Not-for-Profit Focus: We believe both preparers and auditors would benefit from more discussion regarding areas where generally accepted accounting principles offer acceptable choices that may not be well understood by current financial management.
On April 9, 2022, New York passed tax legislation (A9009-C S8009-C) that made significant changes to the NYS Pass-Through Entity Tax (“NY PTET”) and established a NYC Pass-Through Entity Tax (“NYC PTET”).
Please join Sarah A. Fields, EA of Prager Metis, for this informative Zoominar with the Gloucester County Legal Education Association, where she will present “IRS Tax Controversy Case Management Rules and Tools: Winning Strategies for Playing Chess with the IRS” on May 4th, 4:00 pm.
Over the past few years, digital currency has earned the reputation for being the easiest and most efficient way to move money across international borders. Experts say the ability to accelerate the flow of money at a reduced cost, along with the fear of surveillance and the impact of war on the local currency are the primary reasons why Ukrainian government officials recently began requesting donations in cryptocurrency.
With the digital economy, investors no longer have to move talent to the U.S. They’re on the hunt for the best talent and most innovative technology, regardless of where they are. Of course, a key factor to keep in mind is when obtaining funding and initiating operations in a new market that requires an analysis of the tax obligations that will result.
El metaverso se refiere a un mundo virtual altamente inmersivo donde las personas puedrán reunirse para socializar, jugar, trabajar y comerciar con bienes y servicios virtuales (y no virtuales). Algunos lo llaman un universo paralelo, poblado por avatares y toda forma de elementos digitales (en forma de NFTs) que se encuentran en nuestro mundo diario.
What if you owe money to the IRS? What happens if you get audited? What things are deductible? Click here to hear E. Martin Davidoff, Partner-in-Charge of the Prager Metis Tax Controversy Group, answer these and other questions in this “Can Do! Essential Business Lessons”
Alison Gadoua, Prager Metis Tax Controversy Specialist, discusses “Selling Your Home Without Satisfying an IRS Tax Lien”, providing insight on how to obtain a lien discharge, how to appeal a discharge denial, and what to do if you need help.
Ya sea que esté iniciando un nuevo negocio, mudándose a una nueva ubicación, expandiéndose a nuevos mercados, considerando adquisiciones o ingresando al mercado de los EE.UU. desde otro país, el asociarse con el equipo de CFO Advisory para los servicios de selección de sitios, le permitirá tomar decisiones informadas y seguras. Leer el artículo "5 factores a considerar al elegir la ubicación adecuada para su negocio" por Robert O. Mayer, CPA para obtener más información.
The metaverse refers to an immersive virtual world where individuals can socialize, play, work, and trade in virtual (and non-virtual) goods and services. Many questions come to mind as we all begin to navigate this virtual space. Will global tax authorities be able to assert tax authority over transactions occurring in a virtual arena that lacks the type of provincial, state, and national boundaries that provide the framework for real-world tax administration?
We recently received a question from a client regarding who should participate in executive sessions of the board. While we answered based on our experiences with the boards of many different organizations, the question prompted our own deeper dive into some of the available literature on board (and board committee) executive sessions. That research drove our decision to share some thoughts on executive sessions in this issue of Not-for-Profit Focus.
Whether you’re starting a new business, moving to a new location, expanding to new markets, considering acquisitions, or entering the U.S. from another country, partnering with the CFO Advisory team for site selection services will allow you to make educated, confident decisions. Read the article "5 Factors to Consider When Choosing the Right Location for Your Business" by Robert O. Mayer, CPA to find out more.
Los fundadores de una Startup SaaS experimentaban lo que llamamos “Remordimiento del Fundador”. Ellos mismos se encargaban de todo el trabajo operativo, financiero y de cumplimiento, incluidos los informes financieros para Accionistas e Inversionistas. Su principal problema era la falta de un plan viable para administrar el negocio.
The Founders of a SaaS startup were experiencing what we call “Founder’s remorse.” They were handling all operational, finance, and compliance work themselves, including financial reporting to the Board and Investors. The major underlying issue was that they never had a viable plan for managing this side of the business.
How are your cryptocurrencies being taxed? CoinDesk reports that the IRS currently is taxing cryptocurrencies generated through staking as income.
Existen múltiples razones por las cuales los inversionistas latinoamericanos, tanto familias como empresas, buscan invertir en los EE. UU. Estados Unidos ofrece el mercado de consumo más grande y el gasto doméstico más alto del mundo, lo que representa más de una cuarta parte del consumo doméstico mundial.
Host Glenn L. Friedman, CPA, CGMA, CEO of Prager Metis gives listeners a glimpse Inside the C-Suite! Each episode, Glenn and his guests discuss timely topics related to the human elements of running a business and
Until recently, most leaders would probably say that the people who comprise their organization are the ones who show up to work and collect a paycheck. That couldn’t be farther from the truth. After all, where would your team be without the families and support systems behind them?
There are plenty of reasons why Latin American investors, both families, and companies, seek to invest in the US. The US offers the largest consumer market and the highest household spending in the world, accounting for more than one-quarter of global household consumption.
E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, was recently featured in Bloomberg Tax. His article, "Tax Tip: Make Estimated and Other Tax Payments Electronically", addresses the importance of making Federal electronic payments electronically.
When an Italian Company was having difficulty with a U.S.-based auditing firm, a Partner and Director of the Italian Group in the International Department of Prager Metis CPAs, Andrea Fantozzi, referred the Company to Prager Metis - CFO Advisory Services. We were retained by the Italian Company, and immediately got to work assisting the CFO and Controller by providing documentation that would satisfy the auditors and required by the Company to move forward with its planned public offering.
There is a decades-long misconception in many U.S. entrepreneurial spaces about Latin American markets: “There is not enough wealth in Latin America for people in the region to buy products and services.” In other words, if you are part of a U.S. company trying to compete globally, Latin American markets are not economically relevant, so you should focus your expansion efforts on a different region. I’ve heard this many times over the years.
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar on December 2, 2021. Sponsored by the AAA-CPA, this study group will exchange ideas for a roundtable discussion of tax practice before the IRS.
Ladidas Lumpkins CPA, JD, LL.M., Partner-in-Charge of Private Wealth Services, will be speaking at this year’s "Shenkman Fall Webinar Series,” hosted by Shenkman Private Client Group of Oppenheimer & Co. Inc. Join Ladidas as she discusses "The State-Based Right of Publicity: An Overview of Estate Tax and Valuation Issues". Topics include: What is the right of publicity, what state law applies, is the right transferable, and how is it valued?
