What is a hardship distribution from your 401(k)?

One type of distribution your 401(k) may allow for is a hardship distribution, and while the criteria can vary from plan to plan, most are generally similar. A hardship distribution is used to satisfy the immediate and heavy financial need of the participant, the participant’s spouse or the participant’s non-spouse, non-dependent beneficiary. Common examples of …

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Vacation rentals: another day, another scam

If you’re planning a vacation for Labor Day, a weekend getaway or even looking ahead to the holidays, make sure to keep your eyes open for a new scam centered around vacation rentals. If you’re anything like me, planning for a vacation tends to happen a little closer to the vacation date than you’d like. …

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Treasures 4 Teachers back to school drive

Just last week a colleague and I had the privilege of organizing and dropping off all our back to school drive items to a great organization. Henry+Horne does a back to school drive each year in July and we typically pick a different organization to support. This year we were able to hold a drive …

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Phishing vs spear phishing – don’t get scammed

You may believe that phishing emails are a thing of the past and that no one falls for them. However, emails remain the number one way for scammers to infect your computer with viruses or ransomware and they have been getting more complex with their schemes. Spear phishing Typically, phishing emails can be easily identified …

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Revenue recognition: costs of obtaining contracts

By now most of us are experiencing information overload on the new revenue recognition standard and are contemplating to jump ship before the standard comes into effect. The Accounting Standard Codification introduces Topic 606 (too close to triple-six if you ask me), Revenue from Contracts with Customers, and it is effective to all nonpublic companies …

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Your Premium Tax Credit repayment is deductible

Have you had to pay back some of the advance premium tax credit received through the Health Insurance Marketplace? If so, this is an article you will want to keep reading. First off, the reason you must repay some of that is usually because you did not estimate your income properly for the year or …

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Is that the IRS on the phone? Maybe. Maybe not.

So, Tax Tip 2018-111 comes into my in box today via email and it has me steamed. Really? Is an IRS tax tip something to get steamed about? Well, yes. And here is why. For years, the IRS has been saying that they will never contact taxpayers by phone. And have asked us in the …

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ASA supports trustee, appraiser in ESOP litigation

I recently wrote an article about several cases being brought by the Department of Labor (DOL) against Employee Stock Ownership Plan (ESOP) trustees. The cases all related to the DOL’s claim that the ESOP trustees had breached their fiduciary duties by relying on appraisals prepared for the valuation of the ESOP owned stock. One such …

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Tax scams, know the telltale signs to keep your info safe

The IRS recently added tax tips to their website regarding scam attempts. Summertime is a high point for scammers because taxpayers are waiting to receive their refund or a response from the IRS about their return. Most scammers want you to give them personal information such as account details, social security numbers and passwords. Here …

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Revenue recognition: manufacturing impact

The new revenue recognition standard is rapidly approaching with implementation only months away. If your distribution channels are simplistic in nature and your contracts are typically simplistic or generally simple purchase orders, you probably won’t have any significant impact. On the other hand, if any of these items apply, your accounting for revenue is likely …

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