New York State Tax Return Update: Driver’s License Requirement for Tax Year 2016 Tax Returns

Beginning in Tax Year 2015 – following the lead of the Internal Revenue Service – New York began to capture taxpayer’s driver’s license or state-issued ID (non-driver ID) information for their electronically-filed personal income tax returns as an additional verification device to detect fraud.  Providing this information was optional for Tax Year 2015. Beginning with […]

Forensic Experts Can Find Hidden Cash and Unreported Income

As lawyers who handle family law cases know, divorce can be ugly — particularly when it comes to money. One of the greatest challenges for attorneys and their clients is when one spouse hides cash or underreports income to deprive the other spouse of his or her equitable share of the marital estate or to […]

Should Your Clients Consider a Family Limited Partnership (FLP)?

A family limited partnership (FLP) can be a valuable estate-planning vehicle for clients who want to limit their tax liability when transferring assets to their heirs but also retain some control over the assets. Although the IRS has a long history of challenging such arrangements as invalid, the agency’s record of success is mixed. But […]

A Donation’s a Donation…Except When it’s a Gift in Kind

Some supporters give your nonprofit money, others give goods and still others give intangibles, such as use of a facility for a fundraiser. A donation’s a donation, right? Not quite. Under certain circumstances, gifts in kind and donations of services must be recorded and recognized at year end as revenue, expenses or assets. Here’s what […]

Four Ways Contractors are Using RFID Technology

Radio frequency identification (RFID) technology has proven to be a powerful tool that can help contractors manage equipment and materials, reduce theft, enhance efficiency, and improve safety. Electromagnetic fields identify and track RFID tags — tiny computer chips with attached antennas — affixed to various objects. Contractors can read these tags remotely on a laptop […]

Ways to Keep Your Profits on Track

While the U.S. economy continues to improve, contractors must carefully watch their bottom lines. This means keeping track of how increases — or decreases — in profitability can affect your construction company. The following are ways for your company to maintain its profitability. Review your overhead “Overhead” or “indirect costs” — expenses that aren’t directly […]

Pay Attention to “No Damages for Delay” Clause

Construction contracts often contain “no damages for delay” clauses, which prevent a contractor or subcontractor from recovering delay damages from a property owner or general contractor. Whether, and to what extent, parties to a contract can enforce these clauses depends on the contract’s language and state law. Limited remedies for delays By denying a contractor […]

Determining the Value of Human Capital

A trained, skilled and innovative workforce able to work as a team to achieve strategic goals is worth its weight in gold. But beyond the metaphor, how do employers determine the worth of human capital to their businesses? Is it possible for companies to measure the value of such an intangible asset? A valuation professional […]

Smartphones: The Next Fraud Frontier

Smartphones quickly have become a standard part of life for much of the population. Not surprisingly, they’ve also now become a standard target for hackers and other individuals with fraud-related intent. Understanding the risks associated with smartphones is the first step in staying secure. Smartphone risks According to the U.S. Department of Homeland Security’s United […]

Using the Yardstick Method to Estimate a Start-up’s Damages

The yardstick method, which bases economic damages on the performance of comparable “guideline” companies, is a tried-and-true approach for estimating damages, but, like other methods, it has its limits. For example, courts typically don’t favor it in cases involving a plaintiff that’s a start-up company. In one recent case, though, a federal district court did […]

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