Business Owners

Will Grantor Trusts Become Extinct? by Jeffrey M. Mutnik, CPA/PFS

Posted on October 14, 2021 by Jeffrey Mutnik

If and when Congress passes a law reforming the tax code, there is a general expectation that taxes will increase, and some commonly used estate planning strategies will be added to the endangered species list. Among the tools being targeted are irrevocable grantor trusts, which have long enabled grantors to remove appreciating assets from their […]

Properly Titling Trustees’ Signatures Can Protect Their Assets by Jeffrey M. Mutnik, CPA/PFS

Posted on September 24, 2021 by Jeffrey Mutnik

When individuals sign legal documents, including personal checks, contracts, tax returns, etc., they generally are not required to add any language explaining who they are. Their names alone satisfy the legal requirements for validating those documents. However, when those people are also officers of corporations or managers of partnerships or LLCs, they usually include their […]

Work Opportunity Tax Credits Can be a Win-Win for Employers Facing Staffing Shortages by Karen A. Lake, CPA

Posted on September 16, 2021 by Karen Lake

Despite a strong economic recovery since the start of the COVID-19 pandemic, businesses of all sizes are struggling to find and hire ample staff to keep up with demand. For some, relief has come by expanding their pool of potential employees to include veterans, ex-felons and other individuals who typically face significant barriers to employment. […]

Your Businesses May Be Missing Out on R&D Tax Credits by Karen A. Lake, CPA

Posted on September 08, 2021 by Karen Lake

The federal research and development (R&D) tax credit is one of the most valuable tax incentives while also being one of the most misunderstood. Contrary to popular belief, eligibility is not limited to businesses that employ scientists, develop cutting-edge products or make groundbreaking discoveries. Rather, it may apply to businesses, large and small, in a […]

What is Representations and Warranties Insurance? by Daniel S. Hughes, CPA/CFF, CGMA, CVA

Posted on August 31, 2021 by Daniel Hughes

Representations and warranties insurance (RWI) is becoming an increasingly common and required tool to expedite M&A transactions, bridge gaps in deal negotiations and reduce buyers’ and sellers’ risks of financial losses after deals close. At the most basic level, representations are the assertions sellers make about their companies, those entities’ financial positions and past and […]

Exposing Financial Statement Fraud by Richard Pollack, CPA

Posted on August 17, 2021 by Richard Pollack

It has been almost 20 years to the day that one of the country’s largest publicly traded companies filed for bankruptcy protection amid what continues to be cited as one of the largest accounting frauds in history. However, since the collapse of Enron and subsequent enactment of legislation to prevent similar scandals, corporate fraud and […]

Mega Backdoor Roths Can Help 401(k) Participants Supersize Retirement Savings by Jeffrey M. Mutnik, CPA/PFS

Posted on August 13, 2021 by Jeffrey Mutnik

Employer-sponsored 401(k) plans are excellent vehicles for individuals to save for retirement during their prime earning years. Annual contributions made today with pretax dollars grow tax-deferred until you reach retirement age, when the distributions you take are treated as taxable ordinary income. However, even if you are diligent and contribute the maximum allowable amount to […]

Good Tax Planning Starts with Good Recordkeeping by Rick D. Bazzani, CPA

Posted on August 02, 2021 by Rick Bazzani

It is not uncommon to blindly toss documents received throughout the year into a drawer, never to be seen again until it comes time to file your tax returns. This process, however, is not ideal for year-round tax planning, which is critical for tax efficiency and wealth preservation. Instead, take the time now to establish […]

Commercial Real Estate Owners Have a Limited Time to Appeal their 2021 Property Tax Assessments by John G. Ebenger, CPA

Posted on July 26, 2021 by John Ebenger

Commercial property owners in Florida will soon receive Truth in Millage (TRIM) notices indicating the county’s appraised market value of their real estate and the estimated property taxes they can expect to pay for the year. Although it is not uncommon for landlords and developers to ignore these estimates in anticipation of receiving a final […]

Detecting Fraud in Bankruptcy Proceedings by Richard A. Pollack, CPA

Posted on July 20, 2021 by Richard Pollack

According to the Administrative Office of the U.S. Courts, the total number of bankruptcy filings in 2020 decreased nearly 30 percent from the prior year, despite the impact of the COVID-19 pandemic. By contrast, the total number of Chapter 11 reorganization filings during the same period increased 18.7 percent from 2019, while the number of […]

Category: Business Owners