Articles & Videos

Community Bank Vendor Risk: Don’t Roll the Dice


While what happens in Vegas may sometimes stay in Vegas, when a community bank experiences customer data breaches that typically makes the news. So what steps should a financial institution take to ensure it meets the requirements of the Gramm-Leach-Bliley Act (GLBA)? From loan reviews to service organization controls (SOC) reports, community banks often choose [...]

A Microscopic View of Captive Insurance Taxation

December 5th, 2016|BUSINESS TAX, INSURANCE|

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 [...]

How the IRS is “Unmasking” Partnership Transactions and Liabilities

December 5th, 2016|BUSINESS TAX|

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 [...]

Checking Up on the Charity Navigator Rating System

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

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 [...]

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 certain situations, these disclosures are due by January 30, 2017. The IRS has previously identified certain [...]

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

November 30th, 2016|INTERNATIONAL TAX|

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. [...]

DOL Overtime Rule Injunction: Early Holiday Present for Small Businesses


The DOL recently issued a new overtime rule that was set to become effective on December 1, 2016. The main item in the new DOL rule impacting small businesses revolved around which employees may be exempt from overtime pay under the “white-collar exemption.” According to the new rule, to qualify for this exemption, an employee [...]

Business Valuation Can Avoid a Merry-Go-Round During Divorce Proceedings

November 28th, 2016|DECEMBER 2016, VALUATIONS|

Divorce proceedings are typically difficult enough for all parties involved but imagine also having a privately-held or family-owned business for consideration. Questions quickly abound, including: Is the business a marital asset? Do both spouses have ownership in the business? Will one spouse buy the ownership of the other spouse? How much is the ownership worth? These [...]

Extra! Extra! Read All About the New 2017 Tax Deadlines

November 23rd, 2016|BUSINESS TAX, DECEMBER 2016|

The IRS and Congress made headlines by agreeing to change tax return filing and extension deadlines for the 2017 filing season (i.e., dates for filing 2016 returns). Their goal might be to spread at least some of the busy tax workload over a longer period – and relieve stress from taxpayers, preparers, and the IRS. [...]

Emerging Victorious with Nonprofit Lease Accounting Implementation

November 23rd, 2016|NOT-FOR-PROFITS|

American history is full of momentous achievements. Orville Wright piloted the first powered flight in 1903. In 1969, American spacecraft first landed on the moon. In 2016, the Financial Accounting Standards Board (FASB) had its own triumph by finalizing its updated lease accounting standard. The new rules require all entities, including nonprofit organizations, to record [...]

Four Selections from the FDIC’s Library of Resources for Bank Boards of Directors


Just as a librarian’s primary duty is to supervise his or her library, one important goal of corporate governance is to provide organizations with appropriate oversight. This strategic guidance is integral to many organizations, particularly financial institutions. In fact, the regulatory expectations for bank board members – including sound corporate governance development and education – [...]

Dallas Based Vogel CPAs Joins CRI

November 21st, 2016|NEWS, PRESS RELEASES|

DALLAS, TX – Local CPA firm Vogel CPAs, PC has merged with top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). The Dallas office now operates under the CRI name and joins a team of more than 1,400 professionals. For more than 60 years, Vogel CPAs, PC has specialized in audit, accounting, [...]

Diving into the Impact of Revenue Recognition on Nonprofits


Submarines adapt to their environments in a variety of ways. For example, they use sonar (an acronym for SOund Navigation And Ranging) to detect or communicate with other objects in the water. Similarly, organizations across many industries are changing their processes to prepare for the Financial Accounting Standard Board’s (FASB’s) new revenue recognition standard. Amidst [...]

Why the Election Outcome Could Bring an Avalanche of Tax Law Changes


The election of Donald Trump as president of the United States, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. Tax Code. Based on Trump’s tax reform plan released earlier this year, tax law changes may include a reduction in tax rates for some individual [...]

The Rubber Stamp Trap: Do Your Nonprofit Board Members Understand Their Form 990 Responsibilities?

November 4th, 2016|NOT-FOR-PROFITS|

“Has the organization provided a complete copy of this Form 990 to all members of its governing body before filing the form?” The IRS poses this important question very directly on your organization’s Form 990. Here, the IRS is essentially asking if your board is aware of its Form 990 responsibilities. In other words, the [...]

The PATH Act: Providing A “Cornucopia” of Tax Savings

October 24th, 2016|INDIVIDUAL TAX, NOVEMBER 2016|

It seems like retailers just put up their back-to-school sale displays, which are already being replaced with Thanksgiving decorations. Before planning your Black Friday shopping strategies, consider a gift from Uncle Sam that will likely bear fruit for many tax years to come. The Protecting Americans from Tax Hikes (PATH) Act, which was signed into [...]

How the IRS Planted the Seeds for Easier Retirement Plan Rollovers


The IRS has released taxpayer-friendly final regulations regarding certain retirement plan rollovers. Specifically, the new rules should make it easier — and less costly — to transfer after-tax funds from designated Roth accounts to Roth IRAs or other designated Roth accounts. The Fruitful Advantages of Roth IRAs and Designated Roth Accounts Roth IRAs can grow [...]

How the Pooling Method Can Help Bring Your Property Value to Greater Safety


Reserves. Those who have ever served on an association board probably know the word. Some of them may even fear the word. For responsible unit owners with sound budgeting practices, reserves can often provide peace of mind that the property will be safely maintained and that the association may be able to avoid special assessments. [...]

Straddling the Fence: Should You Co-Source or Outsource Your Internal Audit?

October 20th, 2016|INTERNAL AUDITS, NOVEMBER 2016|

Just as a fence is designed to safeguard communities from outsiders, business owners do as much as they can on their own to protect their companies from potential threats or risks. However, there comes a time in the life of any business (particularly, a successful one) in which owners begin to look beyond their “perimeters” [...]

Looking Into the Crystal Ball: What Will the IRS Do with Its ACA Data?


With the passage of the Affordable Care Act (ACA), the amount of health insurance information being reported to the IRS has increased exponentially over the last couple of years. Whether it’s the cost of health insurance being reported on an employee’s W-2 or the existence of coverage on the new Form 1095, the IRS is [...]

How to Give Donors the Top-Secret Privacy They Expect

October 19th, 2016|NOT-FOR-PROFITS|

In this age of heightened transparency and Form 990 disclosure rules, many nonprofit executives and board members might see their organizations as public entities. As a result, they might not be as protective of donor privacy as they could (or maybe should) be. However, most donors rightfully expect their personal information to remain confidential. As [...]