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Form 5500 Proposed Updates Indicate DOL Points of Interest
Posted by Bernard Kaplan on Mon, Mar 27, 2017 @ 11:30 AM

The Department of Labor (DOL), Internal Revenue Service and Pension Guarantee Corporation recently released proposed changes to Form 5500. The proposed changes are significant and will require more detailed information in order to demonstrate compliance with the Employee Retirement Income Security Act of 1974 (ERISA). If approved, the revised requirements would affect plan reporting beginning in 2019.

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Topics: retirement plans, IRS, Bernard Kaplan, Department of Labor, DOL, Form 5500, ERISA, Internal Revenue Service, Form 5500-SF

How Your Identity is Being Protected This Tax Season
Posted by Cap Willey on Fri, Mar 24, 2017 @ 08:20 PM

Tax-related identity theft continues to disrupt the orderly administration of tax return filings and refund payments and was poised to reach an all-time high last year. Reports of cybercriminals using fake emails and other phishing tactics to surreptitiously acquire taxpayers’ personal information spiked early in the 2016 tax season. By mid-February 2016, the number of reported phishing and malware schemes exceeded the entire number of incidents reported in 2014.

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Topics: fraud, Cap Willey, IRS, tax fraud, Grafton Cap Willey, identity theft

Changes Made to Share-Based Payment Accounting
Posted by Patrick Quinn on Thu, Mar 23, 2017 @ 02:19 PM

The Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2016-09, Compensation (Topic 718): Improvements to Employee Share-Based Accounting in March 2016The ASU, which is a result, in part, of the post-implementation review of FASB Statement No. 123(R) Share Based Payment, is also part of the FASB's continuing simplification project.

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Topics: accounting, FASB, Patrick Quinn, Financial Accounting Standards Board, share-based payment accounting

Planning for Compensatory Grants of Partnership and LLC Interests
Posted by Robert Kerr on Wed, Mar 15, 2017 @ 03:06 PM

Partnerships and LLCs have the opportunity to make grants of ownership interests tax-efficient with Internal Revenue Code (IRC) Section 83(b) ("Section 83(b) election").  

Business entities operating as partnerships for federal tax purposes, including LLCs often consider the grant of an ownership interest in the business as additional incentive compensation for valued employees or contractors. Partnerships may offer ownership interests in the form of a profits interest or a capital interest. On the surface, this appears to be an easy and flexible way of providing a benefit to personnel without affecting current cash flow. There are traps for the unwary, however. Proper structuring of these transactions is critical to ensure optimal tax consequences for both the partnership and the recipients of these awards.

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Topics: Robert Kerr, IRS, Partnerships, LLC, Section 83(b), Rob Kerr

Does Early Adoption of an Accounting Standard Make Sense for Your Company?
Posted by Paul Languirand on Tue, Mar 14, 2017 @ 07:04 AM

Many recent accounting standards updates (ASUs) have been written to simplify or clarify U.S. generally accepted accounting principles (GAAP) and have permitted early adoption. Early adopting some of these ASUs could streamline processes for the closing of year end and preparation of financial statements.

Our publication, Accounting Updates that Impact 2016 Financial Reporting, contains information about standards that are required to be adopted for year-end December 31, 2016 financial statements of both public and private companies.

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Topics: ASU, Paul Languirand, accounting standards

Guest Article: Moving Abroad? Consider Your Insurance Options Carefully
Posted by Joe Cronin on Wed, Mar 8, 2017 @ 01:47 PM

Guest Author: Joe Cronin, President of International Travel Insurance Group

Moving or traveling abroad for an extended period can be exciting, but it’s always worth preparing for any health concerns that may require medical attention. The more you travel, whether alone or with your family, the more risks you may face. Being prepared and informed about global medical insurance can help you make the best decisions about protecting yourself and your family.

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Topics: Insurance, Global health insurance, International Health Insurance, Expatriate, expatriate health plan

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