Planificación Fiscal Internacional para la Industria de Medios de Comunicación y Entretenimiento La digitalización de la industria de medios de comunicación y entretenimiento ha transformado la mayoría de los aspectos de su cadena de suministro global, desde la creación y adquisición de contenido, hasta el procesamiento, edición y distribución global. Además de modificar drásticamente las limitaciones de distancia, tiempo y costos de transacción, la cadena de suministro digitalizada brinda la oportunidad de aumentar la eficiencia fiscal. Sin embargo, esta eficiencia fiscal no se obtiene automáticamente; se requiere una planificación proactiva.
Our CFO Advisory experts were introduced to a company, which will remain anonymous, because the company needed financial statement services so it could present a picture of its entire operation to a potential acquiring company. The deeper our team analyzed the company’s financial and tax history, the more apparent it became that the company was in need of a broader scope of services.
SERVICIOS EMPRENDEDORES | SMADAR RINAT | 25 DE OCTUBRE DE 2021 Existen muchas razones por las que casi cualquier empresa fuera de los Estados Unidos quisiera ingresar al mercado estadounidense. Por ejemplo, EE. UU. tiene un sistema legal predecible y transparente. Además, que el gobierno de los EE. UU. acepta inversión extranjera directa. Y para atraer inversión extranjera, muchos estados y gobiernos locales de EE. UU. ofrecen incentivos y apoyan iniciativas innovadoras y de colaboración. Pero, dicho lo anterior, expandirse al mercado estadounidense puede resultar complicado.
There are many reasons why just about any company outside the United States would want to enter the U.S. market. For example, the U.S. has a predictable and transparent legal system. In addition, the U.S. government welcomes foreign direct investment. And to attract overseas investors, many U.S. states and local governments offer incentives and support innovative and collaborative initiatives.
Every accounting firm goes through a lifecycle in which partners approach the end of their careers and emerging leaders take on their responsibilities and relationships. When properly managed, this can create a win-win-win situation. The partner can retire with peace of mind, rising professional advances in his or her career, and the organization benefits from a seamless transition in leadership without compromising the level of service delivered to the customer.
On behalf of Lewis Brisbois, Prager Metis, and Bank of America Merrill Lynch, we invite you to a unique conversation to discuss topics that are top of mind with many of our successful clients. You will hear tested successful strategies that have been adopted to the current economy to:
While many of us have tried to grab some vacation time this summer, two of the leading voices focused on the NFP sector issued important reports. BoardSource released its June 2021 Leading with Intent: BoardSource Index of Nonprofit Board Practices, and Independent Sector issued Trust in Civil Society: Understanding the factors driving trust in nonprofits and philanthropy. A brief discussion on each of these reports, including excerpted key findings, follows but we encourage you to access the full reports to identify the data most relevant to your organizations.
Host Glenn L. Friedman, CPA, CGMA, CEO of Prager Metis gives listeners a glimpse Inside the C-Suite! Each episode, Glenn and his guests discuss timely topics related to the human elements of running a business and
The OSCPA Not-for-Profit Knowledge Networks offer a great opportunity to explore important not-for-profit topics in informal discussions with experts and peers – and to obtain valuable CPE.
This session will help financial statement preparers and auditors who advise NFP clients with respect to external financial reporting.
Please join Prager Metis' Lori A. Roth, CPA/ABV, CFF, Co-Managing Partner at the 7th Annual Women Business Leaders Forum hosted by New Jersey Business & Industry Association (NJBIA) on September 24th, 12:30 PM – 1:30 PM, where she will be discussing "Building a Relationship With Your Money".
Please join Prager Metis for a webinar on Wednesday, September 29 at 10 am ET/4 pm CT, "Doing business in the US, Current relationship between Italy and US companies" with Andrea Fantozzi, Partner, and Italian Global Services Leader. Topics being discussed are: geopolitical perspectives, tax updates, and opportunities, and the legal framework of foreign companies investing in the US. Register Today!
La empresa de manufactura extranjera desea vender productos terminados en los EE.UU. y necesita ayuda para determinar las opciones adecuadas de comercialización y distribución en EE. UU.
Los clientes no residentes, incluidos individuos, fideicomisos y empresas, generalmente se encuentran exentos del impuesto sobre las ganancias de capital en EE. UU. por la venta de activos de capital de EE. UU., incluidas las inversiones en valores y las acciones corporativas de EE.UU. Sin embargo, las inversiones en participaciones inmobiliarias estadounidenses pueden estar sujetas a 3 tipos de impuestos en EE.UU.
One could argue that the concept of work-life balance originated way back in 1817 when Welsh manufacturer and labor activist Robert Owen suggested dividing the day into three equal parts – eight hours of work, eight hours of recreation, and eight hours of rest. Of course, there wasn’t much balance before the Industrial Revolution as people worked an average of 65 hours per week. Farmers lived at the farm. Shop owners lived above the shop. Most of the modern barriers between work and life didn’t exist.
Tax related identity theft is an issue that began several years ago and has been steadily increasing as each year passes. We see this most often when electronically filed tax returns are rejected by the IRS with the most common reason for the rejections being due to previously filed fraudulent returns. Fraudsters can file tax returns using a taxpayer’s (or dependent’s) social security number in order to generate fraudulent refunds without the taxpayer’s knowledge.
New York State announced the launch of the $35 million Restaurant Return to Work Credit Program on July 29, 2021. This credit can provide up to $50,000 ($5,000 per new worker hired between April 1, 2021 and December 31, 2021) to qualified restaurants in New York State and City. Also, On July 22nd New York State announced the launch of a two-year $100 million state tax credit program for qualified production companies that are principally engaged in the production of musical or theatrical productions located in New York City.
Many companies assume the tax professional processing their returns will convert their financials to tax basis. This can be a costly assumption in terms of both tax savings on a yearly basis and ongoing financial reporting efficiency. The Italian Service Group of Prager Metis recently assisted a US subsidiary of an Italy-based organization with the conversion of their books from cash to accrual basis.
Client with a U.S. entertainment company needed assistance with cross-border acquisition planning of foreign entertainment group with several operating companies that owned valuable intellectual property rights and were involved in sales and licensing.
Prior to 2017 Tax Reform, U.S. tax law provided that a U.S. person (including a domestic corporation) could not be attributed ownership of stock from a foreign person for purposes of determining if a foreign corporation was a more than 50 percent owned CFC.
Structuring Ownership of CFCS to Reduce Tax of US Individual Shareholders Prior to 2017 U. S.
Tax Efficient Investment in US Residential or Commercial Property for Nonresident Individuals and Businesses Nonresident clients, including individuals, trusts and corporations, are generally exempt from U. S. capital gains tax on the sale of US capital assets, including investment securities and U.
