What’s next? Who’s next? Businesses Need Succession Plans
Succession planning should be a priority for small business owners. That can include choosing someone to take over a business when the owner retires, and it can help prepare a company to be sold. But it’s often on the back burner. Sixty percent of owners in a survey released by insurer Nationwide said they didn’t have a succession plan, and of those owners, nearly half said they didn’t think it was necessary.
Small Business Corruption: Know the Warning Signs
In 2016, the Association of Certified Fraud Examiners reported that it takes 18 months for companies to uncover fraud schemes — and corruption in particular produces a median loss of $200,000. Left undetected, corruption has the potential to threaten a company’s ability to continue as a going concern. This article lists some warning signs lenders need to be aware of to help borrowers prevent corruption and fraud.
MBAF’s Emilio Escandon Named Managing Principal of New York Region
Emilio Escandon, CPA, has been named Managing Principal of the New York region. As Managing Principal, he will have full oversight of the operations of the firm’s New York offices, located in Manhattan and Valhalla.
Government Issues a Warning about Social Security Scam
Seniors, and anyone receiving Social Security (SSA) benefits are warned not to fall prey to a recent scam resulting in the theft of Social Security checks. In a warning issued in July, the SSA’s Office of the Inspector General said people should be suspicious of any calls they receive from a 323 area code claiming to represent the Agency.
Congress Enacts Significant Changes to Partnership Audit Procedures
Congress recently enacted significant changes to partnership audit and adjustment rules. The changes are expected to dramatically increase the audit rates for partnerships and will require partners to carefully review their partnership’s operating agreement. The new rules generally apply to partnership returns with taxable year ends beginning after January 1, 2018.
It’s Time to Revisit the Burdens of SOX
During the first six months of President Trump’s administration, the focus on deregulation has been centered on repealing or revamping Dodd-Frank. The rhetoric driving the deregulation push is job creation and economic growth. However, if the true goal of deregulation is to spur economic activity and create jobs, then President Trump and his administration may want to peer further into history.
Multi-State Residency – What You Need to Know
Home is where the heart is, or is it? As far as the tax man is concerned, where you choose to hang your hat, may not be home, or your “residence.” The concept of “domicile” can be particularly complex, especially if you’re a high net worth individual who spends time in, and receives income from, multiple state sources. This article delves into what the IRS and most state tax authorities define domicile as and the impact it can have on your taxes.