Financial statement requirements for franchisors

If you’re looking to start a franchise, be sure to look into all rules and requirements set by the Federal Trade Commission, or FTC. There are many items required to stay in compliance. Providing audited financial statements is one of those. Here is a brief overview of the financial statement requirements for U.S. – domestic …

Keep Reading

Credit for Taxes Paid to Another State or Country

Keep your accountant on their toes and check your returns. You should always check your income tax returns before signing and ask your accountant about any questions you may have. Accountants are people too and mistakes do happen, so make sure to at least take a glance at your returns before signing. I wanted to …

Keep Reading

Creating an Error-Free Budget

Alright, I’ll admit the title of this article is rather deceiving. Unless you’re just a naturally lucky accountant or a psychic, chances are you will have errors in your budget causing you to go over or under the projected budgeted amounts from the beginning of the year. I wish I had better news for you; …

Keep Reading

Valuation Issues in Divorce

Divorce can be a very emotional event, which is further complicated by the effort to equitably divide the marital assets. The parties often disagree about the value of specific assets; which assets are sole and separate property; and on occasion, may accuse one another of fraud. One particular item that is often in dispute is …

Keep Reading

Retirement Plan Loan Alternative

Many retirement plan participants may already know about the option to take out a loan against their retirement account. What you may not know about is the option to take out a hardship (though, all plans may not offer the option). A hardship, as defined by the Internal Revenue Service (“IRS”), “must be made on …

Keep Reading

Don’t Mess with the IRS – Their Budget Includes Guns

The IRS not only has to deal with taxpayers that are as harmless as you can imagine (think your grandma who wouldn’t hurt a fly), but increasingly, they also have to deal with taxpayers who are involved in such things as identify theft cases which can involve organized crime. Taxpayers come in every size and …

Keep Reading

MySocialSecurity Website Ups Its Security Protocol

The Social Security Administration has added a new step this month to protect your privacy as a mySocialSecurity user. This new requirement is the result of an executive order for federal agencies to provide more secure authentication for their online services. Any agency that provides online access to a customer’s personal information must use multifactor …

Keep Reading

Heard about the New Overtime Rule?

The United States Department of Labor updated its regulations governing the exemption of executive, administrative and professional employees (EAP) employees from the minimum wage and overtime pay protections of the Fair Labor Standards Act. The Fair Labor Standards Act ensures minimum pay and overtime protection for most employees, but the executive, administrative and professional employees …

Keep Reading

IP PIN Tool Returns to IRS Website

The Internal Revenue Service has re-launched the “Get an IP PIN” tool on IRS.gov. By adding multi-factor authentication, the IRS hopes to prevent future fraudulent applications and automated attacks. An Identity Protection Personal Identification Number (IP PIN) is given to taxpayers who are already victims of tax related identity theft. The six-digit IP PIN verifies …

Keep Reading

Scammers impersonating IRS to get your money

According to the IRS, the phone scammers are back at it; targeting taxpayers with aggressive and threatening phone calls. Scammers making unsolicited calls claiming to be IRS agents are using false credentials, false badge numbers and victims’ personal information to make themselves appear official. Additionally scammers can alter caller ID numbers to make it look …

Keep Reading