Hilton Receives SLU’s Outstanding Alumni Award
Thomas E. Hilton, MSF, CPA/ABV/CFF, ASA, CVA, CGMA, director of the Forensic and Valuation Group at Anders, has been awarded the Fr. Joseph E. Boland… Read More
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Hilton Receives SLU’s Outstanding Alumni Award
Thomas E. Hilton, MSF, CPA/ABV/CFF, ASA, CVA, CGMA, director of the Forensic and Valuation Group at Anders, has been awarded the Fr. Joseph E. Boland… Read More
Transition of New Revenue Recognition Standards
The Financial Accounting Standards Board (FASB) is planning on issuing the final converged standard on revenue recognition this summer, hopefully as close to June 21st… Read More
Changes They are a Comin’ (To Privately Held Companies)
The Private Company Council (PCC) was created last year by the Financial Accounting Standards Board (FASB) parent organization, the Financial Accounting Foundation. The PCC is… Read More
The May Legal Newsletter is now available here.
Current Articles
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Electronic Document Preservation in Discovery
Next Speaker Series Topic: Healthcare Reform
Anders Launches Health… Read More
ACA’s Impact on Your Business…Are YOU Prepared?
Jenny Meyer, Tax Principal will be presenting on ACA: Financial Impact at the June 19 Breakfast for your Bottomline, a quarterly series that addresses issues… Read More
Proposed 2014 Budget Affects Estate Planning
The Obama Administration has released its proposed budget for fiscal year 2014, which included several proposals affecting estate planning. The administration has proposed returning the… Read More
The General Newsletter is now available here.
Current Articles
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Join us for “Three Common Mistakes that Open the Door to Business Fraud” on May… Read More
Proposed OMB Circular A-133 Auditing Changes
New reforms have been proposed by the Office of Management and Budget (OMB) that could drastically change the way audits are performed under OMB Circular… Read More
From Yahoo! Finance:
Democratic Gov. Jay Nixon reaffirmed his opposition Thursday to a Republican-backed plan that would cut Missouri income taxes for individuals and businesses… Read More
Earlier this year, Congress passed The American Taxpayer Relief Act of 2012 (ATRA), which enacted significant tax law changes and tax rate increases for 2013… Read More
The Legal Newsletter is now available, here.
Current Articles
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Wait. On Second Thought, Maybe Just Half My Kingdom?
Meyer and Summers Named Principals at… Read More
Meyer and Summers Named Principals at Anders
Anders has named Jenny L. Meyer, CPA/ABV, MBA, CPA, and Kevin P. Summers, JD, CPA/ABV, CFF, ASA, CVA, CDFA, principals of the CPA and advisory… Read More
General Newsletter is now available, here.
Current Articles
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Anders Named a “Firm to Watch”
Long-time Supporter Mike Morris Wins Anders Hoops for Hope Tournament… Read More
NAIFA CE Day – Trust and Estate Tax Issues
3-3:50pm Topic: Trust and Estate Tax Issues
Speakers: Erin Prest CPA/PFS and Chad Gall, CPA
About the talk: Specialize in providing solutions to trust and… Read More
Anders 2013 Signature Speaker Series
Answers the St. Louis Business Community Needs to Make Informed Decisions Today that Could Impact Tomorrow
Register here!
Join Anders CPAs + Advisors for Wednesdays… Read More
Get Connected to the IRS with Social Media
Below is an email from the IRS informing us on how to get connected with them via Social Media. Need a last minute update on… Read More
Julie Hiblovic Named one of the 100 St. Louisans to Know to Succeed in Business
Julie K. Hiblovic, CPA, audit principal at Anders, has been named one of the most influential in St. Louis.
She was honored on March 20… Read More
No Joke This April Fool’s Day – Older Clients May Need to Take Distributions from IRA Accounts
If you or someone you know own IRAs or qualified plan accounts and reached the age of 70 ½ in 2012, April 1 is no… Read More
The Legal Newsletter is now available, here.
Current Articles
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The Devil is in the Details: Data Analytics as a Fraud Detection Tool
Anders Named… Read More
Anders Named a “Firm to Watch”
ST. LOUIS, March 18, 2013 – Anders has been named to Accounting Today’s “Beyond the Top 100: Firms to Watch” list. Anders also made the… Read More
The General Newsletter is now available, here.
Current Articles
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Anders Warns of Solicitation Scam. Do Not Respond.
