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The Illusion of Value

Everything is Changing (Part I of II) In this two-part article, the authors present some illustrations that indicate the illusion of value of many businesses. Business appraisers have many tools to determine the value of a closely held business. So many so, that many “official” conclusions of value for the same business generate significant differences. This borne out by the normal expectation of rebuttal r ...

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Private Equity Investment in the Healthcare Industry

Private Equity’s Fast and Furious Entry into Healthcare (Part III of III) The third of this three-part series examines why private equity and venture capital firms are targeting the healthcare industry and the issues that they encounter managing their healthcare portfolio. Private equity (PE) and venture capital (VC) firms are attracted by the potential for growth that exists in the healthcare industry; how ...

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Making a Bad First Impression on Your Boss Can Doom Your Career—Here’s How to Know if Your Gaffe is an “Unforgivable Sin”

It can be hard to restore your boss' faith in you after a bad first impression, which is why it is important to accumulate good will from the outset. If you start off on the right foot, you will have to work pretty hard to fall out of favor with your manager. However, if you do mess up, you will have to choose between trying to bond with your boss or cutting your losses and moving on. To read the full artic ...

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The Evolution of Compliance

As the regulatory landscape has evolved, compliance departments and the chief compliance officer (CCO) have become increasingly important, helping organizations to adapt. Many CCOs sit on boards and report directly to the chief executive. They are no longer on the outside looking in on business development; instead, they are a key cog in the machinations of the C-suite. To read the full article in Financier ...

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Equal Shares for Heirs? Not Unless You Take Taxes into Account

If clients fail to consider their heirs' tax brackets when crafting estate plans, heirs could lose more money to taxes than they need to. Dividing taxable and tax-deferred accounts in accordance with the unique financial situation of each heir can lead to better results. To read the full article in Kiplinger, click: Equal Shares for Heirs? Not Unless You Take Taxes into Account. ...

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Improving the Probability

Of a Successful Negotiation It does not matter if you are going to be involved in direct negotiations or negotiating a settlement during mediation, the key is to determine the answers to five critical questions. In this article, Nancy Neal Yeend shares the five critical questions and answers that must be addressed to successfully negotiate. It does not matter if you are going to be involved in direct negoti ...

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What Constitutes Best Evidence?

Attaining Reasonable Certainty in Economic Damages Calculations (Part III of III) The purpose of this article—the third of three (Part I and Part II) on this topic—is to provide the reader with an understanding of Chapter 3 (What Constitutes Best Evidence) of the 2018 Practice Aid as well as certain other publications containing a body of knowledge on the best evidence to support economic damages in a court ...

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Tips for Managing an Inherited IRA

After the death of a spouse, a client has several options for handling the retirement accounts that belonged to the deceased. Here is a brief overview of the financial implications of different strategies for managing IRAs and Roth IRAs. This helpful chart shows the rules and requirements related to distributions for clients who inherit a Roth IRA. To read the full article in MarketWatch, click: Tips for Ma ...

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IRS Expands Relief from Underpayment Penalty

The Internal Revenue Service has announced it is lowering to 80% from 85% the amount taxpayers must have paid to escape an underpayment of estimated income tax penalty for 2018. The usual rule requires at least a 90% payment of tax shown on the return. To read the full article in the Journal of Accountancy, click: IRS Expands Relief from Underpayment Penalty. ...

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Women Fear Running Out of Money in Retirement

A survey found that most women prioritize planning for retirement and their family's future, but more than seven in 10 believe they are not doing a very good job. Running out of money in retirement is a big worry for 70% of women, but only 20% of them have come up with a plan to deal with this challenge. The Women's Resource Center, found in Broadridge Advisor, contains dozens of client articles, illustrati ...

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Part-Time Accountant

Full-Time Mother and the Firm Perspective (Part II of II) This article is a follow-up article to an earlier article written by Laura Whitman, CPA, MS, manager, WithumSmith+Brown, PC titled Part-Time Accountant; Full-Time Mother. In this article, Edward Mendlowitz, CPA, ABV, CFF, interviews John Mortenson, CPA, partner in charge of the Withum East Brunswick, NJ office who interviewed Laura Whitman regarding ...

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Make it Easier

For Prospects and Clients to Work With You One of the easy-to-implement practice development tips proposed by the author, who coaches, is this: If you are looking to build/grow your practice, start by making just one thing easier for your prospects and clients to use or understand. Identify something they do, read, or experience and answer this question: How could I make that easier? In this article, four c ...

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Estate and Gift Exclusion Clawback Addressed in Proposed Regs

The Internal Revenue Service has proposed regulations meant to address inconsistent treatment that could arise as a result of the temporary increase in the exclusion amount for estate and gift taxes that was included in the Tax Cuts and Jobs Act. To read the full article in the Journal of Accountancy, click: Estate and Gift Exclusion Clawback Addressed in Proposed Regs. ...

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The TCJA and State Considerations for Business

It has been over a year since the law known as the Tax Cuts and Jobs Act (TCJA) was passed. Taxpayers and tax advisers are continuing to peel back its layers of complexity to understand the various provisions. Taxpayers with state tax obligations and state tax practitioners face an additional challenge of understanding the implications of the new or amended federal provisions on state taxation. To read the ...

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Is it Ever a Good Idea to Hold Company Stock in a 401(k)?

Company retirement plans have changed significantly over the past few decades, with a few trends coming on strong. In light of the fact that 401(k) participants are famously hands-off, plans have increasingly added “nudge” features to get more people saving: Roughly two thirds of plans now offer automatic enrollment, for example, up from just about half in 2012. Roth accounts have also shot up in popularity ...

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Understand the Artificial Intelligence (AI) Evolution

Meet Skynet … Your Professional Role is About to Change! What is Artificial Intelligence (AI)? How will AI impact the way we work? Serve our clients? In this article, the author explains what AI is and how the evolving technology will impact our professional practice. The goal of artificial intelligence (AI) in the computer science world is to create human intelligence demonstrated by machines. Once this hu ...

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Part-Time Accountant

Full-Time Mother (Part I of II) Striking a work-life balance is difficult. Are there solutions and an upside to firms committed to retaining the investment made developing professionals? This article was originally written in 2013 for the Withum Journal where Laura Whitman shares her perspective. The article has been updated to reflect events that occurred since it was originally published. This article was ...

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How to Realize Tax Benefits for Charitable Clients

Changes in the tax code have doubled the standard deduction, meaning that clients who donate money to charity may not see the tax benefits to which they are accustomed. Advisers can help by encouraging clients older than 70½ to use qualified charitable distributions and having younger clients use gift clumping strategies. Volume 1 of The Adviser's Guide to Financial and Estate Planning has several chapters ...

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What Advisors do with their Time

Financial advisors spend a significant portion of their time on back-office tasks and the search for new clients. New technology does not necessarily allow advisors to add more clients but may instead enable them to provide deeper services to their existing clients. To read the full article in Nerd’s Eye View, click: What Advisors do with their Time. ...

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