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So far Kara Allen has created 54 blog entries.

Why Fair Value is Becoming a Popular “Celebrity” in the Accounting Profession

Entertainment magazine fans probably see the same popular celebrities in issue after issue. Similarly, those who stay up-to-date on current accounting issues probably stumble upon a new article about the fair value standard almost every week. The reason for this increased focus is relevance. The question constantly posed by accounting practitioners, academics, and users of financial [...]


Why the Solar Tax Credits Could Brighten Your Day

The sun is arguably the most important star in the solar system. Among other functions, it provides light and warmth, helps plants survive, and is an abundant source of Vitamin D. While the sun’s biological benefits are readily apparent, what may be less obvious is how the sun’s presence could impact tax refunds. Thanks to [...]


Celebrating Your Independence by Working Abroad? Remember to Claim the Foreign Earned Income Exclusion

Independence. It has different meanings for different people. For some, it means the ability to live and work anywhere in the world. Taxpayers who have the opportunity to work or travel abroad this year may be so excited about their upcoming travels that income taxes are their last concern. But planning ahead can allow these [...]

June 22nd, 2017|INTERNATIONAL TAX, JULY 2017|

Shipwrecks and Pirates: An Origin Story About Captives

What comes to mind when someone talks to you about forming a captive? If your mind immediately goes to protecting yourself from marauding pirates, then - believe it or not - you’re on the right track! What we’re really talking about is captive insurance companies, and they are believed to have originated with ship owners [...]

June 19th, 2017|CAPTIVE INSURANCE|

Getting Off of the Hook for IRS Misclassifying Worker Claims Just Got Easier…

To defend against tax liability, employers may be allowed to access the individual tax returns of its independent contractors whom the IRS have reclassified as “employees”. Those returns could reveal that the employees had already paid income tax on their earnings, thereby reducing the employer’s liability for withholding taxes. This access is all thanks to [...]

June 16th, 2017|JULY 2017, TAX CONTROVERSY|

The Audit Report: Understanding Your Financial “Taste Test” Results

Start-up and small business owners facing a first-time financial audit might feel like contestants on an episode of the cooking competition show Top Chef, sweating bullets as they await the judges’ decision regarding their culinary efforts. Understanding what goes into an auditor’s report can go a long way toward alleviating that stress. An independent auditor’s [...]

Tax Planning Reasons to Potentially Run Toward Establishing a Private Foundation

Have you ever started training for a race (maybe a 5K, 10K or half marathon) but not yet known exactly which date and location it would be? A private foundation offers some potentially similar benefits in many ways. Basically, a private foundation is an excellent vehicle for a family to get an immediate tax deduction [...]

May 26th, 2017|NOT-FOR-PROFITS|

6 Considerations Before Diving Into Starting a Charitable Organization

Forming a not-for-profit organization is typically a wonderful idea based on a worthy charitable purpose, but it’s also subject to a litany of administrative work and documentation requirements. In order to ease that burden, consider these six items before taking the plunge. Draft a mission statement. This critical first step determines the organization’s purpose. Know [...]

May 26th, 2017|NOT-FOR-PROFITS|

Solving the Revenue Recognition Maze: Step 2, Identifying Performance Obligations

In the first article of our five-part series about revenue recognition, we gave an overview of the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as the “standard”) and addressed the collectability issues that may arise from step one of the standard: identifying contracts. In this article, we highlight the [...]

May 24th, 2017|JUNE 2017, REVENUE RECOGNITION|

4 Debt Management Magic Tricks for Financial Success

Debt is a reality for many Americans. Consider the following statistics from consumer information provider ValuePenguin: The average amount of credit card debt in America is $5,700. More than one-third of all American households have credit card debt. The total outstanding U.S. consumer debt is $3.4 trillion. Many individuals find themselves underestimating or ignoring their [...]


Sail Smoothly Through Those Saving or Shredding Decisions

With that sigh of relief that the April 18 deadline to file your tax return—or request an extension—may also come the desire to purge some prior year documents such as receipts, canceled checks, and bank and brokerage statements. Follow these general retention tips for individuals and businesses as you head toward the blue skies of [...]

May 5th, 2017|BUSINESS TAX, INDIVIDUAL TAX, May 2017|

The Opportunities of Effective Risk Management

Looking at risk through a more objective lens can help organizations identify and address risks before they become threats. In other words, it may be more advantageous to view risk as an opportunity rather than a problem. Risk Management Basics Effective risk management is a core concern for companies of all sizes – as well [...]


Protecting the Coat of Arms: Keeping the “Business” in “Family Business”

Managing the “family” part of a family business can be complicated — especially as the guild grows. Multiple generations mean added challenges, from ambitious siblings jousting for a position to the older generation crusading against health and succession issues. Mix in marriage, divorce, children, and more children, and suddenly the family business is much different [...]

May 1st, 2017|BUSINESS CONSULTING, May 2017|

It May Be Time to Swim in a New Direction with Research Tax Credits

The PATH Act, signed into law in late 2015, extended many business and individual tax provisions. A few of the changes, which can first be applied in 2016, are extremely beneficial for companies incurring research and development expenditures. Some of the qualifying business activities that may indicate a research tax credit possibility are: concept developing; [...]


Orlando’s Borcheck & Gase Joins Top 25 CPA and Advisory Firm Carr, Riggs & Ingram (CRI)

ORLANDO, FL – Local CPA firm Borcheck & Gase has merged with top 25 CPA and advisory firm Carr, Riggs & Ingram, LLC (CRI). All personnel will operate under the CRI name and join a team of more than 1,600 professionals across the Southern United States. Borcheck & Gase has been serving individuals and businesses in [...]

April 6th, 2017|NEWS, PRESS RELEASES|

Solving the Revenue Recognition Maze: Step 5, Recognizing Revenue

Our five-part series on revenue recognition has covered the first four steps in the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts, determining performance obligations, determining transaction price, and allocating transaction price. We’ve arrived at the fifth and final step: recognizing revenue. Step 5 of [...]


Solving the Revenue Recognition Maze: Step 4, Allocating the Transaction Price

So far in our five-part revenue recognition series, we have covered the first three steps in the Financial Accounting Standards Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts, determining performance obligations, and determining transaction price. In this part of the journey, we discuss the fourth step of recognizing [...]


Solving the Revenue Recognition Maze: Step 3, Determining Transaction Price

So far in our five-part series on revenue recognition, we have covered the first two steps in the Financial Accounting Standard Board’s (FASB’s) Revenue from Contracts with Customers (referred to hereafter as “the standard”): identifying contracts and determining performance obligations. In this article, we discuss the third step of recognizing revenue: determining transaction price. [...]


Solving the Revenue Recognition Maze: Step 1, Identifying Contracts

Finding a direct route to implementing the new revenue recognition standard is difficult – but not impossible. In this first article of our five-part series, we’ll begin you down the path toward successful implementation. Step 1 of Revenue Recognition: Identify Contracts Identify Customer Contracts Identify Performance Obligations Determine Transaction Price Allocate Transaction Price [...]

March 27th, 2017|APRIL 2017, REVENUE RECOGNITION|

Knocking Down the “Pins” of Self-Employment Tax Challenges

Today’s technology strives to make self-employment easier than ever. However, those who work for themselves can face some distinctive self-employment tax challenges. Such individuals can step into the following three “lanes” to help overcome these obstacles. Lane #1: Learn Liabilities Because self-employed individuals are liable for self-employment tax, they must pay both the employee and [...]

March 27th, 2017|APRIL 2017, INDIVIDUAL TAX|