MLR

Monthly Archives: October 2016

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The reality is, fraud happens and there are environments ripe for deception in the nonprofit industry.

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Relying on an attorney’s or an accountant’s advice may not win over the IRS if you fail to pay your taxes in a timely manner. It all depends on “reasonable cause.” The family of a decedent was reminded of this painful fact in a recent U.S. Tax Court case.

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The IRS has issued a fact sheet that discusses basic record-keeping tips, including what records are needed to prepare a return and how to keep them.

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What makes an effective team? Extensive research has been conducted over many decades to identify the management practices that produce the most effective teams. The findings can be distilled into 10 key behaviors that can make you a better manager and improve the effectiveness of your team. (11/23/2015)

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With rising healthcare costs, you may want to check into whether your employer offers a tax-beneficial flexible spending arrangement to cover certain medical expenses.

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The IRS has come up with a new idea to help combat identity fraud. For the 2016 filing season, the IRS will test the capability to verify the authenticity of Form W-2 data. This test is but one way the IRS is trying to combat tax-related identity theft and refund fraud. The objective is to verify Form W-2 data submitted by taxpayers on e-filed individual tax returns.

The file-and-suspend Social Security strategy that many Americans had worked into their retirement plans has quietly gone away for future retirees in a little known section of the budget act passed by both houses and signed into law by President Obama on Nov. 2. The bill slipped through Congress with no public hearings or fan fair.(11/23/2015)

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The first three Private Company Council-developed Accounting Standards Updates are effective for the first annual period beginning after Dec. 15, 2014, and interim periods within annual periods beginning after Dec. 15, 2015. Accordingly, many entities will be issuing financial statements applying these updates for the first time this coming reporting season. (11/23/2015)

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Practicing medicine today is increasingly challenging, and the pace of change isn’t getting any slower. To stay viable, practices have to face the challenges head on and develop strategies to thrive in a value-based payment environment. A new provides materials to meet these challenges.

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After the boom went bust in 2007, appraisers left the field in droves as the work essentially stopped. Industry associations estimate that appraiser ranks declined almost 30 percent. Attracting new appraisers to the field is not easy. The education and apprenticeship requirements are daunting to many. (11/23/2015)