For the first time in seven years, the Federal Reserve lifted its pledge of “patience” in raising interest rates. While maintaining a cautious outlook for the future, the Fed’s March 2015 announcement is good news for borrowers looking to take advantage of historically low rates. For investors chasing high-yields, however, the news may not be […]
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 […]
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 […]
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 […]
Posted on June 09, 2014
by
Karen Lake
To sustain financial stability and fill budget gaps left over from the recession, states across the country are continuing to look for new ways to generate tax revenue. Introducing new legislation and stepping up enforcement of existing state and local taxation (SALT) laws are just the tip of the iceberg in the aggressive steps that […]
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 […]
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 […]
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 […]
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 […]
Posted on March 31, 2014
by
Karen Lake
It took just eight hours for the Florida Department of Revenue to allocate the entirety of $9 million in available research and development tax credits to Florida businesses on March 20, 2014. Each year, the Department of Revenue selects one day to activate a first-come-first-serve online application for state-based businesses to apply for research […]
