In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an email containing malware to a coworker. This particular dishonest worker was caught. But your company may not be so lucky. […]
by Nicky Lipset, CPA You may think of basis mainly in terms of selling an interest in stock or selling a house, but there are many implications of basis in diverse transactions. Keeping track of basis, in partnerships specifically, is important as it can create tax implications based on various factors. Below are some […]
Miller Kaplan, a top-100 certified public accounting firm, is pleased to announce that Igal Khoshlesan, CPA has been promoted to partner. Khoshlesan, with more than 15 years of public accounting experience, specializes in employer compliance and audit and assurance services for employee benefit plans and nonprofit organizations. “Igal has proven to be a steadfast resource […]
Private sector employers have been retreating from the defined benefit (DB) pension model of retirement plans for decades. This is largely motivated by a desire to “de-risk” the organization from an uncertain, long-term financial obligation. The COVID-19 pandemic has also caused many sponsors of DB plans to consider the costs involved in their pensions. One […]
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried […]
Each year, public companies must assess the effectiveness of their internal controls over financial reporting (ICFR) under Section 404(a) of the Sarbanes-Oxley Act (SOX). In some cases, private companies should follow suit. In addition, a public company’s independent auditors are generally required to provide an attestation report on management’s assessment of ICFR under Sec. 404(b); however, […]
By Nicholas Sanchez, J.D., LL.M. Taxation Sunday night, December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, H.R. 133, Division M of which includes the Coronavirus Response and Relief Supplemental Appropriations Act, 2021 (“CRRSAA” or “the Act”). The Act contains many tax provisions, one of the most anticipated being clarification on the […]
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you […]
When planning your estate, it’s critical to balance estate tax planning and income tax planning. The rub is that, currently, strategies for reducing estate taxes generally focus on removing assets from your estate, while strategies for reducing income taxes generally focus on including assets in it. Even if you have an estate plan in place that’s tax-smart now, changes […]
With a difficult year almost over, and another one on the horizon, now may be a good time to assess the size of your sales force. Maybe the economic changes triggered by the COVID-19 pandemic led you to downsize earlier in the year. Or perhaps you’ve added to your sales team to seize opportunities. In […]