By Stephanie L. Tenczar, MSA

Identity theft has been a growing concern over the recent years, and you may not even be aware that you have become a victim until long after the theft occurs. The IRS has been working to expand their measures to help detect information that may be incorrect due to identity theft.

The IRS has been dealing with many cases over the years that involve fraudulently filed returns where someone is claiming to be a person they are not in order to receive this person’s benefits, refunds, etc. or for a number of other reasons. While the IRS has always verified your tax return information to their records, they are expanding their process with advanced identity theft screening filters to help identify and flag fraudulently filed returns.

If you receive a notice from the IRS, immediately respond to the name and number printed on the letter – do not put this off. This may be the first indication you receive alerting you that you are a potential victim of identity theft. Pay attention to the reason for the notice and look for key wording that may be present signaling issuance due to possible identity theft:

• More than one tax return for you was filed,

• You have a balance due, refund offset or have had collection actions taken against you for a year you did not file a tax return, or

• IRS records indicate you received wages from an employer unknown to you.

To protect yourself against identity theft, the IRS suggests the following:

• Don’t carry your Social Security card or any document(s) with your SSN on it.

• Don’t give a business your SSN just because they ask. Give it only when required.

• Protect your financial information.

• Secure personal information in your home.

• Protect your personal computers by using firewalls, anti-spam/virus software, update security patches, and change passwords for internet accounts.

• Don’t give personal information over the phone, through the mail or on the internet unless you have initiated the contact or you are sure you know who you are dealing with.

• Check your credit report every 12 months.

Even if you believe you have been extremely careful with your personal information, it is imperative that you check your credit report annually. Take the initiative as you may not be aware that fraudulent activity is going on with your financial affairs until much time has passed allowing the fraud to become more difficult to unwind and recover from. You can contact Equifax, Experian, or TransUnion for a copy of your credit report.

Other ways to help protect your identity include the following:

• Shred all trash that contains personal information such as your SSN, account numbers, etc.

• Be alert to emails or mailings that suggest you have an account you do not recognize.

• Don’t reply to an email that is claiming to be the IRS, a bank, a credit card company, etc. asking for your personal and/or financial information. For more information regarding this common scam, visit this website.

The IRS maintains that it does not initiate contact with taxpayers by email to request personal or financial information, so be sure to not fall victim to what may seem like a legitimate request. If you did not receive a notice from the IRS but would still like to speak with them about identity theft, you can call them at 800-908-4490 or visit the IRS website on Identity Theft. If you would like to discuss this subject further, please call Stephanie Tenczar (stenczar@pmn.com) at 617-426-9440 or any member of our tax service team.

Note:  This article represents a general overview of or opinion on certain tax issues or developments and should not be relied upon without an independent, professional analysis of how any of these provisions may apply to a specific situation. We recommend you consult your professional tax advisor before taking any action based on anything in this article.

IRS CIRCULAR 230 NOTICE:  In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of  (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By Barry N. Chait, Esq.

Maybe it’s a good thing that the April 17th federal tax deadline coincides with the urge to spring clean. It feels good to throw out some of the financial records stuffing your filing cabinets. But before you head for the dumpster, make sure you’re not disposing of records you may need. You don’t want to be caught empty-handed if an IRS auditor contacts you.

In general, you must keep records that support items shown on your Organization’s tax return until the statute of limitations runs out — generally, three years from the due date of the return or the date you filed, whichever is later. That means that now you can generally throw out records for the 2008 tax year, for which you filed a return in 2009.

In most cases, the IRS can audit your return for three years. You can also file an amended return on Form 1040X during this time period if you missed a deduction, overlooked a credit or misreported income.

So, does that mean you’re safe from an audit after three years? Not necessarily. There are exceptions. For example:

• If the IRS has reason to believe your income was understated by 25 percent or more, the statute of limitations for an audit increases to six years.

• If there is suspicion of fraud or you don’t file a tax return at all, there is no time limit for the IRS.

How Long to Keep Documents

Like most issues involving the IRS or other government agencies, there’s no easy answer to that question. The IRS does not require you to keep records in any particular way. But here are some basic guidelines to follow for Businesses:

• Employee Earnings: Maintain for a minimum of four years, to meet various state and federal requirements

• Employee Time cards: Keep for at least three years if your business is subject to the Fair Labor Standards Act (engage in interstate commerce); although it’s a good practice for all businesses to keep the files for several years in case questions arise.

• Personnel records: Retain three years after an employee has been terminated

• Employment tax records: Keep four years from the date the tax was due, or the date it was paid – whichever is longer.

