This is a data file meant to be read by an RSS reader. See http://www.rachlin.com/rss/rss.htm for more information. http://www.rachlin.com/ Quarterly Newsletters http://www.rachlin.com/rss/rachlin_logo_wht-btm.gif http://www.rachlin.com/rss/feeds/feed.xml en Copyright 2008 Wed, 09 Jul 2008 09:37:23 GMT Wed, 09 Jul 2008 09:37:23 GMT Building Traffic Online
When it comes to Internet marketing, even the best designed website is only as good as the traffic it generates. That’s where search engine optimization comes in—improving the volume and quality of traffic to your website. In today’s electronic marketplace, positioning your website on search engines is the most important element of Internet marketing strategy.

Going Global: Tips for Small Businesses
Although international trade is dominated by the large multi-national companies, economic evidence suggests that eventually one-third of all exports will come from small private companies. Following are some tips for small businesses looking to expand abroad.

Mortgage Relief for Certain Taxpayers
The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on December 20, 2007 to afford taxpayers some relief from the subprime mortgage crisis.

Safeguarding Employee Benefit Plan Assets
The AICPA Employee Benefit Plan Audit Quality Center recently released a Plan Advisory, “The Importance of Internal Controls in Financial Reporting and Safeguarding Plan Assets” (the Plan Advisory). This Plan Advisory was prepared to assist plan fiduciaries (plan sponsors, administrators and trustees) in understanding the importance of internal control over financial reporting related to their plan.

Seek Representation for IRS Criminal Investigations
When a Special Agent of the IRS begins an interview by stating, “As a Special Agent, one of my functions is to investigate the possibilities of criminal violations of the Internal Revenue laws and related offenses…,” it’s safe to assume you are facing a complex situation involving much more than a potential income tax liability.

Foundation News
Spotlight on Brieanna Yowell
Brieanna Yowell lives in Coral Springs. Like most 13-year-olds, she loves going to school, hanging out with friends and cheerleading. But cystic fibrosis, a disease for which there is no cure, keeps her at home and in the hospital. An inherited birth defect, CF carries with it a life expectancy of just over 33 years. Doctors have recommended a double lung transplant to increase Brieanna’s life expectancy while making breathing easier.

New IRS Rules for Charities
The IRS is stepping up its efforts to make not-for-profit organizations reveal more about their operations. For the first time in 20 years, the annual tax form for charities (Form 990) is getting a makeover. ]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Summer2008.pdf Wed, 09 Jul 2008 10:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Summer2008.pdf 2007 Tax Rebate: What's it All About?
Recently, Congress passed the Economic Stimulus Act of 2008, allowing certain taxpayers to qualify for so-called tax rebates. Technically, these are advances on the 2008 refundable credit, but are based on 2007 information. Nonetheless, the IRS will begin sending out checks in May 2008, so it’s important to understand how the rebate works.

Bankruptcy after Divorce
Despite the acrimonious environment of many divorces, most financial arrangements between divorcing spouses are decided by the parties themselves prior to the final hearing for dissolution.

Private Companies Benefit from SOX-type Controls
In response to a number of large-scale corporate accounting scandals, the Sarbanes Oxley Act of 2002 (SOX) was introduced to help rebuild trust in the accounting and reporting practices of public companies.

Simplified Approach to Research Tax Credits
Back in 1981, the Research Tax Credit was enacted to encourage businesses to engage in research and development (R&D) activities within the United States.

Vacation Homes & 1031 Exchange Privilege
For many years taxpayers have been unable to take advantage of the Section 1031 exchange treatment on the capital gain from the sale of a second home that is treated as a vacation home (or mixed-use property).

Foundation News
A Whole Lotta Love
On a day when abandoned and neglected children are often forgotten, the Rachlin Foundation set out to make a difference. Launching a new Valentine’s Day initiative, foundation representatives delivered love and hope, in the form of gift-filled backpacks, to 58 children living in shelters throughout the tri-county region.

