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Illinois and North Carolina Enact Substantial Budget Bills

by Kelly Bannen

After Illinois Governor Bruce Rauner (R) vetoed the Illinois budget bill (S.B. 9) on July 4, 2017, the General Assembly overrode the governor’s veto by the Senate on July 4 and by the House on July 6, 2017.  As a result, the Illinois personal and corporate income tax rate will increase, effective July 1, 2017.  […]

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Manufacturing Minute – Summer 2017

by Kelly Bannen

In This Issue: 2017 Tax Reform: Trump Proposes Big Tax Cut For Businesses; What’s In A (Trade) Name?; Why Is Business Succession Planning So Important?; and Upcoming Events.

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Tax Reform Is Still Hanging In The Balance…

by Kelly Bannen

In This Issue: Tax Reform Is Still Hanging In The Balance…; A Tax Bill That Is Often Overlooked; Net Unrealized Appreciation. What Are The Options?; Cincinnati Office Move; GBQ Named A Top Accounting Firm; Close-Up On Cutoffs For Reporting Revenues And Expenses; How External Auditors Can Leverage Your Internal Audit Work; Rev Up Retirement Offerings With […]

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Skyline Exhibits, LLC, a portfolio company of Invision Capital, acquires Skyline Exhibits of Central Ohio, Inc.

by Kelly Bannen

This transaction completed the succession plan for Jeanette Armbrust who founded the business with her husband Mark in 2001. Jeanette will continue to assist with Ohio, but also take a key role in Skyline’s west coast operations in Los Angeles. GBQ’s Transaction Advisory practice provided consulting and due diligence support, while Footprint Capital acted as […]

Posted in Transaction Advisory News | Comments »

GBQ Advises on 100% ESOP Buyout for Fin Feather Fur Outfitters, Inc. and Subsidiaries

by Kelly Bannen

On May 31, 2017, Fin Feather Fur Outfitters, Inc. and Subsidiaries (“The Fin”) of Ashland, Ohio, announced the sale of 100% of its stock to a newly-created Employee Stock Ownership Plan (“ESOP”). The Fin is a locally-owned and operated retail chain of outdoor hunting and sporting goods stores. The Fin has Ohio’s largest selection of […]

Posted in Valuation Observations | Comments »

Colorado Remote Seller Reporting Requirements

by Kelly Bannen

On July 1, 2017, reporting and notification requirements for sales by remote sellers into Colorado became effective. Colorado Regulation 39-21-112.3.5, which was adopted June 30, 2017, provides guidance to retailers that do not collect sales or use tax and are now subject to the reporting requirements.

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Credit Union Update: Revenue Recognition From Contracts With Customers

by Kelly Bannen

Beginning in 2018, new rules go into effect for “revenue recognition from contracts with customers”. The purpose of this article is to explore the impact of this new requirement (Accounting Standards Update 2014-09, Revenue from Contracts with Customers) on the contractual arrangements between financial institutions (FIs) and their customers and how and if FIs may […]

Posted in Tax and Assurance Updates | Comments »

Is a Controller or CFO Right For You?

by Kelly Bannen

In this issue we discuss: The Inspiration for the ViaVero Logo; Controller vs. CFO; Community Impact; CPE Opportunities

Posted in ViaVero Monthly | Comments »

Checking The Pulse On Private Company Leaders

by Kelly Bannen

In This Issue: Checking The Pulse On Private Company Leaders; Are You 64 Years Old And Working?; Leading Your Team in a V.U.C.A. World; Private Companies: Consider These Financial Reporting Shortcuts; Look Beyond EBITDA; Does Your Business Have Too Much Cash?; Listening To Your Customers By Tracking Lost Sales; Don’t Overlook Tax Apportionment When Planning […]

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Will Tax Reform Kill The SALT Deduction?

by Kelly Bannen

In This Issue: Will Tax Reform Kill The SALT Deduction?; Personal Use Of Company Cars – The Basics; Flirting with Disaster – IT Event; Less Than 6 Months Until The New Contract Revenue Guidance Goes Live!; Respecting Auditor Independence; Make Sure Your Company Is Prepared For Any Disaster; Fine-Tuning Your Company’s Compensation Strategy; IRS Simplifies […]

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Will Tax Reform Kill the SALT Deduction?

by Kelly Bannen

In This Issue: Will Tax Reform Kill The SALT Deduction?; Personal Use Of Company Cars – The Basics; Flirting with Disaster – IT Event; Less Than 6 Months Until The New Contract Revenue Guidance Goes Live!; Respecting Auditor Independence; Make Sure Your Company Is Prepared For Any Disaster; Fine-Tuning Your Company’s Compensation Strategy; IRS Simplifies […]

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The Benefit of Making A Qualified Charitable Contribution

by Kelly Bannen

In This Issue: The Benefit Of Making A Qualified Charitable Distribution; Nonprofit Standards, A Benchmarking Survey

Posted in Nonprofit Perspectives | Comments »

Governor Kasich Signs Ohio Budget Bill and News on the Mobile Workforce Front

by Kelly Bannen

On Friday, June 30, 2017, Governor John Kasich signed Ohio’s main operating budget, House Bill 49, for FY 2018-2019. Although the House of Representatives overrode some of Governor Kasich’s vetoes, none of the overrides impacted tax provisions.

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Are You Looking To Enhance Your Technical Accounting Reach?

by Kelly Bannen

In this issue we discuss: Grant Writing Case Study, Are You Looking To Enhance Your Technical Accounting Reach?, Community Impact, CPE Opportunities.

Posted in ViaVero Monthly | Comments »

Are Charities At Risk For Losing Contributions?

by Kelly Bannen

In This Issue: Are Charities At Risk For Losing Contributions?; The Risk Of Doing Nothing: Change Management; Save The Date! 11th Annual Nonprofit Perspectives Seminar

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GBQ Advises with ATALIAN Global Services, Inc. who acquired Aetna Integrated Services, Inc.

by Kelly Bannen

On June 7, 2017, Aetna Integrated Services, Inc. (“Aetna”) completed a transaction whereby ATALIAN Global Services, Inc. (“ATALIAN Group”) acquired 100% of Aetna’s assets and business.

