News

Clarifying Estate of Confusion:
A Few Facts about One of the Only Two Certainties in Life

By Jackie Russell  – Published:  Sept/Oct 2011

Although used by Mark Twain, the quotation that, "The only two certainties in life are death and taxes," actually originated in a 1789 letter from Benjamin Franklin to Jean-Baptiste Leroy. While thinking about either of these matters is not particularly pleasant, thinking about both at the same time can be downright painful. The Economic Growth and Tax Relief Reconciliation Act ("EGTRRA") of 2001 (which was designed in part to repeal generation skipping ("GST") and estate taxes) temporarily minimized this pain but, because it was subject to sunset provisions after December 31, 2010, it remains important for many of us to understand the basic tenets of estate planning (assuming, of course, that your Uncle Sam is not your favorite relative). Read more →

Retirement Plan Costs:
It's What You Don't Know That Can Hurt You!!

By Lynne Smith  – Published:  July/Aug 2011

If you are an employer sponsoring a 401(k) or other retirement plan, or even a participant in such a plan, you would likely agree that figuring out the true costs that impact a plan and the accounts of its participants are confusing, to say the least, as certain costs have historically been netted against investment earnings. Because of this, and the fact that participants often have the mistaken belief that their employer is paying all the costs, and because fees associated with these decisions have a significant impact on a retiree’s nest egg, plan sponsors face increasing levels of fiduciary responsibility with respect to selection of service providers, reasonableness of fees and disclosure of such costs. Read more →

Beware the Wolf in Sheep’s Clothing

By Heather Brown  – Published:  May / June 2011

“At a time when we have to make such difficult decisions about how to cut back without damaging the things that matter the most, we should strain every sinew to cut error, waste and fraud.”
–David Cameron

Every business, large or small, has them. Those one or two employees who are there before the doors open in the morning and are the last to leave at the end of the day. They never need help getting their assignments completed and may even offer to take on duties not typically assigned to them. Sick days are rarities and you can’t recall their last vacation of more than a day or two. These are the types of employees we all dream about, right? Read more →

Don’t Miss Out: 
Uncle Sam’s Property & Equipment Sale Expires

By Mark Kingery  – Published:  March / April 2011

Christmas came early for the American taxpayer, and late for those CPA’s who actually enjoy being able to use the last quarter to talk intelligently with their clients. On December 19, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Obama Tax Cut Act”). This law, among other things, extended the current income and capital gain tax rates through 2012 and also reduced the employee social security contribution by 2% in 2011. Read more →

Nonprofit Organizations:  Watch Your Step with the IRS

By Margaret Christiano  – Published:  January / February 2011

Exemption from paying income tax and the ability of donors to deduct contributions are a few of the benefits granted by the IRS to those organizations that qualify for exempt status under Internal Revenue Code section 501(c)(3). However, and while it may be reasonable to wonder if this is the case given the media coverage of certain high profile cases, these benefits require strict adherence to very stringent rules. Read more →