MCHF Piggy Bank Endowment Fund
In 2006, Miami Children’s Hospital (MCH) provided more than $19.4 million in uncompensated care to meet the needs of South Florida’s children. Most of these funds provide essential inpatient services for uninsured children with serious or critical care needs as part of the hospital’s important ongoing role as a regional safety net hospital. ]]> http://www.rachlin.com/emails/rachlin_news/pdf/RachlinNews_Spring2008.pdf Thur, 03 Apr 2008 13:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/RachlinNews_Spring2008.pdf A New Brand of Office
It's a challenge faced by countless businesses today-how to make the most of workspace in a dramatically different business environment and in the face of rising real estate costs. The issue isn't just how to configure space, but how to efficiently configure space for greater employee satisfaction, better collaboration and improved efficiency.

The Third Leg of Computer Forensics
ITo describe computer forensics, I often use the analogy of a threelegged stool. Those three legs are computer evidence, electronic discovery and data analysis. While each leg is separate from the other two, each is an important component of computer forensics. Seemingly, the least understood is forensic data analysis.

Internal Control Over Financial Reporting
In July, the United States Securities and Exchange Commission (SEC) approved the Public Company Accounting Oversight Board's (PCAOB) Auditing Standard 5 (AS5) - An Audit of Internal Control over Financial Reporting That Is Integrated with An Audit of Financial Statements. AS5 replaces Audit Standard 2 (AS2) and is effective for audits of certain publicly held companies for fiscal years ending on or after November 15, 2007.

New S-Corp. Procedures
For many small businesses, the requiremant to file an S corporation election is overlooked or unknown. Often this occurs because of a misunderstanding of the rules, particulary with new corporatins. Another reason may be a lack of communication as to who will file the Form 2553 (Election by a Small Business Corporation).

Coupons for a Cure
The holidays may be a distant memory, but the need for gifts continues throughout the year. Rather than rush to the mall again and again in search of the perfect birthday, graduation or Mother's Day gift, why not consider giving the greatest gift of all -hope?

Spotlight On: The Samantha Foundation & Water Angels
THE SAMANTHA FOUNDATION
Almost seven years ago, 2-year-old Samantha Jane Kessler lost her life in a home accident involving window blind cords.

Devastated by the tragedy and unable to find a single organization educating and instructing parents on creating a safe home environment for children, Samantha's parents decided to make a difference. Together, they created The Samantha Foundation as a resource to honor Samantha's memory while helping save the lives of children nationwide.

WATER ANGELS
When a Broward County property appraiser learned that a 2-year-old child drowned in the pool of a home he had sold to the parents, he decided to get involved. He turned his focus to a not-for-profit organization he founded to spread awareness about the risks of children drowning. ]]> http://www.rachlin.com/emails/rachlin_news/pdf/RachlinNews_Spring2008.pdf Mon, 07 Jan 2008 13:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/RachlinNews_Spring2008.pdf Governance in the Family Business
In a family business, there is no shortage of interesting dynamics, particularly as each generation becomes involved in the ownership and management of the business.

Rachlin Wins 3 Key Partner Awards
On Thursday, September 27th, the South Florida Business Journal held the 2nd annual Key Partner Awards, which honors the top CPA's and Attorneys in the tri-county area. Nineteen Partners and Principals were nominated in the 5 accounting categories.

Planned Giving Program Honors Four Organizations
Giving back has always been a priority at Rachlin, but who would have known that Rachlin would become the only Florida-based accounting firm that not only has a foundation, but also has a Planned Giving program?

Preparing for the Worst
In today’s electronic business environment, having a plan for recovering from potential disasters is not an option—it is a necessity. Consider this: 43 percent of businesses that experience a disaster-related loss of computer records never re-open.

Study Focuses on S Corp Compliance
In July 2005, the IRS launched a study involving 5,000 randomly selected S corporation returns from tax years 2003 and 2004. The purpose of the study, carried out under the National Research Program (NRP), was to assess the reporting compliance of S corporations.

