White Papers

Comparison of Form 8938 and FBAR Requirements

The new Form 8938 filing requirement does not replace or otherwise affect a taxpayer’s obligation to file FinCEN  Form 114 (Report of Foreign Bank and Financial Accounts). Individuals must file each form for which they meet the relevant reporting threshold.   Form 8938, Statement of Specified Foreign Financial Assets FinCEN Form 114, Report of Foreign […]

Contractor v. Employee Tests – 20 Common Law Factors

1. Instructions: A person who is required to comply with instructions about when, where, and how the work is to be done is ordinarily an employee. Some highly proficient employees may work without receiving instructions and can be trusted to work to the best of their abilities; however, the control factor is present if the […]

Sample Conflict of Interest Policy

This conflict of interest policy is designed to help directors, officers, and employees of the [Organization Name] identify situations that present potential conflicts of interest and to provide [Organization Name] with a procedure that, if observed, will allow a transaction to be treated as valid and binding even though a director, officer, or employee has […]

Sample Whistleblower Policy

State regulatory requirements for establishing whistleblower reporting programs and for the protection of employees from retaliatory actions should be considered in developing and implementing whistleblower policies such as the example that follows.

2012 American Taxpayer Relief Act – Individual

Although Congress averted many of the consequences of a possible tumble over the fiscal cliff with last-minute action, we would like you to be aware of the impact of the bill that was passed — known as the American Taxpayer Relief Act of 2012 — signed into law Jan. 2. We have compiled an overview […]

2012 American Taxpayer Relief Act – Businesses

On January 1, 2013, Congress passed, and President Obama signed the next day, the American Taxpayer Relief Act. The new law includes some valuable business tax incentives. Many of these business tax incentives are temporary so taxpayers have a limited window in which to maximize their potential tax savings.

Surtax Memo

The Health Care and Education Reconciliation Act of 2010 (the Health Care Act) imposes a new 3.8% Medicare tax on investment income for individuals, trusts and estates. This new surtax is scheduled to begin in 2013. We have provided below a summary of the impact to individuals, trusts and estates. In addition, we have provided […]

Charitable Contributions Memo

A recent and very harsh Tax Court ruling has placed even more emphasis on charitable organizations to adhere to the IRS regulations regarding contributions and the acknowledgement letters provided for those contributions. Recently, the Tax Court disallowed a taxpayer’s substantial charitable contribution deduction because the charitable organization failed to provide a properly completed contemporaneous written […]

Peer Review Letter

System Review Report November 30, 2014 To the Members Squire, Lemkin + Company, LLP and to the Maryland Association of Certified Public Accountants Peer Review Committee We have reviewed the system of quality control for the accounting and auditing practice of Squire, Lemkin + Company, LLP (the Firm) in effect for the year ended May […]