• Employment business expenses: For travel and transportation expenses supported by mileage logs and other receipts, keep supporting documents for the three-year statute of limitations period.

• Sales tax returns: State regulations vary. For example, Massachusetts generally requires sales tax records to be retained for three years, while California requires four years, and Arkansas, six. Check with your tax adviser for the required record retention period for returns and supporting documents.

• Business property: Records used to substantiate the cost and deductions (such as depreciation, amortization and depletion) associated with business property must be maintained to determine the basis and gain (or loss) on the sale. Keep these for as long as you own the asset, plus seven years, according to IRS guidelines.

These general recordkeeping guidelines are for tax purposes. Insurance companies and creditors may have other requirements. If you have any questions or would like further information, please call any member of the PMN tax team at (617) 426-9440.

Note:  This article represents a general overview of or opinion on certain tax issues or developments and should not be relied upon without an independent, professional analysis of how any of these provisions may apply to a specific situation. We recommend you consult your professional tax advisor before taking any action based on anything in this article.

IRS CIRCULAR 230 NOTICE:  In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By William S. Mavroides

In case you missed it, on March 1, 2012, The Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a “Thought Paper” on Enhancing Board Oversight by Avoiding and Challenging Traps and Biases in Professional Judgment.  The object of this paper is to advise board members and those charged with corporate governance on a five-step judgment process that can be utilized in order to avoid poor or biased decisions.

A company’s or organization’s board of directors is required to exhibit sound judgment in fulfilling its fiduciary responsibilities of corporate governance and oversight. The board is generally comprised of highly capable individuals who are well aware of the need to use careful decision making processes that can be justified and defended and who know the potential impact that poor decisions can have on the success of the business and the directors’ liability. However, given these factors, there is still an opportunity for board members to improve on current procedures and practices involving decision making.  Entities are better served when the board effectively challenges management’s judgments, considers a full array of alternatives and perspectives, and engages management in frank and open discussions.  As a result, COSO outlined the following procedures which can be undertaken in order to improve a board’s decision making process:

1. Define a problem and identify fundamental objectives 2. Consider alternatives 3. Gather and evaluate information 4. Reach a conclusion 5. Articulate and document rationale

The first step is to define a problem and identify fundamental objectives.  This can be achieved by obtaining a thorough understanding of the fundamental aspects of the judgment or decision.  This includes developing a specific objective and relevant measurable criteria, in which the decision maker considers different perspectives.  The questions of “What” and “Why” should be asked during this step in order to get to the root of the issue and the fundamental objectives.  A common threat to avoid during this step is the tendency to under-estimate the problem being dealt with and the rush to solve it without giving full consideration to the main issue at hand.

The second step states that the board members should invest appropriate time and effort to consider different alternatives.  This step involves asking the “How” question.  Input should be sought from others with different perspectives.  The different alternatives should be weighed in order to determine how well each will meet the fundamental objectives.

The gathering and evaluating of information step is critical to the board members having the appropriate level of relevant information.  In this step, the members should consider the reliability, validity, certainty, and accuracy of the gathered information.  Technical literature and industry information should be identified and considered.  All consequences associated with alternative approaches or options considered should be assessed.  The members should identify the alternative that best meets relevant objectives.

Before reaching a conclusion, the board members should ask whether a supportable process has been followed.  If the prior three steps were completed, then a proper process was followed.  At this point the board is ready to make a decision.

The final step is to articulate and document the rationale of the decision.  This will help to assess whether the conclusion makes sense and is supported by the underlying information.  Additionally by documenting the conclusion and the process used in arriving at the final decision, it will provide outside parties with the rationale to assist in understanding the board’s final verdict.

It is important to remember that even seasoned board members can improve the consistency and soundness of their judgment by following a good judgment process.  Such improvement will provide board members with the ability to more effectively fulfill their oversight role and result in an overall more successful board function.

Note: This article represents a general overview of Federal and/or Massachusetts general topic issues or developments and should not be relied upon without an independent, professional analysis of how any legal provisions alluded to may apply in a specific situation.

IRS CIRCULAR 230 NOTICE: In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By Peter H. Dinsmore, CPA

There has been a lot written about the use of social media in both our business and personal lives, and the nonprofit sector is no exception. The benefits of social media are fast becoming apparent and many organizations are jumping on the bandwagon to use platforms such as LinkedIn, Facebook and Twitter as an integral communication tool. Because change happens so quickly, social media is now very much a part of most people’s everyday life. Organizations need to be aware of the power of social media, and they should strive to harness the capabilities of this communication outlet in order to improve their performance.