Cross Border Tax Planning for Ownership and Exploitation of Music Copyrights The decentralization of media production across the globe and the increased use of digital and online distribution creates an environment where media that has up to now been produced and owned in the US can now be produced, owned, and exploited from lower-tax foreign jurisdictions. Added to this, the emergence of “remote working” as a viable mode of conducting business operations means it is no longer necessary to be physically present in a given location in order to effectively carry out business activities.
Structuring Sales into the US from a Foreign Country Foreign manufacturing company desires to sell finished products in the US and required assistance in determining appropriate options for US marketing and distribution. Potential cross-border structuring options included:
Ladidas Lumpkins, Partner-In-Charge of Private Wealth Services joins a discussion with Barry Werbin, Counsel in Herrick’s Intellectual Property Group, and R. Andrew Shore, Partner in Herrick’s Trusts & Estates department, on post-mortem rights of publicity – estate taxation and valuation issues. Click here
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this Federal Tax Practice Study Group on August 3, 2021.
Since the audience for this article comprises accountants, let’s start with a number: 35%. What is that? It is the percentage of organizations in the United States that have “a formalized succession planning process.” Meaning just a little over one-third of U.S. businesses are prepared for....
The term “Three-Martini Lunch” was coined in the U.S. during the 1960’s and 1970’s when NYC executives would gather and claim that these libations made them more creative.
If the pandemic has given us one positive, it’s perspective. Frankly, the business and the work are just the business and the work. The health and well-being of real people – physical, mental, and emotional – are far more important.
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar on June 17, 2021. Sponsored by the AAA-CPA,
Prager Metis Partners, E. Martin Davidoff and Robbin Caruso, will be speaking at the AAA-CPA Annual Meeting taking place June 23-26. E. Martin Davidoff will present “IRS Offers in Compromise: A Case Study” during the Thursday morning session.
A team member recently told me about their battle with dieting and cookies. Like many of us, the time spent in quarantine this past year was not kind to their waistline, and they resolved to get back into shape by steering clear of snacks.
The recently passed Budget Act was designed to benefit owners of eligible pass-through entities. This article highlights the key provisions of the Budget Act, workarounds enacted by other states, and general pass-through legislation considerations.
“Did you hear Michael is leaving? That’s a huge loss! You can’t replace someone like that. Somebody screwed up big time. What do we do now?” This is a fairly common emotional reaction in the lunchroom when a top performer leaves
More than a year ago, the nation and many states required businesses to shut their doors to employees and customers due to a growing national emergency. People began to work from their home or other property,
It is not often that articles about accounting contain hyperbole, but some recent reports on PPP loans have included what might be called overly zealous warnings that nonprofits taking advantage of this stimulus opportunity
On March 31, 2021, President Biden unveiled the “Made in America Tax Plan” as part of the $2 trillion infrastructure “American Jobs Plan”. The American Jobs Plan is an ambitious infrastructure plan primarily targeting roadways, bridges
2020 created disruption in ways that were inconceivable before the pandemic. And probably more so for healthcare entities than any other industry. As our hospitals and healthcare providers have focused on caring for us,
As anyone in the healthcare field knows, the demands of the pandemic stretched and strained their resources, both human and financial, at unprecedented levels. To meet the task of caring for those afflicted by COVID-19,
After an in-person interview, we learned a new hire had a family member with COVID-19. As a result, the skeleton crew that had been working in that Prager Metis office had to go back to working remotely.
The following information highlights the key tax relief provisions included in the American Rescue Plan Act of 2021 (“TARPA 2021”) enacted into law on March 11, 2021. The relief includes many provisions to help both individuals and business
The personal allowance is currently £12,500. Budget 2018 announced that the allowance would remain at the same level until 2020/21 and the statutory provision to increase the allowance annually by CPI was to be overridden.
Land and buildings transaction taxes are devolved to Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax). Stamp Duty Land Tax (SDLT) applies to transactions in England and Nort
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.
The current JRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer:
No changes to the current rates of CGT have been announced at Budget 2021. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter.
In 2020, the government introduced a number of government-guaranteed coronavirus loan schemes. In December 2020 the Chancellor extended, until the end of March 2021, access to the Bounce Back Loan Scheme,
As an extension of his presentation at the 2020 GWSCPA Nonprofit Symposium, Louis Mezzina will offer examples and a critique of various not-for-profit financial statements and disclosures during this on-line session.
Filing taxes for small businesses might be a little different this year. Join Prager Metis Partner Robbin Caruso and other panelists on March 2, 2021 to learn more about how the pandemic, PPP Loans and revenue losses could impact your fili
The following information highlights the key tax issues associated with the Consolidated Appropriations Act, H.R. 133 law changes providing extensions and modifications to the employee retention credit.
Join NJBIA and Prager Metis Partners Robbin Caruso and Edward Rigby for this webinar on February 17 to hear about the latest updates on COVID-19 relief measures, PPP loans, and tax law changes affecting both individuals and businesses.
The Consolidated Appropriation Act of 2021 signed into law on December 27, 2020 includes a $15 billion grant program that will be administered by the U.S. Small Business Administration (the “SBA”) to provide financial aid to struggling live
To help you better understand the opportunity to add advisory to more traditional outsourced accounting and client accounting services, Vic.ai Academy has invited five expert panelists from a broad cross-section of firms for
Sponsored by ADP, this webinar will take participants on a hands-on journey through the entire IRS Offer in Compromise process. Presenters will be E. Martin Davidoff, Partner-in-Charge, National Controversy and Sarah Fields,
This article summarizes the key highlights of the CARES Act modifications and recent IRS regulations associated with the interest expense limitation rules under IRC Section 163(j).
Join E. Martin Davidoff, Partner-in-Charge, National Tax Controversy and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar with IRS Commissioner Charles Rettig on January 26th.
About 2,500 years ago, the Greek philosopher Heraclitus said, “Change is the only constant in life.” He famously asserted that “life is flux,” Panta Rhei in Greek, which means all things change.
Join Prager Metis experts on January 6, 2021, to discuss the latest COVID-19 relief measures, PPP loans, and numerous tax law changes.
However, as it turns out, not-for-profits (NFPs) didn’t have to change everything; COVID-19 took care of that for them. The emergence of a global pandemic gives even more urgency to that original headline.
According to the 21st annual Forbes Top Charities list, which ranks the largest U.S. charities based on private donations received, “The 100 largest charities pulled in $51.5 billion in donations,” which “represents 12% of all charitable co
Top executives at nonprofits that rely on donations, and their CFOs, know that in terms of funding and expenditures, accounting for a nonprofit is a bit of a catch-22. That is, a nonprofit must expend money on its programs – the reason it e
As a result of Covid-19, many businesses are entertaining the sale of their company or considering the purchase of another business which may be on the market. Determination of market value involves gathering and analyzing a good deal of
The COVID-19 pandemic has adversely affected many businesses and their ability to function. Office closures and staff reductions can hamper a business’s ability to have immediate access to up-to-date financial information which is essentia
One of the most important roles a CFO plays relative to a business’s success, is in establishing and maintaining a good relationship with a banker. This relationship is vital and should provide the company with access to short term loans
One of the biggest challenges that causes leaders to struggle is the inability or unwillingness to delegate. In many cases, leaders think they can only succeed by delegating to someone who can replicate their performance.
