The IRS’ determination letter program allowed sponsors of individually designed retirement plans to receive a routine determination letter, which is a periodic official regulatory compliance seal of approval that the IRS grants to benefit plans. While the recent decision to end this program has left many plan sponsors and their advocates uneasy, the IRS may [...]
House Republicans recently proposed the American Health Care Act, a new piece of legislation aimed at replacing the Affordable Care Act. While this legislation may change as it makes its way through Congress, the following proposed ideas are likely to appear – at least in some form – in the final bill: 1. Medicaid expansion [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Regulations and red tape can sometimes rip the fun from running a business – regardless of the size of the entity. Just like a large corporation, small businesses risk fines, penalties, and negative tax implications if they do not stick to the necessary rules. So read on for our tips and tricks regarding four major [...]
Organizations often look for ways to reduce payroll taxes without cutting employees. It is possible to implement specific tax-saving strategies that trim tax burdens and boost the balance sheet. Payroll Taxes - Savings Strategies The payroll taxes that organizations pay on their employees’ wages include Social Security, Medicare, and federal unemployment taxes (as well as [...]
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 [...]
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.
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 [...]
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 [...]
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). [...]
Help your business ring in the New Year with a strong financial and operational foundation.
Kick off your 2017 the fiscally wise way with these personal finance tips.
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.
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” [...]
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 [...]