Posted in Transaction Advisory News | Comments »

Updated Standards for Accounting for Hedging Activities

by Kelly Bannen

In This Issue: Updated Standards for Accounting for Hedging Activities; You’re Invited! Cyber Security: Covering Your Digital Assets; Columbus C.E.O. Best of Business 2017: Voting Now Open; Pro Forma Compilations Look At How An Alternative Course Of Action Would Have Affected Financials; Timeliness Counts In Financial Reporting; You Don’t Have To Take Business Insurance Costs […]

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Is an ESOP Right for Your Company?

by Kelly Bannen

An Employee Stock Ownership Plan, or “ESOP”, is a qualified retirement plan, similar to a 401(k), which allows the employees of a company to become owners of the stock of their employer, while at the same time providing an attractive business succession plan for selling shareholders.

Posted in Transaction Advisory News | Comments »

Cybersecurity – Is Your Organization Prepared?

by Kelly Bannen

In This Issue: Cybersecurity – Is Your Organization Prepared?; GBQ + ViaVero: Reviewing Our First Year As Joint Venture Partners; Put Your Income Statement To Good Use; Employee Share-based Payments: FASB Revises The Reporting Requirements; Could Stronger Governance Benefit Your Business?; 4 Digital Marketing Tips For Every Business; Are Your Retirement Savings Secure From Creditors?; A […]

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GBQ + ViaVero: Reviewing Our First Year As Joint Venture Partners

by Kelly Bannen

In this issue we discuss: GBQ + ViaVero: Reviewing Our First Year As Joint Venture Partners; Basis Schedules Case Study; CPE Opportunities

Posted in ViaVero Monthly | Comments »

First Quarter 2017 State and Local Tax Update

by Kelly Bannen

On January 12, 2017, the California Court of Appeal, Fifth District, held that Swart Enterprises, Inc. (“Swart”) was not “doing business” in California by virtue of owning a 0.2% non-managing interest in a Limited Liability Company (“LLC”) that was doing business in California.

Posted in SALT Watch | Comments »

Am I Being Taxed Twice?

by Kelly Bannen

In This Issue: Am I Being Taxed Twice? Personal Income Tax Implications Of Compensation Clawbacks; You’re Invited: R&D Tax Savings Opportunities: Are You Leaving Money On The Table?; Why Financial Restatements Happen … And How To Pevent Them; How To Shape Up Your Working Capital; It May Be Time For Your Company To Create A Strategic […]

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Why is Business Succession Planning So Important?

by Kelly Bannen

The reality is that ALL privately-owned companies eventually change hands. It’s just a matter of how and when. Having a succession plan in place significantly protects and increases the value of your business. Business succession planning is often overlooked because business owners are busy working in their business and not working on their business.

Posted in Transaction Advisory News | Comments »

Are You Classifying Your Employees Correctly?

by Kelly Bannen

In This Issue: Are You Classifying Your Employees Correctly?; Do You Or Your Employees Qualify for the PSLF?; You’re Invited: Protecting Your Company’s Most Valuable Assets from Fraud

Posted in Nonprofit Perspectives | Comments »

Construction & Real Estate Trends – Spring 2017

by Kelly Bannen

In this issue we discuss: What’s It Cost?; Best Practice; Construction National Outlook; Construction Industry Advisor

Posted in Construction Industry Advisor | Comments »

Construction Industry Advisor – Spring 2017

by Kelly Bannen

In this issue we discuss: Succession planning Look at things from a surety’s perspective; The WIP is good: A valuable management tool; Is a joint venture the right choice for your company? Sec. 199 deduction looking better for contractors Construction Industry Advisor – Spring 2017

Posted in Construction Industry Advisor | Comments »

Turning Next Year’s Tax Refund Into Cash In Your Pocket Now

by Kelly Bannen

In This Issue: You’re Invited: GBQuarterly & SALTrends; Conflict Minerals: SEC Reconsiders The Disclosure Requirements; Use Pro Formas To Plot Your Route To Success; 3 Hot Spots To Look For Your Successor; Enhance Benefits’ Perceived Value With Strong Communication; Worried About Challenges To Your Estate Plan? Make It No Contest; Asset Valuations And Your Estate […]

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2017 Tax Reform: Trump proposes big tax cut for businesses

by Kelly Bannen

On Wednesday afternoon, U.S. National Economic Director Gary Cohn and Treasury Secretary Steven Mnuchin, on behalf of the Trump Administration, revealed “core principles” of the President’s tax reform plan. Many of the proposals were similar to those he made on the campaign trail, including a cut in the tax rate for businesses to 15%.

Posted in Tax and Assurance Updates | Comments »

Key Deadlines For The Remainder Of 2017

by Kelly Bannen

In This Issue: Are You Thinking Of Bringing A Partner Into Your Business? Before You Do, Consider The Following; What’s In A (Trade) Name? Measuring “Fair Value” For Financial Reporting Purposes; Benchmarking Receivables; How Can You Take Customer Service To The Next Level? Look At Your Employees With Cybersecurity In Mind; Life Insurance And An Estate Plan […]

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Changes to Federal Grant Purchasing Requirements – Are You Ready?

by Kelly Bannen

In This Issue: Purchasing standards for organizations receiving federal funding have changed, and the window to implement changes is quickly closing. Recipients were provided a two-year grace period following the effective date of the Uniform Guidance, which expires two full fiscal years following December 26, 2014

Posted in Nonprofit Perspectives | Comments »

Pennsylvania Amnesty Program and Updated Sales Tax Rules on Software Support

by Kelly Bannen

On April 4, 2017, the Pennsylvania Department of Revenue (“DOR”) issued the revised sales and use tax letter ruling (“letter ruling”), “SUT-17-001 — Act 84 of 2016 – Support to Canned Computer Software and Other Digital Property.”

