ESOP Plans: Beware of Outside Appraisals Email Virginia There has been much talk recently regarding the DOL’s step-up efforts with respect to ESOP plan abuse. As a result, there has been an increase in audit activity and litigation. The DOL’s focus has been on the use of valuations by outside appraisers and they explained that…
Valuation and Reporting of Non-Cash Contributions All tax-exempt organizations are required to maintain detailed records of and report all non-cash contributions on their Federal Form 990, Return of Organization Exempt from Income Tax (“Form 990”). There are a number of different methods of measuring the value of these gifts in-kind which can result in disparities…
China Signed Multilateral Tax Convention China is joining the group of more than 50 developed and developing countries, including all G20 members, which are signatories to the Convention on Mutual Administrative Assistance in Tax Matters. Through the Convention, China will participate in global efforts to combat tax avoidance and evasion by co-operating with other states…
An Accountant’s Perspective on the Mortgage Industry September 2013 Delayed Internal Revenue Service Delays Implementation of Employer Shared Responsibility Provisions [author-style]By Anthony Panico, CPA, MS, Partner[/author-style] The Obama Administration, on July 2, announced that the effective date of the Employer Shared Responsibility (“Employer Mandate”) will be delayed until January 1, 2015; one year later than…
Are You Selling Aspirin or Vitamins? The Essence of a Business Model Quote: “The aim of the wise is not to secure pleasure, but to avoid pain.” Aristotle Sorry – I did not mean to get so deep, philosophically, but Aristotle may have been a Venture Capitalist. Time and again we hear from financing sources…
Holidays Around the World in September Check out the below table to learn what holidays people are celebrating around the world this month! Previous Post Next Post
Sun Capital: Follow-Up July 31st of this year I blogged on the Sun Capital decision handed down by the First Circuit U.S. Court of Appeals, in my article entitled, “Attacking Carried Interest through the Back Door.” The following is an update, intended to inform you on what’s happened with the decision since then. On August…
Unrelated Business Income and Internal Revenue Code §514 4th in a Series This tax tip is the fourth and final tip in a series addressing unrelated business income (“UBI”). Under Internal Revenue Code (“IRC”) §514, amounts of income and expenses that would otherwise not be considered UBI are required to be included in the UBI…
Do You Need a Business Plan? Absolutely. Quote: “What are you preparing? You’re always preparing. Just go!” Lord Dark Helmet – Spaceballs Understandably, those who are starting a business (and even those who have been in business for a while) often hear that they should have a business plan. For many, their inner feelings are…
The Basics of International Trade As a business starts to consider international expansion, what are some of the key questions and issues management should be addressing first? Here’s a quick list to get you started. Ideally, these questions should lead to MORE questions…Again, this is only the beginning. What do you intend to sell overseas? …