Conducting Successful Interviews
Finding the right candidate to fill a position can be a daunting task. Without the right interviewing skills, the ideal candidate may slip away—or worse, the wrong one may land the job. With adequate thought and preparation, a successful search is possible. Consider these tips and suggestions to help hone your interviewing skills.

Spotlight on: Fairy Tails
Fairy Tails provides assistance to people with animals in need of shelter and care, finds homes for abandoned and surrendered animals, and educates the community on keeping pets responsibly. The organization holds weekly adoption events and visits schools and other organizations regularly to talk about responsible pet ownership, the humane treatment of animals, and other important pet ownership issues. www.fairytails.org

]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Fall2007.pdf Mon, 16 Jul 2007 14:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Fall2007.pdf Rethinking IRS Notices
A former IRS insider shared a story of how the director of the IRS' Philadelphia Service Center was receiving accolades for increases in efficiency year after year, despite personnel and budget cuts.

Avoiding Criminal Tax Prosecution
Your intentions were good. You thought you were up to date with the IRS. Then something happens and you find you owe taxes. You owe so much it's criminal-literally. So now what do you do?

Tax Positions at Risk
What happens when the IRS, SEC and the Financial Accounting Standards Board (FASB) share a common vision about how uncertain income tax positions should be disclosed in financial statements?

Helping Teens Cope with a Pressure-Packed World
For nearly 15 years, a unique program called Drug Free Youth in Town (DFYIT) has been supporting the development of kids between the ages of 10 and 18 who choose to live a healthy, drug-free lifestyle.

Spotlight on: Kids in Distress
In Florida, at least one in every 27 children is abused or neglected each year. Kids in Distress, a nationally accredited agency, is dedicated to helping change that. Twenty-four hours a day, Kids in Distress protects children in South Florida from abuse and neglect. www.kidsindistress.org

]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Summer2007.pdf Mon, 16 Jul 2007 14:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Summer2007.pdf Tax-Free Charitable Donations from Your IRA
Will you be at least age 701/2 between now and the end of 2007? Do you have an IRA or a Roth IRA? Would you like to make a significant charitable gift in 2007?

Audit Standards Update
These standards significantly change the way annual financial statement audits are performed. Clients will have to supply more information and documentation than in the past, and auditors will place more of an emphasis on internal controls and risk management.

Building a Better Website
For many, a website is the first impression someone may receive about your company. It gives visitors a sense of your company as well as your culture without actually having to visit your offices. Therefore, a website should be a key component in a company's marketing strategy.

Fighting Money Laundering in the United States
Reflecting upon the September 11, 2001, tragedy, the emphasis on financial transaction reporting and identifying suspicious activity is apparent. The laws governing financial institutions are not new-the Bank Secrecy Act (BSA) was passed in 1970.

Other Financial Institutions
Financial institutions can also be any other business that engages in business activities determined by the Secretary of the Treasury to be similar or related to the above described business activities, or whose cash transactions have a high degree of usefulness in criminal, tax or regulatory matters.

Rachlin Foundation Update
In 2005, the firm established the Rachlin Foundation to support charitable causes throughout South Florida. The foundation holds events all year to raise money, matching dollar for dollar all contributions. Last year, the foundation gave more than $85,000.

Rachlin Team Achievements
On May 10, Rachlin managing partner Larry Blum will be honored at the South Florida Business Journal Miami Ultimate CEO Awards.
Rachlin Design Services recently received three 2007 American Inhouse Design Awards.
Rachlin Financial Staffing Places Interim CFO for California Transportation Authority

]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Spring2007.pdf Mon, 16 Jul 2007 14:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Spring2007.pdf New Standards Significantly Change Auditing Profession
The Auditing Standards Board established 10 new standards: two that will take effect for calendar year 2006 and eight that will take effect for calendar year 2007. The goal of these auditing standards (SASs) is to strengthen the effectiveness and the quality of audits, especially in light of major corporate failures in recent years.

The Art of Inheriting Property
If President Bush gets his way, the estate tax will be repealed in full or will only impact the mega-wealthy. Steps towards repeal began in 2001 with a multi-year program to gradually reduce the maximum estate tax rate.

