Newsletter

Spring 2015 Issue

May 12, 2015
  • We completed our 19th busy season on April 15. That date marks the end of a nearly four month effort to help our clients meet their financial reporting commitments and tax obligations. This was once again a challenging time, as the compression of work into a very short period puts our people and internal systems to the test. We successfully met this year’s challenge for three reasons. First and...
  • Award points are available today for a wide range of activities, from keeping a minimum balance in your bank account to charging a certain amount on your credit cards. However, you may not realize that these awards might be taxable. The IRS has recently been looking for sources of unreported taxpayer income as it seeks to narrow the so-called “tax gap” between what taxpayers owe and what they pay...
  • Be Mindful Of These Key ACA Provisions It’s been five years since the Affordable Care Act (ACA) was signed into law, and since then various federal agencies, such as the IRS, the Department of Labor and the Department of Health and Human Services, have issued extensive regulations and guidance on the ACA. This has sometimes made it difficult for employers to keep up with their responsibilities...
  • Whether you’re totaling up last year’s donations in preparation for filing your 2014 tax return or you’re starting to plan your charitable giving for 2015, it’s important to understand the IRS’s substantiation rules. If you don’t, you could lose the tax benefit of these gifts. The following is a refresher course. Cash Donations You can substantiate cash donations of less than $250 with a canceled...
  • Review by Jeff Mowery I recently received a free copy of The 27 Challenges Managers Face by Bruce Tulgan. The book is great and something I would have gladly paid for if I knew beforehand. The book talks about 27 particular challenges that virtually all managers face from time and gives some practical suggestions on how to deal with them. These challenges include employee self-management,...
  • After years of doldrums in the wake of the financial crisis, merger and acquisition (M&A) activity is once again on the rise. M&A volume was up 38% through the first 10 months of 2014, according to data from financial analysts Dealogic, putting last year on track to be the strongest year for M&A deals since 2008. Experts attribute this to several factors, including continued low...
  • By Cody Daniels, M&S Senior Tax Associate Did you know the House of Representatives has passed a bill that would repeal the Federal estate, gift, and generation-skipping taxes? The Death Tax Repeal Act of 2015 passed the House vote with a 240-179 margin. Even if the bill passes the Senate, it will likely fall to a Presidential veto. An analysis by the Joint Committee on Taxation estimated...