11.15.16

Should You Undo a Roth IRA Conversion?
Peggy Vyborny

Can a Roth IRA conversion be undone? Yes. Why may someone want to reverse a Roth conversion? There are many reasons including when the conversion, combined with other income, pushes someone into a higher tax bracket. This article explores how a conversion can be undone, along with the reasons as to why it can be undone, and also provides an example of the process.

11.07.16

Let’s Play Ball! It’s Time to Step Up to the Plate to Review Fiduciary Status and Fiduciary Duties
James Quaid

Are you a fiduciary for your company or organization’s retirement plan? If yes, you may find it challenging to “cover all the bases” in understanding your fiduciary duties. Some common duties that get overlooked include failing to identify the plan’s fiduciaries and insufficiently training fiduciaries on their responsibilities.

10.31.16

Accelerating Depreciation Deductions: A Cost Segregation Study May Reduce Taxes
Brandon W. Vahl

Businesses that acquire, construct or substantially improve a building may want to consider a cost segregation study. These studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real property. The result may allow businesses to accelerate depreciation deductions, thus reducing taxes and boosting cash flow. This article details how a cost segregation study works.

10.26.16

Protect Yourself from Tax Identity Theft
Adam M. Levine

Tax identity theft is a serious problem, and is only getting worse. This article provides information on the number and types of tax identity fraud incidents as well as tips for avoiding becoming a victim. For those whose identity is stolen, the article explains how to limit the damage.

10.21.16

Is Your Restaurant Prepared for the New Overtime Rules?

The Department of Labor’s new overtime rules will take effect on December 1, 2016. So, if you have been putting off crunching the numbers, it is time to take a hard look at your restaurant’s operations, determine the impact of the new overtime law on your bottom line and evaluate your options.

10.18.16

The Real Estate Professional Exception

The passive activity loss rules can become a huge roadblock for taxpayers involved in rental activities. This article discusses a case that demonstrates how work done as an employee can help qualify a taxpayer for the benefits of the real estate professional exception.

10.17.16

Six Useful Steps to Evaluating Software and Cloud Solutions

We recently had a Tip of the Day in the bi-monthly newsletter, the Granite Scoop, that suggested you should “Invest in tech to succeed.” While that tip is, in our opinion, awesome – it perhaps leaves you wanting more. What technology should I invest in? How do I ensure I’m choosing the correct solution? Is it […]

10.12.16

Chicago’s “Cloud Tax”: Making Sense of the Personal Property Lease Protection Tax

The Personal Property Lease Protection Tax, or “Cloud Tax” as it is more commonly known, was implemented this year in Chicago. Our latest Accounting and Advisory Services Group blog delves into the specifics behind this “Cloud Tax” and help you lift the cloud of confusion you may have regarding this new tax law.

10.05.16

IRS Eases Pain for Correcting Certain Plan Administration Errors
James Pellino

We all know that nobody is perfect. The good news is, so does the IRS. The IRS acknowledges that retirement plan administrators are not infallible, and provides correction for certain administrative errors. While corrective actions can still be arduous and time consuming, the IRS has relaxed some of its rules. This article provides an in-depth look at the recent updates as to how the IRS will handle certain plan administration errors.

09.26.16

Your Not-For-Profit Organization’s Bylaws: Those Golden Rules May Need More than Polishing
Caitlin G. Gibbs

As your not-for-profit organization grows and matures, its initial guiding rules might need to be revisited and brought up to date. But be mindful because revamping an organization’s bylaws involves more than just altering the language of rarely visited documents. After reading this article you will gain an understanding of the purpose of bylaws, forming a bylaw committee and revising certain types of information.