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A credit worthy acquisition

by Darci Congrove

  July 1st is an exciting date for GBQ this year!  We are finalizing a transaction to bring the staff and clients of Condit & Associates, a Westerville-based CPA firm with a specialization in credit unions, to GBQ. We first met Gary Condit, the founder of the firm, in January, and we immediately were impressed.  […]

Posted in GBQ News & Culture | Comments »

In Case You Hadn’t Heard…Altman Weil Law Firm Survey Indicates Law Firms are Confident!

by Rebekah Smith

As financial experts, consultants, and valuation professionals, the outlook and performance of law firms has a direct impact on our practices.  If companies are working on estate planning with attorneys then there tends to be a related decline in estate valuations.  If merger and acquisition activity is down for a law firm, so is the […]

Posted in Case In Point | Comments »

Gas prices cause IRS to increase 2011 mileage reimbursement rate

by Tim Schlotterer

In response to the increase in gas prices, the IRS announced an increase in the optional standard mileage rates for the last six months of 2011. The following are the rate changes which are contained in Announcement 2011-40: Purpose of Miles Rates 1/1-6/30/11 Rates 7/1-12/31/11 Business 51 cents 55.5 cents Medical 19 cents 23.5 cents […]

Posted in Audit & Tax Talk | Comments »

FASB Is At It Again: Changes to OCI Presentation

by Mary Stucke

Do you love the technical side of accounting so much that sometimes you find yourself on the Financial Accounting Standards Board (FASB) website hitting refresh on your browser over and over again hoping there will be a new pronouncement out that you can read up on?  If so, you are in luck.  The FASB just […]

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Pending Pro-ESOP Amendment in Senate Could End DOL’s Negative Proposed Regulation

by Brian Bornino

Senator Kelly Ayotte (R) of New Hampshire has proposed an amendment to S. 782 that would amend ERISA to make clear that appraisers of private company ESOP stock are not ERISA fiduciaries.  She is joined by Senators Olympia Snowe (R) of Maine and Scott Brown of Massachusetts (R).  Their amendment would stop the DOL proposed regulation […]

Posted in Valuation Observations | Comments »

Columbus C.E.O. Magazine “Best of Business”

by Sara Robertson

In 2010, GBQ was named “Best Accounting Firm” by Columbus C.E.O. magazine (thanks to YOUR votes!). Voting is now open for 2011 and Columbus C.E.O. once again wants your opinion about the things that make Central Ohio’s business scene great. Results will be tallied and announced in the November issue. Click here to weigh in on your favorite places. […]

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Small Business Reprieve on Mandatory Health Care Reporting

by Darci Congrove

Health care reform came in two pieces of legislation, The Patient Protection and Affordability Act (the Original Bill) and the Health Care and Education Affordability Reconciliation Act of 2010 (the Amendment). This legislation included a greatly-expanded requirement for businesses and landlords to file a Form 1099 document with the Internal Revenue Service for purchases of […]

Posted in GBQ Exchange | Comments »

Case Update: Tax Court uses Rule 702 and Daubert standard to exclude expert

by Rebekah Smith

Rule 702 of the Federal Rules of Evidence and the Daubert standard has been long used in the courts for excluding or including an expert’s testimony in civil cases but rarely, if ever, has been used in a tax court case. However, with a newly published case, Boltar LLC v Commissioner (2011 WL 1314445 (U.S. […]

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