The Journal Summer 2011 STARTING A BUSINESS: TAX TIPS By Edward Mendlowitz, CPA, ABV, PFS, Partner Once a decision is made to start a business, taxes and other issues need to be addressed. Here are a few of the major items to consider. ENTITY SELECTION The type of entity selected has a big impact on…
There is a distinct difference between when employees become eligible to participate in a 401(k) plan and a 403(b) plan. The following are the general distinctions. Regardless of whether the retirement plan is a 401(k) plan or a 403(b) plan, plan fiduciaries should exercise due care for ensuring and demonstrating that all eligible employees are…
In purchase agreements, it is common to see part of the purchase price placed into an escrow account, to be released to the seller at a future date upon the occurrence of some contingency. Buyers often choose to place funds in escrow to guarantee the performance of the seller or to protect themselves from unknown…
Share On April 14, 2011 President Obama signed into law, legislation to repeal the new Form 1099 information reporting rules. Under the now repealed rules, businesses would have been required to issue a Form 1099 to corporations for goods and services that reach $600 or more per year to each vendor. And, landlords would have…
A financial reporting issue for employee benefit plans (primarily 403(b) and 401(k)plans), affecting the plan accounting for both insurance and annuity contracts for individuals is determining whether the contract is an allocated or an unallocated funding arrangement. This determination is significant, because under generally accepted accounting principles for employee benefit plans: In March 2010, in…
Investing In Distressed Debt Gone are the days when a fund manager looked solely for opportunities in companies that have filed for bankruptcy protection and sought to pick up a bargain in a 363 sale. With the advent of more complex entity structures and the expanding universe of private equity funds, lenders looking for the…
Share If it’s true that the construction industry is a key part of the engine that powers the U.S. economy, then it only stands to reason that access to financing serves as the motor oil that keeps all the engine parts in good condition and running smoothly. There are numerous ways to secure financing; methods…
Share Practical Considerations for Handling Shareholder and LLC Member Disputes It’s not uncommon for marriages to end these days. In fact, various studies suggest that nearly one out of every two marriages in New Jersey will end in divorce. Fortunately, this article is not about divorce -at least not about divorce in a family law…
Either of these events is traumatic enough; together bankruptcy and divorce can be overwhelming. Certainly one of the primary drivers of divorce is financial issues. When confronted by unresolved and mounting financial obligations and the prospect of terminating a marriage, there are several decisions that must be made that have a direct impact on the…
Share Responsibilities Of A Not-For-Profit Organization’s Board Of Directors What are some of the responsibilities of a non-for-profit organization’s board of directors? As the governing body of the organization, the board has many responsibilities. Following are some of the responsibilities your board should be aware of: 1. LEGAL COMPLIANCE AND PUBLIC DISCLOSURE The organization’s governing…