May / June
Showing 577–592 of 621 results
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What to expect from your financial expert
May / June 2009
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 512
Abstract: While working in the areas of dispute resolution, litigation and potential litigation, financial experts wear many hats. To ensure the quality of these experts’ litigation support services, the American Society of Appraisers has issued nonbinding guidelines on the proper role of the independent financial expert. This article discusses the guidelines, including the reasons financial experts are engaged and the procedures they should follow when conducting an assignment.
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FLP update – Surviving the latest IRS challenge
May / June 2009
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 1077
Abstract: For years, the IRS has used a variety of tactics to challenge family limited partnerships (FLPs). In 2008, it took a relatively new approach — arguing that transfers of partnership interests in an FLP were actually taxable indirect gifts of the assets held by the FLP. But the U.S. Tax Court rejected the IRS’s argument, as well as its claim that the “step transaction” doctrine applied, in the latest case to consider this argument, Gross v. Commissioner. This article summarizes the facts and findings of Gross and suggests ways practitioners can help an FLP survive IRS challenge.
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Rocky economy alters the valuation landscape
May / June 2009
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 637
Abstract: The ripple effect of the global economic downturn has reached the realm of business valuation. As the value of real estate and businesses in many industries has dropped dramatically, valuators have been forced to change some of their methods. This article explains how declining values are affecting how appraisers approach estate, divorce and merger and acquisition valuations. These experts, for example, may advise delaying the estate valuation date as late as the law allows or move up divorce court dates.
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Occupational fraud report: The usual suspects?
May / June 2009
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 1145
Abstract: The Association of Certified Fraud Examiners’ latest Report to the Nation on Occupational Fraud and Abuse collected and summarized information on almost 1,000 cases of employee fraud. The report’s results can help businesses and their legal counsel understand how demographics, job responsibilities and level of authority are connected to certain types of fraud and, thus, limit losses. This article outlines the demographic characteristics, job responsibilities and income levels of people who are more likely to commit fraud. It also provides tips on spotting red flags of an active fraud scheme.
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The price of beauty – Spas, salons can be attractive lending opportunities
May / June 2008
Newsletter: Commercial Lending Report
Price: $225.00, Subscriber Price: $157.50
Word count: 530
Abstract: The beauty industry is propelled by the mainstream popularity of treatments once considered luxury services. The leisure time, medical needs and discretionary cash of retiring baby boomers further feed the industry’s growth. You can get a cut of the action by lending to salons and day spas. But be sure you understand the particular risks of these types of businesses first.
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Accounting for uncertainty
May / June 2008
Newsletter: Commercial Lending Report
Price: $225.00, Subscriber Price: $157.50
Word count: 579
Abstract: The rules of the game have changed again. Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48), requires all companies that follow GAAP to identify, measure and disclose uncertain income tax positions using a “more-likely-than-not” (MLTN) threshold. Here’s what you need to know to gear up for the new standard.
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Confirmation letters provide extra assurance
May / June 2008
Newsletter: Commercial Lending Report
Price: $225.00, Subscriber Price: $157.50
Word count: 383
Abstract: Sending confirmation letters to third parties is an effective way to verify borrowers’ financial statement balances, as well as unusual contractual terms and transactions. An updated AICPA bulletin can help lenders understand how and when to use confirmation letters to minimize default risk. (Updated 9/27/12)
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Rethink risk management — one borrower at a time
May / June 2008
Newsletter: Commercial Lending Report
Price: $225.00, Subscriber Price: $157.50
Word count: 650
Abstract: All of your customers face risks and opportunities. Many private companies mistakenly forgo formal risk management, arguing that it’s too expensive and time-consuming. Help your borrowers recognize the benefits of enterprise risk management (ERM).
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Distributions or salary? S Corps Must Think Twice Before Classifying Payments
May / June 2008
Newsletter: Commercial Lending Report
Price: $225.00, Subscriber Price: $157.50
Word count: 847
Abstract: The IRS is cracking down on S corporations that misclassify payments to shareholder-employees as distributions — rather than salary expense. You can help your borrowers avert costly, time-consuming audits, as well as unexpected tax liabilities, penalties and interest charges, by explaining the risks of misclassified payments.
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Estate Planning Red Flag – Your company uses EOLI and you’re unfamiliar with PPA provisions
May / June 2008
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 304
Abstract: Buy-sell agreements typically are funded by insurance policies on the business owners’ lives, and in many cases those policies are purchased by the company. If the company uses employer-owned life insurance, it’s critical to become familiar with the requirements of the Pension Protection Act of 2006. This short article details those requirements.
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Take care when choosing IRA beneficiaries
May / June 2008
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 477
Abstract: Failing to designate a beneficiary, or choosing the wrong beneficiary, for a traditional IRA can have significant tax implications. Why? Because with traditional IRAs, distributions are taxable. In addition, an IRA’s beneficiary designation affects the speed with which the remaining funds must be distributed after the IRA holder dies. This article explains the consequences of not naming a beneficiary.
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Balance competing goals with a QTIP trust
May / June 2008
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 1179
Abstract: Estate planning can be a delicate balancing act. People want to provide for their spouses, but they also want to preserve a significant amount of wealth for their children. They want to minimize federal gift and estate taxes, but also maintain control over their assets during their lives. A qualified terminable interest property (QTIP) trust is a versatile tool that can help people strike a balance between these often competing goals. This article discusses the ins and outs of a QTIP trust.
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A simple plan – Installment sale offers alternative to complex estate planning strategies
May / June 2008
Newsletter: Estate Planner
Price: $225.00, Subscriber Price: $157.50
Word count: 938
Abstract: An installment sale can be an effective technique for transferring a family business, real estate or other assets a person expects to appreciate dramatically in the future. By selling the property — at fair market value — to loved ones rather than gifting it, a person can avoid gift taxes on the transfer and freeze the property’s value for estate tax purposes as of the sale date. This article details an installment sale.
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How do taxes “affect” S corporation valuations?
May / June 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 449
Abstract: For many years, “tax-affecting” the earnings of S corporations and other pass-through entities was a widely accepted valuation practice. But that changed in 1999, when the Tax Court ruled in Gross v. Commissioner that tax-affecting was inappropriate when valuing a minority interest in an S corporation. However, this brief article discusses recent cases which show that, though courts won’t accept full tax-affecting to reflect remote risks, tax-affecting can still be appropriate in the right circumstances.
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Something to prove – Courts increase burden on experts
May / June 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 787
Abstract: This article summarizes three recent cases that highlight the critical role that burden of proof can play in cases involving expert financial testimony. The cases illustrate how important it is for litigants to engage qualified experts and to avoid taking shortcuts when performing damages or valuation analysis. A qualified expert can meet burden-of-proof standards by performing a thorough analysis that will stand up in court. Citations: J.P. Morgan Chase & Co. v. Commissioner, 458 F.3d. 564 (7th Cir. 2006). Morgan Stanley v. Coleman, 955 So. 2d. 1124 (Fla. App. 2007). Estate of Thompson, 499 F.3d. 129 (2d Cir. 2007).
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Fraud’s a factor in solvency analysis
May / June 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 899
Abstract: In bankruptcy cases, a lot hinges on whether the debtor was insolvent when certain transactions took place. For example, some payments and transfers the debtor made within a specified time before filing for bankruptcy may be recovered as fraudulent transfers if the debtor was insolvent at the time of the transaction. This article discusses a recent case that addresses issues regarding fraud’s impact on insolvency. Citation: Edgewater Medical Center v. Edgewater Property Company, 373 B.R. 845 (Bankr. N.D. Ill. 2007).