Is your 401(k) plan properly insured?

There are two common insurance policies that relate to employee benefit plans: an ERISA fidelity bond and fiduciary liability insurance. Both help lower risk but only one of the policies – the ERISA fidelity bond – is required by the Employee Retirement Income Security Act (ERISA) administered by the Department of Labor (DOL). An ERISA …

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Utilization of service organizations

Service organizations exist to assist companies of all sizes in performing certain tasks that the company is not capable of performing or would rather outsource to a third-party. Examples of service organizations include: Payroll providers 401(k) record-keepers IT backup and cloud services And more But do companies understand and review the controls within the service …

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Disaster relief fraud, don’t fall victim

My heart, as many others, goes out to the people of Houston and the surrounding cities and towns affected by Hurricane Harvey. I experienced the storm surge created by Hurricane Isabel in 2003. My home was within inches of flooding and my next door neighbor completely lost his home simply because the typography of his …

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Scammers setting up fake charities – again!

Unfortunately, it is time to update a blog from some time ago, warning about unscrupulous scammers out there trying to take advantage of the good intentions of the American taxpaying public with fake charities. (See previous blog post, though many of the same suggestions still apply, but with updated information.). The IRS issued a warning …

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Expatriates, think and negotiate before you jump

Are you jumping at the fact that you get to travel for work? Or maybe you’re jumping at the fact that you will be qualifying for the foreign earned income exclusion this year or next year and get to exclude a big chunk, if not all, of your earned income (2017 Foreign Exclusion amount $102,100). …

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Home mortgage interest deduction – don’t miss out

The home mortgage interest deduction is a topic we have covered in the past, but with the soaring price of houses in this rebounding market, it’s a good time to remind ourselves of the rules for this deduction. The interest paid on a loan is fully deductible if the proceeds are used to buy or …

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How to market your business for a potential sale

Recently, a number of clients have engaged us to value their business because they do not have a firm grasp of what their company is worth and they are considering selling their interest in the near future. After we performed the assignment and met with the client to discuss the value drivers of their business, …

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Selling your business? Here’s what to expect

We continue to see some of our clients looking to sell their business, whether to a strategic buyer or to a private equity group. For many of our clients this may be the one and only time that they sell a business. For any person looking to sell a business, there are some things to …

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Voluntary tax disclosure program for online sellers

The Multistate Tax Commission (MTC) is offering a limited-time voluntary tax disclosure program for online marketplace sellers for sales and use tax, income/franchise tax or both. Participating states include Alabama, Arkansas, Colorado, Connecticut, the District of Columbia, Florida, Idaho, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Minnesota, Missouri, Nebraska, New Jersey, North Carolina, Oklahoma, South Dakota, Tennessee, …

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What’s new with 2017 Form 1042-S

Another year means more updates to Form 1042-S as the IRS attempts to have these forms work more efficiently and adapt to the ever changing tax laws. Here is what’s new for 2017: Unique form identifier: Each 1042-S form will now need to have a unique form identifier. This is different than a U.S. or …

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