Tax Effects of Divorce or Separation

If you are going through divorce or are recently divorced or separated, dealing with taxes may be the last thing on your mind. But with the financial upheaval that often accompanies these events, it is important to address the tax aspects as they are often a material financial component. Some key tax tips to keep …

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Importance of Minutes as Evidence of Corporate Governance

Corporate governance is how a company polices itself and employees. It is intended to increase the accountability of the company, serve as a preventative measure, and help build transparency and trust. Corporate governance as it relates to plan administrators involves meeting your fiduciary responsibilities. Under the Employee Retirement Income Savings Act (ERISA), meeting your fiduciary …

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The Accountant (the Movie) – True to Form?

I am an accountant. A CPA. So when we first started seeing the trailers for a movie starring Ben Affleck as an accountant, there was some buzz. Because Hollywood was not going to portray us in the same nerdy, stereotypical way. Excitement even! So as my family was winding down activities for Family Weekend at …

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How Can I Get a Copy of My W-2?

Have you lost your W-2? Not filed your prior year tax returns and can’t locate your tax documents? The Social Security Administration can give you copies/printouts of your Forms W-2 for any year from 1978 to the present. The IRS has the information in free electronic format for 10 years. Per the SSA website FAQs …

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Estate, Gift Tax Exemption Expected to Rise in 2017

While the IRS has not yet released the new amounts for 2017, Thomson Reuters has calculated the unified estate tax exclusion for decedents dying in 2017 and the gift tax lifetime exclusion for 2017 will rise to $5,490,000. This is a small increase of $40,000 from the 2016 amount of $5,450,000. The 2017 gift tax …

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ACA Compliance: Employer Questions that Matter

The Affordable Care Act (ACA) prompts employers to ask themselves and their employees many questions. Questions that matter if you want to avoid potential fines and penalties. As an employer, do you have 50 or more full-time equivalent employees? That matters because if you do, you must offer full-time employees health care coverage or pay …

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Student Debt Impedes Ability to Buy a Home

The National Association of Realtors (NAR) recently polled student debt holders who had not defaulted on their loans. The majority of them graduated from a four-year public or private college. Below is a summary of some of the more interesting findings of the study. 43% of those polled had between $10,000 and $40,000 in student …

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Jock Tax Battle: States and Locales v Athletes

So football has started and your fantasy team, if like mine, isn’t winning like you thought! Anyways, as we sit on the couch and watch these NFL players get injured, score us points or not score us points, I’m sure you’ve all thought to yourself, “Wouldn’t it be nice to be a sports star? Making …

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Statement of Cash Flows Updates

On August 26, 2016, the FASB issued Accounting Standard Update 2016-15, Statement of Cash Flows (Topic 230). The new guidance is intended to reduce diversity in practice in how certain cash inflows and cash outflows are presented in the statement of cash flows. This update provides guidance on the following eight topics: Debt prepayment or …

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