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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]