Professional Accounting Blog

    Accounting For Your Prosperity

    Look Beyond Deal Price in Statutory Appraisals

    Posted by Meaden & Moore on Jan 24, 2020 8:30:00 AM

    Topics: Investigative and Forensic Accounting

    Statutory appraisals in dissenters’ actions are typically based on either the deal price or the company’s unaffected market value as a going concern. This article summarizes a recent Colorado Court of Appeals case that affirmed a decision to consider more than just deal price when determining the fair value of a minority shareholder’s interest. 

    Crocker v. Greater Colorado Anesthesia, P.C., 2018 Colo. App. 33, 2018 WL 1247618, Mar. 8, 2018

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    Consumer Debt Portfolios Allegedly Used in Recent Ponzi Scheme

    Posted by Meaden & Moore on Jan 23, 2020 8:15:00 AM

    Topics: Investigative and Forensic Accounting

    It’s been more than a decade since Bernie Madoff made headlines for his massive Ponzi scheme. That case taught a valuable lesson: If an investment seems too good to be true, it probably is. Unfortunately, some investors are still being duped by slick con artists who promise quick and easy returns. This article highlights another recent securities fraud indictment last fall and explains how these frauds work. A sidebar discusses ways a forensic accounting expert can help identify the signs of securities fraud scams.

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    How to Stay Prepared for Department of Labor Audits

    Posted by Michelle Buckley on Jan 21, 2020 1:20:00 PM

    Topics: Benefit Plan Advising & Auditing

    When a company hears of a Department of Labor (DOL) audit, they typically tend to panic. The best way to stay prepared for DOL audits is to ensure that you are handling your benefit plans appropriately on a regular basis.

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    Tips for Accurate ESOP Census Reporting

    Posted by Michelle Buckley on Jan 21, 2020 1:05:12 PM

    Topics: Benefit Plan Advising & Auditing

    Compiling accurate ESOP census data is critical to the plan.  The underlying census data drives eligibility, vesting, and various allocations of the plan assets. We have compiled a few helpful hints to improve accuracy of the data:

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    Plan Sponsor Dilemma: Locating Missing Participants

    Posted by Brian Dunfee on Jan 17, 2020 2:30:00 PM

    Topics: Benefit Plan Advising & Auditing

    When the decision is made to terminate a defined contribution plan subject to ERISA, an important consideration for the plan sponsor is how to locate missing participants in order to distribute their vested benefit under the plan.

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    Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions

    Posted by Jonathan Ciccotelli on Dec 30, 2019 4:00:08 PM

    Topics: Tax Planning & Strategies, Benefit Plan Advising & Auditing

    With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive governmentwide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, as well as some that were due to expire at the end of 2019.  

    Congress traditionally passes so-called “extenders” annually, but it neglected to do so for 2018. As a result, several popular breaks for both individuals and businesses expired at the end of 2017. 

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    IRS Updates Rules for Using per Diem Rates

    Posted by Jonathan Ciccotelli on Dec 20, 2019 10:09:43 AM

    Topics: Tax Planning & Strategies

    The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA).

    In a nutshell, the per diem rules themselves haven’t significantly changed. Primarily, RP 2019-48 deletes guidance for taxpayers who, before the TCJA, were allowed to deduct certain unreimbursed business travel expenses. Here’s a refresher on what changed under the TCJA and the rules for using per diem rates.

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    What's the Deal with ESOPs?

    Posted by Michelle Buckley on Dec 9, 2019 5:10:45 PM

    Topics: Benefit Plan Advising & Auditing

    ESOPs – employee stock ownership plans – grant employees with ownership interests in their companies. These benefit plans were first introduced to C corporations in the 1950s, and their tax advantages were formally written into law when the Employee Retirement Income Security Act (ERISA) passed Congress in 1974. In the 1990s, they became available to S corporations, as well. They are not universally good options for all businesses, but many organizations can benefit from them.

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    IRS Updates Rules For Mileage-Related Deductions

    Posted by Jonathan Ciccotelli on Dec 5, 2019 11:24:16 AM

    Topics: Tax Planning & Strategies

    The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing the amount of an employee’s transportation expenses that are reimbursed using the optional standard mileage rates. 

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    4 Factors for Hiring Quality Employee Benefit Plan Auditors

    Posted by Carlo Berlingieri on Dec 3, 2019 11:30:00 AM

    Topics: Accounting & Auditing, Benefit Plan Advising & Auditing

    The AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) has published a plan advisory called “The Importance of Hiring a Quality Auditor to Perform Your Employee Benefit Plan Audit.” This advisory was created for plan administrators to have a guide to follow the important process of hiring an auditor with the correct experience to audit employee benefit plans.

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