Olivia Mitchell

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So far Olivia Mitchell has created 162 blog entries.

“Yours, Mine, or Ours?” Part 3: Four Income Tax Considerations of a Divorce

In our “Yours, Mine, or Ours?” series, we have explored the issues of separate property and marital assets as they relate to Bob and Helen, who are divorcing after more than three decades of marriage. In the final installment of our saga, Helen and her CPA, Ruth, meet to review four key income tax considerations [...]

February 22nd, 2017|INDIVIDUAL TAX|

“Yours, Mine, or Ours?” Part 2: Identifying and Valuing Marital Property

The first part of our “Yours, Mine, or Ours?” series introduced Bob and Helen, a divorcing couple living in Texas. In the first meeting with her attorney, Helen discovered that the couple owns assets in several categories, each of which will be treated differently in the divorce proceedings. This second part follows Helen as she [...]

February 22nd, 2017|INDIVIDUAL TAX|

How to Make Your Audit Committee Set-Up Process Squeaky Clean

When it comes to governance, there are many misconceptions. Consider the myth-or-fact statements below. Fact. Governance practices – such as written policies, a trained and informed board of directors, and strong internal controls – are important for protecting the business and its owners. Myth. Although not a requirement for privately held companies, a knowledgeable and [...]

February 22nd, 2017|GOVERNANCE & RISK ASSESSMENTS, MARCH 2017|

A Snapshot of the FASB’s New Goodwill Impairment Standard

With digital cameras, taking a photograph is typically a simple process with two steps: point and shoot. Another two-step process – according to a recently issued mandate from the Financial Accounting Standards Board (FASB) – is the goodwill impairment test. The FASB’s new goodwill impairment standard eliminates Step 2 of the test, thereby reducing the [...]

The CRI Family: Serving You, Your Business, and Your Family

CRI is committed to tailoring our services to meet our clients’ evolving needs. Our specialty offerings address a wide range of areas – including IT audit and assurance, state and local taxes (SALT), and investment banking – to help clients navigate some of their most complex challenges. Watch as Bill Carr and the [...]

February 9th, 2017|VIDEO|

Tax Strategies for Structuring Your Business Sale: Capital Gains Versus Income Tax

Understanding the differences between capital tax rates and ordinary tax rates is important for business owners who want to maximize returns from selling their companies. Watch as Ann Marie Sale explains why capital tax rates are often advantageous and how sellers can structure a transaction to potentially optimize capital gains.

February 8th, 2017|VIDEO|

Devouring a Rich Opportunity for Roth IRA Rollovers

On any given evening, many people think about having dessert even before they have finished their dinner. Similarly, as highly compensated employee (HCE) 401(k) plan participants approach retirement, they may want to consider a potentially useful, tax-efficient IRA rollover technique. The IRS has specific rules about how participants can allocate accumulated 401(k) plan assets based [...]

January 19th, 2017|EMPLOYEE BENEFIT PLANS|

How to Be Flexible with Eligibility Rules to Control Plan Enrollment

Like yoga practitioners, plan sponsors have more flexibility than they may realize when it comes to setting eligibility rules for 401(k) plan participants. Even though the Employee Retirement Income Security Act (ERISA) sets many plan eligibility rules, plan sponsors have leeway to meet the demands of the employment market. Here are some thoughts for plan [...]


The 21st Century Cures Act: Cultivating Standalone HRAs for Small Businesses

When President Obama signed the 21st Century Cures Act into law on December 13, 2016, most of the media coverage focused on the provisions related to medical innovation. But the law also includes some good news for small businesses that have been prohibited in recent years from providing their employees with Health Reimbursement Arrangements (HRAs). [...]


Why a Tornado of Benefit Plan Options May Increase Litigation Risk

Giving plan participants a wide range of benefit plan options is positive — to a point. That idea underlies one of the multiple allegations in recent class action lawsuits filed against several prominent universities. The litigation offers a cautionary note for plan sponsors who offer a high number of investment options. While 401(k) plan sponsors [...]

December 21st, 2016|EMPLOYEE BENEFIT PLANS|

7 Tips for Business Luck in 2017

Help your business ring in the New Year with a strong financial and operational foundation.

December 20th, 2016|BUSINESS CONSULTING, JANUARY 2017|

7 Tips for Individuals for Financial Luck in 2017

Kick off your 2017 the fiscally wise way with these personal finance tips.

December 20th, 2016|INDIVIDUAL PLANNING, JANUARY 2017|

5 Overlooked Tax Breaks For Contractors And Manufacturers

While some tax incentives seem to be common knowledge, others often go nearly unnoticed. Watch as CRI's Dawn Steed describes overlooked deductions that contractors and manufacturers can use to their advantage.

“Yours, Mine, or Ours?” Part 1: Determining Community and Separate Property in a Divorce

It is often estimated that approximately half of all U.S. marriages end in divorce. While some may consider this statistic to be common knowledge, what is less well-known is how divorcing couples should go about dividing their assets and liabilities. Thus, “Yours, Mine, or Ours?” is a three-part saga that explores the story of Bob [...]

December 13th, 2016|INDIVIDUAL TAX|

Playing Hide-and-Seek with Missing Benefit Plan Participants

It is not uncommon for previously active employed plan participants to go into “hiding.” They include retirees and former employees that move away without informing the company. Before the plan sponsor or the administrator realizes it, the individuals become missing participants. The following is what employers should know about these participants. DOL Considerations for “Hidden” [...]

December 7th, 2016|EMPLOYEE BENEFIT PLANS|

A Microscopic View of Captive Insurance Taxation

A captive insurance company (or “captive”) is a licensed insurer generally established to meet the risk management needs of a specific company or group of companies. The risk management benefits are the primary reason for their formation, but the tax benefits can also be valuable. A captive must be licensed as an insurance company through [...]

December 5th, 2016|BUSINESS TAX, INSURANCE|

How the IRS is “Unmasking” Partnership Transactions and Liabilities

The IRS has issued final and temporary regulations addressing disguised sales of property involving partnerships, the allocation of partnership liabilities, and several other issues related to partnerships. The regulations are largely intended to eliminate what the IRS sees as abuses of some of the tax benefits associated with partnerships. Disguised Sales and Leveraged Partnership Transactions [...]

December 5th, 2016|BUSINESS TAX|

Checking Up on the Charity Navigator Rating System

Many pet owners take their animals to the veterinarian to ensure that their companions are healthy. Likewise, many donors visit Charity Navigator, a popular charity-rating website, to check on the well-being of approximately 8,000 nonprofit entities across the country. Many organizations find the website’s rating system to be critical for obtaining contributions. Patti Hanks, executive [...]

December 2nd, 2016|NOT-FOR-PROFITS|

Notice 2016-66: The “Yellow Light” for Captive Insurance Transactions

In the recently released Notice 2016-66, the IRS identified micro-captive transactions as "transactions of interest" under Reg. 1.6011-4(b)(6). The mandate requires parties involved in certain Internal Revenue Code Section 831(b) arrangements to disclose the transactions to the IRS. In late December 2016, the IRS released Notice 2017-08 to extend the disclosure deadline from January 30, 2017 [...]


How the IRS Targets Multinational Companies Leaving Their Taxes “Out at Sea”

The IRS has issued much-anticipated final regulations intended to keep multinational companies from moving their profits offshore to avoid paying U.S. income taxes. The regulations are part of a larger campaign against corporate inversions, whereby a U.S. company merges with a foreign firm and then changes its tax address (i.e., domicile) to the foreign country. [...]

November 30th, 2016|INTERNATIONAL TAX|