Keeping Current
As a complimentary service to our clients and friends, we offer a variety of newsletters and publications covering the latest topics of interest to you.
We recently corresponded with alliantgroup’s Dean Zerbe, former Senior Tax Counsel to the Senate Finance Committee. Here is a summary of his take on upcoming tax legislation. Read More »
If you currently cover your employees with health coverage, you will find a big smile planted on your face when you read how the new health care law might put money in your pockets, starting right now. And you may not have to make a single change in business practice to get your money. Read More »
The Financial Accounting Standards Board (FASB) has issued FASB Interpretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109,” to address how companies should account for uncertainties in timing and permanent income tax positions. Many companies seem to have the wrong mindset about the implementation process. They view this process as one big headache. Read More »
When commercial lenders have advance knowledge of hidden risks and liabilities, they can advise customers on ways to minimize their potential exposure and possibly preempt loan defaults. Or they may decide to deny a loan altogether. Read More »
Lenders often have a stake in private company mergers and acquisitions, so it’s important that they know whether the target’s price is reasonable. Procuring a professional appraisal upfront can mean the difference between a long-term lending relationship and default. To help make informed lending decisions, lenders should know the standards of value used by appraisers, along with their valuation methodologies. A sidebar to this article points out the dangers of relying on generic valuation formulas. Read More »
In March 2009, Bernard Madoff pleaded guilty to charges including fraud for operating a Ponzi scheme for at least a decade in which he bilked thousands of investors out of as much as $65 billion. In January 2009, the CEO and Chairman of Satyam Computer Services admitted to faking financial results, including overstating cash balances by more than $1 billion. Read More »
Roth IRAs, despite their attractive features, have yet to match the popularity of traditional IRAs. As of 12/31/08, $3.5 trillion was invested in traditional IRAs compared to $165 billion in Roth IRAs. One main reason why Roths constitute such a small percentage of total retirement assets is that high net worth individuals – who potentially stand to benefit the most from them – have been ineligible to contribute directly to one or convert their existing traditional IRAs to a Roth. Read More »
A number of figures used in tax and retirement planning have been updated for 2010. Most limits for pension and IRA contributions have been unchanged. For example:
- The maximum contribution that can be made to a defined contribution plan in 2010 under Section 415 is the lesser of $49,000 or 100 percent of compensation—the same limit as in 2009. Read More »
Most closely-held business owners are on a constant search for tax leverage with regard to fringe benefits for the owners and their employees.
Pension plans create income tax deductions for the business, and allow employees to exclude contributions from their taxable income. However, the employer must include all eligible employees in the plan, and retirement benefits are generally taxable to the participants. Read More »
Individuals changing jobs may have substantial pension balances that need to be dealt with. Often they want to defer taxes on the pension plan balances and transfer the money to another plan over which they have more control.
Others with IRA balances may be interested in making a tax-free transfer to a new IRA custodian, or in splitting the current IRA account for various reasons. Read More »