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Articles & Updates

  • 11.19.2014 - Financial Statement Red Flags
    The last 15 years have produced some of the most notable financial statement frauds in U.S. History, including: Enron, WorldCom, Tyco, HealthSouth and AIG. The magnitude of the losses associated with recent accounting scandals continues to inform users of financial statements about the importance of recognizing financial reporting red flags. These red flags are often indicative of underlying operational or economic distress.
  • 11.19.2014 - 2014 Tax-Planning Strategies for Individuals
    Enclosed are just some of the year-end steps that can be taken to save taxes for individuals. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
  • 11.19.2014 - 2014 Tax Planning Strategies for Businesses and Business Owners
    Enclosed are some of the year-end steps that can be taken to save taxes for businesses and business owners. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
  • 11.19.2014 - Where Will We Be This Year-End – The Uncertainty of 2014 Tax Planning
    Election Day has come and gone and we still have no answers. The hope is that the new Republican-controlled Congress and President Obama can begin negotiating on common ground. With so many tax provisions expiring at the end of 2013, it has left many taxpayers wondering what can be done for 2014. Some of the tax breaks may be retroactively reinstated and extended. The IRS has already pleaded with the Treasury to act swiftly in order to not cause a delay in the opening of tax season. Many tax practitioners are also hoping for this as tax busy season seems to get more condensed every year.
  • 11.19.2014 - Preserving Healthcare Benefits Promised to Retirees
    With the passage of the Affordable Care Act (ACA), private and public healthcare insurance exchanges offer the best and most cost-effective solution for an employer’s younger retirees who are not yet eligible for Medicare, provided that collective-bargaining agreements don’t preclude their use by union members.
  • 11.14.2014 - Financial Statements of Not-for-Profit Entities Update
    A Non-Profit Advisory Committee (NAC) of the Financial Accounting Standards Board (FASB) was formed to relook at non-profit financial reporting. On October 8, 2014, FASB reviewed and reconsidered a summary of the tentative decisions reached to date.
  • 11.14.2014 - Using Form 990 to Improve Non-Profit Board Governance
    In a previous article entitled, "Using Your Form 990 for Organizational Improvements", we looked at ways in which an organization can use the form as a tool to improve its organization’s operations. In this installment we look specifically at how the Board of Directors should look at data included in Form 990 and use that as a guide to improve board governance.
  • 11.13.2014 - With Cloud Computing, Security is Paramount
    When speaking with businesses about cloud computing, there are many benefits that surface— elasticity, agility and cost savings among them. But there are also some concerns that emerge, with security usually at the top of the list. While it isn’t unreasonable that security should be called into question within the context of cloud computing, it is important to ensure that the scrutiny is focused on the right components. People need to know that the vital information they have stored in the cloud is safe from outside harm.
  • 11.12.2014 - Connecticut Residents Beware - Tax Implications of Your Ties to New York
    If you're a Connecticut resident, you can relate to the feeling that Connecticut is just a place between New York and Boston. We are often merely the link between our larger neighbors and there is no larger neighbor than New York City. But, your ties to New York can have major implications for your income tax liability – specifically if you own or rent a second home in New York or if you "telecommute" to an office there.
  • 10.30.2014 - 5 Ways to Get Your Best Employees Back on Track
    From time to time, even your best people may slack off a bit. They lose focus or just need a break. It's part of the human condition, right? But, after some rest, it's the leader's responsibility to get those high performers back in the game. After all, it is the superstars that have the greatest impact on a business. Their contributions can make or break the long-term success of the enterprise. So, it is imperative that the best among us stay engaged and committed to continued achievement.
  • 10.30.2014 - Is Lack of Internal Communication Affecting the Operations of Your Property Management Group?
    Communication is much like art—whether it’s considered good is in the eye, or ear, of the beholder. The ability to balance a checkbook does not indicate an expertise in accounting, just as the ability to follow a recipe does not make one a chef. In the same way, the ability to enunciate clearly or write legibly does not make one an effective communicator. Presuming that speaking and writing are the same as communicating is one of the great obstacles to organizational effectiveness.
  • 10.23.2014 - Time is Running Out to Make a Portability Election
    The IRS has provided a simplified method to obtain an extension of time to make a portability election for estates of decedents with deaths occurring from 2011 to 2013. Recently, the IRS announced that for anyone who died between January 1, 2011 and December 31, 2013 and whose estate was not required to file a federal estate tax return and did not file a return to elect portability, the estate can go back now and file one. Even though the return will technically be late, this will be allowed as long as the requirements for relief are followed.

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