No, Not SWAT – SWOT Quote from Airplane! The Movie: Dr. Rumack: Can you fly this plane and land it? Ted Striker: Surely, you can’t be serious. Dr. Rumack: I am serious . . and don’t call me Shirley. So, you are talking to an advisor about how things may have stagnated in your business or…
As recently profiled on our Financial Statements blog, research by Pricewaterhouse Coopers notes that a staggering number – 30% – of US organizations report incidences of procurement fraud. The research defines procurement fraud as “illegal conduct by which the offender gains an advantage, avoids an obligation, or causes damage to his organization.” The recent trial…
Abandoning a Losing Investment Please note: The law has changed since this post has been published. While nobody invests in a fund with the intention of losing his or her investment, inevitably, it sometimes happens. Fund investments, like any other investment, can decline substantially in value. When substantial losses occur investors need to make the…
SEC Embraces the Power of Social Media Marketing On April 5, 2012, President Barack Obama signed into law the Jumpstart Our Business Startups (JOBS) Act, which intended to encourage investment funding by easing securities regulations. Yesterday, as directed by the JOBS ACT, the SEC voted to change a rule which banned advertising efforts and the…
IRS Plans to Significantly Decrease Backlog of Exemption Applications in 2014 It is well known for a variety of reasons, that there has been a tremendous backlog at the Internal Revenue Service (“IRS”) of Forms 1023, Application for Recognition of Exemption Under Section §501(c)(3) of the Internal Revenue Code, that have been filed and are…
Do I Need a CFO? People make money; they want to know how much. People lose money; they want to know how much. You will always have a job.– Rose Leone When I was a teenager in the early stages of considering a career, I found myself taking a liking to math and business. Accounting…
House Ways and Means Committee Chairman, Dave Camp, has released the proposed Tax Reform Act of 2014,”with the goal to simplify the tax code and strengthen the economy. Below is a summary of the proposed individual and business-related tax provisions. Individual Tax Provisions Reduced Rates and Collapsed Tax Brackets: The existing seven tax brackets (10%,…
Culture Trumps Money “‘Cause I don’t care too much for money…money can’t buy me love.” The Beatles from Can’t Buy Me Love I think it is fitting to reach out to the Fab Four as we celebrate 50 years of their presence in the USA. My one wish is that owners reflected on these simple…
Danger for DING Trusts Created by N.Y. State Residents Governor Cuomo’s budget bill, released January 21, 2014, includes significant proposed tax changes including some specifically aimed at curbing the use of so called DING Trusts. The proposed changes would institute a “throwback” rule similar to the one utilized by California. Such laws work to throw…
Share Form 1099-C Reporting Requirements The current financial crisis has given rise to a growing number of entities that are forgiving loans and reporting cancellation of debt to borrowers who defaulted on their loans. There are many questions that may arise with respect to reporting requirements including how and who should report this type of…