Professional Accounting Blog

    Accounting For Your Prosperity

    Which Organizations are Good ESOP Candidates?

    Posted by Michelle Buckley on Feb 24, 2020 1:34:24 PM

    Topics: Family Business & Succession, Benefit Plan Advising & Auditing, ESOP

    Employee stock option plans (ESOPs) are qualified retirement plans akin to 401(k) plans except that ESOPs must invest primarily in their own company’s stock. From the looks of it, ESOPs could work for just about any privately held company that expects to grow, has a strong leadership team in place and proven business success. But ESOPs have some disadvantages that prevent them from being suitable for all.

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    The SECURE Act Likely to Affect Your Retirement and Estate Plans

    Posted by Jonathan Ciccotelli on Feb 13, 2020 11:43:00 AM

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

    In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the retirement and estate planning landscape, and some of them should prompt careful review of your existing plans to ensure they’ll accomplish the desired outcomes, including minimizing taxes.

    The most significant provisions include the following changes: 

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    Like-Kind Exchanges Continue to Impact Personal Property, Regardless of New Tax Law

    Posted by Jonathan Ciccotelli on Feb 10, 2020 11:14:05 AM

    Topics: Tax Planning & Strategies

    The concept of like-kind exchanges originated almost a century ago, but the tax-deferred structure we know today was created in 1954. Section 1031 of the U.S. Tax Code allows taxpayers to exchange property for similar property without incurring a tax bill. Until recently, Section 1031 allowed for both real and personal property like-kind exchanges, but when Congress passed the Tax Cuts and Jobs Act (TCJA) in December 2017, they removed the personal property allowance making only real property eligible for tax-deferred treatment.   

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    What Other Retirement Plans Should I Offer Alongside My ESOP?

    Posted by Michelle Buckley on Feb 3, 2020 9:40:13 AM

    Topics: Family Business & Succession, Benefit Plan Advising & Auditing, ESOP

    For ESOP companies, many believe that they cannot offer other retirement plans, however, that is not the case.  You and other privately held companies have numerous options at your disposal, many of which can work in tandem with an ESOP. 

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    The SECURE Act Changes the Rules for Employers on Retirement Plans

    Posted by Jonathan Ciccotelli on Feb 3, 2020 9:38:25 AM

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

    The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of all sizes, including some that could be particularly beneficial for smaller employers that sponsor retirement plans. Some of the changes, however, may increase the burden on employers. Here are some of the most important developments for employers, many of which took effect for plan years beginning after December 31, 2019.

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    Controlled Group of Corporations: What Do I Need to Know?

    Posted by Brian Dunfee on Jan 29, 2020 11:30:00 AM

    Topics: Benefit Plan Advising & Auditing

    Some of the major complexities of many qualified retirement plans result from the various subsidiaries and other entities that are part of the larger corporate parent. There are specific definitions within various regulatory provisions that need to be considered, including controlled group of corporations.

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    4 Signs of Accounts Receivable Fraud

    Posted by Meaden & Moore on Jan 28, 2020 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Accounts receivable (A/R) are often a popular fraud target because of the high volume of transactions that go through the A/R account. These types of fraud can be costly, but early detection can help minimize losses. This article identifies four signs that something is amiss with receivables: slow turnover, missing controls over financial reporting, excessive write-offs and errors, and customer complaints.

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    The Cost of Capital Counts

    Posted by Meaden & Moore on Jan 27, 2020 10:50:31 AM

    Topics: Investigative and Forensic Accounting

    The cost of capital is an important consideration when valuing a business under the income approach. This article explains how business valuation experts determine the “optimal” capital structure for a business and why it matters.

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    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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