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Showing 1–16 of 20 results
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If you have household help, you probably have tax obligations
January / February 2023
Newsletter: Planning for Prosperity / Wealth Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Families that employ nannies, housekeepers, health care assistants and other in-home employees need to be aware of their tax responsibilities. This article looks at the “nanny tax,” explaining that these employers don’t have to withhold federal income tax from paychecks, unless the worker asks them to. However, they may need to withhold FICA taxes and pay the employer’s share of FICA taxes, as well as FUTA.
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Changes are coming to your auditor’s report
Spring 2022
Newsletter: Nonprofit Observer
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: The American Institute of Certified Public Accountants Auditing Standards Board’s latest standards are kicking in, and many nonprofits will notice resulting changes to the format and content of auditor reports on their organizations’ financial statements. This article describes how the updates are intended to make auditor reports more meaningful and transparent for the users of financial statements, including potential funding sources. Source: Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (AU-C section 701).
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Changes are coming to your auditor’s report
April / May 2022
Newsletter: Nonprofit Agendas
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: The American Institute of Certified Public Accountants Auditing Standards Board’s latest standards are kicking in, and many nonprofits will notice resulting changes to the format and content of auditor reports on their organizations’ financial statements. This article describes how the updates are intended to make auditor reports more meaningful and transparent for the users of financial statements, including potential funding sources. Source: Statement on Auditing Standards (SAS) No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements (AU-C section 701).
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Asset values and the COVID-19 pandemic – Depressed values can affect your estate plan
March / April 2022
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: A variety of estate planning strategies require having accurate valuations of assets. Indeed, the tax implications of these strategies depend on the fair market value of one’s assets when they’re transferred. The values of many assets may be temporarily depressed because of the COVID-19 pandemic. This article explains why now may be an ideal time to gift them, either directly to family members or to irrevocable trusts. Hiring a qualified valuation expert is essential to updating one’s estate plan for this limited-time opportunity.
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Supreme Court shakes up the PTAB
Year End 2021
Newsletter: Ideas on Intellectual Property Law
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: A decade after the American Invents Act of 2011 (AIA) brought significant change to the U.S. patent system, the courts and players in the patent regime continue to grapple with some aspects of the law. This article reviews a recent U.S. Supreme Court finding that the Patent Trial and Appeal Board’s administrative patent judges’ power is incompatible with their status as inferior officers. The article also reviews guidance from the U.S. Patent and Trademark Office in the wake of the Court’s holding. U.S. v. Arthrex, Inc., No. 19-1434 (U.S. June 21, 2021).
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Considering a Roth IRA conversion
April 2021
Newsletter: Tax & Business Alert
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Future retirees have long grappled with whether to opt for a traditional or Roth IRA. Those who have a traditional IRA and have seen a decline in the value of their investments may want to consider a conversion to a Roth. This article reviews how these accounts work and the strategy in question.
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Keep a close eye on your staffing to avoid shortages
Fall 2019
Newsletter: Rx for Practice Management / Practice Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Over the length of a practice’s life span, it will likely face a staffing shortage at least once — if not several times. How practice managers deal with lack of staff can have a big effect on revenue, workloads, staff morale and quality of patient care. This article offers four strategies, such as cross-training employees and seeking temporary staffing, for dealing with staffing shortages while maintaining high-level patient care.
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Are you a reliable guardian of customer information?
November / December 2018
Newsletter: Dealer Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Given the large volume of personal data typically collected from customers, it’s critical that dealerships proactively secure the information they obtain and store. This article suggests several security measures that can reduce the chances of a data breach at a dealership operation.
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Know your tax obligations before hiring household help
September / October 2018
Newsletter: Tax Impact
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: There are several reasons for hiring household help, including child or elder care or general cleaning and yard maintenance. However, when a person hires outside help, he or she becomes an employer. Thus, that person has specific tax obligations, such as withholding and paying Social Security and Medicare (FICA) taxes and possibly federal and state unemployment insurance. This article examines the tax-related responsibilities associated with hiring outside help.
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Failure to value goodwill invalidates nonsolicitation agreement
November / December 2016
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: The value of a private business is instrumental in many legal scenarios, including property settlements in divorce cases and damages calculations in business litigation. But valuation also may be critical in less obvious matters, like the validity of nonsolicitation agreements. This article looks at a recent ruling in Monarch Healthcare Inc. v. Orr that illustrates the importance of hiring an objective valuation professional to allocate a portion of a business’s purchase price to goodwill. The case shows that failure to do so could invalidate noncompetes and nonsolicitation clauses, depending on state law and the type of business involved. Monarch Healthcare Inc. v. Orr, No. G050463, Jan. 20, 2016 (Cal. App.)
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Avoid state income taxes with an incomplete nongrantor trust
April / May 2015
Newsletter: Insight on Estate Planning
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Now that the federal gift and estate tax exemption has reached an inflation-adjusted $5.43 million, many people are shifting their estate planning focus to income tax reduction. One potentially attractive strategy for high-income taxpayers, particularly those who live in high-income-tax states, is an incomplete nongrantor trust. This article details the pros and cons of an incomplete nongrantor trust.
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Do your part for donors – IRS substantiation rules apply to contributors
Winter 2015
Newsletter: Profitable Solutions for Nonprofits
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: With donors gearing up for tax-filing season, it’s not too late for not-for-profits to make sure that they’re following the IRS donation “substantiation rules” so that their benefactors have the proof they need to deduct financial gifts. Proper documentation is also crucial so that donors don’t have any future problems with the IRS. This article explains what the IRS requires to document various levels of gifts and offers a real-life example of the consequences of not closely adhering to the rules.
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Changing family makeup requires estate plan review
January / February 2015
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Today’s American families have grown increasingly diverse. Besides the typical nuclear family, a family may include unmarried parents of adopted children or married parents with unadopted stepchildren. Those whose family’s demographics have recently changed need to revisit their estate plan. This article takes a close look at a few specific family makeups, and what steps need to be taken to clearly resolve such matters as parental custody and asset distribution.
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IRS clarifies capitalization of leasehold improvements
November / December 2012
Newsletter: Real Estate Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Leasehold improvements can pose some tricky tax issues for all parties involved. In a recent legal memorandum, the IRS addressed one such issue — the proper capitalization treatment of indirect costs incurred by a lessee to construct real property it then leased. This article takes a look at a case involving Internal Revenue Code (IRC) Section 263A, Capitalization and Inclusion in Inventory Costs of Certain Expenses, and IRC Sec. 263(a), Capital Expenditures, in which the lessee lost the battle.
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Is your practice ready? — CMS Stage 2 requirements are drawing nigh
Fall 2012
Newsletter: Rx for Practice Management / Practice Management Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: Last February, CMS published a proposed rule defining the “meaningful use” requirements for Stage 2 of its Electronic Health Record (EHR) Incentive Program. It’s expected to issue a final version of the rule in late 2012. Although there will be revisions in response to those comments, enough is known now for physician practices to begin preparing for the changes. This article reviews Stage 1 objectives and discusses Stage 2 proposals, and notes when penalties for noncompliance may apply.
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Owning life insurance can make estate planning complicated
July / August 2012
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 585
Abstract: A life insurance policy can be an important part of an estate plan. The policy can provide a source of wealth for one’s family income-tax-free, and it can supply funds to pay estate taxes and other expenses. However, those who own their policy, rather than having, for example, an irrevocable life insurance trust (ILIT) own it, will have to take extra steps to keep the policy’s proceeds out of their taxable estate. As this article explains, an irrevocable grantor trust can be one way of doing that.