Archive for the ‘Blog’ Category

The Tax Aspects of Disasters like Hurricane Harvey

07/09/17 2:35 pm | Comments (0) | Posted By:

Between Hurricane Harvey, the fast-approaching Hurricane Irma and the various wildfires ravaging the west, unfortunately natural disasters have been all too common this summer. The last thing on anyone’s mind living in those areas is taxes, but nonetheless, there are various tax aspects of a disaster that people should be aware of. Fortunatel...

Got spare change? You too, can have an investment account

29/10/15 8:29 am | Comments (0) | Posted By:

A month or so ago, while on Facebook a sponsored ad came up on my news feed for Acorns, an investment app that allows you to open an account via your smartphone and in essence, invests your spare change.I was curious so clicked on it and was introduced to a whole new world of robo investing applications that I apparently had missed hearing about...

Millennials – Overtaking the Work Force

16/07/15 11:00 am | Comments (0) | Posted By:

According to an article on CNBC this week, this year millennials will surpass baby boomers and GenXers to become the largest generation in the American workforce. Adults age 18 to 34 now make up 1 in 3 American workers. There have been numerous articles, seminars and training sessions built around how to effectively lead and work with different ...

The Commerce Tax – How to Prepare

02/07/15 10:17 am | Comments (0) | Posted By:

As most of you are probably aware, the Nevada Legislature approved and Governor Sandoval signed the new commerce tax into law effective July 1, 2015. If a “business entity” is engaged in business in Nevada with Nevada-sourced gross revenue over $4,000,000, the excess of that revenue over $4,000,000 is subject to the tax at various rates (.051 pe...

Putting Away for Retirement; Some Troubling Statistics

21/08/14 9:34 am | Comments (0) | Posted By:

  According to a recent survey performed by Bankrate.com, a third of people (roughly 36%) in the U.S. have nothing saved for retirement. Of the 1,003 adults surveyed, 69% of those with no retirement savings were between the ages of 18 to 29. That’s not entirely shocking given the fact that not only are most adults at that age not even concern...

Foreign Financial Asset Reporting: An unintended consequence

18/06/14 2:15 pm | Comments (0) | Posted By:

  The Foreign Account Tax Compliance Act (FATCA) became law in the United States in 2010. The provisions of the law focus on reporting for both U.S. taxpayers and foreign financial institutions to prevent tax evasion by U.S. citizens and residents through the use of offshore accounts. U.S. individuals must report information about certain for...

IRS issues delay on employees health insurance mandate

13/02/14 10:41 am | Comments (0) | Posted By:

  On Monday, February 10, the IRS announced that it is delaying the shared-responsibility requirement under Sec. 4980H of the Affordable Care Act (also known as Obamacare) for employers who have 50 to 99 full-time equivalent employees in 2014. These employers will now have until 2016 to offer health care coverage to their employees.  However,...

Plan on working past 65? It takes some planning!

14/11/13 1:01 pm | Comments (0) | Posted By:

The fastest growing segment of the labor force is workers over the age of 65,  according to the U.S. Bureau of Labor Statistics. If you plan on working past 65, there are some issues to be aware of that author Mark Miller points out in his Wealth Management.com article: Social Security timing: It doesn’t make sense to take Social Security ...

Government Shutdown and Debt Ceiling Breach Consequences: Do They Affect You?

16/10/13 4:44 pm | Comments (0) | Posted By:

  If this week’s negotiations to raise the federal debt ceiling do not end well, there could be major consequences to the economy. Administration officials say that by Thursday they will have exhausted all borrowing authority and only have cash on hand. There would be enough money to make payments for a few days, but not more than two weeks. ...

Adding Children to Joint Bank Accounts – A Do or a Don’t?

20/06/13 8:00 am | Comments (0) | Posted By:

  In an interesting recent article “Your Clients and Their Children: The Problems With Joint Bank Accounts” by Andrew Rice there is a recurring question that pops up during elder and estate planning: should I add my child to my bank account? When a senior begins to lose their ability to manage their finances like paying the bills, these accou...

The IRS finally gets it-safe harbor method for the home office deduction

17/01/13 8:00 am | Comments (1) | Posted By:

    On Tuesday, January 15, 2013 the IRS announced that going forward, there is a simplified option for taxpayers who take the home office deduction. While the credit is capped at $1,500 a year (this may be adjusted in future years), taxpayers choosing this method will not have to deal with complex calculations of allocated expenses, depre...

The Affordable Care Act: Large Employers Should Consider All Their Options

27/12/12 8:00 am | Comments (0) | Posted By:

  Many large companies are determining how they will handle the changes coming in January 2014 with the Affordable Care Act. For a company who employs 50 or more full-time employees that is already offering health care benefits, one option that I am reading about over and over is: Employers would terminate their current health insurance pl...

The Financial Literacy Talk – Just as Important as the Birds and Bees

23/08/12 10:12 pm | Comments (1) | Posted By:

Having given financial literacy presentations to children in our community, I found the recent survey results published by the AICPA (American Institute of Certified Public Accountants) dismaying. According to the survey conducted by Harris Interactive, three in 10 parents never talk to their children about money, or have only had one big talk w...

Taxes, Taxes, Taxes! How Much Do You Really Pay Each Year?

31/05/12 8:42 pm | Comments (0) | Posted By:

  Have you ever wondered just how much you pay in taxes over a year? Not just big tax items like income and property taxes, but even the taxes on the gas you pump into your car to the taxes on your utility bill? Maybe you haven’t because you’re not obsessed with taxes like us CPAs, but if you are curious, the American Institute of CPAs has...

The Top 3 Big IT Trends CFOs and Controllers should know about for 2012

16/04/12 9:35 pm | Comments (0) | Posted By:

If you have a CIO or IT manager who is in the know, you may have already had discussions about the following items. If you manage the IT functions yourself, then read carefully so you don’t miss the boat!

  • The consumerization of IT. No surprise here, consumer technologies like the iPhone and the Droid, tablets, etc. are creeping into the work...

Credit Scores Are Changing, Beware:

16/04/12 9:33 pm | Comments (1) | Posted By:

According to the NY Times, credit scores are getting a facelift. A company called CoreLogic has introduced a new type of credit report which contains additional consumer data than what the traditional credit bureaus (TransUnion, Experian, Equifax) show. Have you missed a rental payment that is now in collections or are you behind on HOA dues...