939
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Midyear tax planning – Document key deductions now to lower next year’s bill
May / June 2023
Newsletter: Contractor
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: Although it’s tempting to forget about taxes until it’s time to file, the savviest construction business owners carefully track and document deductible expenses throughout the year. This article suggests six types of deductions to keep an eye on, including depreciation and training. A sidebar explains why contractors shouldn’t ignore the possibility of claiming the research credit.
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Qualified improvement property – Beware of a potential tax trap
Winter 2021
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: The CARES Act fixed a technical glitch, retroactive to 2018, that deprived many taxpayers of 100% bonus depreciation for qualified improvement property (QIP). As this article explains, however, the law also set a dangerous tax trap for those that elect not to claim bonus depreciation. A sidebar looks at how due dates work for amended tax returns.
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Are you ready for FASB’s updated business definition?
October / November 2017
Newsletter: Public Company Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: The FASB recently updated its definition of a “business” for accounting purposes. The changes are significant because the new rules will classify many common transactions currently treated as business combinations as, instead, asset acquisitions. This article summarizes the revised definition which goes into effect for annual periods beginning after December 15, 2017, including interim periods within those periods, although the rules permit early adoption. A short sidebar identifies the differences between business combinations and asset acquisitions.
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Nonqualified deferred compensation plans – Is your arrangement due for an update?
May / June 2014
Newsletter: Contractor
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: Nonqualified deferred compensation (NQDC) plans can help lure or retain a top-producing manager, but also put a substantial strain on a construction company’s finances. Furthermore, they can have an impact on a company’s long-term business strategy and succession plan. This article discusses four different categories of NQDC plans and the tax and cash flow implications of funded vs. unfunded plans. NQDC plans are complicated and the slightest of errors can have big consequences, so a sidebar discusses what the IRS looks for when performing an NQDC plan audit.
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The final round – Supreme Court addresses patentability of genes
October / November 2013
Newsletter: Ideas on Intellectual Property Law
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: It’s a case that had the biotech industry on pins and needles for years. At stake was whether naturally occurring DNA segments were patentable. In the final round, the U.S. Supreme Court found that they were not. But the finding didn’t apply to synthetic, man-made DNA. This article examines the case as it proceeded through the district and circuit courts, and ultimately the Supreme Court, which found that synthetically created “cDNA” didn’t present the same obstacles to patentability as naturally occurring, isolated DNA segments did. A sidebar discusses the circuit court’s ruling on the lawsuit’s method claims, which weren’t pursued before the high court.
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Owner compensation: Deciding what’s reasonable
July / August 2013
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: If the IRS deems a shareholder’s compensation unreasonably high for the services rendered, the excessive compensation could be treated as a constructive dividend. So the compensation would be disallowed as a salary deduction. However, as a recent Tax Court decision shows, the “reasonable compensation” evaluation isn’t always as straightforward as it might seem. This article discusses the case, noting the factors that determine reasonable compensation. A sidebar discusses other issues the case addressed.
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Is the price right? — Management must assume responsibility for fair value
October / November 2012
Newsletter: Public Company Insights
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: Estimating the fair value of a public company’s investments can be difficult and subjective. Many companies rely on third-party pricing sources such as broker/dealers or valuation specialists for fair value recommendations. When companies do so, it’s important that their management understand its responsibility to oversee the process and implement effective internal controls for financial reporting purposes. This article lists questions that management should ask and controls it might implement. A sidebar discusses the three-tier fair value hierarchy.
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Why “double dipping” may become an issue
May / June 2011
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: A business is often the most significant asset in a marriage. When a marriage ends in divorce, it can also become the most contentious. The term “double dipping” refers to a situation in which a spouse receives double payment for a single asset. Double dipping can become a controversial issue in marital dissolution cases requiring business valuations — depending on the state. This article mentions decisions in recent cases where the issue of double dipping has arisen. The article also notes that, to achieve fair outcomes, state courts consider the unique facts and circumstances of each case along with state statutes and case law in the jurisdiction in which the divorce is being decided. Citations: In re Marriage of Blazer, No. HO31574, Cal. App., Aug. 25, 2009. In re Marriage of White, 192 Cal.App.3d 1022 [237 Cal. Rptr. 764]. Sander v. Sander, (AC26291), Conn. Super, June 20, 2006. Steneken…
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Wrestle back control of your inventory – 3 ways to get off the mat
Summer 2010
Newsletter: Management & Tax Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 939
Abstract: With an improving economy, it may be a good time for companies to wrestle back control of inventory. This will involve ensuring accurate inventory counts, using the best technology, and — if necessary — disposing of unwanted inventory in the most tax-efficient manner possible. A sidebar to this article discusses LIFO and FIFO, the two primary inventory accounting methods.