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ICYMI: March 21, 2014

I-C-Y-M-I: In Case You Missed It Below is roundup of tax, accounting and business related news that you may have missed recently. We hope you find this information useful! Important Dates to Remember April 15, 2014: Deadline for Individual Tax Returns & Extensions Latest News $760 Million in individual tax refunds for 2010 still up… Read More »

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Taxes and Employee Fringe Benefits

Fringe benefits may not be so fringe-y, so to speak, when it comes to taxes. What no human resources, payroll, or accountant wants is to be hauled into an IRS audit and sit there stammering or vainly trying to explain why you allowed one thing but the rules say another. Let’s let the IRS explain,… Read More »

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Two Tax Breaks for High Income Earners Could be Cancelled

Two tax breaks for high income earners will be deep-sixed in order to expand – at a cost of $60 billion – the earned-income tax credit (EITC) to millions more people than currently receive the taxpayer-funded benefit. Meanwhile, the U.S. Treasury Department’s inspector general says that the EITC now has one of the highest improper… Read More »

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ICYMI: March 14, 2014

I-C-Y-M-I: In Case You Missed It Below is roundup of tax, accounting and business related news that you may have missed recently. We hope you find this information useful!   Important Dates to Remember March 17, 2014: Deadline for Corporate Tax Returns & Extensions April 15, 2014: Deadline for Individual Tax Returns & Extensions Latest… Read More »

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Contractors and Developers: Update on Completed Contract Method

There’s no place like home (building), particularly when the tax regulations concerning the “completed contract method” accounting procedure are in your favor. For clarity purposes, here’s the definition of the completed contract method (CCM): “An accounting method that enables a taxpayer or business to postpone the reporting of income and expenses until a contract is… Read More »

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New Recommendations for Government Pension Plans

Think of a ship. Think of that ship taking on water. The question is at what point will it sink?  That just about describes the budget situation for an uncomfortable number of state and local governments across the country as they measure the weight of their employee pension plans. That’s why the Society of Actuaries… Read More »

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State Budget Crisis Task Force: Government Transparency & Accountability

“Public trust in government is near or at all-time lows.” The significance of that quote on public trust is that it introduces a section on “Accountability and Transparency in Budgeting and Financial Reporting” in the recently released State Budget Crisis Task Force report. The task force took three years to explore the financial situation facing… Read More »

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SEC Proposes Rules on Crowdfunding

Crowdfunding was one of those Next Big Things that became bigger than perhaps anyone imagined, and it has developed into a substantial fundraising vehicle and moneymaker.  And where there’s big money, can regulation be far behind? Crowdfunding, by definition, is: “the practice of funding a project or venture by raising many small amounts of money… Read More »

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State Budget Crisis Task Force Releases Final Report

The State Budget Crisis Task Force is sounding the financial alarm for local and state governments across the U.S., but who will listen? And if governments are following in the footsteps of the nation’s most recent municipal financial disaster, how soon will they act, if at all? After three years of research, discussion, contemplation and… Read More »

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Protecting your Business from Credit Card Abuse

This article was printed in the Sunday, February 16, 2014 edition of the Knoxville News Sentinel. An employee has a company-issued credit card. It’s a plus, a perk, a privilege. However, as the saying goes, as with a sword, a company-issued credit card has two edges – and one can inflict deep wounds on the… Read More »

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