The Treasury Department and the IRS have proposed changes to regulations that would make it harder for business owners  to use a common estate planning technique. The proposed regulations address the use of valuation discounts of ownership stakes in privately owned businesses or land. The discounts have been permitted because they are harder to sell […]

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How many people does your organization employ? Are you sure? This has become an increasingly complex and challenging issue as benefits, opportunities and requirements for the Affordable Care Act depend on the number of employees. If you have more than 50 full-time employees, including full-time equivalent employees, on average during the prior year, you are […]

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Retirement planning occasionally involves surprises, and one is the offer of a pension buyout. A recent article in Kiplinger’s, “What To Do If You Receive A Pension Buyout Offer,”  discusses the reasons why a company would offer a pension buyout to its employees and what you’ll need to consider before making a decision. Low interest […]

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An article in The Tax Advisor takes a close look at the inherent conflicts in Subchapter C and Subchapter K of the Internal Revenue Code, which have difficulty coexisting in certain circumstances. Despite lawmakers’ efforts to coordinate the subchapters’ interaction, many areas of uncertainty remain. This item examines one such area: the potential application of […]

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Sometimes estate planning is needed to achieve more than protect assets and transfer family’s assets across generations. Estate planning is also used to protect the family’s wealth from getting into the possession of ex-spouses and ex-in-laws. According to an article in Kiplinger’s, “How to Protect Your Family’s Assets from an Ex-In-Law,” a pre-nuptial agreement and […]

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A recent Journal of Accountancy article, Lease Accounting Implementation A Challenge For Preparers reports on challenges presented by new lease accounting standards. Companies are encountering challenges with new lease accounting standards in a process few expect to be easy, according to a recent Deloitte survey. Almost half (47%) of more than 5,400 respondents in a […]

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The Tax Adviser reports that small organizations that want the IRS to recognize their tax-exempt status are getting a break. The IRS announced that it is cutting the application fee they must pay when applying for tax-exempt status (Rev. Proc. 2016-32). The announcement, in Tuesday’s Internal Revenue Bulletin, reduces the fee from $400 to $275 […]

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The cost of health care is  one of the biggest unknowns in every retiree’s budget. Will they be among the lucky ones, with good health and low out-of-pocket medical costs, or will their retirement savings be dented or consumed by a health crisis? Kiplinger’s Retirement Report offers five suggestions for easing the pain: Set up […]

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We believe that this article, which appears in The Tax Advisor, holds useful information for business owners who purchase a building knowing that it may need to be demolished in the foreseeable future. For many years, the Code was not forgiving to property owners who purchase a building and then determined that it was not […]

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The final details of the labor rules to increase the salary cutoff for overtime pay were announced by the Obama administration on May 18th. The plan was outlined a year ago and we blogged about it in several posts, but this week saw the publication of the final rules. This will automatically extend overtime pay […]

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