Knowledge Center

• 12.11.2012 - ‘decent Exposure: Reducing Facilities Risk in the Post-downturn Environment
  The acute economic downtown that began in 2008 had a profound effect on facilities investments within education. We observed a marked decrease in annual stewardship (funding that protects buildings and systems), capital spending, and daily service facilities budgets. Unfortunately, at the same time, buildings continued to age. The result of these trends is the addition of risk through increased annual maintenance deferrals, growing project backlogs, and in some cases, decreased organizational capacity.
• 12.10.2012 - Year-End Tax Planning in the Midst of Uncertainty
  The expiration of the “Bush tax cuts”, the temporary cut in social security taxes on December 31, 2012 and the implementation of the new income taxes on high income earners in 2013 passed under Obama’s 2010 Healthcare Act, is what has been coined the “fiscal cliff”. The fiscal cliff is expected to raise more than $500 billion in taxes in 2013. It appears that Washington is going to call on nearly all Americans to help reduce the deficit by raising taxes across the board on all taxpayers. Low-income tax earners will be most affected by the reduction in the childcare credit, the elimination of the 10% tax bracket and the expiration of the temporary cut in social security taxes. High-income households would be hit harder by higher tax rates on ordinary income, the expiration of the 15% tax rate on long term-capital gains and qualified dividends, the additional 3.8% Medicare tax on investment income and the .9% Medicare tax increase on earned income starting in 2013.
• 12.05.2012 - Hiring the Right People
  There is a function that every manager has to do regardless of industry, company size or economic conditions. There are many who are very good at it, those who are not and others who make the same mistakes time and time again. This function is hiring. What’s even more important is understanding the difference between hiring and hiring the right people for your organization to build a winning team.
• 12.05.2012 - Blue Chip Lessons: Optimizing Non-Core Processes
  Most transactional processes are not core to your business. Typically, your business’ core competencies are likely something other than accounting, processing payroll or handling payable transactions. However, in order to manage the business, you are reliant on outputs (monthly reports, sales data) from these processes. If not managed well, especially if your business has grown over time, these non-core processes can take time and resources away from operations, depress margins and cost the business thousands of dollars in wasted cash flow.
• 12.04.2012 - Avoiding the Pitfalls of the False Claims Act
  The federal False Claims Act (“FCA”) dates from the Civil War and until recent times was used against defense contractors who falsely billed the federal government for goods or services. Since the 1980’s, the FCA has predominately come to be used against health care providers. The FCA makes anyone who “knowingly” submits or causes to be submitted a false claim potentially liable for treble damages, costs of investigation and civil penalties of thousands of dollars. “Knowing” is defined to include (a) actual knowledge, (b) deliberate ignorance, or (c) reckless disregard.
• 12.04.2012 - Preventative Tax Planning for Tax-Exempt Organizations
  In recent years, the IRS has increased the number of audits of tax-exempt organizations and the methods used to select an organization for audit. This is primarily the result of the new 990 as well as recent high-profile fraud cases and increased public scrutiny of such organizations. As such, it would be wise for all tax-exempt organizations to take a hard look at their operations, policies and activities to help prevent a costly outcome of an IRS examination. This article will focus on some of the high-risk audit areas, the factors used by the IRS in selecting tax-exempt organizations for audit, and will then provide some preventative steps that tax-exempt organizations can take to help minimize risks and ensure compliance with IRS requirements. Although this article is geared towards 501(c)(3) organizations, many of the concepts can be applied to all types of tax-exempt organizations.
• 12.04.2012 - Lessons Learned from Local Non-Profit Organization Frauds
  Over the past 18 months in Connecticut and Massachusetts, several non-profit organizations have reportedly been victimized by fraud. These alleged frauds occurred while news reports highlighted the challenging environment in which non-profits operated (and continue to operate). They have faced cuts in federal and state funding, declines in contributions and donations, and increased demand for services.
• 11.26.2012 - Survey Shows Manufacturers Like Connecticut, Optimistic for the Future
  Connecticut manufacturers are reporting encouraging balance sheet news, with a large majority showing profitability despite the economic downturn of previous years. A recent survey of 150 Connecticut-based manufacturing companies, conducted by BlumShapiro and the Connecticut Business and Industry Association to assess their enthusiasm for maintaining a business presence in this state, also shows that a majority see Connecticut as an excellent place to work and live.
• 11.14.2012 - FASB Issues Guidance to Simplify Impairment Testing for Indefinite-lived Intangible Assets
  On July 27, 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2012-02 to simplify impairment testing of indefinite-lived intangible assets other than goodwill. ASU 2012-02 applies to intangible assets that are not subject to amortization. Examples of intangible assets subject to the revised standard include indefinite-lived trademarks, licenses and distribution rights.
• 11.14.2012 - Value Drivers For Your Business
  By most accounts, there is a wave of small- and medium-sized businesses that will be sold in the next five to ten years. Studies have shown that of the 78 million members of the baby boomer generation, nearly 10% are small business owners. In addition, nearly two-thirds of business owners in the United States do not have children that plan on taking over the family business. This leaves an estimated five to seven million small businesses without a family succession plan. In all likelihood, these businesses will come to market in one of three ways: 1) the owner will leave the business to his or her estate who will either sell or dissolve the company, 2) the owner will become an absentee owner or dissolve the company and retire (leaving market share to be taken by another entity), or 3) the company will be sold to employees or a third party. Of the three scenarios, maximum value to the owner is typically achieved only by a sale to a third party.
• 11.14.2012 - A Changing Nexus Environment
  In an effort to curtail budget deficits, states are becoming increasingly aggressive in asserting their right to tax out-of-state businesses exploiting their marketplace. These “nexus” assertions can apply to business entity income and franchise taxation, pass-through entity (e.g., limited liability companies, partnerships and S corporations) owner income taxation, sales and use taxation and other tax types.
• 11.12.2012 - Massachusetts Annual Certification of Entity Tax Status
  The Massachusetts Annual Certification of Entity Tax Status application is now available through the Webfile for Business portal. See DOR Directive 12-5 for more information about this important new requirement.

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