Category: Finance


Some Taxpayers Exempt from Passive Foreign Investment Companies (PFIC) Reporting by James W. Spencer, CPA

Posted on January 15, 2015 by Jim Spencer

The IRS recently eliminated reporting requirements for certain U.S. persons who hold stock in Passive Foreign Investment Companies (PFICs) that is marked-to-market (MTM) under Internal Revenue Code 1296. According to the IRS, a PFIC is any foreign investment vehicle for which either 75 percent or more of its gross income is passive or more than […]

Five Strategies for Responding to IRS Audits by Edward Cooper

Posted on August 07, 2014 by Edward Cooper

When taxpayers receive notice from the Internal Revenue Service (IRS) advising them that the agency has selected them for an audit, reactions can range from slight anxiety to pure terror. Before diving headfirst into panic mode, taxpayers should consider that an IRS examination is not an investigation into alleged criminal activity. More often, it is […]

New Revenue Recognition Standards Released

Posted on July 07, 2014 by Richard Berkowitz

All businesses that enter into contracts with customers to sell goods and services will need to start preparing now for new revenue recognition standards that will take effect beginning in 2016 for public companies, and 2017 for privately held entities. This includes companies in the real estate, construction, software, telecommunication, manufacturing and distribution industries   […]

Why Your Trust Needs Fiduciary Accountings by Rick Bazzani

Posted on May 30, 2014 by Rick Bazzani

The role of the trustee is integral to the successful maintenance and protection of assets held in trust. He or she is responsible for carrying out the fiduciary responsibilities entrusted to them, including making prudent investment decisions and meeting the wishes specified by the grantor to distribute the trust assets as specified in the trust […]

401(k) Plans Can Land Employers in Court by Sean Deviney

Posted on May 05, 2014 by Richard Berkowitz

Since 2010, the U.S. Department of Labor has issued a litany of regulatory updates designed to improve transparency and fiduciary responsibilities relating to the management of 401(k) plans. As a result, employers who sponsor these defined-contribution plans face more challenging compliance requirements as well as increased scrutiny of their financial stewardship over employee’s investments. In […]

Choosing the Right Valuation Method Can Minimize Future Conflicts Related to Buy-Sell Agreements by Richard Pollack

Posted on May 01, 2014 by Richard Pollack

A transfer of business ownership typically follows a triggering event, such as the death, disability, termination or retirement of a shareholder. In each of these circumstances, disputes can arise from the conflicting goals of all involved parties. Resolving these tensions at the time of transfer can prove costly and time consuming and may even result […]

Is Your Business Missing Out on Tax Breaks for Overseas Sales? By James W. Spencer

Posted on April 11, 2014 by Jim Spencer

According to Enterprise Florida, exporting is big business in Florida. With more than 58,000 Florida-based companies exporting products and services that account for 20 percent of all U.S. exports, the state is home to the second highest number of exporters in the country. In 2012, the Miami-Fort Lauderdale region ranked sixth among the country’s export […]