Computer Forensics & Data Preservation
Today, about 93 percent of information is electronically created, according to a University of California, Berkeley, study. And with as much as 50 percent of data created electronically never being printed, fiduciaries might miss vital information when relying on conventional discovery alone.

When Buying a Business, Due Diligence Pays
When acquiring a new business in Florida, potential buyers are faced with negotiations, contracts and myriad last-minute issues. One of the key things to do during this process is to investigate any direct or indirect sales or use tax liabilities of the seller.

Transitioning a Family Business
Preparing a business owner for the inevitable transfer of ownership and management of a family business is not easy. Less than 50 percent of all family businesses survive the second generation, so having a comprehensive plan can sometimes save the family and the business.

IRS to Stop Collecting Long-Distance Telephone Tax
For decades, the Internal Revenue Service has collected federal excise tax on telephone services, including long-distance service. The current rate is 3 percent of charges billed. A series of recent federal appeals court decisions held that this tax on long-distance service does not apply as it is billed today. (The excise tax on local telephone service is not affected.)

Rachlin Partners Win Three Accounting Awards
The South Florida Business Journal recently presented Key Partner awards to three Rachlin leaders. The awards recognized top accounting and legal partners in South Florida, and Rachlin won in three out of the five accounting categories-the only firm in the area to achieve such recognition.

]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Winter2007.pdf Mon, 16 Jul 2007 14:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Winter2007.pdf Money Management for Women
Whether married, single, widowed or divorced, a majority of women today will at some point in their lives be the sole financial decision maker for their households. Yet studies show women are not saving enough for retirement and may be unprepared to make strategic financial decisions in a time of crisis. How can women gain more confidence and feel more in control while working toward their desired lifestyle during retirement?

ERISA Employee Benefit Plan Audits
For entities offering pension plans under the Employee Retirement Income Security Act (ERISA), the Department of Labor (DOL) has implemented a new enforcement initiative that holds plan sponsors--not auditors--responsible for deficient audits.

Special Needs Trusts
Special Needs Trusts (SNTs) are trusts that are designed to provide additional benefits to Medicaid recipients without violating the rules that qualify them to receive their Medicaid benefits. When the beneficiary is an elderly and/or disabled person with very high, regularly recurring medical costs, the SNT can give the family a vehicle to dramatically improve the quality of life of that person yet still maintain important Medicaid benefits. For many families with disabled children or adults, the Medicaid benefits are financially necessary--even critical--to the family's wellbeing.

The Importance of Branding
Think of the word "brand" and most would think of a name or a logo. Part of that is true. According to the American Marketing Association a brand is a "name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers."

New Staffing Venture
The increased demand for accounting and financial talent and the shortage of experienced professionals has made recruiting more of a challenge. Rachlin turned this situation into an opportunity to serve its clients as well as the South Florida business community by creating Rachlin Financial Staffing LLC.

]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Fall2006.pdf Mon, 16 Jul 2007 14:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Fall2006.pdf Increasing the Value of Your Business Before You Sell
Buy low, sell high-the eternal words of wisdom for every business owner. Most owners have built successful businesses around this philosophy, but what happens when it comes time to sell the business that you've worked so hard to build? Unfortunately, many owners are finding that the recent economy has not created peak profits that translate into maximum value for their businesses.

The Rachlin Foundation: Making a Difference
The Rachlin Foundation supports people and causes important to members of the firm, and the last three months were no exception. We had Jeans Days in May, June and July, when Rachlin employees made donations to the foundation in exchange for wearing jeans to work. The foundation supported the National Parkinson's Foundation, the Girl Scout Council of Tropical Florida and the Jack and Jill of America Foundation, raising more than $1,400-all of which will be matched dollar for dollar by the firm.

Doing Business Globally?
If privately owned businesses are exporting U.S.-made goods, then they may be able to take advantage of a permanent 20 percent tax savings by using an interest-charge domestic international sales corporation (IC-DISC). These tax benefits also apply to architects and engineering firms that earn gross income from foreign-based construction projects. An IC-DISC simply serves as a conduit for export tax savings.

