|
 Matt Strilbyckij
Konowitz, Kahn & Company, P.C. is a leading provider of accounting and business advisory services including accounting, auditing, tax, wealth management, business valuations, trust and estate accounting, forensic and litigation support, family office services, and cost segregation. The firm has been serving closely held mid-market businesses in diverse industries locally and globally since 1936 and operates out of offices in North Haven and Middlebury, Connecticut.
Konowitz, Kahn & Company, P.C.
127 Washington Avenue
North Haven, CT 06473
Tel. 203-239-6888 Fax 203-2234-1553
|
|
New Restrictions on Offshore Interests: An Examination of IRC § 457A |
 |
 |
 |
|
Written by M. Szabo
|
|
Thursday, 04 February 2010 15:24 |
|
Here's an important article from one of Matt's colleagues.
By: Magda Bonutti Szabo, Tax Director at Konowitz, Kahn & Company, P.C.
On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008, colloquially referred to as the Financial Bailout Bill. This Act’s provisions primarily addressed the $700 billion financial rescue with a number of extensions for popular expiring tax cuts included. Neatly slipped between these provisions was a brand new Tax Code Section, 457A (§ 801 of the Act), aimed particularly at U.S. service providers receiving income from offshore funds. Since this provision was under consideration prior to the market meltdown, it was included with the thinking that it would ultimately defray some of the bailout costs. The financial markets are now showing signs of rebounding, giving heightened importance to this provision.
BACKGROUND
The genesis behind this new provision was concern over income deferrals for service providers of offshore investment (hedge funds). Such funds are generally set up in no-tax jurisdictions such as the Cayman Islands or Bermuda. Per the provisions of IRC § 864(b)(2), fund income can be sitused to these tax haven offshore locations even though underlying services are technically being performed in the United States.
To read the whole article, click here.
|
|
Last Updated ( Thursday, 04 February 2010 15:33 )
|
|
|
Client portals offer far more security than e-mails |
|
|
|
Wednesday, 15 July 2009 10:35 |
A Safe Way to Send Documents In CyberspaceBy Jill M. Kovalich, Director of Marketing for Konowitz, Kahn & Company, P.C. This article is reprinted with permission from the June 15, 2009 issue of the Connecticut Law Tribune. © Copyright 2009. Incisive Media US Properties, LLC. All rights reserved. duplication without permission is prohibited. All rights reserved. Law firms, CPA firms, physicians’ offices, and insurance companies use, store and share myriad documents — all containing the most personal of information on their clients. As fast as the pace of technology moves forward, so does the ingenuity of computer hackers, who rise ever higher to the next firewall challenge.
So, how do we protect our clients as we race to install more layers of security on our networks? What’s safe? What’s not? (For the full article, please click here.) |
|
Last Updated ( Thursday, 16 July 2009 11:23 )
|
|
Written by Strilbyckij, Matt
|
|
Wednesday, 15 July 2009 10:31 |
|
In prosperous times, cash flows in and accounts receivables aren’t much of a concern to a business owner. But, in tough times like these, every penny counts. Businesses are currently facing many challenges with the severe credit crisis, an economy in recession, slumping sales, bankruptcies, and ever-rising costs of healthcare and utilities. Managers more than ever must cope with cash management issues and enact survival strategies to stay afloat. (For the full article, please click here. |
|
Last Updated ( Thursday, 16 July 2009 11:16 )
|
|
|
|
|
|
|