Monthly Archive: December 2013

Dec 11

Charitable remainder trusts are a now more useful

In 2013, the tax rate on capital gains increased to 20%, plus a 3.8% Medicare surtax for affluent taxpayers. This substantial capital gains tax increase causes charitable remainder trusts to be more attractive. Typically, the trust is funded with highly appreciated assets. The trust can sell these assets and avoid tax on any capital gain. …

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Dec 10

Audit Committee Members and CEOs Too Close for Comfort?

A recent study reported in the American Accounting Association’s The Accounting Review suggests that in many cases the relationship between the the top executive and the respective audit committee members may be too comfortable to achieve truly independent oversight. The study found that approximately 40 percent of the 2000 companies analyzed have committee members who are socially …

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Dec 09

Have you Considered Adding a Computer Digital Account Plan to your Estate Plan?

A recent article, written by Sarah Butters, Esq. and David Shayne, Esq. of Holland & Knight, highlights an important issue that should be considered in estate plans.  Normally, an estate plan contains a will, power of attorney, and a healthcare directive.  In today’s digital world though, many of our important documents and information are stored …

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Permanent link to this article: http://betweenthenumbers.net/2013/12/have-you-considered-adding-a-computer-digital-account-plan-to-your-estate-plan/

Dec 05

California Franchise Tax Board Provides Tax Relief for Short Sales

The California Franchise Tax Board (“FTB”) issued a letter summarizing their position regarding the tax impact of short sales.  The FTB followed suit with the IRS’ position, meaning there will not be any California state tax impact for a majority of taxpayers in this position (See my previous blog post regarding the IRS’s position).  The FTB …

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Permanent link to this article: http://betweenthenumbers.net/2013/12/california-franchise-tax-board-provides-tax-relief-for-short-sales/

Dec 04

Your Loan to A Start Up May Be Treated as a Gift

When starting a business, it is common for entrepreneurs to seek initial funding from family and friends.  Since the holidays are creeping upon us, this means spending time with family members and loved ones.  During the festivities, discussions surrounding what people have been doing or planning on doing are bound to surface.  You may get …

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Permanent link to this article: http://betweenthenumbers.net/2013/12/your-loan-to-a-start-up-may-be-treated-as-a-gift/

Dec 03

States Continue to Search for Ways to Save on Judicial Resources

Since the “Great Recession”, cost saving on litigation continues to be a grave concern for practically everyone involved.  The states’ judiciary systems are just one of the many; attempting to save costs on judicial resources, states continue to put pressure on both parties to settle.  Florida recently passed a Proposal for Settlement Statute related to …

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Permanent link to this article: http://betweenthenumbers.net/2013/12/states-continue-to-search-for-ways-to-save-on-judicial-resources-2/

Dec 02

Goodwill accounting simplified for private businesses

Last week, the Financial Accounting Standards Board (FASB) approved two exceptions in Generally Accepted Accounting Principles (GAAP) for private companies. Proponents of simplified accounting rules have suggested that private companies be exempted from certain of the more complicated and costly rules. In making these two exceptions, the FASB approved the concept that private companies can …

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