March Means Tax Returns, Audits and Basketball… Read More
Possible Missouri Tax Cut Working through Jefferson City
The Missouri Senate passed a tax bill that would cut income taxes annually for residents and businesses but increase state sales taxes.
The bill would… Read More
Income tax cut advances in Missouri Senate
By Virginia Young vyoung@post-dispatch.com
JEFFERSON CITY • Spurred by tax cuts in Kansas, the Missouri Senate took the first step Wednesday night toward cutting state… Read More
Navigating the 2013 Regulatory Landscape for 401(k)s
7:30 to 10 a.m., Thursday, March 14, 2013
The Charles F. Knight Education and Conference Center
at Washington University
One Bookings Drive, St. Louis, MO… Read More
It’s that time of year again, time to be aware of all the potential online phishing scams from the IRS. Remember, the IRS will never… Read More
The Sequester Deadline is Upon Us
As the Sequester Deadline nears later this week, there is little optimism that Congress and the Administration will reach a compromise similar to the deal… Read More
The Legal Newsletter is now available here.
Current Articles
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What’s Mine Is Mine….Marital vs. Separate Property
Annual Payroll Taxes and Withholdings Update 2013
2013… Read More
Update – Foreign Sales Could Provide Big Tax Breaks
We previously explained, in this blog post, the advantages of forming an IC-DISC when a manufacturer has foreign sales. With the uncertainty of the tax… Read More
Construction Industry Best Practices in Internal Controls
Fraud in the construction industry reports the 3rd highest median losses per case compared to other industries. Why do people commit fraud? Motivation. Opportunity. Rationalization. … Read More
The General Newsletter is now available, here.
Current Articles
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Annual Payroll Taxes and Withholdings Update 2013
2013 Tax Pocket Guide Now Available
Anders Selects… Read More
In this last of a four-part series, we review the increases in Employee Benefit Plan Thresholds and the New Hire Reporting Program for Missouri and… Read More
In this third of four blogs posts, we will address the Electronic Federal Tax Payment System, Social Security Benefits, the Standard Mileage Rate, Earned Income… Read More
In this second of four blogs posts, we will review changes to Information Returns and the Minimum Wage. We also take summarize pertinent information about… Read More
With the New Year come changes in requirements regarding payroll taxes. This four-part blog series summarizes the 2013 changes that could effective you and your… Read More
I hope Kanye West’s accountants are keeping track of his gifts this year. With one reported gift of Cartier bracelets worth $65,000 to Kim Kardashian,… Read More
Confused about your 2013 tax rate? You’re not alone. With all the iterations of the “fiscal cliff” solutions from Capitol Hill, you’ve heard lots of… Read More
St. Louis Community College Continuing Education Program
Mike Morhaus, a partner in our Forensics and Valuation Services Group, will present on March 21 at SLCC Forest Park in their Continuing Education Program.
… Read More
The Legal Newsletter is now available here.
Current Articles
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ANDERS. A New Name. A New Look. The Same Commitment to You and Your Business… Read More
Simplified Home Office Deduction
The IRS has just announced a simplified option for taxpayers who claim the home office deduction. It is hard to believe that the IRS would… Read More
American Taxpayer Relief Act of 2012 Signed Into Law
Our elected representatives have finally done it…
Yes the double entendre is intended…Congress finally passed a bill to take steps to address a portion of… Read More
Small Business Expensing/Bonus Depreciation
IRS Code Section 179 allows a taxpayer to fully expense qualified fixed asset purchases in the year they were placed in service. Enhanced Code Sec.… Read More
Basic Rules of Passive vs. Non-Passive Income
The Affordable Care Act has created a 3.8% surtax on investment income starting in the 2013 tax year. To avoid the 3.8% surtax, your investment… Read More
Payroll Tax Holiday/Additional Medicare Tax
In 2012, payroll tax was paid on an employee’s first $110,100 of wages. The payroll tax holiday reduced the employee-share of social security taxes from… Read More
Year-End Moves for Business Owners
Year-end planning is a challenge this year because, unless Congress acts, tax rates will go up, many more individuals will be snared by the alternative… Read More
Post-Election Tax Situations: Change in Educational Credits and Deductions
With the sunset of various tax laws at the end of 2012 comes a change in educational tax credits and deductions. Taxpayers could see changes… Read More
Post-Election Tax Situations: Increase in Capital Gains and Dividends Tax Rates
Under current law, the reduced tax on long-term capital gains and qualified dividends are scheduled to revert in 2013 to their pre-2003 rates. For the… Read More
The Tax Effect of Athletes Traded to Canadian Teams
Most avid sports fans, and in particular baseball fans, know about the blockbuster trade between the Miami Marlins and Toronto Blue Jays. However, what most… Read More
Alternative Minimum Tax: 60 Million Americans Looking for the Patch
The IRS confirmed that if Congress fails to extend the traditional patch for the AMT, approximately 60 million Americans could be affected and about 33 million taxpayers could pay the AMT for tax year 2012, up from roughly 4 million… Read More
IRS Temporarily Waives Low-Income Housing Credit Rules for Hurricane Sandy Victims
Nathan Stonner, Tax Associate
The IRS has temporarily waived low-income housing tax credit rules for victims of Hurricane Sandy. This waiver will allow owners of low-income housing credit projects to provide temporary housing in vacant units to individuals, regardless of… Read More
Tax Planning for a Baby: Part 1
Right now, I have several friends who are expecting a baby or are just beginning the joys of parenthood. I’ve found that a lot of… Read More
How Can I Avoid the 10% Early Withdrawal Penalty on IRA’s?
