General
Webinar: Checklist for International Expansion – Part One
Is your company on the verge of international expansion? Are you unclear about the steps needed to undertake such a large initiative? Jim Dawson, National Director of International Tax at Cherry Bekaert, offers his expertise and advice in the two-part series, “Checklist for International Expansion.”
Recruiting & Retaining Talent for Your Locality
In the next 10-12 years, employees from the Baby Boomer and other generations will reach their required service years to receive pension plans. With an increased retirement rate looming, the mass exodus of institutional knowledge that is not easily replaced will affect all entities, including local and state governments. Losing such key personnel puts pressure on local and state governments to recruit and retain talent and could cause a disruption in the continuity of services provided. As your locality prepares for these changes, consider the tactics below to avoid service lapses: Have readily available human resources leadership in place. A. Read More.
Richmond Business Wins $10,000 from Start-Up Competition
Cherry Bekaert is proud to have sponsored the Greater Richmond Chamber’s second annual i.e.* Start-Up Competition. Awarded this week, the prize was given to Speakeasy, an online restaurant review service connecting customer reviews directly to restaurant owners. As Richmond BizSense reports, eligible businesses had to be less than a year old and based in Richmond, Virginia. Contestants were evaluated by a panel of local entrepreneurs and investors based on their business’ originality, creativity and likelihood of continued future success. “We’ve worked every job in the restaurant business, and we know what it takes to be successful in this industry,” said Rob. Read More.
Identity Theft Prevention
Very often, the first realization of identity theft comes when you, or we, try to e-file your tax return, but the return is disallowed because someone has already filed one using a stolen Social Security number. We take identity theft very seriously and have a number of policies in place to ensure that your confidential, personal information does not end up in the wrong hands. There are also a number of policies you can implement in your daily life to help prevent your identity from being stolen. Steps we have taken, as well as precautions you can take, are summarized. Read More.
BP Oil Spill Funds Available
Millions of businesses and individuals were affected by the BP Gulf oil spill in 2010. To compensate those affected, a $7.8 billion settlement fund, called the Deepwater Horizon BP Oil Settlement Fund, has been established to pay claims. You and/or your business could be eligible for compensation and there is no cap on the amount of compensation BP must pay under this class-action settlement between BP and the Federal Government. Are You Eligible? The best news may be that under the settlement guidelines, your business does not have to be directly related to tourism or in a location close to. Read More.
Reporting Foreign Assets to the IRS and Treasury
Taxpayers with foreign financial accounts or foreign financial assets have filing responsibilities that should not be overlooked during tax season. The IRS recently released updated guidance, in the form of Q&A, to help taxpayers navigate these filing responsibilities. There are two primary IRS international reporting forms required for individuals to disclose their interests in foreign accounts or foreign assets: 1) Treasury Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”) for foreign accounts, and 2) Form 8938, Statement of Foreign Financial Assets, for foreign assets. Click here to for more details.