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IRS Phone Scam Alert

Posted by on Sep 2, 2014 | 0 comments

The Internal Revenue Service has issued a consumer alert regarding a pervasive phone scam where perpetrators are pretending to be with the IRS. These scams are becoming increasingly common and often involve threatening the victim. The IRS has identified five ways to recognize a scam. The IRS will never: Call you about taxes you owe without first mailing you an official notice. Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe. Require you to use a specific payment method for your...

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Hertzbach Partners Named as SmartCEO Power Players Finalists

Posted by on Aug 26, 2014 | 0 comments

Hertzbach Partners Named as SmartCEO Power Players Finalists

We are pleased to announce that Don Hoffman and Mark Edward have been selected as finalists for the SmartCEO Power Players Awards. Don, a finalist in Baltimore and Mark, a finalist in Washington were chosen based on their expertise in their field and how they have gone above and beyond to ensure the success of their clients. The Power Players Awards program recognizes the area’s top accountants, attorneys and bankers for privately held companies. The finalists are recognized in unique categories for their leadership, accomplishments,...

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What you need to know about partnership allocations

Posted by on Aug 13, 2014 | 0 comments

What you need to know about partnership allocations

In late 2013, the IRS released Revenue Procedure 2014-12, which established a safe harbor clarifying how the agency will treat allocations of rehabilitation tax credits among partners. The procedure lays out circumstances under which the IRS won’t challenge a partnership’s allocation of credits to an investor/partner. This article discusses eligibility requirements for the safe harbor. However, a sidebar explains that it isn’t available if anyone in the rehabilitation project has entered into certain guarantee or insurance arrangements to...

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Regional manufacturing hubs: A modern industrial revolution

Posted by on Aug 13, 2014 | 0 comments

Regional manufacturing hubs: A modern industrial revolution

President Obama is planning to launch a national network of up to 45 regional manufacturing innovation centers — or “hubs” — over the next 10 years with the support of Congress. This article takes a look at the first four regional pilot facilities and how the hubs are intended to work. It explains how, in addition to setting new production standards, each hub will serve as a “teaching factory.” A sidebar discusses the next hub, called the Advanced Composites Manufacturing Innovation Institute. Read the full article in the Summer issue of...

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4 ways to do project management just a little better

Posted by on Aug 13, 2014 | 0 comments

4 ways to do project management just a little better

Contractors manage projects every day. But, as the construction industry evolves, so does their need to keep getting just a little better at project management. This article describes four ways to gain a competitive edge when managing jobs. They involve preconstruction planning, simplifying field systems, and training managers and then holding them accountable. Read the full article in the Summer issue of Onsite.

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One Per Year Limitation For Tax-Free IRA Rollovers

Posted by on Aug 1, 2014 | 0 comments

The Internal Revenue Code allows individuals who receive a distribution from an Individual Retirement Account (IRA) to avoid tax consequences by depositing the funds into another IRA within 60 days. Under the code, any amount distributed from an IRA will not be taxable to the account holder to the extent that the amount distributed is paid into another IRA for the benefit of the account holder no later than 60 days after the distribution from the first IRA is made. This prior interpretation applied this limit on an account by account basis...

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Joel Chazen Interviewed on Baltimore Internet Radio

Posted by on Jul 30, 2014 | 0 comments

Joel Chazen Interviewed on Baltimore Internet Radio

Hertzbach & Company, P.A.’s Managing Partner, Joel Chazen recently sat down with Baltimore Internet Radio (BIR) on their International Business channel to discuss Hertzbach  and his career. The interview was conducted by BIR President David Custy. BIR is an internet radio station and website that provides a local, national and international platform to connect residents of Baltimore with the world. You can listen to the entire segment here or visit the Baltimore Internet Radio website at http://baltimoreinternetradio.com.  ...

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1023-EZ Form Shortens Tax-Exempt Application Process

Posted by on Jul 25, 2014 | 0 comments

As of July 1, 2014, many small charities (those with gross receipts of $50,000 or less and assets of $250,000 or less) are able to file Form 1023-EZ to apply for tax-exempt status under Internal Revenue Code 501(c)(3). This form was designed to assist small charities by reducing the lengthy application process. The new Form 1023-EZ is only three pages long compared to the 26 page Form 1023. According to the IRS, up to 70 percent of all applicants qualify to use this new tax form. This new form not only reduces application time for small...

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U.S. Supreme Court to Hear Wynne Case

Posted by on Jun 27, 2014 | 0 comments

On May 27, 2014, the U.S. Supreme Court granted certiorari and will hear the case of Comptroller of the Treasury of Maryland v. Brian Wynne. The issue before the Court is whether a state is prohibited under the Constitution from taxing 100 percent of a resident’s income, earned both in and out of state with a credit for taxes paid on income earned outside of the state. There is currently no date set for hearing the case. We will keep you updated as the case develops further. Since there is no current resolution on the matter, affected...

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Rev up revenue by contributing to a cost segregation study

Posted by on Jun 23, 2014 | 0 comments

Rev up revenue by contributing to a cost segregation study

Contributing services to a cost segregation study remains a viable option for contractors to rev up revenue. It allows building owners to maximize their current tax deductions by using shorter lives and faster depreciation rates for qualifying parts of their properties. This article offers a quick review of the pertinent aspects and how contractors can contribute their expertise. Read the full article in the Summer issue of On-Site.

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