The Silver Lining within “America’s Favorite Playground” Email Rebecca Let’s talk about the city that built the first boardwalk in 1870, that conceived salt water taffy in 1833, had its original property names on the popular board game Monopoly, that notoriously thrived during the prohibition, survived the economic decline after World War II, that surged…
The Journal Fall 2014 From Diapers to Diploma: Tax Implications of Your New Addition By Nicole DeRosa, CPA, MAcc Email Nicole Becoming a parent is a very exciting, but very stressful time in one’s life. It is important to be aware of the tax implications that will apply to you and your expanding family as…
Proposed Changes In Congress Could Affect Engineering Firms Engineering firms with over $10 million in revenue need to be aware of two proposals in Congress that may fundamentally change the way income is reported for federal tax purposes. House Ways and Means Committee Chairman Dave Camp (R-MI), in his tax reform discussion draft, has proposed…
Guide to escheating outstanding trust fund checks What you need to know to remain compliant and avoid an audit and/or penalties Escheatment laws are voluminous and could appear to be unrealistic to keep up with; however, knowing that they are there can spare you from an unwelcomed unclaimed property audit. Each state has their own…
Share In May 2014, the Financial Accounting Standards Board (FASB) Chairman, Russell Golden, announced the release of the highly anticipated financial reporting standard on revenue recognition. The release of this new standard by the FASB and the International Accounting Standards Board (IASB) represents a milestone in their efforts to improve and converge the standard for…
Complaint Filed with IRS Concerning IRC §501(r) Compliance On August 25th, the Internal Revenue Service (“IRS”) received a complaint (“Complaint”) filed by the National Health Law Program and Florida Legal Services against Jackson Health System (“Jackson”). This is the first such complaint filed with the IRS against a healthcare delivery system alleging noncompliance with certain…
Are Your Internal Controls Up to Par? Email Lauren Whether considering a merger, buying or selling a business, or preparing for a potential regulatory audit of your mortgage company – a strong internal control structure is very valuable. Solid controls help assure that your company achieves its operating, financial reporting, and compliance objectives, as well…
Liquidation Basis of Accounting Email Frank As the 2014 year comes to a close, we need to be aware of accounting guidance that was issued early in 2013 but went into effect for investment companies in 2014. One such pronouncement is the liquidation basis of accounting for an Investment Company. In April, 2013, the Financial…
Seven “Must See’s and Do’s” While in Sydney, Australia ECHO POINT/SCENIC WORLD – Approximately a two-hour bus ride from Sydney’s Central Business District (CBD), the Blue Mountains are a magical place any time of the year. Here, you can see one of Australia’s most famous natural landmarks, Three Sisters rock formation, take a ride on…
OECD Ranks the US Tax Code 32 of 34 for Tax Competitiveness Email Nicole According to the 2014 International Tax Competitive Index (ITCI), released September 15, 2014 by the Tax Foundation in Washington, DC, the United States has the third least competitive tax code in the 34-member Organization for Economic Co-operation and Development (OECD). The…