How to Appeal an IRS Decision on Tax-Exempt Status Introduction U.S. tax law grants the Internal Revenue Service the authority to determine which organizations meet the criteria for tax-exempt status and which do not. This power applies to new applicants as well as existing groups that – in the view of the IRS – are…
What Is An ESOP? Email Virginia An ESOP (Employee Stock Ownership Plan) is an employee benefit plan which makes the employees of a Company owners of stock in that Company. ESOPs are designed by law to invest primarily in employer securities and ESOPs are also unique in their ability to borrow money, also known…
Depends. It’s not just the brand of highly-absorbent adult diapers endorsed by Stern Show staffer Richard Christy for use at marathon Coheed and Cambria concerts, it’s also the go-to answer for many a tax professional, and quite often, the only correct one. For example, assume a partner in a partnership incurs a number of expenses…
A party-in-interest is defined by the Employee Retirement Income Security Act of 1974 (ERISA) to include the following: Certain plan transactions with parties-in-interest are prohibited under ERISA. These transactions are: There are certain exceptions regarding party-in-interest transactions that do not prevent a party-in -interest from receiving reasonable compensation for services to a plan or receiving…
Share The IRS has introduced a new tax form (Form 8949) for reporting capital gains and losses from stocks, bonds, mutual funds and similar investments. Starting with the 2011 tax year, investment transactions will be reported on the new Form 8949, Sales and Other Dispositions of Capital Assets. Brokers Starting in 2011, cost basis information…
An Accountant’s Perspective on the Mortgage Industry December 2011 Are You Doing What You Should? [author-style]By Jeanette Emmons, CPA, Senior Manager[/author-style] Now that HUD is no longer approving loan correspondents, it’s up to sponsors to determine their own approval criteria and monitoring procedures for third party originators (“TPOs”). HUD contends that the responsibilities of the…
Estate and Trust December 2011 Consider the Impact on Your Family When Making Sizable Gifts [author-style]By Rhea Harris, CPA, MBA, Manager[/author-style] Learn how to take advantage of the five million dollar tax-free limit on lifetime gifts per person. The increased $5 million exemption per person on estate and gift taxes and the lowered tax rate…
Giving Thanks by Giving Back Over 400 professionals from WithumSmith+Brown, CPAs got out of the office and into their communities this week to help local charities during the firm’s inaugural Withum Week of Caring. WithumSmith+Brown, Certified Public Accountants and Consultants, launched its inaugural Withum Week of Caring, sending everyone in their organization out into their…
As a small business owner or senior executive, it is your responsibility to promote integrity and ethical values to your employees and implement the proper controls and procedures to prevent fraud. In this series, we are highlighting ten basic fraud prevention steps you can take to keep your organization safe. As accountants, we often witness…
All businesses face challenges, whether it is dealing with the changing economy, finding and hiring the right employees, or increased competition in the market. Family-owned businesses are not immune to these challenges. Family-owned businesses also face unique challenges due to their business structure. Understanding these hurdles is important so that if you find yourself facing…