Argy, Wiltse & Robinson, P.C.'s News

We are pleased to announce that we have been recognized as the 57th largest CPA firm in the nation based on 2010 financial results. Argy climbed ten spots on Accounting Today's "Top 100 Accounting Firms" list, on which firms are ranked by annual revenue.  Argy was also recognized as one of the fastest-growing firms in the U.S.

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Effective March 14, 2011 new rules went into effect for companies participating in the 8(a) program.  These rules affect virtually all aspects of the 8(a) program including compensation levels and eligibility to participate.  The new rules loosened some requirements for joint ventures (JV) but restricted other JV requirements.  In balance, these rules may be detrimental for some 8(a) firms causing them to graduate long before they reach the small business thresholds. This article addresses the major changes and some concerns for small businesses in the 8(a) program. These rules do not affect other SBA programs.

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I know what you're thinking, "another one of those constitutional conservatives."  Bear with me for a moment and let's travel a few centuries back through our great history.  This particular provision (the Fourth Amendment) of our sacred Bill of Rights is a direct result of the experiences and the violations many colonials felt under the governance of England.  This broad rule established our freedom from "unreasonable search and seizures" and unlawful entry resulting in the requirement for search warrants, thus securing your right to privacy.  Fast forward to the present (pausing for a brief stop in 1974) where "every man's or woman's house is his or her castle" and we find the U.S. Privacy Act of 1974, which was enacted to protect the privacy of your personal data that is collected by the government.

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Government shutdowns can hurt businesses in many ways.  They can affect not only employers' revenues, but also cause cash flow problems.  Furthermore, any missteps on employee pay during a cash crunch could bring lawsuits, bad morale, and poor public relations.  In the past, federal contractors ultimately were paid for the days not worked because of a shutdown.  The discussion in the nation's capital these days, however, is that the next time may be different. 

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  Timely Opportunities

The EEOC recently issued final regulations that lay out changes to the definition of a "disability" under the Americans with Disabilities Act (ADA). Why were changes necessary? Congress found that people with certain impairments – including epilepsy, diabetes, multiple sclerosis, major depression, and bipolar disorder – were unable to bring ADA claims because the law's definition of disability was too narrow. Yet, Congress thought these and other individuals should be covered. Here are the basics of the new rules, along with some recent ADA court cases and what happened at a recent EEOC hearing that explored the stereotypes surrounding employees with mental disabilities.
Copyright © 2011

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As part of the health reform law passed last year, employers were required to provide information to employees about the value of their health care coverage fringe benefits. The IRS issued guidance last year delaying the implementation date to give employers more time to make the changes necessary for their payroll systems. Now, the IRS has issued guidance that provides further relief for small employers (those who issue less than 250 W-2s for this year). Here are the details.
Copyright © 2011

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  Mergers & Acquisitions

The IRS wants to remove some of the impediments to e-filing for corporations and their shareholders. Click "Full Article" for the changes that have been made to reduce the administrative burden involved in reporting certain transactions.
Copyright © 2011

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  Business Tax

Is your company interested in sponsoring out-of-town trips for employees? The value of these get-togethers can be considered a "working condition fringe benefit" that is deductible by the company and excludable from employees' income. But the rules involved in tax-advantaged trips are strict and the IRS often challenges them. But with the right activities and documentation, companies can prevail - as this court case illustrates.
Copyright © 2011

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  Personal Tax

Before finalizing a divorce, it's critical to consult with your tax pro to make sure that you don't get hit with an unexpected bill from Uncle Sam. Here are some tax traps that a divorcing couple can fall into involving alimony, tax exemptions for the children, retirement savings and college costs.
Copyright © 2011

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  Disclaimer of Liability

Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

IRS Circular 230 Disclosure: Please be advised that the tax advice contained herein (including any attachments) is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding any U.S. tax-related penalties that may be imposed on the taxpayer.