Chad R. Gall, CPA, Tax Supervisor
You’re 50 years old. You worked your way up the corporate ladder and built a large nest egg in your IRA and company retirement plan. You are contemplating retirement, but if you take distributions… Read More
Don’t Overlook Accelerating Ordinary Income and Taking Advantage of Current Estate Tax Provisions
This is the final part of our series on pending tax legislation and how it can affect you.
John C. Scott, CPA/ABV, AEP, Tax Partner
Another opportunity that should be noted is accelerating ordinary income into 2012. Perhaps the best… Read More
Mobile Workforce Tax Relief Bill Could Benefit Those Working in Multiple States
Lucas Luckett, CPA, Tax Associate
Working in multiple states is always confusing when it comes to taxes. Employers must figure out how much to withhold in taxes, employees must figure out state filing requirements, and the results are different for… Read More
Professional Gamblers Could Win Big with New Tax Break
Brent Robbs, Tax Associate
Gambling has always had a perceived “bad” reputation with society. With this reputation came unfair tax treatment for professional gamblers. A new Tax Court ruling is changing that and gamblers could reap the rewards.
On December… Read More
US Senate to Discuss Bill to Extend and Expand Energy Tax Deduction for Commercial Buildings
Nicole M. Doeschot, CPA, Tax Senior
With the 179D deduction set to expire at the end of 2013, there have been lots of talks about expanding the deduction and turning it into a more valuable credit. Now the latest proposal… Read More
Everyone Needs an Estate Plan – Have You Named a Beneficiary?
Rachel Hartnett, CPA, Tax Senior
After planning for the protection of your assets and your medical wishes, there are a few other items to consider when finalizing your estate plans. These items will ensure your wishes are followed. And for… Read More
179d Tax Deduction to Tax Credit in 2013?
One of the hottest deductions relating to “green incentives”, the 179d deduction, might become a tax credit soon. As part of his FY 2013 federal… Read More
Everyone Needs an Estate Plan – Do You Have a Will and Living Trust?
Rachel Hartnett, CPA, Tax Senior
When people hear the words “estate planning”, they often think it only applies to the rich and famous or those who have the potential of a taxable estate. This is a common misconception.
Everyone, regardless… Read More
Plan Now for the 2013 Provisions of the Health Care Law
Monica McKillip, CPA, Tax Senior
The Supreme Court largely upheld the Affordable Care Act last week, so taxpayers should continue preparing for the following provisions that become effective in 2013:
1. Employer-provided health Flexible Spending Arrangements (FSAs) will be limited… Read More
Supreme Court Votes 5-4 to Uphold Healthcare Reform
Michael J. Evans, CPA, Director of Tax Services
The Supreme Court has handed down its highly anticipated decision upholding the 2010 Patient Protection and Affordable Care Act. Touted as one of the most significant Supreme Court decisions of this century,… Read More
The Potential Repercussions of Facebook’s Eduardo Saverin
Katie King, CPA, Tax Senior
Eduardo Saverin, a partial owner of Facebook recently made headlines because of his move to renounce his U.S. citizenship. According to the beliefs of some of our nation’s leaders, Saverin’s incentive is largely based on… Read More
Evolution in Standard-Setting for Privately Held Companies
Lesley Larsen, CPA, Audit Senior
In a meeting on May 23, 2012, the Financial Accounting Foundation (FAF) voted to establish the Private Company Council (PCC) that will determine when modifications and exceptions to U.S. GAAP are necessary for privately held… Read More
The Research and Experimentation Tax Credit: How do I qualify?