Internet Security
The Internet is an integral part of commerce, so you would think businesses would take online security very seriously. Unfortunately, for many enterprises, this is not the case. According to a 2004 survey by Carnegie Mellon and the U.S. Secret Service, respondents reported an average loss of $506,670 per organization as a result of e-crimes; the total loss reported was more than $150 million.

E-Crime and the Small-to-Mid-Sized Business
CNN recently reported that the big travel site Expedia.com suffered losses of $4.1 million in credit card fraud. If they can be victimized while having sophisticated credit card fraud detection systems in place, where does that leave smaller online retailers?

Small Businesses Should Look Carefully at Insurance Policies
The current insurance crisis is a challenge for Florida small business owners. More and more providers have either increased their premiums astronomically or stopped covering Florida businesses altogether. This leaves small businesses particularly vulnerable, making them walk away from risk. This means they would 1) leave Florida to establish business in a state where they can be insured for less money or be insured at all or 2) reduce their premium by dropping a part of their business that insurers deem too risky.

Getting Help This Hurricane Season
As a Florida-based accounting firm for more than 50 years, we understand the far-reaching implications of hurricanes. Additionally, we are experienced in the damage-assessment process.

]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Summer2006.pdf Mon, 16 Jul 2007 14:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Summer2006.pdf Sarbanes Oxley: Best Practices for Not-for-Profits
The not-for-profit sector continues to be an important part of communities across the country. Not-for-profits hold assets in excess of $63 billion, generate more than $22 billion in total personal income and generate more than $61 billion in total economic activity. There are 1.8 million not-for-profits nationwide and more than 50,000 in Florida. Also, not-for-profits in Florida comprise the state's sixth largest source of employment.

Reporting Foreign Bank and Financial Accounts
If you have control or signature authority over an offshore account, you need to be aware that you may have to file U.S. Treasury Form TD F90.22-1 annually. The filing requirement also applies to employees and officers of a company that has signature authority over a bank account located outside the U.S.

Rachlin Foundation Established
Part of being a leader in the business community is the responsibility to give something back. With that in mind, Rachlin established the Rachlin Foundation. The foundation provides a means for centralizing all of the firm's volunteer efforts and provides a venue for the firm to match staff donations by 100 percent.

New Tax Law Rewards Conservation Effort
Carl Howden, a partner in the Tax Advisory area, was featured in a WPLG Local 10 News segment about the new Energy Tax Incentives Act (ETIA) that went into effect on January 1, 2006. Under the recently passed law, the government will issue tax credits for a variety of energy conservation products. The impact of the law is expected to be felt in four major areas: energy conservation, alternative energy sources, domestic energy production and the energy infrastructure.

Change Is Good
Over the last few years, the accounting industry has experienced a significant upturn in business. Consequently, the demand for new accounting graduates exceeds the actual supply. Rachlin turned this situation into career opportunities for its staff by streamlining the firm to three main groups: Assurance Services, Tax and Accounting Services, and Advisory Services

Condo Hotels - Are They a Fort Lauderdale Real Estate Alternative?
Condominium hotels are among the many offerings in Fort Lauderdale's hot real estate market. These properties operate as a hotel, with many of the amenities found in fine hotels-spa, pool, restaurants, concierge, etc.

The Power of Teamwork
Rachlin received a call recently from a Baker Tilly European affiliate to perform purchase due diligence on a company which is headquartered in Florida. (Rachlin has a relationship with Baker Tilly International, which is an affiliation of leading public accounting firms in major cities worldwide.) They received the call on a Wednesday-the work had to be completed by the following Monday.

Litigation Support Continues Expansion.
Over the last year, the firm's Litigation Support department has undergone tremendous growth. We now have five partners and more than 30 professionals, adding numerous years of highly specialized experience to this growing practice area.

]]> http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Spring2006.pdf Mon, 16 Jul 2007 14:13:59 GMT http://www.rachlin.com/emails/rachlin_news/pdf/Rachlinnews_Spring2006.pdf