Posted in SALT Watch | Comments »

Rising Rates and Cost of Capital

by Kelly Bannen

In This Issue: Rising Rates and Cost of Capital; You’re Invited: Privacy, Security + Risk: Case Studies + Best Practices For Your Company; 3 Financial Statements You Should Know; Create a Strong System of Checks and Balances; Consider Key Person Insurance As A Succession Plan Safeguard; Matchmaker, Matchmaker: Choosing The Right Lender; Be Aware Of […]

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In Case You Hadn’t Heard….Smith Elected Chair of NACVA’s Executive Advisory Board

by Kelly Bannen

In This Issue:Smith Elected Chair of NACVA’s Executive Advisory Board; Meet Our Intern; GBQ’s “Lunch and Learn” CLE  

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Determining Rates of Return for Early-Stage Companies

by Kelly Bannen

In This Issue: You’re Invited: Privacy, Security + Risk: Case Studies + Best Practices For Your Company; Determining Rates of Return for Early-Stage Companies; You’re Invited: Multistate Income/Franchise Tax: Q1 Highlights; FAQs About Agreed Upon Procedures; How Auditors Evaluate Fraud Risks; Getting Your Money’s Worth Out Of A Company Retreat; Offer Plan Loans? Be Sure […]

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GBQ Advises on Transaction Involving 100% ESOP-Owned Worm’s Way, Inc.

by Kelly Bannen

Worm’s Way, Inc. (“Worm’s Way”), a long-time Indiana-based ESOP-owned company and one of the nation’s leading specialty retailers and distributors of unique garden products used in hydroponic and year-round gardening, recently completed a transaction whereby it was acquired by Sun Capital Partners, Inc., a leading private investment firm.  

Posted in Valuation Observations | Comments »

Cyber Security – Inside and Out

by Kelly Bannen

In This Issue: You’re Invited: GBQuarterly Cyber Security; Jerod Brennen Joins GBQ’s Growing IT Services Team; Cyber Security – Inside and Out; Cooking the Books; Evaluating Going Concern Issues; Don’t Make Hunches — Crunch the Numbers; Listen and Trust: The Power of Collaborative Management; Make Health Care Decisions While You’re Healthy; Keep Family Matters Out […]

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Construction & Real Estate Trends – Winter 2017

by Kelly Bannen

In this issue we discuss: Construction National Outlook; What’s It Cost?; Construction Industry Advisor; Construction & Real Estate Insights

Posted in Construction and Real Estate Newsletter | Comments »

Charity Officials Are Increasingly Receiving Million-Dollar Paydays

by Trish Nelson

In This Issue: Five Ways to Improve Board Governance and Organization; Six Leadership Trends That Are Impacting The Nonprofit World; Charity Officials Are Increasingly Receiving Million-Dollar Paydays; What We Learn When A Nonprofit Closes Its Doors

Posted in Nonprofit Perspectives | Comments »

Construction Industry Advisor – Winter 2017

by Kelly Bannen

In this issue we discuss: 6 common accounting mistakes to avoid, how third-party funding helps contractors pursue claims, looking for skilled workers in all the right places and helping yourself and the environment with recycled materials. Construction Industry Advisor – Winter 2017

Posted in Construction Industry Advisor | Comments »

Manufacturing Minute – Winter 2017

by Trish Nelson

In this issue: Turning Employees into Shareholders with an ESOP; Ohio Sales & Use Tax Update; Pushing the Nexus Limits; and 6 Big Issues that will Disrupt Manufacturing

Posted in Manufacturing Minute | Comments »

Top 5 Reasons Why EBITDA Multiples Are Dangerous

by Kelly Bannen

In This Issue: Top 5 Reasons Why EBITDA Multiples Are Dangerous; 2016 Form 8938 Update for Specified Entities; IFRS vs. GAAP: Some Public Companies Want a Choice; Use Qualified Auditors For Your Employee Benefit Plans; What Can a Valuation Expert Do For Your Succession Plan?; An EAP Can Keep Your Top Players On the Floor; Use […]

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California Appellate Court Rules in “Doing Business” in California Case

by Kelly Bannen

On January 12, 2017, the California Court of Appeal, Fifth District, held that Swart Enterprises, Inc. (“Swart”) was not “doing business” in California by virtue of owning a 0.2% non-managing interest in a Limited Liability Company (“LLC”) that was doing business in California.  

Posted in SALT Watch | Comments »

The Philadelphia Sugar Sweetened Beverage Tax

by Kelly Bannen

The City of Philadelphia (“City” or “Philadelphia”) enacted the Sugar Sweetened Beverage Tax(“SSBT”), effective January 1, 2017.

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The Philadelphia Sugar Sweetened Beverage Tax

by Kelly Bannen

The City of Philadelphia (“City” or “Philadelphia”) enacted the Sugar Sweetened Beverage Tax (“SSBT”), effective January 1, 2017.

Posted in SALT Watch | Comments »

Is Annual Financial Reporting Enough?

by Kelly Bannen

In This Issue: Cincinnati Adds Up to Growth for GBQ GBQ Names Lisa Daugherty Director Megan Weidrick Promoted to Senior Financial Analyst FASB Approves One-Step Impairment Test for Goodwill Is Annual Financial Reporting Enough? Envision Your Advisory Board Before You Form It PTO Banks: A Smart HR Solution for Many Companies 2016 Charitable Deductions: Substantiate […]

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Going By the Books – When Book Value of Equity Can Approximate Market Value

by Kelly Bannen

In This Issue: Going By the Books: When Book Value of Equity Can Approximate Market Value Pushing the Nexus Limits Why Are So Many Businesses Selling? What is a Business? Ready, Set, Audit Succession Planning and Estate Planning Must Go Hand in Hand Is Your Business Committed to its Cost-Control Regimen? Should You Set Up […]

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Reminder – 2016 Tax Return Due Date Changes and New E-filing Information Disclosure Requirements

by Kelly Bannen

Tax season has arrived and this year’s season comes with some due dates changes and new e-filing information disclosure requirements.

