Recent News
27
Mar
New Ways to Settle Worker Classification
The IRS is offering a unique opportunity to employers who have misclassified workers as independent contractors rather than as employees. Under a special IRS program, an employer may volunteer to sett...
20
Mar
Straight Talk on Above-the-Line Deductions
Tax professionals often speak about deductions that are "above" or "below" the line. In this case, the "line" is the point for determining adjusted gross income (AGI). The types of expenses generally ...
5
Mar
Hold the (Cell) Phone: The IRS Calls In
The IRS has issued new guidance on the tax treatment of employer-provided cell phones used by employees. The guidance is in accordance with the removal of strict reporting requirements under the
24
Feb
Burden of Proof for Charitable Deductions
A few years ago, the tax rules requiring substantiation for charitable donations were tightened. Now, a new ruling shows that the IRS really means business. Background: To deduct charitable contribut...
9
Feb
New Rules on Fee Disclosures for Retirement Plans
The Department of Labor has recently released the final rules on fee disclosures (also known as the 408(b)(2) rules), which are designed to increase transparency of fees inside retirement plans. After...
1
Feb
Five 401(k) Mistakes to Avoid
The 401(k) plan has long supplanted the traditional pension plan as the most popular type of tax-qualified retirement plan. Thus, there is a good chance that an employee will be eligible to participat...
26
Jan
Transcript: AICPA National Conference on Employee Benefit Plans Key Points
By: Lisa S. Hastings and Stephanie J. Turner Lisa: Hi, this is Lisa Hastings. Stephanie Turner and I attended the AICPA National Conference in Washington, DC just before Christmas, and want to share ...
5
Jan
Dealing with Independent Contractor Issues
Now that flexible work arrangements are becoming more common, it is even more difficult to tell the difference between "employees" and "independent contractors." Nevertheless, it is important for empl...
7
Dec
Wilmington Trust Stock Conversion
On May 16, 2011 Wilmington Trust merged into M&T Bank. At this time holders of Wilmington Trust stock received 0.051372 shares of M&T stock for every 1 share of Wilmington Trust stock owned. Any fract...
30
Nov
Benefits on Tap for Charitable Rollovers
The 2010 Tax Relief Act extends the tax break for so-called "charitable rollovers," but only through 2011. If a retiree is inclined to take advantage of this unique tax opportunity, he or she should m...
22
Nov
‘Tis the Season to Give Gifts
The new tax law signed late last year-the 2010 Tax Relief Act-creates an added incentive for wealthy individuals to give generous lifetime gifts to family members. Because the estate- and gift-tax pro...
11
Nov
Relief from 1099 Reporting Rules
The onerous rules requiring businesses to report most payments to the IRS have ended before they ever began. Congress repealed the new reporting requirements as part of the "Comprehensive 1099 Taxpaye...
18
Oct
Succession Planning: Now is the Time
By Dana Wattay, CPA Having a plan in position to replace retiring or transitioning talent is one of the most important things a business can do to ensure the continued prosperity and growth of the or...
21
Sep
Proposed – American Jobs Act of 2011
The American Jobs Act of 2011, proposed by President Obama on 9/12, is presently being honed by Congress. In its current state, the proposed $447 billion job-creation plan has several key aspects of ...
12
Aug
Delaware Tax Credit Saved!
In 2010 a Delaware Senate bill was introduced that would have eliminated the Blue Collar Job Tax Credit. The Blue Collar Credit is a state tax credit that benefits certain qualified activities, includ...
29
Jul
Meet our Certified Fraud Examiners
A Certified Fraud Examiner (CFE) is a specialist in the detection and deterrence of a wide range of white-collar crimes - from discovering employees or executives who misappropriate company assets t o...
24
May
Big Changes for FSAs in 2011
A little-noticed provision in the 2010 health care legislation may affect flexible spending accounts (FSAs) in 2011. ackground: With an FSA, participants save tax by making contributions to the accou...
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