Nicole M. Doeschot, CPA, Tax Senior
When you hear “Research and Experimentation tax credit”, you’re probably thinking it only relates to technology, medical and pharmaceutical companies. Actually, that’s not true. In the past few years, legislation has substantially increased the… Read More
The Expiration of Bush-era Tax Cuts: Increase in Capital Gains and Dividends Tax Rates
Dan Schindler, CPA, Tax Associate
Under the current law, the reduced tax on long-term capital gains and qualified dividends are scheduled to revert in 2013 to their pre-2003 levels. For the past ten years, taxpayers in the 10% or 15%… Read More
The Expiration of Bush-era Tax Cuts: Exemption and Deduction Phase-out Thresholds
Dan Schindler, CPA, Tax Associate
Beginning in 2013, the expiration of the Bush-era tax cuts brings back the phase-out threshold for personal exemptions and itemized deductions. For tax years 2010 through 2012, taxpayers were allowed their full personal exemption regardless… Read More
Common Payroll Mistakes Companies Make
Luke Luckett, CPA, Tax Associate
As part of the Employment Tax Research Project launched in 2010, the IRS is reviewing the payroll practices of employers in four main areas: Worker misclassification, fringe benefits, executive compensation and payroll taxes. The IRS… Read More
What Types of Transactions are Subject to Sales Tax in the Media/Advertising Industry?
Nicole Doeschot, CPA, Tax Senior
Missouri sales tax regulations are complicated, and they become extremely obscure when dealing with the sale of media/advertising. Typically considered a service industry, these regulations can affect the way media, advertising and related companies do… Read More
Private Foundations, Perpetual or Limited?
Lauren N. Blaies, Tax Associate
In the past, wealthy, philanthropic individuals have set up private foundations to last indefinitely. They wanted to establish a legacy, create long-term awareness, provide continuous funding for a charity, or continue family involvement after death.… Read More
Balancing Higher Education Costs with Federal Tax Credits
Jane Groeteka, Tax Associate
Getting an education is expensive, but if you take advantage of the federal tax credits that are available today, you can catch a bit of a break. For postsecondary education expenses, you have the option of… Read More
Planning Tips for those Approaching the IRA Required Minimum Distribution Age
Kris Pearce, CPA, Tax Senior
There are many things to consider when approaching 701/2 the age for required minimum distributions from IRAs. The following is just brief summary of some of the items that should be discussed with your attorney,… Read More
Congress Passes Extension of Payroll Tax Cut, Unemployment Benefits
After extended bickering on the matter late last year, the Republicans and Democrats in the House approved a $144 billion package to extend the payroll tax cut and unemployment insurance through the end of the year, putting differences aside until… Read More
Transferring Investment Institutions? Transfer Your Basis!
Have you ever received a brokerage statement that shows shares owned with a “not available” note where the cost basis should be? This normally indicates… Read More
Seven Things to Double Check before Filing Your Own Tax Return
Brent R. Robbs, Tax Associate
So you’ve decided to file your own tax returns? You’ve followed the instruction booklets and filled out the forms. Before you seal the envelopes and drop the returns in the mail, here are seven items… Read More
What Happens to Social Security Payroll Tax in March?
Dan Schindler, Tax Associate
On December 23, 2011 Congress passed a two-month Social Security payroll tax cut extending through February 2012 using the 2011 tax rates. However, as March rolls around, taxpayers earning a salary will see a slight reduction… Read More
QuickBooks Class-What does it Mean to Your Business?
Kristie S. Galati, Manager
The terminology in QuickBooks accounting software can sometimes be confusing. Take “class” for example. The word “class” in QuickBooks is defined as a way to track the different segments of your business. Using the class feature… Read More
Business Standard Mileage Rate is Unchanged for 2012
Jane M. Groeteka, Tax Associate
The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will remain at 55.5¢ per mile for business travel after 2011—that is, unchanged from the… Read More
How Does Applying at Certain Ages Affect My Benefit?
