New Financial Reporting Service Available Email Peggy The menu of financial reporting services that your CPA can offer has a new addition: preparation of financial statements. Financial statement preparation joins the traditional CPA-provided financial reporting services of compilation, review and audit. The new preparation service allows you to engage a CPA to prepare financial statements,…
When an operating business owner also owns the property the business occupies, it is quite common to hold the property in a separate entity for liability purposes and charge the operating company rent. When obtaining the mortgage, the lender typically requires a guaranty from the operating company, since the operating company is the primary source…
New Tax-Advantaged ABLE Accounts Created to Benefit People with Disabilities Email Rhea On December 19, 2014, President Obama signed H.R. 5771 Tax Increase Prevention Act of 2014 (“TIPA” or the “Act”), which includes the Achieving a Better Life Experience Act (“ABLE”). This Act creates a new type of tax-advantaged savings account called the 529(a), specifically…
Three Months in Australia No, I didn’t have any ‘shrimp on the barbie,’ or sparring sessions with any kangaroos…so what exactly did I do in Australia for three months? The boring response would be that I audited different clients during their busy season. While this is true, I also had an amazing experience seeing many…
Effectively managing a case and client expectations can help minimize the creation of the dreaded fire drill. Following some key steps can aid in a smoother case management process. The following scenario gives examples of the key steps that help you to avoid the fire drill. Scenario A partner receives a call from Jack Smith,…
Israel 6: The Dead Sea After a few days of hiking through the desert, rafting down the Jordan River and riding my first Camel, we ended our trip at the Dead Sea which to me is like the Massage Envy of the Middle East. The Dead Sea is the lowest and saltiest place on Earth….
Donors, grantors, governmental agencies, management and board members are just a few of the many parties who utilize an exempt organization’s financial statements to make decisions. These decisions are often major, such as deciding whether to continue or begin to fund a program, to hire new personnel, or to expand or detract program services. It…
Israel 5: Masada – My First Bar Mitzvah Masada (Hebrew for fortress) is one of Israel’s most popular tourist attractions. Now a national park, Masada was once an ancient fortress that experienced many battles by the conquering Romans. The view is breathtaking and the hike is challenging, especially in the heat of Israel. I had…
Start Up Phase Over – Now What? “Communication breakdown. It’s always the same Having a nervous breakdown Drive me insane” Lyrics from Communication Breakdown by Led Zeppelin One of the real thrills of being an advisor to entrepreneurs is getting the chance to watch a fledgling startup evolve into an early stage growth company. Like…
New Jersey adopted several new regulatory changes this month that address how software related services are taxed. The prior law, which was governed by N.J.A.C. §18:24-25.6, has been repealed. New Guidance The new guidance is effective December 1, 2014, and is enacted via: The regulations make important distinctions that taxpayers need to be aware of…