Our CFO Advisory Services Team is often asked, “What can we do about the high costs of employee health insurance and benefit plans?”, and our response is, “have you looked into a PEO?”
The outcome of the November 2020 election will likely prompt wealthy individuals and families to identify, assess and mitigate potential legal and tax risks when it comes to their personal tax and estate planning. Join Prager Metis and McC
Own one or more foreign subsidiaries? Learn more about cross-border tax planning options from our team of experts. Last week, Fernando R. Lopez presented to fellow GGI Members where he provided an update on 2020 Regulatory Developments
Very often the Chief Financial Officer of a business spends a good deal of time functioning as a Controller: performing month-end closings, comparative financials, overseeing books and records, etc. While the day to day financial function
Don’t miss Karen H. Kerby as she joins the NYSSCPA’s Alternative Investment Fund Conference for a live webcast on November 19th. Karen will moderate a panel of industry experts and discuss financial reporting matters in the midst and afterm
One of the most obvious consequences of the COVID-19 pandemic has been the large reduction in revenue for businesses. Restructuring and reducing staff may have been necessary steps to surviving and keeping the doors open.
Foreign companies and startups looking to expand into the U.S. market must consider a number of factors, including entity structuring and taxation issues. Join experts from Prager Metis,
As business owners, CEOs or CFOs, it is extremely vital to maintain a professional and protected credit profile while securing your assets.The world of credit is vast and growing more than ever,
Marnette Myers from our Washington D.C. Metro office will be joining the Greater McLean Chamber of Commerce for a timely review of tax planning issues and opportunities for 2020. Marnette will address potential federal changes,
“We want to earn the trust and respect of every American.” It may surprise some to know that those words came from Congressional testimony given in the past month by IRS Commissioner Charles P. Rettig. But Rettig, himself a seasoned tax
When a non-public business has multiple owners, they need to make sure that they have executed Buy/Sell Agreements with each of them. This agreement sets the value of the business and will be used in any event that results in a change in ow
Register today! Join Peter Goodrich and Brian Goldblatt of Prager Metis and Herbert P. Moore, Jr., David J. Sorin, and Matthew E. Uretsky of McCarter & English on Thursday, October 29th at 2 pm ET/ 11 am PT. They will discuss
The Association of Certified Fraud Examiners (ACFE) released the “Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse”, covering cases investigated by certified fraud examiners around the globe.
Amidst the worldwide COVID-19 crisis, many US citizens who have worked abroad and paid into pension trusts may have missed a significant change made by the US Internal Revenue Service (IRS) on 02 March 2020.
Register Today! Edward P. Rigby joins the Estate Planning Council of Central New Jersey for a webinar on Thursday, October 22, at 6 pm EST. Edward will discuss the key issues in determining loan forgiveness.
The rubber band theory has been applied to many areas of business and life, from investing and leadership to personality traits and dating. I’ve been thinking about the rubber band theory as it relates to the changes we’ve experienced
Every drama needs a bad guy, a villain. And few events in recent history have produced more drama than the COVID-19 crisis, certainly from a human standpoint given the death toll, not to mention what many have called the “politicizing”
Join FBAA and Stuart H. Mayer, Managing Partner – New York, NY Office of Prager Metis, for a webinar discussion on Wednesday, September 30th at 11 am ET. He will discuss Fashion's Rebound, the Importance of Having the Right Accounting
Since COVID-19 arrived, the SEC Office of Compliance, Inspections and Examinations (OCIE) has remained operational nationwide including an outreach to SEC registrants to assess the impact of the virus. From these efforts, OCIE has concluded
Did you miss the LIBN's State of the Not-For-Profit Industry virtual conference? Watch Moderator Brian D. Sacskstein and a panel of industry experts discuss the achievements, challenges and the future of the not-for-profit sector
On September 1, 2020 the IRS and the Department of the Treasury released final regulations for Section 59A – the base erosion and anti-abuse tax (BEAT), providing additional guidance on its application.
Are In-House Research Expenses Paid from Paycheck Protection Program (PPP) Loan Proceeds (That Qualify For Loan Forgiveness) Eligible for the IRC Section 41 Research Tax Credit
During an interview with Bill Gates and Warren Buffett a few years ago, Gates was asked what he has learned from his fellow billionaire. Gates discussed the time Buffett showed him his paper appointment book, which was mostly empty.
When everyone began working from home because of the COVID-19 pandemic, many businesses saw firsthand how difficult it is to function effectively each day without access to reliable accounting and financial services and expertise.
Accessing Cash from CFC or non-CFC Foreign Subsidiary. If you have liquidity needs and own one or more foreign subsidiaries, it may be possible to access cash held by the CFC in a tax-efficient manner.
In Stephen Covey’s book, 7 Habits of Highly Effective People, this is habit number two. The idea is that the activities of an individual or organization should be driven by the end goal. What are you trying to
Recently, the rating agency Fitch said the coronavirus pandemic has significantly weakened India’s growth outlook for this year and exposed the challenges associated with a high public-debt burden. Matching Moody’s view, it has downgraded
The coronavirus pandemic has created a massive shift in the daily operations of all nonprofit organizations globally. If your mission is not directly related to the pandemic relief it may be challenging to convince your donors that your
Join Partners Robert O. Mayer and Edward P. Rigby on Tuesday, July 21st, at 12:00 pm ET as they discuss the highlights of the PPP Flexibility Act, including the extension of the covered period, reduction in payroll requirements,
Does your estate have significant art holdings? Join Gabe M. Wolosky and the Estate Council of New York as they address the IRS requirements for estates with significant art holdings, and tax deduction for the charitable donation of artwork
As I share my thoughts month after month about the importance of the human element in business, I feel compelled to remember my former partner and, more importantly, my friend, Jay Spitz, who was taken from us far too soon.
The Association of Certified Fraud Examiners (ACFE) recently released the Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse. This report, the 11th since the first edition was published in 1996, has become the primary
Please join us as NJ CEOs discuss hurdles their industries may be facing as the economy reopens, and the silver linings that can be found as everyone adjusts and adapts to the new normal that awaits them.