Deidra A. Doerr, CPA, Tax Supervisor
The first two installments of this series covered the basics of retirement benefits and who is entitled to receive payments. This leads us to discuss the consequences of applying at different ages and what… Read More
Bonus Depreciation and Section 179 Expensing Top Year-End Planning
Luke Luckett, CPA, Tax Associate
It’s time to start thinking about year-end tax planning. Two of the easiest, and maybe most effective, year-end planning opportunities are 100% depreciation and Section 179 expensing. These techniques may not be available or may… Read More
Senate Passes Repeal of 3% Withholding Opposed by Businesses
Nicole Doeschot, CPA, Tax Senior
Last week, we informed you that the bill relating to the 3% withholding repeal for government contractors passed in the U.S. House of Representatives and had moved to the U.S. Senate for consideration.
http://amdcpa.com/graymatterblog/amd-news/3-withholding-repeal/
Last… Read More
Sunsets on Horizon for Missouri Tax Credits
Jane Groeteka, Tax Associate
While there has been a lot of hype over the Missouri Tax Credit Reform during Governor Nixon’s most recent special session, many Missourians are left wondering how this will affect them.
Missouri tax credits began in… Read More
Roth IRA Recharacterization Deadline is Approaching!
Jenny L. Meyer, MBA, CPA/ABV, Senior Manager, Tax
For those taxpayers that converted their traditional IRA to a Roth IRA in 2010, October 17, 2011 is the last day you are able to recharacterize. Recharacterization is the “undo feature” of… Read More
Social Media Can be a Valuable Tool in Forensic Accounting
Marcelle Piglia, Analyst, Forensic and Valuation Services Group
Forensic accountants often use sophisticated software packages, word processing programs, and mountains of professional practice aids when working on forensic cases. Such resources are necessary, but can also come at a hefty… Read More
Wrongfully Reporting Employees? The IRS Has a New Solution
Lauren Blaies, Tax Associate
The IRS recently made an announcement outlining the new Voluntary Classification Settlement Program, or VCSP. Hence the name voluntary, eligible businesses are going to have the opportunity to sign up for this program.
What exactly is… Read More
Are You Ready to Take Your Accounting Online?
Katie King, CPA, Tax Senior
QuickBooks now offers an online version of their software. With typical desktop accounting software you are restricted to using your local computer; however with QuickBooks Online, a web-based software, you can use your software anywhere… Read More
Employer Disclosures for Multi-employer Pension Plans Approved by FASB
Rick Krieger, CPA/CFF, CFE, CIA, Audit Senior Manager
The Financial Accounting Standards Board (FASB) recently approved a revised accounting standard intended to provide more information about an employer’s financial obligations to multiemployer pension plans. The revised standard, which the FASB… Read More
FASB Approves EITF-100H as Final Standard
Jon Waitukaitis, CPA, Audit Manager
The Financial Accounting Standards Board (“FASB”) has approved EITF-100H, Other Expenses (Topic 720): Fees Paid to the Federal Government by Health Insurers as a final standard.
When Will This Apply?
The changes to Other Expenses… Read More
FASB Approves EITF090H2 as Final Standard
Jon Waitukaitis, CPA, Audit Manager
The Financial Accounting Standards Board (“FASB”) has approved EITF090H2, Health Care Entities (Topic 954): Presentation and Disclosure of Net Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts, as a final standard.
When… Read More
FASB/IASB to Re-expose Lease Accounting Proposal
Lesley Larsen, CPA, Audit Senior
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced they will re-expose the revised proposal on lease accounting. The boards have made substantial changes to the original exposure draft released… Read More
Deficit Deal: What Should Investors Do?
Marty Brown, Investment Advisor, Anders Financial Services LLC
President Barack Obama and congressional leaders announced late Sunday that the framework of an historic deficit deal had been reached to raise the U.S. borrowing limit and avert a debt default. Is… Read More
Attorneys Audit Technique Guide Now Available Online
Monica McKillip, CPA, Senior Tax Associate
The IRS has published the Attorneys Audit Technique Guide to help examiners audit an attorney’s tax return.
The Guide, which was effective as of March 2011, notes in part that:
(1) The identity of… Read More
Cap and/or Elimination Looming for Historic and Low Income Tax Credits
Rob Berger, CPA, Tax Manager
The St. Louis Business Journal reports that an agreement has been reached by legislators which would put a cap on historic and low-income housing tax credits and completely eliminate them over a 7 year period.… Read More
I Received an IRS Notice, What do I do?
