ARM wishes to congratulate Tom Henderson on passing the CPA exam and earning the designation of Certified Public Accountant. This designation identifies those individuals who have met the rigorous experience and ethical requirements, and have successfully passed the CPA examination, which covers the areas of audit, regulation, finance, and business. Great job, Tom!
Ary Roepcke Mulchaey (ARM CPA) was among the more than 50 global accounting firms attending BKR International’s annual Americas Regional Meeting in Louisville, Kentucky, June 3-6. ARM CPA is an independent member of BKR, one of the world’s leading global associations of accounting and business advisory firms. For more than 25 years, BKR has connected members and their clients with global experts and resources.
With the theme of “Racing to Excellence,” the conference featured experts on accounting firm innovation and transformation. Monday keynote speaker Gary Adamson, a nationally renowned consultant and former managing partner of a top CPA firm, shared new insights on linking firm strategy to compensation. Dr. Roman Yampolskiy, associate professor at the Speed School of Engineering, University of Louisville, covered artificial intelligence (AI) and how AI is directly affecting the accounting profession. Other topics presented included outsourcing options for commodity work and using data to drive growth strategy.
“Accounting is a data-driven profession, and this conference highlighted how we can better leverage this data to improve all aspects of leading successful firms,” noted David Goldner, BKR International’s Americas Regional Chair and managing partner of Gross, Mendelsohn in Baltimore, Maryland.
Eric Mulchaey, Assurance Partner at ARM CPA, said, “All of our fellow members in BKR are more than willing to share their successes and failures for our mutual benefit. It’s a unique opportunity to meet with colleagues who are our peers, not our competitors, and truly want us to succeed.”
“BKR events are structured to support continual learning and member collaboration,” said Maureen Schwartz, BKR’s Executive Director. “We strive to keep our members at the forefront of the ever-evolving accounting profession through cutting-edge programs and opportunities to learn from one another in a fun and dynamic environment.”
About ARM CPA
Ary Roepcke Mulchaey makes it a point to know your markets, capabilities and expectations so that we can anticipate and respond to your rapidly changing business needs. We have the experience, resources and knowledge to build on your organization’s assets while ensuring that your values and vision drive the process.
Responsive, resourceful and practical, we are always looking out for your interests and providing proactive advice, often ahead of market trends. We measure our success by one essential benchmark – client satisfaction. We pride ourselves on the number of long-term relationships we have with our clients, many of whom have been with our firm since our founding in 1979.
About BKR
BKR International is one of the Top 10 leading global associations of independent accounting and business advisory firms, representing the expertise of more than 160 independent accounting and business advisory firms in over 500 offices and 80 countries. For more information visit www.bkr.com or follow BKR on LinkedIn.
Many clients see their CPAs at tax time, when the main focus is on completing and filing their tax return. As a result, they may not take the opportunity to ask questions about long-term tax planning or about other important financial concerns. The good news is that we are available to you all year. We have a full-time, year-round staff of experts with extensive expertise in a broad range of financial areas. We’re ready when you are to take some time reviewing your financial situation, helping you understand your options and make the best decisions. We’re also here in an emergency to help address unexpected financial concerns. So, give us a call to discuss your important financial issues whenever they arise.
If you are a volunteer worker for a charity, you should be aware that your generosity may entitle you to some tax breaks.
Although no tax deduction is allowed for the value of services you perform for a charitable organization, some deductions are permitted for out-of-pocket costs you incur while performing the services (subject to the deduction limit that generally applies to charitable contributions). This includes items such as:
No charitable deduction is allowed for a contribution of $250 or more unless you substantiate the contribution by a written acknowledgment from the charitable organization. The acknowledgment generally must include the amount of cash, a description of any property contributed, and whether you got anything in return for your contribution. This presents a problem where you as a volunteer make a contribution on behalf of rather than directly to a charity. One way around this is for the charity to pay for the expenses and then be reimbursed by you (or you can make the donation before the expense is incurred). If this isn’t possible, you can safeguard your deductions as follows:
If you owe back taxes, how long does the IRS have to assess and collect them? The answer varies based on the situation. In many cases, the IRS has three years from the date a return was due or when it was filed, whichever comes later, to assess how much you owe, and up to 10 years to collect that amount. When a very large item is omitted from the return, the assessment period can last up to six years. However, if fraud or attempted tax evasion is involved or if a return was never filed, then there is no statute of limitations on how long the IRS can take to make an assessment.
If you haven’t paid taxes or filed a return, we can assist you in fixing the problem. We can prepare your returns and help you address any outstanding tax concerns. We can also work with you to tackle broader financial or other issues that you may be facing. Reach out to us today for more information.
Are you aware of the nature of all your investments, domestic and international? Do you know if you have foreign accounts with an aggregate value higher than $10,000 at any time during the calendar year? U.S. taxpayers (including individuals and business entities) are required to report on foreign assets or investments they hold in offshore accounts. Under the Bank Secrecy Act, you may be required to e-file what is known as the FBAR directly with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. Given the diversity of assets that many people hold, we advise against assuming that the FBAR rules don’t apply to you. If you’re not sure, we can help you determine the answers.
As is often the case with tax laws, there are some exceptions and intricacies to the FBAR rules, so be sure to contact our office for more details. We can help you understand whether the rules apply to you and what you need to do to comply with them.
Many people dread tax time, but it can be even more frustrating if you have to wait longer than you’d hoped for your refund. Unfortunately, the Internal Revenue Service is warning that patience may be necessary this year. For one thing, identity theft and tax refund scams have become significant concerns, so the Service is taking extra measures to spot fraudulent returns. The IRS is also required to hold refunds for returns claiming the Earned Income Tax Credit and the Additional Child Tax Credit until mid-February.
You can help prevent any additional delays by ensuring that you’re ready with all the necessary documents to file your return, including Forms W-2 and 1099 reporting your income, and all the required receipts and other paperwork to ensure you qualify for your deductions or credits. Contact our office today with any concerns you may have about preparing to file your return. We can offer personalized answers to all your financial questions.
Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from the charity. An additional tax form—and possibly an appraisal—may be needed for non-cash donations, depending on their value. Of course, the organization itself must also qualify as a charity under IRS rules. Be sure to contact us with all of your questions on charitable giving or any other financial concern.
For tax year 2016, the IRS adjusted several due dates for the filing of tax returns and foreign account reporting.
As a general rule, the new filing dates are effective for tax returns filed beginning January 1, 2016. The exception to this rule is for C corporations with tax years ending on June 30. For those C corporations, the current due date (without extension) will remain September 15 until after 2025.
Did you know that con artists posing as Internal Revenue Service representatives frequently try to scam people out of their money? While this is a long-standing problem, the IRS has issued a new warning against thieves who may contact people on the phone or via email or a letter and try to trick them into divulging personal financial information, such as their Social Security or bank account numbers, or sending cash. And the scams can be tough to spot. Potential victims may see a fake caller ID that identifies the call as coming from the IRS or receive mail or email that appears to have the IRS letterhead or one like this that resembles the IRS website. The scammers typically try to intimidate victims into acting quickly—by, say, sending a payment to what they claim is an IRS address—by threatening arrest or some other consequence.
If you receive an IRS communication that seems suspicious or doesn’t make sense, please call our office. Whether you are facing a legitimate tax issue or a scam, we can help you sort through the details and determine how to respond. You can report incidents to the Treasury Inspector General for Tax Administration at 800-366-4484 or online. Remember, too, that the IRS website is www.irs.gov, so be on alert if you’re directed to another similar site that ends in .com or .net instead of .gov.