Posted in Tax and Assurance Updates | Comments »

Ohio Sales and Use Tax Update

by Kelly Bannen

Governor Kasich’s proposed biennial budget was released yesterday. It contains proposed tax legislation to increase the state sales and use tax rate and broaden the tax base.

Posted in SALT Watch | Comments »

Fair Value Checklist with Latest Updates on FASB Rules

by Kelly Bannen

Foreign Bank Account Reporting Reminders in the New Year Fair Value Checklist with Latest Updates on FASB Rules Turning Employees into Shareholders with an ESOP GBQ Expands Business Technology Services Group with Addition of Doug Davidson Close-Up on the Use of XBRL in Financial Reporting Identify All of Your Company’s Retirement Plan Fiduciaries 4 Principles of […]

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Companies Restate Financial Results For a Variety of Reasons

by Christina Swonger

In This Issue: You’re Invited: The Successful Contractor; Companies Restate Financial Results for a Variety of Reasons; Build Consensus Before You Buy Business Software; Considering a Spinoff? Think it Through; Get Smart When Tackling Estate Planning for Intellectual Property; A Difficult Decision: Having an Elderly Parent Declared Incapacitated; Few Changes to Retirement Plan Contribution Limits […]

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In Case You Hadn’t Heard…Intellectual Property News – December 2016

by Christina Swonger

In this issue: The Latest Turn in the Apple and Samsung Phone Saga; What is a “Patent Box” and Should the United States Have One?; What Does a Trump Presidency Mean for Intellectual Property?

Posted in In Case You Hadn't Heard | Comments »

Construction & Real Estate Insights – Fall 2016

by Christina Swonger

In this issue we discuss: Construction National Outlook; What’s It Cost?; Construction Industry Advisor; Construction & Real Estate Insights

Posted in Construction Industry Advisor | Comments »

Year-End Tax Update

by Christina Swonger

In This Issue: GBQ’s Valuation Practice Ranks #1…4 Years in a Row!; Year-End Tax Planning; The Confirmation Process: A Key Audit Step; How to Report Discontinued Operations Today; Your Company’s Balance Sheet Makes Great Reading This Time of Year; Keeping Your Family Business in the Family; 2016 Charitable Donations Offer Both Estate Planning and Income […]

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How Tax Law Changes May Impact Charitable Giving

by Christina Swonger

In This Issue: How Tax Law Changes May Impact Charitable Giving; 5 Things You May Not Know About IRS Form 990

Posted in Nonprofit Perspectives | Comments »

GBQ’s Valuation Practice Ranks #1…4 Years In a Row!

by Christina Swonger

In its 2016 study involving the 200 largest CPA firms in the country, INSIDE Public Accounting has ranked GBQ the #1 valuation practice nationally for the fourth consecutive year, as measured by valuation volume relative to total firm revenues.

Posted in Valuation Observations | Comments »

Construction Industry Advisor – Fall 2016

by Christina Swonger

In this issue we discuss: The new rule on overtime, implications for construction companies; Stopping the scourge of profit fade; Zero net energy building: Hot trend getting hotter; Boost retirement benefits with a cash balance plan Construction Industry Advisor – Fall 2016

Posted in Construction Industry Advisor | Comments »

Computers Don’t Have Social Skills

by Christina Swonger

In This Issue: SALTrends Webinar – Employment Taxes: Preparing for 2017; Daugherty Joins GBQ as Assurance Partner; Computers Don’t Have Social Skills; Employee Disaster Preparedness; Clarification on the Treatment For Partner-Employees; Signs of Inventory Fraud; Reporting UTPs; Are You Ready for Audit Season?; Roth 401(k) Conversions May Suit Your Millennial Employees; Setting Sail Into the […]

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Are Your Buy-Sell Agreements Addressing Issues Now or Causing Distress Later?

by Christina Swonger

Read more about the role that buy-sell agreements can play in easing or causing problems in shareholder transitions.

Posted in In Case You Hadn't Heard | Comments »

A Brief Overview of the President’s-Elect Tax Plan for Individuals

by Christina Swonger

In This Issue: GBQuarterly: Year-End Tax Update; Vrettos Joins GBQ Expanding SALT Services to East Coast; Kling Joins GBQ as Tax Director; Tax Treatment of Ponzi Scheme Losses; Do You Know About Form 8814: Parent’s Election to Report Child’s Interest and Dividends; How Accounting Estimates Are Audited; 3 Ways to Get Started on Next Year’s […]

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California Reduces State Portion of Sales and Use Tax Rate

by Christina Swonger

In November of 2012, the Schools and Local Public Safety Protection Act of 2012 was approved by California voters to temporarily increase the state sales and use tax rate by 0.25%. The increase expires on December 31, 2016.

Posted in SALT Watch | Comments »

Ohio Supreme Court Rules on Commercial Activity Tax

by Christina Swonger

On November 17, 2016, the Ohio Supreme Court issued an opinion in Crutchfield Corp. vs. Testa. The court ruled that Ohio can impose its commercial activity tax on an online retailer that meets the statutory threshold of $500,000 of annual gross receipts sourced to Ohio, regardless of whether the retailer has any physical presence in the state.

Posted in SALT Watch | Comments »

Lack of Governance Prime Target of Regulators

by Christina Swonger

In This Issue: Nonprofit Perspectives Seminar Recap; Lack of Governance Prime Target of Regulators; Here’s How Yale’s Endowment Left Its Ivy League Rivals Behind

Posted in Nonprofit Perspectives | Comments »

Vrettos Joins GBQ’s Expanding SALT Services to East Coast

by Christina Swonger

GBQ is excited to announce the expansion of our State & Local Tax (SALT) services practice to Philadelphia and the addition of George Vrettos, MSA, CPA, who joins our SALT team as a Director and head of our East Coast operations.