Prager Metis’ CEO Glenn Friedman joins an expert panel for this webinar hosted by The NYBB Group on Tuesday, June 24th at 12 PM ET. Industry experts will discuss the benefits of acquisitions, including increased revenues and bottom-line
Join Partners Robbin E. Caruso and Edward P. Rigby on Friday, June 26th at 11:30 AM as they discuss the highlights of the PPP Flexibility Act, including the extension of the covered period, reduction in payroll requirements, and basic rules
The State of New York recently announced that Medicaid payments would be reduced 1.5 percent across the board. This applies not only to future services, but to all non-exempt services dating back to April 2, 2020.
"One of the technologies Vice President Al Gore is pushing is the information superhighway, which will link everyone at home or office to everything else – movies and television shows, shopping services,
A friend who received his stimulus payment as an actual check in the mail, knew I was working on this article and suggested I take a look at what the IRS sent him. Examining the official looking envelope.
Register Today! Join Santander and Prager Metis’ Partner’s Robert O. Mayer and Edward P. Rigby for a webinar on Monday, May 18 at 3pm ET/ 12pm PT for a Q&A session on PPP Loan Forgiveness.
Join us for a webinar on Tuesday, May 19 at 11 am ET. Karen Kerby from Prager Metis CPAs, Wayne Davis from Tannenbaum Helpern Syracuse & Hirschtritt LLP, Barbara Ann Bernard from Wincrest Capital, will discuss operational,
Cryptocurrency is the future.” In the article by The Chain Bullet, Peter Goodrich, Tax Manager, discusses how the future of cryptocurrency is much closer than we think thanks to some big events
In the business world, different groups of people are assigned labels. You have owners, shareholders, executives, partners, management, and employees. You have strategic business partners, vendors, and customers.
Have you registered? Join NJCPA and Prager Metis’ Edward Rigby on Friday, May 8 at Noon for a Q&A session on Business Tax Provisions in the CARES Act.
Join Us for a webinar on Tuesday, May 5 at 2pm ET/11am PT with Partners who specialize in Tax Controversy, E. Martin Davidoff, CPA, Esq. and Robbin Caruso, CPA, CGMA.
Please join us on Monday, April 20, 2020 at 2pm ET/11am PT. Peter Goodrich of Prager Metis CPAs and Seth H. Ostrow of Meister Seelig & Fein LLP will discuss how cryptocurrency has moved from the fringes to the mainstream
Join us Tuesday April 14th at 9am ET for ‘A Business Owner’s Guide to Loans’. Hosted by NJBIA, this webinar’s presenters include Robbin Caruso, Edward Rigby, and Al Titone, SBA District Director of New Jersey,
Over the past few years, the Cayman Islands legislature has introduced many amendments and regulatory changes to try and align with global compliance standards.
Register today for the upcoming webinar hosted by @NJBIA, titled CFO in a Box: What Business Owners Need to Know During This Tumultuous Time.
Stuart Mayer, Office Managing Partner along with industry experts, discussed the recent financial uncertainty due to COVID-19.
FOR FUND MANAGERS & INVESTORS: APRIL 7, 2020 @ 11 AM EASTERN
There is no sugarcoating the fact that the coronavirus pandemic is affecting everyone in our country. Businesses that require face-to-face interaction with customers, from restaurants to dentists to theatre companies, are being shut down.
UK Governement Pages: General Click Here. Support for businesses Click Here.
Iconic American humorist Will Rogers once said, “The only difference between death and taxes is that death doesn’t get any worse every time Congress meets.”
Younger generations value flexibility in the workplace. The prospect of going to an office each day from 9 to 5 or later and doing the exact same things day after day isn’t exactly appealing.
Over the past several years, the concept of digital transformation has become a top business priority. As adoption of artificial intelligence (AI), cloud-based systems, the Internet of Things, and other advanced technologies continues to expand, organizations are weaving these tools into every business process and, in many cases, changing how they operate to optimize productivity, efficiency, and the customer experience. More and more organizations are investing heavily in technology-driven initiatives, as they should.
One of the core responsibilities of any business leader is to motivate the team. They must keep team members engaged and give them reasons to feel good about their employer. Today, it’s no secret that more team members, especially from younger generations, want to work for a company that is dedicated to more than just themselves.
In this era of Congressional contentiousness, any legislation that comes out of those chambers with bipartisan support deserves note. Such is the case with the SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement,” which was passed last July by a near-unanimous vote in the House of Representatives. But the SECURE Act also warrants a note of caution for those heavily invested in IRAs and/or 401(k) plans because it truly is a “game-changer,” and not for the better, when it comes to the distribution and taxation of withdrawals from inherited plans.
In the world we live in today, the only way to avoid becoming a victim of malware and/ or identity theft is to disconnect yourself and your workstation from the internet. Unfortunately in today’s business environment, that is not an option. Read the latest article by CIO, Gurjit Singh, entitled ‘Technology and Taxes: The Accountant’s Responsibility,’ to learn more about how you can take steps to secure both your own and client’s information and take a more vigilant approach in the exponentially evolving world of technology and information-transfer.
When asked recently if he knew how algorithms worked, a friend replied, “I don’t need to know how something works. I just need to know it works.” Of course, algorithms “work” for us every single day.
India has recently cut its corporate tax rates in a bid to revive its stagnant economy. The move has widely been seen as a positive and much needed one and sees the rates cut as follows: Companies that don’t seek exemptions will see their tax rate cut from 30% to 22% before surcharge and cess.
There will be a time when your client's customers will go through a rough patch and have the need to file for bankruptcy protection. Before filing, one of these customers may, out of loyalty or with an eye to the future, pay this client. But if your client receives this sum less than 90 days prior to the debtor's bankruptcy filing, this payment could be deemed a "preferential payment," meaning your client may be required to return this sum for inclusion in a bankruptcy estate for equitable distribution among the debtor's creditors.
While organisations often overlook tax-compliance requirements related to business travel, the days of simply traveling to and working in a different state or country for business without a thought to tax liabilities are coming to an end. Looking for additional tax revenue, US state taxing authorities are becoming stricter and more vigilant in monitoring business travel. Extensive time spent on business travel in a country outside the US, or even a different state within the US, could create a PE exposure for the employing entity.
Relinquishing one's US citizenship can mitigate an individual's estate and gift tax obligations, but a "Covered Expatriate"* should plan carefully when disposing of assets. Internal Revenue Code Section 2801 imposes a tax on US citizens or residents who receive certain gifts or bequests from Covered Expatriates (CEs). Even if the property is non-US-situs property, all of it is subject to the 2801 taxing regime.
As long as greed exists, so does corruption. To combat corruption, the US enacted the Foreign Corrupt Practices Act (FCPA). Its provisions prohibit offering, authorizing, or making payments of money or anything of value to influence the decision making of foreign government officials to obtain or retain business.
