ACFE in St Petersburg Florida

Fraud Alert: The ACFE Puts a Spotlight on White Collar Crime

The average organization loses 5% of its annual revenues to fraud, according to the 2016 Report to the Nations on Occupational Fraud and Abuse published by the Association of Certified Fraud Examiners (ACFE). Bear in mind, that’s the top line of your income statement, not...
Itemized Deductions in St Petersburg Florida

Beware of income-based limits on itemized deductions and personal exemptions

Many tax breaks are reduced or eliminated for higher-income taxpayers. Two of particular note are the itemized deduction reduction and the personal exemption phaseout. Income thresholds If your adjusted gross income (AGI) exceeds the applicable threshold, most of your itemized...
Undervaluation in St Petersburg Florida

A strategic undervaluation can come back to bite you

Reusing discounted financial projections prepared for transfer tax purposes can quickly backfire in a shareholder dispute. A recent opinion from the Delaware Court of Chancery, Fox v. CDX Holdings, Inc., shows the importance of allowing valuators to arrive at their own...
Successor in St Petersburg Florida

Oops … My family business chose the wrong successor

Hopefully, your family business has chosen a great successor. But if you’re in the midst of training your successor — or even beginning to hand off the reins — and regretting your choice, how can you take a bad situation and turn it around? There are several options you might...
Disguised Sales in St Petersburg Florida

New IRS Regs on Disguised Sales Affect Partnerships and LLCs

In October, the IRS issued new guidance targeting strategies that are used to exploit the tax benefits associated with partnerships and limited liability companies (LLCs) that are treated as partnerships for tax purposes. In a nutshell, under the new guidance, property...
Partners in St Petersburg Florida

IRS Issues New Regs on Allocating Debt to Partners and LLC Members

On October 5, 2016, the IRS released new temporary and final Section 752 regulations. Sec. 752 of the Internal Revenue Code and related regulations explain how to allocate partnership debt among partners for purposes of calculating the basis of their partnership interests. This...
Financial Statement in St Petersburg Florida

Nasty Numbers – 8 red flags to watch out for in your financial statements

Financial statements show not only where a construction company stands financially, but also where it may be headed. Contractors who work with their financial advisors to analyze their statements can often catch problems early on — before they turn into bigger issues. Here are...
Job Offer in St Petersburg Florida

Help Avoid Legal Pitfalls When Withdrawing a Job Offer

Finding the right person for a job opening is often difficult, and employers may jump the gun when they think they have a good candidate. Occasionally, they learn too late that they shouldn’t have made a job offer at all. Depending on the circumstances, withdrawing an offer...
Discounts in St Petersburg Florida

IRS: We Disagree with Court Decision Involving Customer Loyalty Discounts

The IRS recently announced its “nonacquiesence” with a federal appeals court decision that held a retailer that issued loyalty discounts to its customers was entitled to deduct its liabilities attributable to discounts, which were accrued but hadn’t yet been...