Before venturing into the use of social media, the first step should be to establish a strategic communication plan, one that is aligned with organizational goals. A nonprofit should know its purpose before jumping into the social media market. The plan should be comprehensive, and among other matters, could include the promotion of fundraising activities, attracting volunteers and simply the promotion your organization’s mission. It should also include your organization’s policy regarding the review and approval of information allowed to be used. Once a plan is established, it is necessary to examine the outlets that are available. The most popular at the moment are LinkedIn, Facebook and Twitter. Although they all are strategic communication tools, they each are unique and need to be understood before making a decision on how to proceed.

After studying the options, most likely one or possibly two will appear as the appropriate choice. Once a choice is made, the nonprofit must decide internally who will manage their social media profile. Constant involvement is necessary to keep people interested. Upkeep is crucial and requires the personnel to do so. This may be more burdensome on smaller organizations as pointed out in a recent study by Bridgespan which focused on smaller organizations. Their study suggested that an organization could spend anywhere from twelve to thirty-six hours per week at the outset. Progress should also be tracked using the metrics available. Most social media sites allow users to track statistics, such as the number of people that frequent their profile and what items they viewed. To successfully take advantage of the communication capabilities of social media a sincere commitment needs to be made. Otherwise, its use, in addition to being a waste of time and resources, could possibly do more harm than good. Finally, social media users must always be able to willing to change based on the feedback they receive as well as adapt to changes in the social media market.

Social media can be a powerful tool for nonprofits if used correctly. It can make reaching out to the appropriate audience easier than ever before. It is a positive way to create awareness about your organization and the goals you are seeking to achieve. If organizations ignore social media as a communication medium, they will be losing out on tapping a vastly wider reach and, just like how some organizations that were slow to embrace the internet during the early dot com years; will suffer the loss of potential opportunities.

Note: This article represents a general overview of Federal and/or Massachusetts general topic issues or developments and should not be relied upon without an independent, professional analysis of how any legal provisions alluded to may apply in a specific situation.

IRS CIRCULAR 230 NOTICE: In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By John Doran

A decision on the development of a private company accounting standard setting body could come as early as May, 2012. This was announced during the Financial Accounting Standards Board (FASB) Chairman’s annual outlook webcast in March, 2012. The Financial Accounting Foundation (FAF), parent organization of FASB, considered a range of options to meet the public demand for less strenuous accounting standards for private companies. The FAF is set to vote on establishing a new body to make recommendations on whether exceptions or modifications of U.S. Generally Accepted Accounting Principles (GAAP) are warranted for private companies.

The proposed body, referred to as the Private Company Standards Improvement Council (PCSIC), would consist of preparers and users of private company financials. Accountants providing audit, review, and compilation services to private companies would also be considered as council members in order to broaden the Council’s perspective. The PCSIC is proposed to evaluate U.S. GAAP for a period of three years and recommend acceptable changes to current U.S. GAAP for private companies. The recommendations must be ratified by FASB before becoming accepted standards. In the published report, “Plan to Establish the Private Company Standards Improvement Council,” the FAF indicates that the PCSIC’s recommendation may lead to two separate sets of U.S. accounting standards. This would likely be welcomed by private companies as the ever-growing complexity of U.S. GAAP makes it costly to comply.

After the three year period, a review committee comprised of FAF trustees will evaluate the PCSIC’s progress and determine if more GAAP modifications are necessary for private companies. All recommendations for private company GAAP modifications will be subject to public comment before ratification by FASB.

Note: This article represents a general overview of or opinion on certain tax issues or developments and should not be relied upon without an independent, professional analysis of how any of these provisions may apply to a specific situation. We recommend you consult your professional tax advisor before taking any action based on anything in this article.

IRS CIRCULAR 230 NOTICE: In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By Brenda J. DeCosta, CPA

You hear it all the time. With budgetary constraints and reliance on the public sector for funding, not-for-profits are constantly faced with the challenge of “doing more with less.” But what happens when a special project comes along or you’re looking for temporary help with a new business development venture? How do you obtain that assistance without unduly burdening a budget that’s already stretched thin? One option to consider would be a college intern.

A college intern can offer that desperately-needed assistance at minimal cost to the Organization. Their willingness to tackle less-complex tasks serves to free up more experienced staff so they can concentrate their efforts on more pressing issues. In addition, you may be able to utilize a college intern for special research if the need arises. Quite often, interns are looking for projects and opportunities that will incorporate into their class and credit requirements.

