Dear Clients and Friends, We have seen a tremendous amount of tax law changes pending from our friends on the Hill. As the New Year is fast approaching, it’s important that you contact us so we can consider potential tax planning strategies for 2012. It is alarming and frustrating but we still do not know if our friends on the Hill will allow several provisions to expire or permit several new provisions to go into effect – making tax...

Title: Valuation, Forensic Accounting and Litigation Services Conference Location: Ft. Lauderdale, FL Start Time: 8:00am Date: 2013-01-10 through 2013-01-11

Impact of Risk Management and Internal Controls Opportunity, pressure, and rationalization are the key identified points of the Fraud Triangle. Within any organization, regardless of size, the risk of fraud can be mitigated by utilizing internal controls (fraud prevention techniques) in order to specifically reduce the “opportunity” for fraud. As the economic climate has shifted in recent years, the “pressure” to commit an illicit act in...

Tax Planning Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative. The following taxes may be impacted: · Not only are the Bush Administration tax cuts set to expire, but a new 3.8 percent surtax on investment income and a possible reinstated claw-back of itemized deductions could raise the tax rate on ordinary income to as high as an effective 44.6 percent for some taxpayers. · Similarly, the tax...

Audits of Small Businesses – A Waste of Time Good news and bad news for those businesses that are S Corporations.  First the bad news- the amount of IRS Audits involving S Corporations has increased in recent years.  The good news-  a recent report by the Treasury Inspector General for Tax Administration (TIGTA) revealed that over 60 percent of S Corporation audits selected by the Discriminant Index Function (DIF) were closed with no...