Winston Churchill once said, “To improve is to change; to perfect is to change often." Accountants hearing this most likely believe our standard setters at the Financial Accounting Standards Board (FASB) have perfection as their goal, given the volume of new standards issued in recent years and the number of proposed standards and projects which are still in process. read more »
In October 2014, the Society of Actuaries (SOA) released updated mortality tables that reflect increasing life expectancies with the belief that this trend will continue. Mortality tables help plan sponsors more accurately estimate the financial obligations associated with their plans. While living longer is great news for most of us, it is also important for plan sponsors of defined benefit plans to understand the implications of these new mortality tables as they prepare their 2014 financial statements. read more »
Planning for the financial future of a child or loved one with special needs can be quite an estate planning challenge. While some individuals can assimilate into society and live somewhat independently, others will need constant assistance throughout their lives. read more »
In general, when a meal and entertainment expense is incurred in the context of an employer-employee or customer–independent contractor relationship, one party will be subject to a 50% limitation on the deduction. But which party? Last year, the IRS finalized regulations that address this question.
In the employer-employee setting: read more »
With the unexpected shortfall in franchise and excise taxes in 2014, deeper budget cuts made headlines. read more »
Did you keep your New Year’s resolution last year? Move your business ahead strategically like you had hoped? Succeed at making those meetings efficient, effective and obtain the ROI you desired? If you are like many of us, we often start the year highly motivated, but have a hard time staying focused and achieving these very important strategic goals.
Perhaps the issue isn’t the action of goal-setting or our intentions. Perhaps the issues that leads to failure is more about the process or steps we take toward achieving the goals. read more »
By Brian McCuller and Rhonda Chancey, LBMC State and Local Tax (SALT) Division
The Internet Tax Freedom Act (ITFA) was recently extended for one year through October 1, 2015. The Act was previously set to expire on December 11, 2014. This is the fourth extension since its enactment in 1998. read more »
LBMC Employment Partners utilizes the latest in HR software applications, all of which, create the most productive and effective workplaces for our clients. In today’s world, things that once were manual, are now managed easily with the click of a button. read more »
With cold weather comes the need to be extra careful on the road. Snow and ice on roads and reduced visibility from winter precipitation make driving potentially hazardous. Brush up on these winter driving safety tips to avoid trouble: read more »