Lucas Luckett, Tax Associate
Each year, the Internal Revenue Service sends millions of notices to taxpayers for a variety of reasons. Notices may request payment of taxes, notify you of changes to your account, or request additional information. Each notice… Read More
FASB/IASB to Re-expose Revenue Recognition Proposal
Richard D. Krieger, CPA/CFF, CFE, CIA, Audit Senior Manager
On June 15, 2011, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced plans to re-expose their revised revenue recognition proposal during the third quarter. The… Read More
Need to track your mileage? There’s an app for that!
Luke Luckett, Tax Associate
One of the most tedious tasks for the self-employed and/or small business owner is tracking mileage. With the standard mileage rate increasing, it is even more beneficial to track your milage. There are now smart phone… Read More
IRS Increases Standard Mileage Rate
Elizabeth Beauboeuf, Tax Associate
The Internal Revenue Service increased the optional standard mileage rates, effective July 1. The business mileage rate increased from 51 cents to 55.5 cents per mile. The medical/moving mileage rate increased from 19 cents to 23.5… Read More
The FBAR Deadline is June 30, but what is an FBAR?
Elizabeth Beauboeuf, Tax Associate
In the last few years, FBARs have suddenly been getting a lot of press. Although the form has been around for years, the IRS has recently increased their enforcement (and the penalties!) for failure to file… Read More
White House Contemplating Payroll Tax Break for Employers
Millie A. Tutlam, CPA, Tax Supervisor
Most of us have been taking 2.0% more of our paycheck home than we did in 2010. That’s because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 temporarily reduced the… Read More
Using Technology to take the Headache out of Payroll
Rebecca J. Gorski, CPA, Tax Senior
For many small businesses, tracking and reporting payroll becomes a bi-weekly nuisance. Outside payroll processing companies remove the pressure of making deposits and filing timely returns, but employers are still left with the task… Read More
Casualty Losses? Call your CPA.
Blizzards in New York, Tsunamis in Hawaii, Flooding in Tennessee, and Tornadoes in Missouri – 2011’s destructive weather has made life difficult for individuals and business owners throughout the United States.
Although you can’t avoid the stress and pain of… Read More
1099 Repeal Gives Break to Business and Rental Property Owners
Jane Groeteka, Tax Associate
If you are a business or rental property, President Obama has cut you some slack by signing the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011.
What does that mean for… Read More
Refinancing Student Loans Now Can Increase Cash Flow
First in a series of blogs to help you reduce debt
Rachel M. Hartnett, CPA, Tax Senior
If you are a physician, lawyer or a professional with a graduate degree, you probably have looming student loans. Current economic conditions provide… Read More
Retroactive Planning for Estates of 2010 Decedents
John C. Scott, CPA/ABV, AEP, Partner, Tax Services
The recent Estate, Gift and GST legislation gives executors of estates with 2010 decedents flexibility to elect no estate tax with Modified Carryover Basis or to follow the new legislation including, $5… Read More
Use Reduced Social Security Taxes to Boost Your 401(k)
Kathy Hatton, SPHR, Human Resources Director
Your January paycheck should be a bit bigger. Last month, President Obama signed a law to extend the Bush-era tax cuts which include a one-year reduction in workers’ Social Security taxes. This change reduces… Read More
Does your Organization have a Disaster Recovery Plan? Better yet, do you know what it is?
Jon K. Waitukaitis, CPA, Audit Manager
Chances are your organization has a Disaster Recovery Plan. At some point, someone in your organization designed and developed a Plan. The question is do you know what the Plan is? Do you know… Read More
100% Exclusion of Gain on Certain Small Business Stock Extended in New Tax Act
John C. Scott, CPA/ABV, AEP, Partner, Tax Services Group
Among the tax breaks extended by the 2010 Tax Relief Act, the temporary exclusion of 100% of gain on certain small business stock can be extremely beneficial, given the right set… Read More
New Bill Provides Estate Planning Clarity
John C. Scott, CPA/ABV, Partner, Tax Services Group
Late December 16th, 2010 the House of Representatives passed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 and President Obama is expected to sign this bill. The bill… Read More
Small Business Jobs Act: General Business Credits
Deidra A. Thomas, CPA, Tax Supervisor
The Small Business Jobs Act of 2010 provides several tax benefits to small businesses. The law became effective on September 27th and the liberalization of general business tax credits is one of the noteworthy… Read More
Donate. It Reduces Your Tax Liability.
