VonLehman Estate Planning Insights 2014 – Foreign Investments and Assets, Red Flags and Follow-Through
By Jami Vallandingham, CPA, Shareholder, Spring 2014
Introduction During the last few years, the IRS has stepped up its enforcement of the Report of Foreign Bank and Financial Accounts (FBAR) rules. This article explains who is subject to FBAR reporting requirements and the kinds of interests that must be disclosed and how they are to be reported.
October, 2013: Gainesville, Fla. – As CPAmerica International celebrated 35 years of service, the association took some time to recognize long-time members at the annual Leading Partners Retreat. During the retreat, CPAmerica recognized 15 firms with 25-plus years of membership.
"As we celebrate the association, it only makes sense to bring recognition to the firms that have helped shape the direction of the organization," said Alan Deichler, president of CPAmerica. "We are a member-driven association and these longtime members are a symbol of those values."
The list of firms recognized includes the following:
Hunter Group CPA LLC – 35 years
Nowlen, Holt & Miner, P.A. – 35 years
McGowen, Hurst, Clark & Smith, P.C. – 34 years
Contryman Associates, P.C. – 34 years
Cummings, Keegan & Co., P.L.L.P. – 33 years
Pulakos CPAs, P.C. – 32 years
Mueller & Co, LLP – 31 years
HBL CPAs, P.C. – 29 years
Jannsen & Company, S.C. – 28 years
Gray, Gray & Gray, LLP – 28 years
Hagen, Kurth, Perman & Co., P.S. – 27 years
SF&Company CPAs and Business Advisors – 25 years
VonLehman & Company Inc. – 25 years
Davenport, Marvin, Joyce & Co., L.L.P. – 25 years
CF Accountants & Consultants – 25 years
Members undergo a rigorous quality review for CPAmerica membership, only those firms with the highest standards in all practice areas are approved by members.
CPAmerica is an exclusive association of independent CPA firms across the United States. CPAmerica is a member of Crowe Horwath International, which has members in more than 650 offices in more than 100 countries around the world (www.crowehorwath.net). Learn more by clicking here.
Venue Magazine, Fall 2013 -- Few investments have more impact than those that benefit a worthy non-profit organization. In Greater Cincinnati, people have more than their fair share of strong organizations that champion noble causes. The wonderful truth is that charitable contributions can benefit more than the worthy cause -- they usually benefit the giver as well. VonLehman CPA & Advisory Firm (via Dan Owens and Tom Ruberg) gives insight into the details and potential tax advantages of philanthropic giving, specifically from a taxpayer's perspective.
VonLehman asks, are you or will you be one of the approximately 90% of all social security recipients who do NOT maximize their benefits? VonLehman 's Kris Morgan and Jami Vallandingham provide insight. Learn more here.
As advisors to boards and C-suite professionals, VonLehman teams find that many successful family business leaders do not have a handle on how well their organizations are prepared for a disaster. Most boards are well designed and confident that they will formidably defend the organization’s success during a disaster-level incident. So, as an exercise in risk mitigation and overall preparedness, the next time that you walk into your board meeting, “pull-the-pin” on this list of questions and watch reactions; they may give you a better handle on the state of your governance plan and disaster recovery processes. Written by Steve Hancox of Financial Resource Associates and Darren Baldwin of VonLehman, see full article at the link: http://www.vlcpa.com/uploads/021513VLArticleGrenadeDisasterRecoveryGOERING2013BaldwinHancoxFINALformatted.pdf
Do you want to prepare your leadership to thrive in this new healthcare landscape? If your leadership team is considering making the first important steps towards a PCMH model or joining and negotiating with an ACO, you will have numerous initiatives to pull off simultaneously. This requires experience with large transformation and change projects involving people, technology and limited time. VonLehman's Business Advisory team can show you how. VonLehman's Darren Baldwin's recent article,"PCMH and the Provider Challenge – An Advisor’s Insight" can provide initial insight and potential challenges that need to be considered, discussion points that your team needs to pursue. The PCMH and ACO implementation process is complex, however, best practices exist and success stories abound. For questions, email us at firstname.lastname@example.org.
CINCINNATI, OH March, 2013 – VonLehman, a leading regional CPA, business advisory and business turnaround firm announces that Shareholder Tom Ruberg, CPA, CHBC and Manager Kris Morgan, CPA have been awarded the Personal Financial Specialist (PFS) credential by the American Institute of Certified Public Accountants (AICPA), joining an elite group of professionals who have demonstrated advanced and integrated knowledge of tax, estate, retirement, investment and insurance planning.