On 21 June 2018, the US Supreme Court passed a landmark decision that transformed the landscape of sales tax in the US. The South Dakota vs Wayfair decision effectively permitted states to create new rules for sales tax collection requirements based on the dollar or transactions amount of sales - otherwise known as economic nexus. Previously, companies were only required to collect sales tax based on a physical presence test.
The business world is rapidly evolving. Industries across the globe are experiencing increased competition, aging workforces, and regulatory shifts that are leading to consolidation. Many of these consolidations occur through mergers and acquisitions.
Over the past few years, cryptocurrency and its underlying technology, blockchain, have started to evolve from being misunderstood concepts into a mainstream means to conduct digital transactions. Cryptocurrency is a digital form of currency used as a medium of exchange for conducting internet-based sales and financial transactions. Unlike paper bills or coins, cryptocurrency lacks physical properties and is stored in virtual wallets rather than bank accounts.
Originally published by Long Island Business News Profit. When we hear the word profit, we think of Wall Street, shareholders, stocks, global conglomerates, and billionaire CEOs; we don’t conjure up the image of a not-for-profit organization helping provide services to the community.
In December of 2017, the Tax Cuts and Jobs Act outlined a new program called “Opportunity Zones” (OZs) that offered tax breaks for investing in underdeveloped/distressed communities via Qualified Opportunity Funds (QOFs). In October 2018, substantially more detail on the OZs was provided, and in April 2019, the IRS and Treasury Department issued a 169-page document that detailed regulations governing OZs. According to the IRS, a QOF is set up either as a partnership or corporation (LLCs qualify also) for investing in an eligible property located in one of the OZs.
For UK citizens selling a property in the USA, completing the sale is only your first hurdle. Your next challenge is tax - both in the UK and the USA - neither set of rules being straightforward. Taking UK tax first, if you are resident and domiciled in the UK, you will have capital gains tax (CGT) to pay on any gain achieved on the sale of US property.
How can Prager Metis help new managers when they are in the pre-launch stage? We can help in a number of ways. We would work closely with their attorneys to determine what the fund structure should look like.
In the last few years, some of entertainment’s most iconic performers have left us. Both Prince and David Bowie passed in 2016, and just this year we lost Aretha Franklin. It seems a lot more recent, but it has been almost ten years since Michael Jackson passed away at age 50.
A threshold question in determining how a trust will be taxed in the US is whether the trust is foreign or domestic. The default rule is that a trust is foreign, unless the trust fails both the “Court Test” and the “Control Test.” The Court Test is met if a US court is able to exercise primary supervision over the administration of the trust. The “Control Test” is satisfied if one or more US persons have the authority to control all substantial decisions of the trust.
The US Tax Cuts and Jobs Act, passed on 17 December 2017, has dramatically changed the analysis and available strategies for structuring cross-border operations. Meaning, to realise tax optimisation, business owners must be aware of those changes. For example, in addition to a decreased corporate rate from 35% to 21%, and the full expensing of plant and equipment acquisitions, there is a now a reduced effective rate of 13.125% for domestic companies’ income from selling products or services to foreign customers directly or through related parties.
The Tax Cuts and Jobs Act passed by the US Congress on 17 December 2017, includes Section 199A, a provision that can afford pass-through businesses a 20% deduction of:
Summarised below is our understanding of the changes and necessary steps which may be required to be undertaken for UK businesses trading within the EU in the event of a No Deal EU Exit. We have principally focused on the impact on Customs and Excise and VAT. Most of the contents are taken from the published documents by UK government and HMRC.
Recently, we have seen a growth in the sale or exchange of cryptocurrency, or the use of cryptocurrency to pay for goods or services. Unfortunately, guidance from the Internal Revenue Service (IRS) pertaining to related US income tax issues has not kept pace with the proliferation of cryptocurrency trading. This article highlights fundamental income US tax compliance issues for investors dealing or transacting in cryptocurrency.
If you own rental real estate, the fact that the IRS just issued Notice 2019-7, which clarifies Section 199A of the Tax Cuts and Jobs Act of 2017 could work to your benefit. The clarification will help in determining whether a rental real estate enterprise is a trade or business for the purposes of section 199A.
Trusts and Estates: Should You Make the Election? Trust and estate fiduciaries, take note: you still have time to improve your 2018 tax position. The U.
Read the latest article titled "How Do I Get Control Of My Family In Flux And Protect Its Finances?" by Partners Ladidas Lumpkins, Jay Goldberg, and Gabe Wolosky, published in the 53rd edition of Worth Magazine.
E. Martin Davidoff, National Managing Partner of the Tax Controversy Practice at Prager Metis, was quoted in a recent Accounting Today article titled: “Like ‘1986 on steroids.’” Click here to read the full.
With the K-1 season right around the corner, now is the perfect time to highlight a few key concepts that will directly affect fund managers from the Tax Cuts and Jobs Act (“TCJA") that was enacted on December 22, 2017. Limits on Deductibility of Business Losses TCJA imposes a new limit on the deductibility of business losses incurred by taxpayers other than corporations.
The new tax law passed last December certainly has its boosters and its detractors, but it also has written into it something that appears to be a proverbial win/win. While this new provision does offer tax breaks to those among us who receive capital gains, to get those breaks the advantaged must invest those profits in funds that benefit the disadvantaged. The shorthand for all of this comes down two words: Opportunity Zones.
The Tax Cuts and Jobs Act enacted on December 22, 2017, introduced Internal Revenue Code Section 199A. This new code section grants a deduction of up to 20% of qualified business income (“QBI”). It replaces Section 199 which was the Domestic Production Activities Deduction, beginning in 2018.
Article by: Ladidas Lumpkins and Roman Katz Ben Franklin once said that nothing is certain except death and taxes. The traditional Individual Retirement Account, also known as the IRA, was invented in 1974 and brings to bear both of those certainties.
Partner Andrea Fantozzi, a Director at the Italian Group in the International Department of Prager Metis CPAs, was published in America 24. Click here to read the full article titled: Il Fisco Americano terminera’ il programma di Voluntary Disclosure.
Craig A. Manzino, a Partner-in-Charge of the Business Management Group of Prager Metis CPAs, was interviewed in the Entrepreneur, in an article titled: Cynthia Nixon Has a Corporation, and That's Totally Normal for Professionals Like Her. Click here to read the full article.
Course Summary: Join Prager Metis CEO Glenn L. Friedman for this interactive CPE workshop where he will navigate the conversation on Mergers and Acquisitions in the accounting profession.
Andrea Fantozzi , a Partner and Director at the Italian Desk in the International Department of Prager Metis CPAs, is presenting at the Export U. S. A seminar May 31st, 2018.
Andrea Fantozzi and SLT – Strategy Legal Tax present “ Gli Stati Uniti e le opportunita’ di un mercato in crescita. Consigli Utili e Soluzioni Pratiche” - July 10, 2018
Read the latest article by Partners Fernando R. Lopez and Raymond J. Zomerfeld, published in Worth Magazine.
