Although controls can never guarantee with absolute certainty that fraud will not occur, properly designed internal controls that operate effectively can help mitigate the effects of fraud and demonstrate to regulators, shareholders, and stakeholders that management is taking the proactive steps necessary to manage risk in an ever more complex global economy.
As the election draws nearer, more details of the candidates' economic plans are being unveiled. With this we can start to get a better idea of what our tax future may look like. Unfortunately, the majority of the proposed changes from each candidate are based on taxable income and are different for every situation. Below are the basics in no particular order.
If a distribution from a qualified plan or an IRA is not rolled over to another eligible retirement plan or IRA within 60 days, not only is the distribution generally taxable, but the distribution may also be subject to a 10 percent early withdrawal penalty. Up until now, if a taxpayer missed the 60-day rollover requirement, the only recourse was to request a waiver from the IRS via a letter ruling. Now, a new self-certification procedure (outlined in Revenue Procedure 2016-47) may allow taxpayers to qualify for a waiver of the 60-day retirement distribution rollover requirement without requesting a waiver directly from the IRS.
UHY LLP together with UHY Advisors, Inc. (“UHY”) has been recognized by INSIDE Public Accounting (IPA) as one of the top 10 fastest growing accounting firms of 2016. The ranking, determined by the IPA Annual Survey and Analysis of Firms, confirms an upward trend that UHY has been experiencing over many years.
On Aug. 4, 2016, The IRS issued proposed regulations that will dramatically affect your ability as a business owner to transfer wealth to the next generation in a tax efficient manner. The time to act is now as these changes could be in force by the end of this year. These regulations are currently open for public comments which could result in changes, however waiting may not be the most prudent option.
In a recent speech at the Olympic Training Center in Lake Placid, democratic Senator Charles Schumer of New York, called on the House to pass legislation that would give Olympic and Paralympic athletes a tax exemption on their Olympic medals and monetary bonuses. Schumer expressed that it was wrong to tax these athletes after earning a hard fought victory for the country.