Contingent liabilities: To report or not to report?
June 10, 2022 Knowledge Center
Contingent liabilities: To report or not to report?

Disclosure of contingent liabilities — such as those associated with pending litigation or government investigations — is a gray area in financial reporting. It’s important to keep investors and lenders informed of risks that may affect a company’s future performance. But companies also want to avoid alarming stakeholders with losses that are unlikely to occur […]

CLTs: A charitable trust that takes the lead
June 9, 2022 Knowledge Center
CLTs: A charitable trust that takes the lead

Are you inclined to donate assets to a charity for a period of time without ultimately giving up the property? Consider the benefits of a charitable lead trust (CLT). This type of trust is essentially the opposite of the charitable remainder trust (CRT), a better-known alternative. With a CLT, the property eventually reverts to your […]

How often must a HIPAA Notice of Privacy Practices be updated?
June 7, 2022 Knowledge Center
How often must a HIPAA Notice of Privacy Practices be updated?

Employers that sponsor a health care plan know they must comply with various provisions of the Health Insurance Portability and Accountability Act (HIPAA). One of these is that you must notify all persons from whom you collect medical information — whether directly or indirectly (such as when filling a prescription) — of their rights to […]

How inflation could affect your financial statements
June 3, 2022 Knowledge Center
How inflation could affect your financial statements

Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services […]

The ins and outs of Series EE savings bond taxation
June 2, 2022 Knowledge Center
The ins and outs of Series EE savings bond taxation

Many people own Series E and Series EE bonds that were bought many years ago. They may rarely look at them or think about them except on occasional trips to a file cabinet or safe deposit box. One of the main reasons for buying U.S. savings bonds (such as Series EE bonds) is the fact […]

No parking: Unused compensation reductions can’t go to health FSA
May 26, 2022 Knowledge Center
No parking: Unused compensation reductions can’t go to health FSA

Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about fringe benefits. For example, in IRS Information […]

Proposed regs for inherited IRAs bring unwelcome surprises
May 24, 2022 Knowledge Center
Proposed regs for inherited IRAs bring unwelcome surprises

Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning strategies, but it also raised some questions. The IRS has been left to fill the gaps, most recently with the […]

Could your business benefit from a PEO?
May 24, 2022 Knowledge Center
Could your business benefit from a PEO?

Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment taxes and administering […]

Valuing noncompetes in business combinations
May 20, 2022 Knowledge Center
Valuing noncompetes in business combinations

Purchase price allocations are an important part of negotiating a successful M&A transaction. The value of most assets — such as receivables, inventory and equipment — may be fairly straightforward. But the value of noncompete agreements is often a sticking point. To complicate matters, the buyer and seller may have conflicting tax objectives. This is […]

IRA charitable donations: An alternative to taxable required distributions
May 19, 2022 Knowledge Center
IRA charitable donations: An alternative to taxable required distributions

Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly out of traditional IRAs, federal income tax of up to 37% in 2022 will […]

Julia Damasco Named a Leader in Law by American Lawyer
May 17, 2022 In the News
Julia Damasco Named a Leader in Law by American Lawyer

Congratulations, Julia Damasco, on being recognized among American Lawyer’s “Top Rated Lawyers: Women Leaders in Law”! Julia Damasco advises clients on investor remediation; enforcement and collective actions; and the taxation of settlements and judgments. The protected data necessary to her work has led her to uniquely understand the privacy and data security issues faced by […]

Highlights from the latest ACFE fraud report
May 16, 2022 Knowledge Center
Highlights from the latest ACFE fraud report

Preventing, detecting, and investigating occupational fraud requires a deep understanding of the types of schemes, potential financial losses, emerging threats and risk mitigation strategies. To that end, the Association of Certified Fraud Examiners (ACFE) has published its “Report to the Nations,” the preeminent source for occupational fraud statistics and trends, every two years since 1996. […]