Busy season is over! So now what? Well, first things first: a little well-deserved relaxation.
On June 21 of this year, the Supreme Court’s ruling in South Dakota v. Wayfair basically upended the way state sales tax has been collected and remitted for the past 26 years. Much has been written about this ruling, and as might be expected, you, our clients, have a lot of questions about how to navigate this new sales tax labyrinth.
While the European Union (EU) just began active enforcement of a sweeping new data privacy regime, that news generated far less visibility in the United States, largely because many people assume that their business or personal interests are not affected by the change. But reliance on that assumption could result in expensive consequences. The General Data Protection Regulation (GDPR) was approved by the EU Parliament in April after four years of substantive debate and refinements.
Andrea Fantozzi and Fernando Lopez Present at the Italy America Chamber of Commerce May 23rd, 2018. U. S.
Blockchain in the Fashion Industry More often than not, the term that we associate with the word “blockchain” is “Bitcoin.” And while it’s true that blockchain technology was initially created to account for cryptocurrency transactions, it can be applied in so many other settings. A blockchain is a digital ledger that records transactions in ordered records called “blocks.” Each new piece of information is added to the record chain chronologically so that the blockchain reports the entire history from start to finish.
Andrea Fantozzi, a Partner and Director at the Italian Desk in the International Department of Prager Metis CPAs, a member of Prager Metis International Group will be speaking at the 1Confindustria. He will introduce to business owners/ CFO and Controllers the opportunities that are available for foreign entities to invest in the US, especially based on the latest tax reform. Dates:
Due to the shift in U. S. taxation of business income resulting from the recent U. S. tax reform efforts, the factors considered when determining the most tax-efficient structure for U.
Andrea Fantozzi, a Partner and Director at the Italian Desk in the International Department of Prager Metis CPAs, a member of Prager Metis International Group, was featured in Americay 24, in an article titled "La property tax americana: cosa c'è da sapere," — March 4th, 2018.
Craig A. Manzino, a Partner-in-Charge of the Business Management Group of Prager Metis CPAs, a member of Prager Metis International Group was mentioned in the in the Long Island Business News March 2018
Peter J. Scalise's article entitled "Tax Aspects of the Bipartisan Budget Act of 2018" was featured in the CPA Magazine's February 2018 Issue. Read the full article here.
The Tax Cuts and Jobs Act of 2017 (“TCJA”) was signed into law by President Trump on December 22, 2017. It has been hailed as the largest overhaul of the US federal income tax since 1986. While many diverse industries will realize significant changes, tax-wise, as a result of the passage of the TCJA, there are provisions that have a significant impact upon the media and entertainment industries.
With the business landscape changing, and traditional job roles no longer fitting into narrowly defined boxes, this is an important time to highlight what accountants do and what the role of being a trusted advisor means. While this article covers various accounting issues that impact authors, much of this content applies to those who work as independent contractors. The expense of hiring a professional accountant is a real obstacle for many.
It’s no surprise that booming domestic and global equity markets, strong corporate profits and the prospect of a major reduction in U. S. business and personal tax rates are all contributing to a rise in personal wealth. In fact, the global total of high net worth individuals (defined as those with investable assets of $1 million or more) grew 7.5 percent last year, and New York City remained the top location for those achieving ultra-high net worth status (defined as those with investable assets of $30 million or more).
Congress bestowed a tremendous holiday gift to the global corporate community in the form of a significantly reduced U. S. corporate tax rate and full expensing of plant and equipment acquisitions that effectively lays out the red carpet to foreign companies. In addition, the tax bill’s shift to a territorial tax regime results in a virtual ban on IRS corporate taxing authority beyond the U.
Simon Winters was featured in a Music Week article. The article is entitled "Cutting corners on your professional advisors is a false economy": Why Accountants Matter More Than Ever to the Biz. Read more here.
Overview of Key Changes to Business Taxation Under the Tax Cuts and Jobs Act Two of the most visible features of the Tax Cuts and Jobs Act, now passed by Congress and expected to be quickly signed into law by President Donald Trump, are the large reduction in the statutory corporate rate (from 35 to 21 percent), and the elimination of the corporate Alternative Minimum Tax. Both of those changes become effective on January 1, 2018.
One of our accounting partners has a client whose father (in his late 80s) owned Manhattan real estate with an approximate value of $18M. Nearly all of his net worth was tied up in this property, which therefore presented the issue of how to cover the estate tax due upon death without having to liquidate the property. We discussed options of how to reduce the father’s taxable estate, by gifting and transferring assets while living, but he had already taken advantage of his lifetime exclusion in a previous property gift to his children.
Having worked hard to secure a sound financial future for themselves and their loved ones, many individuals are motivated to protect their hard-earned assets from creditors. That’s especially true for high-income professionals and high-net-worth families, who are often targets of so-called “deep pockets” litigation, where the monetary motivations for plaintiffs are routinely stronger than their legal claims. To safeguard assets for themselves and their intended beneficiaries, these individuals can take advantage of domestic or offshore asset protection trusts, which can shield assets from the reach of future creditors and predatory claims.
A friend of mine who is of Indian origin, was recently discussing with me how he had found a way to earn an eye-watering 9% interest on cash deposits. He explained that deposits held in an Indian bank account typically earn interest of 7-9% and that he is earning a small fortune on his deposits. Not meaning to bring my friend down to earth, I felt it necessary to make him aware of a few issues.
The political ground appears to be shifting on the taxation of assets that are transferred among family members as part of their estate planning. While many details have yet to emerge, there are indications that in 2017 there could be some tax law changes that would help families and their businesses preserve more assets and reduce tax liabilities. We reviewed those issues on May 15 at a Business Valuation Conference sponsored by the New York State Society of CPAs.
If you own and live in your primary residence in New York State and you and your spouse have an annual income lower than $500,000, you are eligible for a partial property tax exemption under the New York State School Tax Relief Program. This is known as Basic STAR, and is based on the first $65,500 of the full value of the home. The STAR program gets even better for senior citizens age 65 or older.
One of your friends and/or clients got married twenty-five years ago when they were twenty. Along the way, the couple jointly purchased a beautiful ten room home in which they and their five children lived. The children, who are of various ages, are still in public school and two are in college.
Whether you’re an independent artist or signed to a label, you should be receiving some sort of accounting for streams, sales and other kinds of exploitation of your material. Independent artists will get sales reports from their distributor (Tunecore, CD Baby, etc.) while signed artists will receive royalty statements from their record label (for the purpose of this article, all forms of reporting will be referred to as “statements”). But some things fall through the cracks and it never hurts to check.
