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  • Iraq-based Worker Was Entitled to Foreign Earned Income Exclusion January 31, 2019 The U.S. Tax Court has determined in Wentworth v. Commissioner of Internal Revenue that a taxpayer who worked for a security company in Iraq was a “qualified individual” entitled to ...
  • Limit on FBAR Willful Violation Penalty Applies Annually January 31, 2019 A U.S. district court recently held in U.S. v. Shinday, et al., that the monetary limit on the penalty for willfully failing to file a Report of Foreign Bank and ...
  • FASB Project to Target Performance Reporting January 9, 2019 The Financial Accounting Standards Board (FASB) is in the early stages of a project to develop guidance for performance reporting. The goal is to make it easier for investors and ...
  • Global Convergence Project: U.S. GAAP Is Alive and Well January 9, 2019 Once upon a time, financial reporting professionals expected the Securities and Exchange Commission (SEC) to publish a rule that would allow — or force — U.S. public companies to use ...
  • Reporting the Effects of Tax Reform January 9, 2019 The Financial Accounting Standards Board (FASB) continues to monitor how companies and their auditors are tackling the financial reporting ramifications of the major new provisions of the Tax Cuts and ...
  • COMPLIANCE ALERT December 18, 2018 Upcoming compliance deadlines: 12/31   Deadline for making required minimum distributions for 2018 12/31   Deadline for making corrective distributions for failed 2017 actual deferral percentage (ADP) and actual contribution percentage (ACP) tests ...
  • What To Do If You Inadvertently Blow Through 415(c) Limits December 18, 2018 What happens if your plan allocates too much money to a plan participant’s 401(k) account in a given year? The IRS recently addressed that issue in its periodic “fixing common ...
  • Not Planning for Early Retirement Threatens Employees’ Financial Security December 18, 2018 Employees often are unfazed by retirement calculators or other recommendations telling them they’ll need to step up the pace of their retirement savings to retire at a “normal” age. The ...
  • Is There a “MEP” in Your Future? December 18, 2018 Streamlined retirement plan model under review For small employers, the costs of administering a retirement plan can be intimidating. Legislation in Washington could provide some relief — particularly for very ...
  • It May Be Time To Offer A Self-Directed Brokerage Account Option December 18, 2018 Self-directed brokerage accounts (SDBAs) within a 401(k) plan typically offer participants the ultimate investment smorgasbord: a virtually unlimited selection of stocks, bonds, exchange traded funds (ETFs), and mutual funds to ...