When an employee breaks the rules, the wronged party’s remedies may seem obvious — for example, breach of contract or fiduciary duty damages or asset forfeiture. However, as this article explains, depending on the jurisdiction, an additional or alternative layer of relief known as compensation forfeiture damages could come into play.Read More
While the warning signs that an individual’s identity has been stolen are relatively easy to spot, every business owner faces an extra level of complexity when protecting his or her company’s identity from theft. Knowing the more common at-risk indicators—and how to effectively take action—can lessen the risk and eliminate any long-term consequences.Read More
In business litigation, without a framework for determining punitive damages, judges and juries could potentially award damages that are either excessive or inadequate. By educating triers of fact about a defendant’s financial structure and condition, damages experts can provide the necessary context for a reasonable award.Read More
One of the most effective weapons in a forensic accountant’s arsenal is lifestyle analysis. This article talks about how experts seeking hidden assets and income sources conduct such analysis. It discusses several techniques, including the bank deposits, expenditures and asset methods. A sidebar illustrates how tax returns can be used as an investigative tool.Read More
A fraud sweep at the end of the year can pinpoint weaknesses in internal controls and uncover ongoing losses that may be going unnoticed. This article lists some of the signs, such as doctored, forged or missing documents, that fraud may be occurring. It also explains that forensic accountants are trained to recognize these signs and to help management find any fraud perpetrators and ensure ongoing internal controls remain effective.Read More
Nexus. Physical presence. Factor presence. Threshold standards. Are these terms familiar to you? Are you selling products or services online? Do you have customers in states in which your business is not physically located? Unless your company is limited exclusively to walk-in customers who buy property or receive services at your physical location, an understanding of these terms is imperative to navigating the state tax arena to ensure you understand all of your state filing obligations.Read More
The IRS recently released new guidance providing for awards to taxpayers for their reasonable administrative and litigation costs if they substantially prevail in proceedings involving the agency. In addition, the IRS offers more information detailing processes specific to pro bono representation. This article lists the provisions most likely to be of interest to attorneys and their clients and notes the dates these regulations become effective.Read More
House to Vote Today on Amended Version of American Health Care Act That Would Repeal Most ACA Taxes Effective for 2017
Topics: Tax Planning & Strategies
The House of Representatives is scheduled to vote today on the American Health Care Act (the “AHCA”), the GOP-proposed replacement to Obamacare. In advance of the vote, on March 20, 2017, the House Rules Committee released amendments to the AHCA designed to widen its support among House Republicans. The amendments would tighten new rules for Medicaid eligibility, accelerate the repeal of most ACA-related taxes, and allow the Senate to consider changes to the structure of the new tax credits for older individuals.
The following are the highlights of the tax-related provisions of the amendments:Read More
Assigning a realistic value for a private company is more subjective than for publicly traded companies. The latter’s value continually recalculates in real-time through the buying and selling of ownership shares in the marketplace.
For private businesses, a perceived valuation eventually does occur when part or all the company is sold. However, if the owner is not ready to sell, certain internal assumptions must be made.Read More
In a step toward repealing and replacing the Affordable Care Act (“ACA”), on March 9, 2017, the House Ways and Means Committee approved the House GOP’s American Health Care Act (“AHCA”) along party lines by a 23-16 vote. In the version of the bill approved by the Ways and Means Committee, the AHCA would repeal all of the ACA tax provisions, with the exception of the so-called “Cadillac” excise tax on high-dollar health plans (which would be delayed until 2025).Read More