It’s Just Personal; Nothing Business – A Lesson for Family Business Owners Quote: “No good deed goes unpunished” – Clare Booth Luce In the “typical family business,” many of the issues which arise appear to be centered on one common thread; a lack of clear communication. To illustrate this, I will recall one of the more…
Holidays Around the World in August Nicole DeRosa, CPA, MAcc Tax Supervisor WithumSmith+Brown, PC New Brunswick, NJ Happy August, everyone! Check out the below table to learn what holidays people are celebrating around the world this month. Previous Post Next Post
Don’t Suffer from Premature Equity Distributions Quote: “He chose poorly” – Knight guarding Holy Grail in Indiana Jones & The Last Crusade The title got you, didn’t it? There is nothing more frustrating for an advisor than to be faced with an entrepreneur (young or mature) who is challenged by having distributed ownership to…
Attacking Carried Interest Through The Back Door Last week the United States Court of Appeals for the First Circuit handed down an opinion in favor of the Teamsters Union in relation to certain unfunded pension obligations. Sun Capital Partners III, LP et. al. vs. New England Teamsters & Trucking Industry Pension Fund et. al., No….
Unlikely That CPA Firms Will Shed a Tear if PCAOB Deregisters The Public Company Accounting Oversight Board (PCAOB) is finally cracking down on CPA firms that registered with the PCAOB but do not perform audits of issuers. A firm that does not perform audits of publicly traded stock (“issuers”), is not required to be inspected…
Equity – Do I Need to Share? Quote; “10 % of a watermelon is better than 100 % of a grape.” I am not sure of the origin of this quote, but I have used it for years in discussing sharing equity. The concept is simple, if you expand ownership, you in turn, will…
Accountants Will Involve Moral in Tax Payments The following blog post includes leading Danish business daily Jørgen Børsen’s article on current tax evolutions as analyzed by HLB’s Chairman Mogens Andersen, CEO Rob Tautges and International Tax expert Kimberlee Phelan on the occasion of HLB’s annual Audit & Tax Conference. Empty treasuries in most countries around the…
Simplifying U.S. GAAP For Private Companies: Current Developments There are two separate efforts underway to simplify GAAP for private companies, one led by the AICPA, the other by the FASB. Both provide relief and alternatives to businesses struggling with the cost and complexity of applying current US GAAP. Neither is mandatory. Is one the right…
Ownership Writes – The Purpose “I am thankful for all of those who said NO to me. It is because of them I’m doing it myself.” – Albert Einstein I have had a passion for entrepreneurs since I was young. My first exposure to entrepreneurship was as a teenager working for a neighbor (Teddy) who,…
ONCE YOU’RE A CPA, YOU’RE A CPA ALL THE WAY! UNTIL YOUR LAST DYING DAY? When Bernie Madoff was uncovered and found to have “made off” with all of that money, in late 2008, it effectively ended the ability to carry an inactive status for practicing NYS CPA’s. This is because the NYS Education Department…