by Bill Leary, CPA, Director at Doeren Mayhew
On Feb. 7, The New York Times published the first of five installments on foreign ownership of U.S. real estate, attempting to pierce the secrecy of more than 200 shell companies owning condos at the Time Warner Center (TWC), an iconic building alongside Central Park. Of the 192 condos at the TWC, nearly two-thirds are owned through shell companies.
The series will l... more
The Financial Accounting Foundation’s (FAF) Board of Trustees is conducting an overall assessment of the Private Company Council's (PCC) efforts and effectiveness since its inception three years ago.
Established in collaboration with the Financial Accounting Standards Board (FASB), the PCC was designed to improve the process of setting accounting standards for private companies and also serve as the primary advisory... more
Although there is no way to escape the random selection of an audit, Doeren Mayhew suggests limiting your chances of being chosen by avoiding the top 10 plan audit triggers:
Late or inconsistent payment of employee deferrals
Errors in calculating employee and profit-sharing contributions
Complex definition of plan compensation
Inclusion of “hard to value” assets
Oversights on plan’s eligibility require... more
Selling a business is likely the most difficult, and most important, transaction you will encounter as a business owner. Not only is there a lot at stake financially, but you have emotional investment in the business, not to mention that the overall M&A process can be grueling. To help business owners who are thinking about selling prepare, the M&A advisors and investment bankers at Doeren Mayhew Capital Advisor... more
Michigan litigation support advisors Bruce Knapp and Jason LeRoy, shareholders in Doeren Mayhew’s Valuation and Litigation Support Group, have recently become Certified Fraud Examiners (CFE) through the Association of Certified Fraud Examiners (ACFE).
As a global preventative measure in identifying red flags and detecting evidence of fraud and related risks, the CFE credential denotes proven expertise in fraud pr... more
Do the new tangible property regulations have any impact on tax filings this year for my business?
Each situation is different, however, if you use tangible property within your business, it will impact your filings. Effective for tax years beginning on or after Jan. 1, 2014, you will most likely require one or more election statements and Form 3115s to be included in your business returns. Failure to do so indicates e... more
Houston CPA firm Doeren Mayhew has improved its ranking among the city’s largest public accounting firms, jumping from 17th to 14th on the Houston Business Journal’s annual list.
Rankings for the 2015 list were based on the number of Houston CPAs, with Doeren Mayhew listing 37 CPAs and 82 employees locally.
“Providing our clients with solutions to their most pressing issues and assisting them with opportun... more
Has there ever not been a skilled labor shortage in the construction industry? For years, contractors have been reading about the lack of workers who perform the detailed tasks that can make or break a project’s profitability. Unfortunately, times haven’t changed.
In the fall of 2014, the Associated General Contractors of America released the results of an industry study in which 73 percent of respondents reported ... more
My company buys products from our non-U.S. affiliate, and I know these transactions are required to be at “arm’s length.” If I don’t document my transfer pricing policies, and the IRS makes an adjustment, will I be charged a penalty?
Generally, the transfer pricing penalty provisions are triggered when taxpayers fail to reasonably comply with documentation requirements. The requirements are ... more
Does your company sponsor an employee benefit plan? While offering a plan can be rewarding to both the participants and the plan sponsor, it comes with a great deal of responsibility. Understanding your role as a fiduciary is an important step to limiting the liability related to offering such a plan.
To help you understand how to meet your fiduciary responsibility, Doeren Mayhew’s Employee Benefits Group docu... more