Kris L. Pearce, CPA, Tax Senior
With year-end quickly approaching there are still several tax savings opportunities available, one of these is contributing to charities. There are several items to consider before making year end donations to charity.
Are tax… Read More
Valuing Medical Practices – Accounts Receivable
Kevin P. Summers, JD, CPA/ABV/CFF, ASA, CVA, CDFA, Senior Manager, Forensics and Valuation
When using the asset approach to value a medical practice, one of the medical practice’s most valuable assets will most likely not appear on the historical financial… Read More
Selling a Business Asset? Here’s How to Make the Gain Tax Free
Nicole M. Doeschot, CPA, Tax Associate
The sale of a business asset can create a large tax liability. However, if structured properly, performing a 1031 “like-kind” exchange for business property allows taxpayers to defer the recognition of gain, and save… Read More
The 2010 Small Business Jobs Act: What You Need to Know
The new 2010 Small Business Act includes a wide-ranging assortment of tax breaks and incentives for small business. Here’s a list of the changes Anders believes will be of most interest to our clients:
Enhanced small business expensing/Section 179 expensing… Read More
Individual Health Care Mandate vs. Missouri’s Prop C
Millicent Tutlam, CPA, Tax Senior
Missouri’s Prop C seeks to exempt Missouri from the individual health care mandate outlined in The Patient Protection Act, which was signed into law in March. Last month during the primary elections, voters in Missouri… Read More
More States. More Complications. More Penalties.
Katie King, CPA, Tax Associate
The burden of simply keeping up with the reporting requirements of each individual state can cause a lot of headaches for small businesses. In fact, taxes and regulations are among the biggest challenges facing small… Read More
Owners of Distressed Properties May Qualify For Debt Reduction or Even Cancellation
Monica L. McKillip, CPA, Tax Senior
Cancellation of debt income (CODI) from distressed property is becoming more prevalent; yet one more effect of today’s lagging economy. As discouraging as the situation may be, there are several ways to minimize the… Read More
Didn’t Close on Your Home Loan by the Deadline? There’s an Extension
Monica McKillip, CPA, Tax Senior
If you didn’t close on time to qualify for the $8,000 or $6,500 homebuyers’ credits, you can breathe a sigh of relief. On July 2, the President signed the Homebuyer Assistance Improvement Act of 2010… Read More
HIRE Act is Good News for Expanding Businesses
Deidra Thomas, CPA, Tax Supervisor
What does the 2010 Hiring Incentives to Restore Employment (HIRE) Act mean for you? The Act provides tax incentives for hiring unemployed individuals and extends certain business deductions. So, for business owners, that is good… Read More
Does your Company have an Intranet and a Defined Benefit Pension Plan? If so, read on …
Sponsors of defined benefit pension plans are now required to post information from Form 5500 on their Company Intranet. If you don’t have an Intranet,… Read More
DOL Scrutiny Increases Timely Remittances. Here’s Proof.
A “hot button” of the Department of Labor (DOL) pertains to regulation 29 CFR 2510. Issued over 10 years ago, it is once again new… Read More
Tips for Avoiding Negative Tax Consequences from Your Inherited 401(k)
Katie M. King, CPA, Tax Associate
Historically when the beneficiary of a Qualified Retirement Plan, such as a 401(k), was not a spouse, the account balance had to be distributed in either a lump sum or within a five-year period.… Read More
Charitable Contributions – The Win-Win-Win Situation
Erin E. Prest, CPA/PFS, Tax Supervisor
Many philanthropists give simply to improve the welfare of others. I’m inspired each day by co-workers, friends and family who are dedicated to supporting numerous charities. Generosity is a great feeling.
But as a… Read More
You Can Work and Earn Social Security, But. . . . .
Kristie S. Galati, Accounting Services Manager
You can continue to earn income while receiving full social security retirement benefits, provided your earnings do not exceed certain limitations. The 2010 yearly earnings ceiling for individuals who have not reached full retirement… Read More
Social Security Tax Withholding Stays The Same for 2010
Kristie S. Galati, Accounting Services Manager
With all the talk about rising rates and changing brackets, it is important to note that for 2010, the maximum wage base for social security tax will be unchanged. Here are some important facts… Read More
Missouri Minimum Wage Stays Steady for 2010; Illinois on the Rise
Kristie S. Galati, Accounting Services Manager
What’s the minimum wage and exactly who does it apply to?
The Missouri minimum wage will remain at $7.25 per hour which was effective July 24, 2009. The Illinois minimum wage will remain at… Read More
Lost profits vs. Loss of business value – What’s the Difference?