Posted in SALT Watch | Comments »

Charitable Contributions for the Most Wonderful Time of the Year

by Christina Swonger

In This Issue: GBQ Named a Columbus Business First Best Places to Work; GBQuarterly: Year-End Tax Update; ROTH IRAs Are Attractive Investment Vehicles; Charitable Contributions for the Most Wonderful Time of the Year; It’s Sometimes Hard to Report “Hard” Assets; Reporting Contingent Liabilities; Ensure Your Retirement Benefits Provider is Truly Providing; Mentoring Can Make Your […]

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Manufacturing Minute – Fall 2016

by Christina Swonger

In This Issue: Internet of Things Event Recap; How Should Manufacturers Fund Innovation? An Examination of R&D Tax Credits vs. Government Contracts; Cash is King…If Determined Correctly

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Forget the Price – Focus on ATWAM

by Christina Swonger

In This Issue: GBQ Named a Best Workplaces in Ohio; Forget the Price – Focus on ATWAM; Final and Temporary Section 385 Regulations; Set Goals That Won’t Lead Employees Astray; Understanding the Statement of Cash Flow; How Can Your Business Make the Most of the Cloud?; Thinking Big Is The First Step Toward Growing Your […]

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Final and Temporary Section 385 Regulations

by Christina Swonger

On October 13, 2016, final and temporary regulations under Section 385 were released which address related party financing instruments. The regulations were officially published today. The regulations were much-anticipated and contain numerous changes from their original proposed form, addressing comments and concerns raised by practitioners.

Posted in Tax and Assurance Updates | Comments »

New Jersey Terminates Personal Income Tax Reciprocity Agreement with Pennsylvania

by Christina Swonger

On September 2, 2016, New Jersey Governor Chris Christie (R) notified Pennsylvania that New Jersey terminated the reciprocity agreement between the two states. As a result of the termination, a Pennsylvania employer will be required to pay New Jersey withholding tax on the wages of a Pennsylvania resident employee attributed to work performed in New […]

Posted in SALT Watch | Comments »

In Case You Hadn’t Heard…Smith Co-Authors Chapter in the Comprehensive Guide to Economic Damages

by Christina Swonger

The Fourth Edition of the Comprehensive Guide to Economic Damages has hit the shelves and Rebekah Smith, Director of the Forensic and Dispute Advisory Services department at GBQ, is a contributor!

Posted in In Case You Hadn't Heard | Comments »

GBQ Advises on Transaction to Make Bruns Construction Enterprises 100% ESOP-Owned

by Christina Swonger

On October 1, 2016, Bruns Construction Enterprises (“Bruns”) of St. Henry, Ohio, completed a transaction that resulted in the company’s newly-formed Employee Stock Ownership Plan (“ESOP”) becoming the sole shareholder, thus making the company 100% employee owned. Bruns is a diversified contractor and construction company primarily serving the Ohio market.

Posted in Valuation Observations | Comments »

Are You Ready for The New Revenue Recognition Rules?

by Christina Swonger

In This Issue: Congratulations Curtis!; You’re Invited! Accounting & Auditing Update Seminar; Election 2016 – Pocket Guide; Are You Ready for The New Revenue Recognition Rules?; Business Owners, Help Your Estate By Gifting Company Stock; 5 Ways to Speed Up Collections; Have You Provided For the Removal of a Trustee in Your Estate Plan?; Prenups […]

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Failing to File Form 8976 Can Have Significant Consequences

by Christina Swonger

In This Issue: You’re Invited: Nonprofit Perspectives Seminar; Failing to File Form 8976 Can Have Significant Consequences; Advisors’ Account Security May Leave Your Money Vulnerable

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California Franchise Tax Board Issues Notice On The Treatment of Existing Water’s-Edge Elections

by Christina Swonger

In FTB Notice 2016-02 (Sept. 9, 2016), the California Franchise Tax Board (“FTB”) addresses the treatments the FTB will apply in situations where a unitary foreign affiliate of a water’s-edge combined reporting group becomes subject to income/franchise tax after the enactment of the “factor presence nexus” statute beginning January 1, 2011.

Posted in SALT Watch | Comments »

Due Date Changes for 2016 Tax Returns

by Christina Swonger

In This Issue: Samantha Dye Named Controller; Due Date Changes for 2016 Tax Returns – Mark Your Calendars Now!; What Companies Can Do To Keep Employees Satisfied; 10th Annual Nonprofit Perspectives Seminar; Getting Started on Your Estate Plan; Estate Planning Benefits of FLPs May Be in Danger; Innovate or Acquire? That’s the Strategic Question; Proper […]

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Expense Reimbursement Traps

by Christina Swonger

In This Issue: GBQ Consulting Named a M&A Advisor Awards Finalist; GBQuarterly 401(k) Employee Benefit Plan Issues; Forquer Completes Acclaimed Bullet Proof Manager Series; Expense Reimbursement Traps; Could a Tax-Free Exchange Help Cover LTC Insurance Costs?; Climbing the “Hierarchy of Needs” to Find Employee Engagement; Tax Impact of Investor vs. Trader Status

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Expense Reimbursement Traps

by Christina Swonger

In This Issue: Expense Reimbursement Traps; Ohio Nonprofit Compensation & Benefit Survey is Now Open

Posted in Nonprofit Perspectives | Comments »

Work Opportunity Tax Credit – Reenacted and Ready to Be Claimed

by Christina Swonger

In This Issue: GBQ Named a Best of the Best Accounting Firm; GBQuarterly: 401(k) Employee Benefit Plan Issues; Work Opportunity Tax Credit- Reenacted and Ready to Be Claimed; Back to School Tax Breaks; Organizational Culture, More Important than You Thought; Take Care of a Loved One Who Has Special Needs with an SNT; Should You […]

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Pennsylvania State Tax Updates

by Christina Swonger

On July 13, 2016, Pennsylvania Governor Tom Wolf signed into law H.B. 1198, 2015-2016 Reg. Sess. (Pa. 2016), which broadens the sales and use tax base to include digital goods, and includes provisions that require the Department of Revenue to revise the tax due upon review of an amended corporate tax return. In addition, H.B. […]

Posted in SALT Watch | Comments »

Construction Industry Advisor – Summer 2016

by Christina Swonger

In this issue we discuss: Get ready for new lease accounting rules; Show me the money – Ways to keep your profits on track; Pay attention to “no damages for delay” clause; Four ways contractors are using RFID technology Construction Industry Advisor – Summer 2016

Posted in Construction Industry Advisor | Comments »

New IRS Rules May Limit Valuation Discounts: The Time to Gift is Now

by Christina Swonger

The proposed regulations modify IRC Section 2704, and have the net result of making it more difficult for taxpayers to utilize valuation discounts when determining the fair market value of minority interests in family-owned entities.

