Monthly Archives: November 2017

Don’t Lose Flexible Spending Account Dollars at the Year-End by Adam Cohen, CPA

Posted on November 30, 2017 by Adam Cohen

As 2017 comes to a close, it is time for individuals with Flexible Spending Accounts (FSAs) to understand their responsibilities and potentially take action to use or lose any remaining balance in their FSAs before Dec. 31, 2017.   While FSAs can provide significant tax savings, such as lowering participants’ taxable income and reducing the amount of […]

When is a Building Considered “Placed in Service”? by John G. Ebenger, CPA

Posted on November 29, 2017 by John Ebenger

In order for businesses to take advantage of bonus depreciation on qualified improvement property (QIP), they must first understand how to determine the date that a building is considered to be “placed in service.” In 2015, the PATH Act extended 50 percent bonus depreciation to non-leased QIP that is acquired and “placed in service” after […]

Florida Families Can Plan Now for Child’s Future Education by Joanie B. Stein, CPA

Posted on November 29, 2017 by Joanie Stein

Enrollment in Florida’s Prepaid College Program kicked off on Oct. 15, 2017, continuing the state’s 30-year tradition of helping families save for their children’s future college education. Florida residents have until Feb. 28, 2018, to enroll in the program and lock in today’s lower tuition costs at one of the state’s public universities. Prices for […]

Tax Relief Reminders 2017 by Barry M. Brant, CPA

Posted on November 15, 2017 by Barry Brant

As the 2017 hurricane season comes to an end, reminders of this year’s devastating storms continue to plague cities and people across Florida, Texas and Puerto Rico. However, it is important that individuals and business owners located in federal-declared disaster zones stay mindful of a number of tax relief provisions that are available to them […]

Republicans Unveil Latest Tax Plan by Edward N. Cooper, CPA

Posted on November 13, 2017

House Republicans introduced on Nov. 2, 2017, the details of their plans for overhauling the tax code based on the vision outlined by the president a little over a month earlier. It is not expected that the plan will become the law in its present state, as lawmakers, lobbyists and other interested parties will debate, […]

How Can Real Estate Businesses Prepare for the New Model of Revenue Recognition? by Robert C. Aldir, CPA

Posted on November 10, 2017 by Robert Aldir

The new model for how businesses across all industries will need to recognize revenue from customer contracts in 2018 for public companies and in 2019 for nonpublic companies is a game changer. While privately held companies have an additional year to come into compliance, they must begin preparations now to account for the substantial changes […]

Protect your Business from Remote Access Takeover Attacks by Joseph L. Saka CPA/PFS

Posted on November 07, 2017 by Joseph Saka

The wireless networks, cell phones, routers, printers and other electronics that businesses and their employees regularly use in the office setting could be the weak link to allowing hackers to take over an organization’s entire digital network.  According to the IRS, remote access takeover attacks are on the rise, putting businesses and their data at […]

Treasury Department, IRS Continue to Focus on Small Captive Insurance Companies by Lewis Kevelson, CPA

Posted on November 03, 2017 by Lewis Kevelson

Over the past several years, the Department of the Treasury and the IRS have taken aim at small captive-insurance companies (sometimes referred to as mini- or micro-captives).  While it is legal for businesses to create these structures and self-insure themselves against specific risks, the IRS is concerned about those businesses that structure their small captives […]