Many local colleges offer internship programs, some more formalized than others. The best place to start would be to research these colleges to find one that seems to be a good fit with your organization; call the career center or start to develop a relationship with the appropriate department(s). You’ll need to put together a description of your internship opportunity and the academic outcomes that will be achieved through the relationship.

One thing to bear in mind, though, is that even if the internship is without pay, running such a program does have softer costs to the Organization in the form of effort and time. You’ll need to interview interns before making a selection, and there’s always a certain level of orientation, supervision and review.

In many instances, the benefits of having an intern can far outweigh the costs simply with the reduced work burden you’ve been able to provide your employees, and the resulting boost in morale. And who knows, you may steer a college grad down a career path they never considered…the rewarding not-for-profit industry.

Note: This article represents a general overview of Federal and/or Massachusetts general topic issues or developments and should not be relied upon without an independent, professional analysis of how any legal provisions alluded to may apply in a specific situation.

IRS CIRCULAR 230 NOTICE: In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By Michelle R. Fairweather, CPA

We have all seen the headlines about large companies being devastated by fraud. What people may not realize is that no organization is immune to fraud. Depending on your organization, the risk of tarnishing your reputation in the public eye can be more significant than any potential monetary loss. The responsibility of developing and implementing an effective fraud risk management program falls on the governing board and senior management. This article will touch upon the various aspects of developing, implementing and enforcing such a program.

Fraud Risk Assessment — The first step is to identify where the potential fraud risks are. This information can be gathered from external sources, such as various trade organizations, but the most relevant source is within your organization. Brainstorming and interviewing people at every level of the organization is an excellent way to identify potential risks. Who would know how controls can be circumvented better than someone that deals with them every day?

Fraud Prevention & Detection — In many cases, organizations find it most cost effective to focus on policies and procedures that can quickly detect if a fraud has been committed, rather than those that could prevent it. By simply making everyone in the organization aware that a fraud detection program is in place, the risk of fraud can be greatly reduced.

Investigation and Corrective Action — Many fraud management programs fall short in this area. Once fraud has been detected, what happens next? A system needs to be in place to quickly review and investigate any possible instances of fraud. Who needs to be notified? Who will investigate?

Once a program and procedures are in place, it is imperative that the board or senior management continue to monitor that the procedures are being followed.

Note: This article represents a general overview of Federal and/or Massachusetts general topic issues or developments and should not be relied upon without an independent, professional analysis of how any legal provisions alluded to may apply in a specific situation.

IRS CIRCULAR 230 NOTICE: In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

As of January 1, 2011, the Emergency Economic Stabilization Act of 2008 requires your brokers to track your cost basis. U.S. broker-dealers and other financial intermediaries must report that basis to investor clients on their 1099 Form and to the IRS. This new regulation will apply to shares of individual stocks you buy after January 1, 2011; to investments in mutual funds and dividend reinvestment plans after January 1, 2012; and to bonds, options, and other securities bought after January 1, 2013.

Because the new regulations do not apply to investments purchased before January 1, 2011, you will need to provide your own information. These rules do not affect traditional or Roth IRAs, as investments in these tax-sheltered accounts don’t have a cost basis.

New Schedule D

Starting with 2011 tax year, there will be a new Schedule D in place. The old Schedule D-1 used for additional transaction history will be replaced by Form 8949 – Sales and Other Dispositions of Capital Assets. Every taxpayer with trading/investment activity will have to file at least one Form 8949 along with Schedule D. Then various totals from Form 8949 will flow into the Schedule D Form as it did with the old D-1 Form.

The new Form 8949 will help the IRS to better compare your reporting with what your broker reports to the IRS under the new regulations. Each investment now falls into one of three categories and a separate Form 8949 is required for each type of transaction:

•    Sales of covered securities for which cost basis is provided
•    Sales of non-covered securities for which no cost basis is provided on the 10999-B or
•    Sales of investments assets for which no 1099-B is received

Totals from these separate Forms 8949 will summarized on the newly revised Schedule D.

It will be critical for taxpayers to keep accurate records of their trade history, so they can fully comply with this new reporting. Although you broker is required to track and report some cost basis information, they are NOT required to track securities in your multiple accounts. You must adjust wash sales between ALL accounts before reporting them to the IRS.

Note: This article represents a general overview of or opinion on certain tax issues or developments and should not be relied upon without an independent, professional analysis of how any of these provisions may apply to a specific situation.  We recommend you consult your professional tax advisor before taking any action based on anything in this article.

