Tracking IRA basis is critical for avoiding double taxation of assets, but this can be especially difficult for those who inherit retirement accounts. Reviewing the decedent’s Form 8606 is an important first step, and other tax forms can also provide valuable information if this form cannot be found. To read the full article in Kiplinger, click: How Beneficiaries Can Determine IRA Basis.
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Some baby boomers are taking out loans or using their retirement savings to help fund their children’s education. This, in turn, is contributing to the significant debt burden facing some families headed by people over 60. To read the full article in Think Advisor, click: Grappling with the College Debt Burden.
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People believe that it is obvious to others when they are lying, when in fact people are not very good at detecting the lies of others. To read the full article in Fast Company, click: How To Tell When You’re Being Lied To.
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A Discussion of Rover Pipeline, LLC v. 10.55 Acres of Land, More or Less, in Ashland County, Ohio, et al. “In God we trust. All others must bring data.” This famous saying has been attributed to various people, but it implies that when data is presented, the conclusion can be trusted. However, the Ohio District Court’s decision in Rover Pipeline, LLC v. 10.55 Acres of Land, More or Less, in Ashland County, Ohio, et al., demonstrates that data is only trustworthy if it is understood and applied correctly. The case, in which the expert’s valuation report was discarded due in…
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Beyond Keyword Placement—An Illustration for Search Engines to Find You In previous QuickRead articles, the author discussed the role blogging can play when marketing a firm’s services. When relevant articles are written and posted on a website, those articles can be found by prospects who are looking to solve a business challenge. But to ensure that blog posts are discovered, one needs to optimize them by adding keywords that prospects are searching for on search engines like Google. This process is discussed here. In previous articles, we discussed the role blogging can play when marketing your firm’s services. When relevant…
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Employees may be concerned that discussing mental health issues will affect their careers, so it is important for senior leaders to start the conversation. Providing relevant training and offering online tools can also help. To read the full article in Harvard Business Review, click: Open the Conversation About Mental Health in the Workplace.
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Advisors who custody assets at TradePMR opened their mailboxes last week to find an analog postcard holding the promise of a virtual future. After the advisor downloads an app, their phone projects a video of CEO Robb Baldwin onto the physical postcard, inviting them to his firm’s annual conference. This is done through the use of augmented reality, technology that blends virtual objects in live settings. To read the full article in Financial Planning, click: Up Next for Advisor Recruiting: Augmented Reality?
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McDonald’s is teaming up with AARP to post job vacancies for older Americans and also launch a pilot program targeting those who are lower income. To read the full article in USA Today, click: McDonald’s Commits to Hiring Older Americans to Fill Jobs.
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A Forensic Accountant’s Process The purpose of this article is to explain how forensic accountants look at the big picture, both financially and by understanding past behaviors, to uncover items that may help you or your client. The author shares that some of his biggest “wins” in fraud investigations started with broad allegations; however, the techniques used to identify and quantify these allegations were what really lead the author to success. [su_pullquote align=”right”]Resources: Forensic Accounting Academy© Forensic Accounting Specialty Webinars Fraud Deterrence And Fraud Detection Introduction To Fraud Risk Management[/su_pullquote] I have conducted hundreds of investigations involving allegations of fraud…
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Understand the Cyber Security Threat Landscape and Threats to the Accounting Industry Do you feel like your firm’s data is safe? Do you feel like your client’s sensitive information is secure? Do you sleep each night feeling secure that you will not be hit by a data breach? If you answered yes to all three of those questions, it is time to wake up to the real risks you are faced with. You need to make sure to read the rest of this article and understand the real cyber threats you are faced with every single day when it comes…
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Leaders of the accounting profession have made substantial efforts to increase diversity in the workforce, but a survey suggests that more needs to be done to improve inclusion of African-American staff. Among other things, leaders should seek to prevent unconscious bias and ensure that informal networks are welcoming of diverse membership. To read the full article in the Journal of Accountancy, click: Challenges Continue for African-American Accountants.
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When attempting to quantify the return on investment of diversity programs, companies should start by monitoring metrics such as employee engagement scores. Once this process is complete, companies should focus on improving problem areas with incremental, quantifiable goals. To read the full article in Forbes, click: Tips for Evaluating the ROI of Diversity Programs.
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Deloitte and Accenture were among the top large companies for women in a ranking by Comparably that accounted for factors such as workplace culture and compensation. To read the full article in Women Entrepreneur, click: Ranking Highlights Top Companies for Women, Diversity.
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The Role of the Expert in 21st Century Dispute Resolution—A Recovering Judge’s Perspective As technology evolves, the role of the expert and the interplay between experts and the judiciary will evolve. This change is already underway. In this article, QuickRead presents the presentation made by Retired Judge Platt at the NACVA and the CTI’s Annual Consultants’ Conference, held in Salt Lake City. Judge Platt describes this evolving landscape and employment opportunities. Introduction I appreciate this opportunity to discuss the role of the “expert” in the 21st Century profession of dispute resolution from the perspective of what I now call myself,…
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Finding the Culprits Whatever happened to the expected post-acquisition income? The author identifies the potential culprits. One of my favorite games as a kid was the murder-mystery classic Clue. How many of you remember trying to deduce the culprit, the murder weapon and the room in which the attack took place? “I think it was Colonel Mustard in the kitchen with the candlestick.” “I think it was Mrs. Peacock in the hall with the knife.” “I think it was Mrs. White in the billiard room with the lead pipe.” Clue was a great “whodunit” game in which players had to…
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Here is a look at how one accounting firm has sought to boost diversity by offering flexible work-life balance initiatives as well as providing training and developmental programs meant to aid career advancement. To read the full article in The CPA Journal, click: Strategies to Retain and Advance Female Employees.
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Publicly sharing diversity numbers—positive and negative—can be beneficial to companies because it shows a willingness to openly address diversity issues. Sharing the numbers also allows for a company to be held accountable for future progress in reaching diversity goals. To read the full article in CNN, click: Why Sharing Diversity Data Publicly can be Good for Your Company.
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With Generation Z coming into the workforce, employers will need to create development programs that cater to the needs of this demographic group. These programs may involve self-directed learning and a focus on soft skills. To read the full article in Chief Learning Officer, click: Designing Development Programs that Work for Gen Z.
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The Use of Common Sense and Experience The acceptance of tools such as Monte Carlo simulation and Option Pricing models has changed our ability to value options, warrants, and derivative instruments. The list goes on and on. However, as many of us are fond of saying, valuation is as much an art as it is a science. Many of our tools address the science, not so many of them address the art. In my opinion, one of the most underutilized tools that addresses the art side, may in fact be our own common sense. “Common sense is not so common.”-Voltaire…
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Avoid Traps with a Timely Appraisal New basis-consistency requirements make defensible valuations of inherited property even more important. Informed taxpayers are aware that only the wealthiest individuals should have concerns about the federal estate and gift tax, for gifts given and decedents dying in 2018 through 2025. Thanks to the legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, the basic exclusion amount is more than $11 million per individual ($22 million for married couples), indexed for inflation. Now, estate planners are spending less time and using fewer resources trying to avoid federal estate taxes for clients.…