Posted in Valuation Observations | Comments »

Proposed Changes to Favorable Gift/Estate Tax Valuation Rules May Require Immediate Action

by Christina Swonger

Proposed regulations regarding estate planning and valuation discounts were released by the Internal Revenue Service and the Department of Treasury on August 2, 2016.

Posted in Tax and Assurance Updates | Comments »

Cash is King…If Determined Correctly

by Christina Swonger

In This Issue: Kelly Noll Named a Senior Manager in the Firm; GBQ Names Farrow a Manager in the Firm; The Internet of Things Has Finally Arrived (Are Manufacturers Ready?); Revenue Recognition and the Construction Industry; Cash is King…If Determined Correctly; A Big Tax Break for Contributing to a Favorite Charity; Tread Carefully If You and […]

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Upgrade Your Internal Controls

by Christina Swonger

In This Issue: Upgrade Your Internal Controls: Reviewing the COSO Framework Can Help; Does Your Board Understand Budget Speak?

Posted in Nonprofit Perspectives | Comments »

Nevada Issues Commerce Tax Regulations

by Christina Swonger

Effective June 28, 2016, Nevada adopts regulations to accompany the Commerce Tax that was enacted in June 2015, and which applies to taxable years beginning on or after July 1, 2015. The regulations address the definitions of “engaging in business” and “intangible investments,” reporting requirements, the situs of gross receipts, the method for determining business […]

Posted in SALT Watch | Comments »

Estate Tax Deferral Offers Relief to Some Business Owners

by Christina Swonger

In This Issue: GBQ Names Waldeck a Senior Manager in the Firm; Steve Boston Named a Senior Manager in the Firm; SALTrends: Real/Personal Property and Unclaimed Property Webinar; Country-by-Country Reporting Regulations Finalized; Direct Payments of Tuition and Medical Expenses Can Reduce Future Estate Tax Exposure; The Tax and Estate Planning Pitfalls of Retiring Overseas; Estate […]

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Construction & Real Estate Trends – Summer 2016

by Christina Swonger

In This Issue: Construction National Outlook; What’s It Cost?; Construction Industry Advisor; Real Estate Insights

Posted in Construction Industry Advisor | Comments »

Real Estate Insights – Summer 2016

by Christina Swonger

In our Summer issue of Real Estate Insights, we discuss: National Security Compliance is Key to Cross-Border M&A What Risks Keep REIT Executives Up at Nights? Real Estate & Construction Tax and Accounting Roundup: What to Know is 2016 How the Digital Revolution is Impacting Hotels What’s Trending in Real Estate Around the World? United […]

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Connecticut Adopts Market Sourcing for Corporation and Personal Income Tax

by Christina Swonger

On June 6, 2016, Connecticut Governor Dannel P. Malloy (D) signed into law S.B. 502, which adopts single sales factor apportionment for Personal Income Tax purposes, and market sourcing for Corporation and Personal Income Tax purposes.

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Don’t Just Say You Are a New Resident, Show It!

by Christina Swonger

In This Issue: GBQ Names Bechtel a Director in the Firm; GBQ Names Dulle a Senior Manager in the Firm; Don’t Just Say You Are a New Resident, Show It!; 3 Benefits of Donor-Advised Fund Giving; Follow All Rules When Transferring Assets to An Irrevocable Trust; HSA + HDHP = Your Ideal Benefits Strategy?; Streamline […]

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Potential Changes Coming for Nonprofit Tax Legislation

by Christina Swonger

In this issue: Potential Changes Coming for Nonprofit Tax Legislation; Revenue Recognition of Grants and Contracts by Nonprofits – Is It Time For a Change?

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In Case You Hadn’t Heard…To Dip or Double Dip, That Is The Question

by Christina Swonger

The Tenth District Court of Appeals recently upheld a trial court’s decision that found that double dipping was not inequitable under the facts and circumstances. This case, Gallo v. Gallo, 10th Dist. No. 15AP-442, 2016-Ohio-3530 (“Gallo II”), had been previously appealed based on the argument that the trial court improperly “double dipped” in awarding spousal […]

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Ohio Commercial Activity Tax Reminder – 2nd Quarter – 2016

by Christina Swonger

As a reminder, the next Ohio Commercial Activity Tax (CAT) filing deadline is approaching for quarterly filers.  The 2nd quarter of 2016 CAT return is due on Wednesday, August 10, 2016.

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GBQ Advises on Transaction to Make Rapid-Line 100% ESOP-Owned

by Christina Swonger

On June 30, 2016, Rapid-Line, Inc. (“Rapid-Line”) of Grand Rapids, Michigan, completed a transaction that resulted in the Rapid-Line, Inc. Employee Stock Ownership Plan (“ESOP”) becoming the sole shareholder, thus making the company 100% employee owned. Rapid-Line is an ISO-9001-certified provider of metal fabrication and innovative contract manufacturing services.

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3 Keys to Strong Business Financials

by Christina Swonger

In This Issue: Vote for GBQ! Columbus C.E.O. “Best of Business” Reader Poll; GBQ Recognizes Associates at Firm Meeting; An Overview of Presidential Candidates’ Tax Plans; Form 1042: Reporting Can Be Tricky; Wire Transfer Fund and How It Can Affect You; Couples with a Noncitizen Spouse Play by Different Estate Planning Rules; 3 Keys to […]

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Michigan Eliminates Flow-Through Entity Withholding Requirement

by Christina Swonger

On June 8, 2016, Michigan Governor Rick Snyder (R) signed into law H.B. 5131, which eliminates the requirement for an entity classified as a partnership or S corporation for federal income tax purposes (“FTE”) to withhold income tax on an owner’s distributive share of Michigan income.

