The Journal Spring 2012 Considering Going Public? [author-style]By Robert W. Van Arnum, CPA, Partner[/author-style] Many private companies consider going public at some point in their business growth strategy. On the surface, this sounds like an exciting idea, and becoming a public company does offer some advantages. However, the transformation from a private to public company…
Partners and S corporation shareholders have three hurdles to overcome before they’re permitted to deduct the losses allocated to them on Schedule K-1. First, they’ve got to have adequate basis, under either I.R.C. § 704 or I.R.C. § 1366. On the back end, they’ve got the passive activity rules of I.R.C. § 469 to deal…
ACO’s And Tax-Exempt Organizations The Centers for Medicare and Medicaid Services (“CMS”), through the issuance of Internal Revenue Service (“IRS”) Fact Sheet 2011-11, issued in October of 2011, released final regulations describing the rules for the Medicare Shared Savings Program (“MSSP”) and accountable care organizations (ACOs). This Fact Sheet provides additional information for tax-exempt organizations…
Whistleblowers and Tax-Exempt Organizations On February 3, 2011, the Director of the Internal Revenue Service (“IRS”) Whistleblower Office announced that the number of awards that the IRS has paid based on whistleblower claims has grown significantly over the past five years; a trend that is not expected to change. Prior to 2007, the IRS offered…
As you’re likely aware, the lending market ain’t what it used to be. The free-wheeling days of the early part of this century — when banks were handing out cash faster than Stephen Hawking at a nudie bar — are long gone. The resulting housing market crashforced lenders to tighten their purse strings, leaving many…
In his October 25, 2011 Decision and Order, Judge Richard M. Berman ordered six alter ego companies to pay Plaintiffs, the trustees and fiduciaries of multiemployer employee benefit plans, nearly $12 million in unpaid contributions and statutorily-mandated remedies pursuant to ERISA Section 502(g)(2), 29 U.S.C. § 1132(g)(2). See Gesualdi v. Juda Constr., Ltd., et al.,…
CPAs are often their own worst enemies, and I say this not with regards to the long hours that stress our heart, the accompanying fast food that softens our midsections, and the prolonged exposure to fluorescent lighting that over time will leave the male portion of our population unable to get their soldiers to salute….
S Corp Issues & Restructuring Obligations In and Out of Bankruptcy A company facing mounting debt and shrinking business opportunities needs to quickly put in place financial management tools to monitor the entities current financial health as well as react to the legacy obligations of the company. The implementation of the tools to manage the…
FASB Proposes Changes to Intangible Asset Impairment Rules Brian Gibney [email protected] In an exposure draft issued on January 25, 2012, the Financial Accounting Standards Board (FASB) proposed an amendment to existing generally accepted accounting principles (GAAP) related to testing impairment of intangible assets with indefinite lives. STAKEHOLDERS IMPACTING YOUR ORGANIZATION WHO MAY BE INTERESTED IN…
I.R.C. § 453 permits a taxpayer who sells an asset in exchange for payments to be made over a period of years to recognize the corresponding gain as the payments are received, rather than all at once in the year of sale. But it comes with a cost; one that’s often misunderstood or just flat-out…