• Archive for May, 2012

    Upcoming Deadline to Report Foreign Bank and Financial Account – FBAR – Holdings

    by  • May 29, 2012 • Tax News • 0 Comments

    The deadline is approaching for certain taxpayers to report accounts they hold in foreign banks and other financial institutions. By June 30, 2012, citizens and residents of the United States, as well as domestic partnerships, corporations, estates and trusts, must generally file Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts (FBAR) if: An “Issue...

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    Estate Tax Update: Here We Go Again

    by  • May 24, 2012 • Tax News • 1 Comment

    Congress has allowed a relatively favorable estate and gift tax regime to remain in place for two years. However, the situation could change drastically on January 1, 2013. Year Estate Tax Exemption Maximum Tax Rate 2001 $675,000 55% 2002 $1 Million 50% 2003 $1 million 49% 2004 $1.5 million 48% 2005 $1.5 million 47%...

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    Is Your Company Facing a Cash Flow Crunch?

    by  • May 21, 2012 • Uncategorized • 0 Comments

    Cash flow is always an important element in the smooth and successful operation of your business, and is particularly key in meeting opportunities and demands. Generating sales and managing operations are, of course, also important, but ensuring that cash from those sales is collected and that your company’s daily cash flow needs are managed...

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    Compliance with the FCPA: Is Insurance a Good Idea?

    by  • May 15, 2012 • Uncategorized • 0 Comments

    Federal government agencies are on the warpath targeting companies that violate the Foreign Corrupt Practice Act. If your business engages in cross-border trade and violates the law, the probability has never been higher that the Department of Justice (DOJ) and Securities Exchange Commission (SEC) will launch an investigation to aggressively pursue the company as...

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    Answers to Questions about Dealing with the IRS

    by  • May 12, 2012 • Tax News • 0 Comments

    Navigating the IRS bureaucracy can be challenging for many taxpayers. The agency processes more than 141 million individual income tax returns annually and deals with a constantly changing Internal Revenue Code. There were approximately 4,430 changes to the tax code from 2001 through 2010 – an average of more than one a day, including an estimated...

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    Does Your Company’s Retirement Plan Need to be Audited?

    by  • May 10, 2012 • All • 0 Comments

    Now that the corporate tax filing season is over, accountants and their clients are turning their attention to corporate retirement plan issues and audits. Here are 6 common operational faults found by the IRS and the Department of Labor: Late Deposit of Deferrals: Many employers do not realize that deferrals must be deposited as...

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    When an Offer Expires But the Agency Doesn’t Cancel Procurement

    by  • May 4, 2012 • Government Contractor Accounting • 0 Comments

    When a government contractor submits an offer (a bid or proposal, depending on the type of procurement) to the federal government, the solicitation normally specifies the period within which the government can accept the offer and form a legally binding contract. The acceptance period is specified in one of two ways: Tips 1. Always...

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    Selling Your Home

    by  • May 4, 2012 • Tax News • 0 Comments

    When selling your home or principal residence, the basic tax rule is that you can exclude gains of up to $250,000 if you are a single taxpayer and $500,000 if you are a married taxpayer filing jointly, provided the home was your primary residence in at least two of the preceding five years. This...

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