A Budget Planning Guide for Condominium and Homeowners' Associations
As community association managers, board members and unit owners are aware, condominium and homeowners’ associations (HOAs) are required by Florida Statutes (FS) and, generally, by the association’s by-laws, to prepare annual budgets. The annual budget requires considerable effort and is, in essence, a financial plan for the upcoming year.
IRS Issues Warning About "Tax Transcripts" Email Scam
The IRS issued a warning about the latest tax scam. Recently, there has been a surge of fraudulent emails impersonating the IRS and using tax transcripts as bait to entice users to open documents containing malware. The scam involves a well-known malware, known as Emotet. Especially problematic for businesses, this malware can spread throughout the networks and potentially take months to successfully remove.
Are You Aware of the Global Intangible Low-taxed Income (“GILTI”) Requirements?
Did you know that starting in 2018, US shareholders face a new US tax on the annual active earnings of certain foreign corporations, whether or not the earnings are distributed? This is known as the tax on Global Intangible Low-taxed Income (“GILTI”), which was enacted as part of the Tax Cuts & Jobs Act of 2017. This article provides an overview and captures what actions should be taken before year end.
The period between filing last year’s tax return and this year’s return is the perfect time to organize your tax records. Granted, it may not be something most taxpayers relish doing. But tackling this now can save headaches later. This article explains the IRS guidelines for tax-record retention, as well as some important exceptions to consider.
MBAF Receives “Pyramid of Excellence” Award from Inside Public Accounting
MBAF is pleased to announce that it was honored with the Pyramid of Excellence award from INSIDE Public Accounting. The rankings for this prestigious accolade are based on data from the 29th annual IPA Survey and Analysis of Firms. MBAF’s consistent recognition by IPA contributed to the firm receiving this recognition, as it was most recently ranked no. 1 on IPA’s elite 50 Best of the Best Firms list.
Someone once said the only two sure things in life are death and taxes. The old adage holds true as the IRS has announced that despite the ongoing government shutdown, tax season for individuals will officially begin on January 28 as planned and the ...
Every year on or around January 15th, the Tax Commission of the City of New York releases new real estate tax assessments. The assessment establishes the market value of the real property per the City of New York’s records, along with the actual as ...
The Tax Cut and Jobs Act of 2017 (The Act) made some changes as regards the way tax exempt organizations have to account for parking and qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. In a December 10 press rel ...