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Articles & Updates




  • 12.18.2014 - 2014 Tax Increase Prevention Act - Key Individual and Business Tax Breaks
    Congress has passed the 2014 Tax Increase Prevention Act (2014 TIPA), and the president is expected to sign the act into law shortly. The 2014 TIPA extends a variety of individual and business tax provisions that had previously expired in 2014.
  • 12.10.2014 - Five Tips to Help Businesses Avoid Cash-Related Fraud
    Cash is one of the most important assets on a corporate balance sheet. Accordingly, organizations should implement a system of controls that protects cash from a multitude of threats. Cash-related fraud is not industry specific and there are numerous frauds that occur with regularity across organizations of all types, from Fortune 500 companies to small non-profits.
  • 12.10.2014 - Retirement Plan Fund Revenue Equalization
    Since the issuance of the fee disclosure regulations related to employee retirement plans, more transparency of fees and revenue-sharing agreements has resulted. This transparency has prompted a number of questions regarding the fees being paid, who they are being paid to and how revenue-sharing agreements play a role in the administration of the plan.
  • 12.09.2014 - Private Company Council Update
    Back in May 2012, the Financial Accounting Foundation’s Board of Trustees approved the establishment of the Private Company Council (PCC), a new body to improve the process of setting accounting standards for private companies.
  • 12.09.2014 - Workforce Science and Big Data
    Workforce science is the application of Big Data methodologies to predict employee performance. In case you need a review, the value of Big Data lies in our ability to leverage massive computational scale to process massive amounts of structured and unstructured data and arrive at a simple prediction.
  • 12.09.2014 - The Importance of Making an Entity Classification Election
    The nature of today's global society propels an increasing number of U.S. companies to operate lines of business internationally as they seek new markets or try to cut costs. This movement into foreign countries can bring with it unintended consequences unless the appropriate entity classification election is made for U.S. tax purposes.
  • 12.08.2014 - Using Form 990 to Improve Non-Profit Board Governance
    In a previous article entitled, "Using Your Form 990 for Organizational Improvements", we looked at ways in which an organization can use the form as a tool to improve its organization’s operations. In this installment we look specifically at how the Board of Directors should look at data included in Form 990 and use that as a guide to improve board governance.
  • 12.05.2014 - Update On Proposed Non-Profit Organization Financial Reporting Standards
    We continue to monitor the Financial Accounting Standards Board’s (the Board) project to-redesign the non-profit financial reporting model. The primary objectives are to improve the quality of financial reporting with an emphasis on improving the reporting of the nature of restrictions on an organization’s net assets, operating results and liquidity.
  • 11.19.2014 - Financial Statement Red Flags
    The last 15 years have produced some of the most notable financial statement frauds in U.S. History, including: Enron, WorldCom, Tyco, HealthSouth and AIG. The magnitude of the losses associated with recent accounting scandals continues to inform users of financial statements about the importance of recognizing financial reporting red flags. These red flags are often indicative of underlying operational or economic distress.
  • 11.19.2014 - 2014 Tax-Planning Strategies for Individuals
    Enclosed are just some of the year-end steps that can be taken to save taxes for individuals. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
  • 11.19.2014 - 2014 Tax Planning Strategies for Businesses and Business Owners
    Enclosed are some of the year-end steps that can be taken to save taxes for businesses and business owners. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
  • 11.19.2014 - Where Will We Be This Year-End – The Uncertainty of 2014 Tax Planning
    Election Day has come and gone and we still have no answers. The hope is that the new Republican-controlled Congress and President Obama can begin negotiating on common ground. With so many tax provisions expiring at the end of 2013, it has left many taxpayers wondering what can be done for 2014. Some of the tax breaks may be retroactively reinstated and extended. The IRS has already pleaded with the Treasury to act swiftly in order to not cause a delay in the opening of tax season. Many tax practitioners are also hoping for this as tax busy season seems to get more condensed every year.

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