IRS CIRCULAR 230 NOTICE:  In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of  (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By James G. Kennedy, CPA

In January 2012, the Internal Revenue Service (IRS) issued its revised Form 990 along with related instructions. As with other changes to the Form 990 in recent years, the spirit behind them is to increase transparency in reporting the activities of not-for-profit organizations to the public. The current changes focus on governance issues, reporting by hospitals on Schedule H, reporting of revenues, expenses and assets related to investment partnerships and joint ventures, and compensation disclosures on Schedule J.

The primary focus of this article is to provide a brief update on the changes to Schedule J where certain officer, director, trustee and key employee compensation is disclosed. If your not-for-profit organization is part of a related group of organizations, it will now be required to describe, in narrative form, any reliance it has placed on a related organization to establish compensation of any of the reporting organization’s officers, directors, trustees or key employees. In addition, not-for-profit organizations are required to disclose, in narrative form, compensatory benefits awarded by the reporting organization and any severance or change-of-control payments made by the reporting organization or a related organization.

You may recall the heated public debate in Massachusetts last year concerning a severance package award and board of director fees at a large not-for-profit health insurer. There has also been a high profile case locally concerning compensation arrangements and alleged fraud in a situation where a not-for-profit organization transacted business with a related not-for-profit organization.

The Internal Revenue Service, to its credit, continues its efforts to improve transparency of information reported in the Form 990.

Note: This article represents a general overview of Federal and/or Massachusetts general topic issues or developments and should not be relied upon without an independent, professional analysis of how any legal provisions alluded to may apply in a specific situation.

IRS CIRCULAR 230 NOTICE: In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.

By Kim Dearborn-Nelson

On February 17, Congress passed H.R. 3630, “Middle Class Tax Relief and Job Creation Act of 2012” (the Act), and sent it to the President for his signature. When we went to print, the President has yet to sign this is into law, but it is our understanding that the signing by the President is imminent. The Act extends the 2-percent-point payroll tax cut through the end of 2012, and also repeals a number of estimated tax shifts for large corporations.

The Federal Insurance Contributions Act (FICA) imposes two taxes on employers, employees, and self-employed workers—one for Social Security tax and the other for Medicare tax. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the 2010 Tax Relief Act) reduced the employee Social Security tax rate under the FICA tax by two percentage points from 6.2% to 4.2%. Similarly, for self-employment income for tax years beginning in 2011, the Act reduced the Social Security tax rate under the SECA tax by two percentage points from 12.4% to 10.4%.

In December of 2011, when Congress couldn’t agree on how to fund a full-year extension of the payroll tax cut that applied for 2011, it passed the “Temporary Payroll Tax Cut Continuation Act of 2011,” providing for a two-month extension of the payroll tax cut that applied for 2011, and a parallel extension of a lower SECA tax rate on self-employment income. The reduced employee Social Security tax rate of 4.2% under the FICA tax, and the equivalent employee portion of the RRTA tax, was extended to apply to covered wages paid in the first two months of 2012.

New law. The Act provides that the “payroll tax holiday period” means calendar years 2011 and 2012. Thus, the 2-percentage point payroll tax reduction and the 2-percentage point reduction in the Social Security tax under the SECA tax for the self-employed will apply through Dec. 31, 2012. As a result, for 2012, employees will pay only 4.2% Social Security tax on wages up to $110,100 (wage base for 2012) and self-employed individuals will pay only 10.4% Social Security self-employment taxes on self-employment income up to $110,100. That means a maximum savings for 2012 will be $2,202 (2% of $110,100) per taxpayer. If both spouses earn at least as much as the wage base, the maximum savings will be $4,404.

If you would like to discuss this topic further, please contact Kim Dearborn-Nelson at 617-598-5327 (kdearbornnelson@pmn.com) or any other member of the tax team at (617) 426-9440 to set up a consultation.

Note: This article represents a general overview of or opinion on certain tax issues or developments and should not be relied upon without an independent, professional analysis of how any of these provisions may apply to a specific situation.  We recommend you consult your professional tax advisor before taking any action based on anything in this article.

IRS CIRCULAR 230 NOTICE:  In compliance with U.S. Treasury Circular 230 Regulations and any applicable state laws, we hereby notify you that any tax advice contained in the body of this document, or attachments thereto, was not intended or written to be used, and cannot be used, by the recipient or any other party for the purpose of  (1) avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions, or (2) promoting, marketing or recommending to another party any transaction or matter addressed herein.