […]

Are your Workers Employees or Independent Contractors? Making the Wrong Decision can be Damaging by Cherry Laufenberg, CPA


Posted on July 13, 2017 by Cherry Laufenberg

Despite the Department of Labor’s recent retraction of the prior administration’s narrow interpretation of the Fair Labor Standards Act (FLSA), businesses must remain vigilant in upholding the underlying law that requires proper classification of workers as either employees or independent contractors. Failure to do so can put businesses at risk of legal exposure, severe penalties […]

Surviving Spouses have More Time, Less Complex Method for Electing Portability of a Deceased Spouse’s Unused Estate Tax Exemptions by Jack Winter, CPA/PFS


Posted on July 11, 2017 by Jack Winter

  The IRS recently issued guidance that provides widows and widowers with an easier and less costly method to transfer a deceased spouse’s unused estate and gift tax exclusion to themselves. Making this portability election essentially allows surviving spouses to protect double the amount of assets from federal estate and gift tax liabilities during their […]

IRS to Require Certain Taxpayers to Begin Paying User Fees Electronically in August by Andreea Cioara Schinas, CPA


Posted on July 07, 2017 by Andreea Cioara-Schinas

Beginning on August 15, 2017, taxpayers who request letter rulings, closing agreements and certain other rulings from the Internal Revenue Service will have no other option than to make user fee payments electronically using the federal government’s Pay.gov system.  Previously, these taxpayers were permitted to pay user fees by check or money order.   Affected […]