March 23, 2018Converting from an S Corporation to a C Corporation
“Effect of 2017 Tax Reform on Choice of Business Entity” summarizes considerations in choosing whether to continue being an S corporation or convert to a C corporation. In most cases, exit planning suggests remaining an S corporation. However, in some cases, one may decide to convert to being a C corporation. For those who have decided that such a conversion is the way to go, it’s tempting simply to revoke the S election as of Jan. 1, 2018, to get the benefits of lower C corporation income...
March 23, 2018Trump Tariffs Not Such a Big Deal for U.S. Growth, Poll Shows
Trade wars are bad, but President Donald Trump’s steel and aluminum tariffs won’t have much direct impact on the U.S. economy unless the situation escalates, according to a new survey conducted by Bloomberg News. Roughly two-thirds of the 35 economists polled by Bloomberg expect the tariffs that Trump signed last week would cause a small decrease in jobs and a small drop in U.S. economic growth, which is enjoying its third-longest expansion on record. One economist predicted a small gain in...
March 22, 2018IRS to End Offshore Voluntary Disclosure Program; Taxpayers with Undisclosed Foreign Assets Urged to Come Forward Now
The U.S. Internal Revenue Service (IRS) has announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program and close the program on Sept. 28, 2018. By alerting taxpayers now, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes.
March 22, 2018Hybrid Cyber-Risk Solutions May Lower Cost of Insurance
Going beyond simply adding coverage to existing policies, Allianz Group, an insurance company seeking to gain a bigger share of the U.S. cyber market, made news along with Cisco, Apple, and Aon by announcing that the four companies would be offering “a new cyber-risk management solution for businesses.” The solution, focused on malware and ransomware protection, is “comprised of cyber resilience evaluation services from Aon, the most secure technology from Cisco and Apple, and options for...
March 21, 2018How to Fight the Threat of Malware on Mobile Devices
For the longest time, mobile malware was like Bigfoot: much rumored and discussed, but hardly ever seen in the wild. That is no longer the case. A number of recent security industry reports from companies like McAfee, Trend Micro and Kaspersky Lab have found that mobile malware is becoming more widespread and it is increasing in sophistication. A report issued last month highlights the growing dangers to mobile devices.