Per Tom Ruberg, “More and more of our clients are getting to the point where they really need to start planning for multiple items-managing today’s tax structure (business and individual), children’s education, business initiatives, proper protection strategies, retirement, estate planning and more. These credentials certify that Kris and I have met the stringent requirements of the AICPA to render these services to our clients. We intend to take our client service to the next level.”
What is PFS?
PFS, or Personal Financial Specialist, is the financial planning specialty credential issued by the American Institute of Certified Public Accountants (AICPA) exclusively to qualified CPAs with proven expertise and experience in comprehensive personal financial planning. Established in 1987 by the AICPA, the PFS is awarded only to CPAs with extensive training and experience in financial planning. To earn the credential, CPAs must have a minimum of 80 hours of personal financial planning education and 3,000 hours of planning experience within the previous five year period. They also must pass a comprehensive exam covering nine topic areas and be a member in good standing with the AICPA, binding them to the AICPA Code of Professional Conduct. The AICPA is the premier professional association for CPAs with nearly 390,000 members in 128 countries.
As of 2012, approximately 5,000 CPAs in the United States hold the PFS credential. Many of these same CPAs can be found on lists of top financial planners. In addition to meeting rigorous requirements to join this elite group, Mr. Ruberg and Mr. Morgan will need to meet recertification requirements every three years to maintain the PFS credential.
VonLehman has hired Shannon VonEye as a Tax Supervisor in their Fort Mitchell, Kentucky office. Shannon comes to VonLehman with over a decade’s worth of regional experience in accounting, tax and audit work.
Online Forward Thinking
VonLehman has also recently launched a mobile version of vlcpa.com, its corporate website and a new blog offering opportunities for visitors to send questions or request that certain topics be covered on a regular basis on the site.
Founded in 1946 and with offices in both Cincinnati and Northern Kentucky, VonLehman is a leading full-service CPA and business advisory firm. VonLehman provides forward-thinking accounting, tax and strategic business advice to closely-held businesses, not-for-profits and governmental entities throughout the Cincinnati and Northern Kentucky region. Specializing in sectors that drive the tri-state economy – including manufacturing and distribution; construction and real estate development; professional services and healthcare, VonLehman provides clients with the depth of services and resources expected from larger national firms, but with an unmatched measure of personal care and attention. See http://www.vlcpa.com for more information.
If you have gambling losses and must file an Ohio Income tax return, good news is on the horizon, according to VonLehman's Kathleen Dreier, CPA, CIT. If you don’t know, currently Ohio residents must include their gross gambling winnings in their Ohio adjusted gross income. No deduction is permitted for gambling losses. This will change for the 2013 tax year. Losses will now be deductible up to gambling winnings if allowed on the taxpayers federal return. For Federal purposes, gambling losses are deductible limited to winnings as an itemized deduction.
Effective for tax years starting after 2012, losses from wagering transactions not otherwise deducted or excluded in computing federal or Ohio adjusted gross income are deductible provided the loss is allowed as an itemized deduction under IRC §165and the taxpayer deducted the loss in computing federal taxable income. [Ohio Rev. Code Ann. §5747.01(A)(29).] Please send questions or topic suggestions to email@example.com.
VonLehman is proud to announce that Beth Vice has been promoted to Shareholder. Beth will continue to provide her breadth of expertise to our clients in Manufacturing, Distribution and Not-for-Profit, and continue her extensive philanthropic and volunteer work projects throughout the Cincinnati and Northern Kentucky region via VL Cares and its teams' programs and initiatives, which she leads within VonLehman. Congratulations, Beth, from all of your colleagues. For questions, email us at firstname.lastname@example.org.
Welcome to VonLehman’s new accounting, tax and business insight blog.
Our posts will be topical and timely, with a rotating cast of contributors from the VonLehman team, including myself,Brian Malthouse, the President of VonLehman. Our goal is to cover issues impacting the growth and success of our community and our clients – privately held businesses, regional not for profits, governmental entities and individuals. Our goal is to make a difference by providing important, forward thinking information you can view 24/7/365 online and via your mobile device. We’ll include our content and links to key insights from sources across the web.
Thank you for visiting, welcome, and send questions or topic suggestions email@example.com.
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