What’s So Great about CPAs?

by with No Comment Accounting & Audit, Tax, Advisory

You may not have asked yourself that question in so many words, but you may have wondered what sets CPAs apart from other financial professionals. The answer in short: A lot. We typically begin our careers with years of college and graduate education. To become licensed,we must take the demanding Uniform CPA Examination, which tests our knowledge on a wide range of business topics over a total period of 14 hours. In addition, we have to meet an experience requirement and then be licensed by a State Board of Accountancy to practice. But it doesn’t stop there. Once we become CPAs, we also must meet continuing education requirements to update our knowledge of new business developments as well as commit to a strict code of ethical standards. Armed with this rigorous training, we’re on the job year round, ready to help individuals and businesses address their own unique challenges.

If you want more information about our firm and how we can help you resolve all your financial issues, don’t hesitate to contact us.

Accumulated Other Comprehensive Income Opt-out Election for March 31, 2015 Call Report

by with No Comment Tax, Advisory, Private Wealth

There is a one-time accumulated other comprehensive income (AOCI) opt-out election that must be made in a bank’s March 31, 2015 call report.  Eligible institutions may opt-out of the requirement to include most components of AOCI in common equity tier 1.   To make the AOCI opt-out election, institutions must enter “1” for “Yes” in item 3.a. of Part I of schedule RC-R.  If the institution elects to opt out, then AOCI treatment for regulatory capital will be consistent with the method used prior to January 1, 2015.  If the opt-out election is not made, then the institution’s calculation of common equity tier 1 will include most components of AOCI, which include net unrealized gains and losses, net of tax, on available for sale debt securities.

In addition to the AOCI opt-out election, various changes in the regulatory capital treatment for past-due loans, High Volatility Commercial Real Estate (HVCRE) loans, disallowed deferred tax assets, etc. are effective for the March 31, 2015 call report. 

If you have any questions regarding the AOCI opt-out election or other changes related to BASEL III please call us for assistance.

Is Your Will Up To Date?

by with No Comment Tax, Advisory, Private Wealth

When was the last time you reviewed your will? People generally make wills to guarantee the proper disposition of their money and property, which is why it’s a good idea to consult your CPA when it’s time to create or update your will.

We recommend that you revisit your will every time you experience a major life event, such as marriage, the birth of a child, retirement or other significant milestones. Even if there is no meaningful change in your life, it’s smart to review the document every couple of years to ensure it still addresses all your estate concerns and reflects your wishes. Changes in the value of your investments—such as a stock portfolio or real estate—may also require adjustments in your estate plans.

Reviewing your will may raise questions about various areas of your financial life, including your retirement or estate planning, college savings or other financial concerns. Be sure to turn to RBG for the perspective and advice you need, in order to make the best decisions.

We Can Help You Address the Issues Keeping You Up at Night

by with No Comment Advisory, Financial Institutions, Manufacturing & Distribution, Retail Dealerships, Employee Benefit Plans

Where will your business be in five years? Would strategic budget cuts in some areas improve your company’s health? Are there ways you can boost revenue? If you’re nearing retirement, is there a buyer or successor in the wings? These are the kinds of questions that keep many business owners up at night. Fortunately, as your CPA, we can probably help you sleep a little easier. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisers. We act as coaches, guides and trainers for our business clients, helping them chart the best route to success. So be sure to turn to us with all your business questions or concerns.

Got Foreign Assets? FBAR May Apply to You

by with No Comment Private Wealth

Are you aware of the nature of all your investments, domestic and international? Do you know if you have foreign accounts with an aggregate value higher than $10,000 at any time during the calendar year, U.S. taxpayers (including individuals and business entities) are required to report on foreign assets or investments they hold in offshore accounts? Under the Bank Secrecy Act, you may be required to e-file what is known as the FBAR directly with the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department. Given the diversity of assets that many people hold, we advise against assuming that the FBAR rules don’t apply to you.  If you’re not sure, we can help you determine the answers.     

As is often the case with tax laws, there are some exceptions and intricacies to the FBAR rules, so be sure to contact our office for more details. We can help you understand whether the rules apply to you and what you need to do to comply with them.

Documenting Your Charitable Donations

by with No Comment Tax, Not-for-Profit, Private Wealth

Many people make donations to charities whose work they support, but if you are planning to take a tax deduction for your gift, you must have the proper paperwork. Assembling the right documentation can also be tricky because the requirements vary based on whether the donation is cash and on the value of your gift. If you donate less than $250 in cash, for example, a canceled check, credit card statement or similar record may be sufficient, but if you give more, you will need a written acknowledgement from the charity. An additional tax form—and possibly an appraisal—may be needed for non-cash donations, depending on their value. Of course, the organization itself must also qualify as a charity under IRS rules.

We can offer advice that will make it possible for you to fund the causes you believe in and qualify for the deductions you deserve. We can also help you incorporate charitable giving into your long-term tax and estate planning. Be sure to contact us with all of your questions on charitable giving or any other financial concern.

Let Us Help You Leverage What You Can Learn from Your Tax Return

by with No Comment Tax, Advisory

What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and about areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, remember that we can help. Our firm is made up of highly qualified and educated professionals who work with clients like you all year long, serving as trusted business advisors.

 So whether you are concerned about budgeting; saving for college, retirement or another goal; understanding your investments; cutting your tax bite; starting a business; or managing your debt, you can turn to us for objective answers to all your tax and financial questions.

Know Your Rights as a Taxpayer

by with No Comment Accounting & Audit, Tax

Internal Revenue Service audit. Those words would strike fear into the heart of any taxpayer, but did you know that the IRS has adopted a Taxpayer Bill of Rights that spells out the rules protecting people and businesses in any dealings with the Service? The 10 provisions include the right to challenge a position and be heard, to appeal an IRS decision in an independent forum and to pay no more than the correct amount of tax.

 You also have the right to retain representation. Remember that we can represent you before the IRS any time you need help sorting through a tax-related problem. Not only can we help you navigate complicated tax rules—and ensure that you’re complying with them—we can also accompany you to meetings with IRS representatives or contact them directly to sort through any issues. Be sure to contact us with all your tax questions and concerns.

Do You Wish You Had a Coach for Your New or Growing Business?

by with No Comment Advisory

Are you launching a business or product line? You may have relied on us for years for timely and personalized tax advice, but you may not be aware that we help business owners start and expand their companies every day with several types of services. In fact, we frequently serve as a business coach or mentor for owners seeking help in their strategic planning, setting up payroll or other systems or selecting the best accounting software, among other projects. Due to our extensive contacts in the community, we can also recommend attorneys and bankers to work with your business.

We’ve seen the many kinds of challenges they face and we know how to implement the right solutions. And we’re business owners ourselves! Be sure to contact us to learn more about how we can help you achieve your business goals.

Do You Qualify for the Healthcare Premium Tax Credit?

by with No Comment Tax, Employee Benefit Plans

Individuals and families can buy private health insurance through Affordable Insurance Exchanges, which are marketplaces where individuals can find private health insurance.  If you purchase health insurance through an exchange, you may be eligible for a tax credit that will make your coverage more affordable.

The credit is aimed at middle-income individuals and families. A larger credit is available for older individuals whose coverage costs may be higher. The credit will be refundable, which means it can be used by people who pay little or no federal income tax. You can arrange for the credit to be paid to your insurer in advance so that you have little or no out-of-pocket costs.  Are you eligible for the credit? We can help you find out and work with you to make the best use of your health insurance dollars. Call us today with all your questions about health care finance or any other financial concerns.