There are many wonderful individuals in the UK who give generously to charities. Usually, individuals make a very simple calculation about their income, ‘how much do I need to retain to meet my own needs and how much can I afford to give to charity.’ This simple calculation has just become a lot more difficult for some people especially where a substantial amount of their income derives from dividends. The new tax regime for dividends can have a negative impact on individuals.
The tax treatment of UK tax residents on income from US Limited Liability Companies (LLCs) continues to be a source of concern for many advisers. The short end of the stick is that providing the income always belonged to the LLC members then HMRC will allow a tax credit against UK tax for any US tax suffered. Of course it’s a bit more complicated than that, and set out below is a bit more detail of the UK Supreme Court's reasoning and judgment.
We’re mid-way through January; have you already lost sight of your New Year’s resolution to take better care of your financial life? Don’t worry – we’re here to help! Below is a document we call “Your World.”
Peter J. Scalise, Director of Federal Tax Credits & Incentives Practice Leader was featured in CPA Magazine article entitled, "Lights, Camera, Action and Tax Cut! | A Spotlight on the Expansion of the NYS Film Tax Credit Program". To read the full article please click here.
Peter J. Scalise, Director of Federal Tax Credits & Incentives Practice Leader was featured in Accounting Today. His article is entitled, "IRS Offers Guide to Tangible Property Regulation Compliance".
After nearly 27 years the IRS has finally gotten around to proposing closure to a number of the §2704 “loopholes” that have benefitted many family-owned businesses. Should the changes be enacted, as proposed, the family-controlled corporation, partnership, LLC and other forms of family-owned businesses will be directly affected. Here’s the reason why.
On October 3rd of 2016, the Internal Revenue Service (hereinafter “the Service”) issued Final Treasury Regulations setting forth guidance on research and development efforts in connection to Internal Use Software (hereinafter “IUS”) for purposes of claiming the Research & Development Tax Credit (hereinafter “RTC”) under I. R. C. § 41.
A few weeks ago, I was having dinner with a friend of mine, a very talented musician who opted for a career in tech. When explaining his choice, he told me that “musicians don’t make money like they used to.” What he really meant by that was “nobody buys music anymore, everybody streams music, streaming doesn’t pay enough.” He is right.
Peter J. Scalise, Director of Federal Tax Credits & Incentives Practice Leader was featured in CPA Magazine article entitled, "The Service Issues New Administrative Authority Governing TPR Compliance". To read the full article please click here.
There have been some remarkable developments in the UK these last few months, not least of which the United Kingdom has voted to leave the European Union. This will have absolutely no effect on US entertainers performing in the UK or continental Europe. There will still be visa issues, immigration in and out the UK, and British beer will remain warm and heartening.
To read the internview click here.
The CEO Forum magazine highlights Prager Metis in an article "How Enterprises Can Become Agile", written by Glenn Friedman with a sidebar including sections on Intellectual Property written by Chris Hull, family office services written by Jay Goldberg, and enterprise business services written by Chris Vignone. Click here to read.
Written by Roman Katz, Edited by Harold B. Peterson, Jr. It has been more than 50 years since the 1963 Equal Pay Act was signed into law.
On December 15th of 2015, House Speaker Paul Ryan, R-Wis., announced to the Republican lawmakers during a conference meeting that negotiators have reached an agreement in principle on a tax-extenders package worth approximately $800 billion. In addition, an agreement was also reached that would fund the federal government through September 30th of 2016. The bills are expected to arrive on the House floor as early as December 17th with the Senate consideration expected before Congress adjourns for recess.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 introduced the concept of portability. Portability allows the executor of a deceased spouse’s estate to transfer any unused estate tax exemption to the surviving spouse, as long as the surviving spouse was a US citizen or resident. In simple terms, portability of the federal estate tax exemption between married couples means that if the first spouse dies and the value of the estate does not require the use of all of the deceased spouse’s federal exemption from estate taxes, then the amount of the exemption not used for the deceased spouse’s estate may be added to the surviving spouse’s exemption when the surviving spouse later dies.
Social Security was created in 1935 to help Americans supplement their retirement income. The idea of Social Security is universal for Americans, but it is a complex system and can often cause confusion. Full retirement age is the age at which you can begin to collect full Social Security retirement benefits without any reductions.
Over the last year, after talking to many clients about estate tax planning, it became clear that even though the New York State estate tax law was changed on March 31, 2014, many people paid no attention to the changes. There was some good news regarding the change of law. The NY estate tax exclusion amount rises each fiscal year beginning April 1 until it equals the federal exclusion amount on January 1, 2019.
Long term care insurance is different from traditional medical care that is covered by an individual’s health insurance policy or Medicare, which is designed to rehabilitate or correct certain medical problems. Conversely, long term care insurance is intended to provide services to assist a person to maintain their level of functioning. Long term care services generally include, but are not limited to the following:
Rising Interest Rates effecting your Mortgage Since 2008, the Federal Reserve has kept its interest rate at net-zero, but it looks like that is about to change. America has not seen a spike in interest rates since 2006, but with the jobless rate at 5.1% in September it is safe to assume, financially speaking, that the country is on the rise.
Buy Sell Agreement Remember when going into business with a friend or family member, the terms of the agreement was settled with a handshake, a “gentleman’s agreement?" Oh, how the world has changed. Nowadays everything has to be in writing.
Read our latest UK articles, insights and newsletters to get an inside look at Prager Metis. Indian Bank Interest, When is it Truly Tax Free? - 26-9-2017 Briefing Notes - Charitable Giving: The New Rules - 03-04-17
Captive Insurance If your business pays over $100,000 a year in insurance premiums you should read on. This is where the concept of “Captive Insurance” comes into play.
College Financial Planning “Congratulations!” is the first sentence all high school seniors pray to see when they tear open that envelope from their desired college. Upon acceptance, the fun begins: finding a roommate, new student orientation, declaring a major, and joining clubs and teams.
Pros and Cons to Private and Community Foundations By: Mark Ackerman, CPA For clients who have expressed the desire to use part of their wealth for philanthropic giving, the overwhelming vehicle used to accomplish this is to establish their own charitable foundation.
Travel With a Peace of Mind Going on vacation or a business trip is something we all look forward to: the planning the packing the mental checklist of: passport
End the Summer, Prepared for Fall In our last week of summer, it is important to prepare yourself and your finances for the year ahead. Summer is great, with shorter work weeks, weekends spent on the golf course and relaxing by the pool.
Identity Fraud is on the Rise In the technological age, we do everything online, from buying groceries to doing our taxes. Although the internet makes our lives easier, and no one can argue the fact that doing your taxes from the comfort of your bed is more relaxing than going to your accountants’ office, the problem is you are opening yourself up to allowing a stranger to obtain your well-earned cash, and you might not even know it’s happening.
