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Articles & Updates

  • 03.20.2015 - What’s on the Horizon for Tax Reform in 2015?
    The White House and the new congress continue to look for common ground on tax legislation and tax reform in 2015. The 114th elected congress intends to work together with Barack Obama during his final 2 years as president to achieve the much debated need for tax reform.
  • 03.20.2015 - Liquidation Basis Accounting Standards for Employee Benefit Plans
    During 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-07, Liquidation Basis of Accounting. Under the amended guidance, an entity is required to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when the plan for liquidation is approved and the likelihood is remote that an entity will return from liquidation or the execution of the plan will be blocked by other parties, or a plan for liquidation is imposed by other forces.
  • 03.20.2015 - Overcome the Challenge of Outsourcing Technology
    At some point in time, technology outsourcing becomes a necessity for all businesses. Whether your staff lacks the expertise to manage and maintain network infrastructure, or your data requires secure off-site storage, there are a number of reasons why technology outsourcing eventually develops into an operational requirement. Even mega-tech giants like Microsoft and IBM, whose core competencies exist through excellence in all things IT, outsource their technology functions to some degree.
  • 03.20.2015 - Accounting and Auditing Standards Update
    The Financial Accounting Standards Board (FASB) continues to approve accounting standards updates, focusing on areas in which significant amount of questions or uncertainty arises. In regard to the manufacturing, retail and distribution industry, the recent updates affecting this industry include updates related to the liquidation basis of accounting, going concern evaluation and disclosure and the elimination of extraordinary items.
  • 03.20.2015 - The Benefits of Establishing an Interest Charge Domestic International Sales Corporation
    Shareholders of businesses that sell “export property” can benefit from establishing an Interest Charge Domestic International Sales Corporation (IC-DISC) to ultimately reduce their income tax liability.
  • 03.19.2015 - IRS Introduces New Tax Favorable Vehicle for Saving for Disability Needs
    Millions of individuals with disabilities and their families depend on a wide variety of public benefits for income, health care and food and housing assistance. Eligibility for these public benefits requires a means or resource test limiting eligibility to individuals to report more than $2,000 in cash savings, retirement funds and other items of significant value. To remain eligible for these public benefits, individuals must remain financially limited. In recognition of the significant extra costs of living with a disability, the Achieving a Better Life Experience (ABLE) Act was signed into law last December by President Obama as part of the Tax Extenders package.
  • 03.19.2015 - Potential Changes on the Skilled Nursing Facility Medicare Payment Horizon
    A report was issued in January 2015, jointly produced by the Medicare Payment Advisory Commission (MedPAC) and the Urban Institute. According to the study, well-documented shortcomings in the design of Medicare’s payment system for skilled nursing facilities (SNFs) have prompted the Centers for Medicare and Medicaid Services (CMS) to make many revisions to the payment system, including shifting payments from therapy care towards nursing care.
  • 02.25.2015 - Individual Record Retention Guidance
    Every tax season, individuals start looking through their files and records and ask themselves, “Is this something I need to keep or is this something I can shred?” People don’t want to keep more than they absolutely have to—but don’t want to get rid of things that they might need. One of the most common questions I get as an accountant is, “how long do I really have to hold onto this for?” We have put together a sample record retention guide for individuals, which can be downloaded here.
  • 02.24.2015 - IRS Continues Program for Disclosing Offshore Accounts
    The IRS continues to provide programs for U.S. taxpayers who have failed to disclose offshore assets and pay taxes due. Recently the IRS provided guidance and clarifications that apply to taxpayers who apply for relief under the streamlined filing compliance procedures. These new instructions are effective for applications submitted on or after July 1, 2014.
  • 02.23.2015 - Management Soon to be Required to Assess Going Concern Under U.S. GAAP
    In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-15 regarding Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the standards, prior to this update, there was no guidance related to management’s responsibility to evaluate the going concern of the entity or to provide the related footnote disclosures to the financial statements.
  • 02.23.2015 - 2015 in Business – A Look Ahead
    Looking ahead at 2015, Fairfield County businesses have a reason to continue to be cautiously optimistic. There are concrete signs that the progress made in 2014 seems poised to continue. This is borne out by the results of a statewide business survey late last year as well as information we have received from numerous clients. More businesses are growing, fewer are contracting, investments are being made in technology, and hiring is on the rise.
  • 02.23.2015 - Healthcare Reform News: IRS Grants Penalty Relief for 2014 Premium Credit Shortfalls, Issues New Tax Forms
    Healthcare tax incentives can result in unexpected penalties for underpayment of estimated taxes, as well as late payment of taxes in some cases. The IRS issued notice 2015-9 to provide some relief from penalties that result from a reconciliation of advanced premium payments/subsidies and the Premium Tax Credit that is ultimately calculated on a taxpayer’s return.

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