Marcelle Piglia, Forensics and Valuation Analyst
Our Forensic and Valuation department is often called upon as an expert witness to do lost profits and loss of business value calculations associated with commercial litigation cases. While the two sound similar, they’re… Read More
Creating an Anti Fraud Environment
Richard D. Krieger, CPA/CFF, CFE, CIA
Fraud incidents are found in small businesses, large corporations, not-for-profits and governmental entities. There is not a sector of the marketplace that is immune to the casualties of fraud. Today, fraud and abuse is… Read More
How Are You Recognizing Revenue? New Model to Impact Many Industries
By: Sarah Holub, Audit Associate
One amount almost everyone looks at on a company’s financial statements is REVENUE. Whether you know a lot or a little about accounting and finance, most people realize this number is at least somewhat important… Read More
Intangible Assets #4: Asset Valuation
By: G. William Kennedy, Ph.D., CPA/ABV
U.S. financial accounting standards (Statement of Financial Accounting Standards 141R and 157 for example) provide the guidance for corporations regarding the categories of intangible assets that must be valued and reported on their balance… Read More
FERA Is Example of Commitment to Protect Funds
In an attempt to ensure the government can recover taxpayer dollars lost to fraud and abuse, the recently approved Fraud Enforcement and Recovery Act of 2009 (“FERA”) expands the grounds for liability under the False Claims Act (“FCA”).
Signed into… Read More
Intangible Assets #2: IP Assets
By: G. William Kennedy, Ph.D., CPA/ABV
There are several well known categories Intellectual property (“IP”) assets: patents, copyrights, trademarks, and trade secrets. One of the important common characteristics of these assets that contribute to their value is that they are… Read More
Identity Theft – The Problem is Huge…and Growing
By: Justin M. Kniepman, CPA/CFE
According to U.S. Department of Justice statistics, identity theft is now passing up drug trafficking as the number one crime in the nation. Studies estimate the victim population now at 15 million annually. Identity theft… Read More
Intangible Assets #1: An Overview
By: G. William Kennedy, Ph.D., CPA/ABV
Intangible assets are a broad category of assets that may be easiest to define by stating what they are not; intangible assets generally do not have a physical representation. Inventory, buildings, land, manufacturing equipment,… Read More
Are FSA’s Next on the Chopping Block?
By: Nicole Young, CPA
With the government scrambling for revenue during this tough economic time, FSA’s, otherwise known as Flexible Spending Accounts, could be next on Congress’ agenda. Particularly since the Joint Committee on Taxation recently informed the Senate they… Read More
The Perfect Storm: There May Never be a Better Time to Transfer Assets to Younger Generations
By Douglas D. Mueller, CPA/PFS
A perfect storm usually conjures up bad thoughts. But right now there is a rare combination of economic events that could be a perfect storm for doing estate planning and transferring assets to younger generations.… Read More
Don’t Neglect the Importance of Tax Planning
By: Jessica Ellsworth, Tax Associate
As we currently witness a period of economic drought, many people suffering financially tend to neglect the importance of tax planning. It is during times like these that taxpayers can benefit most from the proper… Read More
$49,000. Average Amount Companies Lose Each Year to Expense Reimbursement Fraud
By: Richard D. Krieger, CPA/CFF, CFE, CIA
This statistic is from the Association of Certified Fraud Examiner’s (ACFE) 2008 Report to the Nation on Occupational Fraud and Abuse. The report also notes that falsifying expense reports is also one of… Read More
Enjoy Retirement: Succession Plans Are Critical for Family Businesses
By: John C. Scott, CPA, CVA
Who’s going to manage your business when you retire? Will your business continue? Will you sell it? And if you sell it, how will you transfer ownership?
These are tough questions and many times… Read More
Standard of Value Must be Identified Before the Value is Determined
By: Michael D. Morhaus, CPA/ABV/CFF, CVA, ASA
Before a valuation analyst can accurately determine the value of a closely held business, he or she needs to identify the proper standard of value. The term value can mean different things to… Read More
Forensic Accounting…Its Not Just TV Drama
By: Thomas E. Hilton, MS, CPA/ABV/CFF, ASA, CVA
Many people have heard the word “forensic” bantered about in the news….perhaps in such ways as forensic medicine or forensic pathologist. Television shows such as “Forensic Files” and “CSI” are predicated on… Read More