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An Overview of Presidential Candidates’ Tax Plans

by Christina Swonger

Now that the races are down to a manageable number of candidates, we want to provide some information on their tax proposals. No political commentary, just an overview to help keep you informed. Although many of these proposals may never become law, they nonetheless provide valuable insight into the underlying principles that will guide tax reform efforts […]

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GBQ Teaches at the National Judicial College

by Christina Swonger

Rebekah Smith, Director of Forensic and Dispute Advisory Services at GBQ, recently spoke to a group of about 25 judges from across the country at the National Judicial College’s seminar on Complex Commercial Litigation in San Antonio, Texas. This course is designed to teach judges the key issues that must be understood when presiding over […]

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Mississippi Enacts Franchise Tax Phase-Out and Minimum Taxable Capital Threshold

by Christina Swonger

On May 13, 2016, Mississippi Governor Phil Bryant (R) signed into law S.B. 2858, which enacts a phase-out of the Corporation Franchise Tax via a gradual rate reduction starting with taxable years beginning in 2019 and ending with taxable years beginning in 2027.  

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Common Fraud Red Flags

by Christina Swonger

In This Issue: Common Fraud Red Flags; Beware of Clawback Provisions Related to Incentives; My Business is Worth 5x EBITDA, Right?; Sweat the Small Stuff: Don’t Forget to Address Personal Items in Your Estate Plan; Today’s Asset Purchase Could Turn Into Tomorrow’s Tax Break; Business Owners: Put Your Successor to Work Before You Set Sail; […]

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Key Performance Indicators for Nonprofit Organizations

by Christina Swonger

In this issue: Key Performance Indicators for Nonprofit Organizations; Making Sure Your Bylaws Are on Point

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Manufacturing Minute – Summer 2016

by Christina Swonger

In this issue, we discuss how your company may benefit from the R&D tax credit and getting employees to join the fight against fraud.

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Consumer Financial Protection Board Announces Agenda That Stands to Impact Financial Institutions

by Christina Swonger

Recently, the CFPB published its latest rulemaking agenda detailing what we can expect on the horizon in terms of new proposed and final rules. Based on the agenda, it looks like the CFPB plans to keep compliance folks plenty busy throughout the summer!

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Federal Student Tax Scam – Now They Are Going After Our Children?

by Christina Swonger

In This Issue: “Federal Student Tax” Scam – Now They Are Going After Our Children?; How the New Overtime Rules Affect Your Business; Research and Development Credit – An Under Utilized Tax Saving Opportunity for Developing Companies; Life Insurance Remains a Powerful Estate Planning Tool for Nontaxable Estates; Giving Back: How to Help Your Parents […]

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In Case You Hadn’t Heard…Intellectual Property News

by Christina Swonger

In this issue: Sale of All Substantial Rights in a Patent: Capital Gain or Ordinary Income?; Taylor Swift has “Shaken Off” a Copyright Lawsuit; The Importance of Valuing Intangibles

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How to Retain Your Best Employees to Keep Profitability Strong

by Christina Swonger

In This Issue: GBQuarterly: Accessing the Capital Markets; As Seen In…Inc. Magazine; You Can’t Ignore the Nexus Questionnaire; Are Your Indirect Auto Loan Yields Sufficient?; Properly Fund Your Living Trust to Shield Assets From Probate; Is a Charitable IRA Rollover Right for You?; How to Retain Your Best Employees to Keep Profitability Strong; Streamline Your […]

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Michigan Court of Appeals Reverses Decision

by Christina Swonger

On March 31, 2016, the Michigan Court of Appeals issued its decision in LaBelle Management, Inc. v. Dep’t of Treasury, in which it reversed a decision of the Court of Claims. The Court of Appeals held that the taxpayer was not part of the same unitary business group with two entities for Michigan Business Tax (“MBT”) […]

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Construction Industry Advisor – Spring 2016

by Christina Swonger

In this issue we discuss: Are You Getting All That You Deserve? Don’t Overlook the Research Credit; Maximizing the Section 199 Deduction; Enhance Your Operations with Benchmarking; Drones on the Job Site

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In Case You Hadn’t Heard…New Case on Officers’ Excessive Compensation

by Christina Swonger

The Tenth District Court of Appeals upheld the trial court’s decision (Judge Richard A. Frye, Franklin County Court of Common Pleas) regarding officers’ excessive compensation relying, in part, on expert testimony from GBQ’s Rebekah Smith, who the Court of Appeals described as “a very well-qualified, objective and credible witness.” This case, Lynn Edelman v. JELBS, […]

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M&A Activity – Don’t Forget Unclaimed Property

by Christina Swonger

In This Issue: Business Owners’ Strategic Planning Series; M&A Activity – Don’t Forget Unclaimed Property; S-Corporations: A Potential Vehicle for Tax Savings; 529 Plans: Saving for College is Also Good for Your Estate Plan; QTIP Trusts May Be the Estate Planning Solution for Second Marriages; Need a Silver Lining? Try the NOL Deduction; Choosing a […]

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Benchmarking for Nonprofits: 5 Steps to Consider

by Christina Swonger

In this issue: Benchmarking for Nonprofits: 5 Steps to Consider; Tips for Effective Opportunity and Risk Forecasting

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Contemplate Your Company’s Compensation Philosophy

by Christina Swonger

In This Issue: You’re Invited: Damages 201: Hands-On Workshop; The Market Approach; Pros, Cons and Other Considerations; The Tax Dangers of Providing for Employees in Your Estate Plan; 4 Tools for Addressing Incapacity in Your Estate Plan; Why It’s a Good Idea for Employers to Encourage 401(k) Rollovers; Contemplate Your Company’s Compensation Philosophy.

