About Topel Forman
ALERTS AND ARTICLES
Stay up to date with the most recent industry news and what’s happening at Topel Forman
Understanding FBAR Compliance
The Foreign Bank and Financial Accounts Report (FBAR) is a critical compliance requirement for U.S. persons holding foreign financial assets. The FBAR, officially known as FinCEN Form 114, is a specialized form created to capture information about foreign financial accounts held by U.S. persons. While the collection process is administered through FinCEN, the IRS takes charge of assessing and enforcing penalties for non-compliance.
Tax Relief for Victims of the California Wildfires
The IRS has announced tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on January 7, 2025.
Topel Forman Welcomes Four New Partners
Topel Forman is thrilled to announce the promotion of four accomplished professionals to its partner group, bringing the total to 16 partners as of January 1, 2025. This significant milestone underscores the firm’s commitment to excellence, leadership, and the growth of its team.
Tax Alert: President Biden Signs Federal Disaster Tax Relief Act of 2023
On December 12, 2024, President Biden signed into law the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), providing tax relief for victims of various federally declared disasters. This legislation offers benefits to individuals and businesses affected by natural disasters, wildfires, and the East Palestine, Ohio train derailment.
Celebrating Three Years as a Top Workplace
Topel Forman is a Top Workplace. We have a people-first culture.
Don’t Miss The Deadline: Beneficial Ownership Information Reporting
Topel Forman wants to provide a friendly reminder regarding the upcoming deadline for the Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). The CTA requires many corporations, LLCs, and other entities to report information about who ultimately owns or controls them unless a specifically enumerated exemption applies.
Tax Impact of Stock-Based Compensation
Tax Impact of Stock-Based Compensation
Compensation may take several forms, including salary, fringe benefits and ...
Tax Consequences of Judgements or Settlements from Legal Proceedings
Generally, amounts received for nonpersonal injuries are included in gross income. Punitive damages are also generally included in gross income, with a limited exception for certain wrongful death actions.
However, Section 104(a) of the Internal Revenue Code (IRC) generally excludes amounts received as compensation for personal physical injury or physical sickness from gross income. This exclusion applies to a variety of payments, including those received under workmen's compensation acts, certain accident or health insurance, pensions or annuities for injuries or sickness resulting from active military service, compensation for the death or disability of a public safety officer, disability income due to injuries from terrorist or military actions, and damages (other than punitive damages) received for personal physical injuries or physical sickness.
Topel Forman Ranked Top 200 Accounting Firm
Topel Forman is thrilled to announce our inclusion once again in the 2024 INSIDE Public Accounting (IPA) Top 200 Firms
Webinar Recording: Beyond the Receipt: Mastering Charitable Substantiation
Join us to learn the essential rules and requirements for documenting charitable contributions, helping you maximize deductions while staying compliant with IRS regulations.
A $14 Million Dollar Sunest Plan For The Potential Gift Tax Exemption – Webinar
With the potential sunsetting for the $14 million dollar gift tax exemption in 2025, we provide key considerations for wealth transfer planning. Understand the scheduled expiration of higher exemptions, explore gifting strategies, and adapt estate planning to maximize benefits
Untangling the Corporate Transparency Act – Webinar
The Corporate Transparency Act (CTA) is a crucial piece of legislation aimed at preventing money laundering and illicit activities within the United States financial system. The CTA requires entities to file a Beneficial Ownership Information Report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Entities must provide accurate information about beneficial owners. There are exemptions for entities with existing SEC filings or other government reports conveying the same data.
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Understanding FBAR Compliance
The Foreign Bank and Financial Accounts Report (FBAR) is a critical compliance requirement for U.S. persons holding foreign financial assets. The FBAR, officially known as FinCEN Form 114, is a specialized form created to capture information about foreign financial accounts held by U.S. persons. While the collection process is administered through FinCEN, the IRS takes charge of assessing and enforcing penalties for non-compliance.
Tax Relief for Victims of the California Wildfires
The IRS has announced tax relief for individuals and businesses in southern California affected by wildfires and straight-line winds that began on January 7, 2025.
Topel Forman Welcomes Four New Partners
Topel Forman is thrilled to announce the promotion of four accomplished professionals to its partner group, bringing the total to 16 partners as of January 1, 2025. This significant milestone underscores the firm’s commitment to excellence, leadership, and the growth of its team.
Tax Alert: President Biden Signs Federal Disaster Tax Relief Act of 2023
On December 12, 2024, President Biden signed into law the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), providing tax relief for victims of various federally declared disasters. This legislation offers benefits to individuals and businesses affected by natural disasters, wildfires, and the East Palestine, Ohio train derailment.
Celebrating Three Years as a Top Workplace
Topel Forman is a Top Workplace. We have a people-first culture.
Don’t Miss The Deadline: Beneficial Ownership Information Reporting
Topel Forman wants to provide a friendly reminder regarding the upcoming deadline for the Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). The CTA requires many corporations, LLCs, and other entities to report information about who ultimately owns or controls them unless a specifically enumerated exemption applies.
Tax Impact of Stock-Based Compensation
Tax Impact of Stock-Based Compensation
Compensation may take several forms, including salary, fringe benefits and ...
Tax Consequences of Judgements or Settlements from Legal Proceedings
Generally, amounts received for nonpersonal injuries are included in gross income. Punitive damages are also generally included in gross income, with a limited exception for certain wrongful death actions.
However, Section 104(a) of the Internal Revenue Code (IRC) generally excludes amounts received as compensation for personal physical injury or physical sickness from gross income. This exclusion applies to a variety of payments, including those received under workmen's compensation acts, certain accident or health insurance, pensions or annuities for injuries or sickness resulting from active military service, compensation for the death or disability of a public safety officer, disability income due to injuries from terrorist or military actions, and damages (other than punitive damages) received for personal physical injuries or physical sickness.
Topel Forman Ranked Top 200 Accounting Firm
Topel Forman is thrilled to announce our inclusion once again in the 2024 INSIDE Public Accounting (IPA) Top 200 Firms
Webinar Recording: Beyond the Receipt: Mastering Charitable Substantiation
Join us to learn the essential rules and requirements for documenting charitable contributions, helping you maximize deductions while staying compliant with IRS regulations.
A $14 Million Dollar Sunest Plan For The Potential Gift Tax Exemption – Webinar
With the potential sunsetting for the $14 million dollar gift tax exemption in 2025, we provide key considerations for wealth transfer planning. Understand the scheduled expiration of higher exemptions, explore gifting strategies, and adapt estate planning to maximize benefits
Untangling the Corporate Transparency Act – Webinar
The Corporate Transparency Act (CTA) is a crucial piece of legislation aimed at preventing money laundering and illicit activities within the United States financial system. The CTA requires entities to file a Beneficial Ownership Information Report with the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Entities must provide accurate information about beneficial owners. There are exemptions for entities with existing SEC filings or other government reports conveying the same data.
No results found.
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