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CJBS
by Andrew Lotts, member, CJBS With the Sarbanes-Oxley Act (SOX) of 2002, there has been limited direct impact on nonprofits, remembering that SOX is law for publicly traded companies only.  However, many forward-thinking not-for-profits are asking themselves what parts of the SOX they should consider enacting as a part of best-practices. In fact, the Attorney […]
August 31, 2011
6 MIN READ
Blog
CJBS
by Robin Mandell, CPA Many states are becoming aggressive in taxing corporations based on the privilege of conducting business or deriving income within a state.   Florida has just ruled on a case subjecting a corporation to income tax even though it has no physical presence in Florida. A corporate taxpayer had nexus with Florida and […]
August 17, 2011
2 MIN READ
Blog
CJBS
by Matthew Bergman, CPA  On August 7, 2011, the IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010. The election must be made by November 15, 2011. The notice also discusses how donors can elect out of automatic […]
August 16, 2011
2 MIN READ
Blog
CJBS
by Michael W. Blitstein, CPA  S corporation stockholder-employees and their tax advisers often find themselves with conflicting goals when setting the stockholder-employee’s compensation. Typically, the stockholder-employee prefers to minimize compensation in favor of distributions to reduce payroll taxes. Tax advisers, however, are faced with a body of governing authority providing that the stockholder-employee cannot avoid […]
August 16, 2011
6 MIN READ
Blog
CJBS
by Larry Goldsmith, C.P.A., J.D., C.F.F.A. The Internal Revenue Service recently announced that it will extend help to more innocent spouses by eliminating the two-year time limit that now applies to certain relief requests. “In recent months, it became clear to me that we need to make significant changes involving innocent spouse relief,” said IRS […]
August 16, 2011
2 MIN READ