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Rhode Island Adopts Combined Reporting Regulation

by Christina Swonger

On March 10, 2016, Rhode Island adopted Regulation CT-16-17, which provides guidance regarding the State’s water’s edge unitary combined reporting requirement for Business Corporation Tax purposes.  

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Making Your Case for a Business Loan

by Christina Swonger

In This Issue: Pension Payouts: What’s the Best Option?; Ensure Your High-Cash-Value Life Insurance Policy Fully Benefits Your Loved Ones; Would Gamification Play at Your Company?; Making Your Case for a Business Loan; Entrepreneurs: What Can You Deduct and When?

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Rising to the Challenge of Nonprofit Recruiting

by Christina Swonger

In this issue: Rising to the Challenge of Nonprofit Recruiting; Nonprofits, Don’t Get Caught by Phishing Schemes

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Construction & Real Estate Trends – Spring 2016

by Christina Swonger

In This Issue: Construction National Outlook; What’s It Cost?; Financial Perspective; Real Estate Insights

Posted in Construction Industry Advisor | Comments »

4 Facts About the Section 199 Tax Deduction

by Christina Swonger

In this issue: Common Approaches and Methodologies in Valuation; Achieve Greater Charitable Giving Flexibility with a Nonqualified CRT; How to Protect Assets from Creditors When Naming a Beneficiary as Trustee; 4 Facts About the Section 199 Tax Deduction; Who’s Helping You with Your Succession Plan?

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Real Estate Tax Consulting Services

by Christina Swonger

Although the economy has begun to recover from the recent economic downturn, real estate values have not fully returned to their pre-recession values.  GBQ is assisting clients to determine if property values are properly assessed.

Posted in Tax and Assurance Updates | Comments »

Real Estate Insights – Spring 2016

by Christina Swonger

In our Spring issue of Real Estate Insights, we discuss: New Law Restricts Tax-Free REIT Spinoffs Achieving the Best Tax Results From Tenant Improvement Allowances No Alarm Bells After Minimal Interest Rate Hike What’s Trending in Real Estate Around the World? – Canada Perspective in Real Estate

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Make a 2015 Contribution to an IRA Before Times Runs Out

by Christina Swonger

In this issue: Think Before You Forecast – Common Mental Errors that Impede Unbiased Financial Projections; Make a 2015 Contribution to an IRA Before Time Runs Out; Greater Estate Planning Options Available to Same-Sex Married Couples; A Critical Decision: Naming the Guardian of Your Minor Children; Take a Shot at a SWOT Analysis; Yes, a […]

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Think Like an Auditor: What Can You Learn About Your Revenue Picture?

by Christina Swonger

In this issue: Think Like an Auditor: What Can You Learn About Your Revenue Picture?; Effective Nonprofit Board Governance: Ten Responsibilities of the Board

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Manufacturing Minute – Winter 2016

by Christina Swonger

In this issue, we discuss financial forecasting, attracting talent and the manufacturing value chain.

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How to Comply with the New FASB Leases Standard

by Christina Swonger

The first step in compliance for many companies following the US Financial Accounting Standards Board’s (FASB’s) issuance of its new leases standard on Thursday will be an evaluation of whether they possess all the data they need to report under the new rules.

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In Case You Hadn’t Heard…February 2016

by Christina Swonger

Rebekah Smith, Director of Forensic and Dispute Advisory Services at GBQ, spoke at Colorado’s 33rd National CLE Conference in Vail, Colorado on January 9th. Her presentation covered advanced topics such as “double dipping” (the use of income for both valuation and support) and personal goodwill issues.

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Pennsylvania Court Holds That the State’s Net Operating Loss Deduction is Unconstitutional

by Christina Swonger

On November 23, 2015, the Commonwealth Court of Pennsylvania issued a decision in Nextel Communications of the Mid-Atlantic, Inc. v. Commonwealth of Pennsylvania. The Commonwealth Court held that the State’s 2007 net operating loss deduction (“NOLD”) limitation as applied to the taxpayer violates the Pennsylvania Constitution. The court granted the taxpayer full use of its net […]

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Extension Means Businesses Can Take Bonus Depreciation on Their 2015 Returns

by Christina Swonger

In this issue: GBQ Honored at Pillar Awards; GBQ Announces Winter Promotions; Fraud Risk Assessments: An Ounce of Prevention…; Extension Means Businesses Can Take Bonus Depreciation on Their 2015 Returns – But Should They?; Deduct Home Office Expenses – If You’re Eligible; A Helping Hand: Addressing Your Parents in Your Estate Plan; Think Twice Before […]

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How Could This Fraud Have Been Prevented?

by Christina Swonger

In this issue: How Could This Fraud Have Been Prevented?; Giving Up 1.6%, Online Gifts Still in Single Digits

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Credit Union Update

by Christina Swonger

The NCUA has recently issued Letter No.:16-CU-01 outlining its Supervisory Priorities for 2016. The letter is intended to assist credit unions in preparing for their next NCUA examination. Several of the areas are carried over from 2015 and continue to be high on NCUA’s risk areas for 2016.

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What Is My Business Worth?

by Christina Swonger

Whether you are a business owner, an advisor to a business owner or an employee of a business, the question that’s on everyone’s mind is “What is my business worth?”  We hope that you find this article informative, as well as entertaining. If you do, please feel free to share it with others that you think […]

Posted in Valuation Observations | Comments »

File Early to Avoid Tax Identity Theft

by Christina Swonger

In this issue: Shearer Named Partner at GBQ; Thinking About Selling Your Company? Here are 5 Things You Need and 1 Thing You Don’t (Surprisingly); Is Your Stock Option Plan a 409a Time Bomb?; Why Investing in Small-Business Stock May Make More Tax Sense Than Ever; File Early to Avoid Tax Identity Theft; Follow IRS […]

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Construction & Real Estate Trends – Winter 2016

by Christina Swonger

In this issue: Construction Industry Advisor; Construction National Outlook; Real Estate Insights; Tax Alert: The Construction Contractors PATH; What’s It Cost?

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Connecticut State Tax Updates

by Christina Swonger

On December 29, 2015, