Article Archives: 2014

Posted by: Shawn Hansen

By Shawn Hansen, CPA

Pre-Approved 403(b) Plans

In a previous article, I provided readers with an overview of a new Internal Revenue Service (IRS) program that will review and approve certain types of 403(b) plan documents known as pre-approved plans. This article provides readers with some additional details of the program including when the IRS might start issuing approval letters for pre-approved 403(b) plan documents.

As I highlighted in the previous article, organizations adopting prototype or volume submitter plan documents (collectively referred to as pre-approved plans) will have a cost-effective and efficient way to obtain assurance that the written form and design of their plans satisfy Section 403(b) of the Internal Revenue Code (IRC).

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Posted by: Amber Busch

By Amber Busch, CPA

Tenancy in common (TIC) is an ownership arrangement in which two or more parties jointly own property, and title is held individually to the extent of each party’s interest.

Unlike a partnership interest, TIC interest, can be exchanged in a tax deferred exchange. The validity of the TIC status is imperative to preserve the like-kind exchange. Even in situations where the taxpayer did not enter the TIC through a like-kind exchange, they may desire to preserve the TIC status for future like-kind exchanges.

TIC’s need to be very careful not to go beyond mere co-ownership of property to the point of engaging in business together.

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The way we use technology for our business needs has changed dramatically in the past five years. Personally, I read emails on my phone throughout the day whether I’m near my laptop or not. In fact, I probably read the majority of my emails on the go compared to the days, which don’t seem that long ago, when I was only responding to emails while sitting at my desk.

Working for a professional services firm, where the confidentiality of client information is paramount, I am required to sign our corporate IT policy. The way we use technology in our firm is changing frequently,

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Posted by: Karen Dunn

By Karen Dunn, JD, LLM

Some small employers are finding themselves in a conundrum in 2014. This year, premiums eligible for the small business health care tax credit must be for qualified health plans (QHP) offered through a Small Business Health Options Program (SHOP) Exchange. However, some counties in some states do not yet offer such plans. What can these employers do?call out box March 2014

Beginning in 2010, the credit was designed to encourage small businesses to offer health insurance coverage to employees.   The credit could cover up to 25% of the cost of health insurance premiums paid by a tax exempt employer.

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Posted by: Megan Ryan

By Megan Ryan, CPA

To avoid penalties, employers should take steps now to ensure that they are in compliance with the ACA requirements by the time open enrollment begins during the latter part of 2014. The penalty will be assessed on employers that do not offer health insurance to employees that meets the minimum requirements for coverage as outlined in the ACA.

The good news is that the coverage requirements and penalty for noncompliance, originally scheduled to begin in calendar year 2014, are delayed for one year and won’t be enforced until calendar year 2015. The terms of the mandate remain,

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Posted by: Deby MacLeod

By Deby MacLeod, CPA

Not-for-Profit recipients of Federal awards have been awaiting sweeping changes from the Office of Management and Budget (OMB) for the past two years, and the OMB delivered. On December 26, 2013, the OMB issued its new uniform guidance that changes the landscape of the administrative requirements, cost principles and Federal compliance audits for Federal out box February 2014

The new guidance combines an expansive body of regulations currently found in eight OMB Circulars into one codified body, the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR 200), also known as the “Super Circular” or “Omni-Circular.”

The Super Circular will be implemented by the end of 2014,

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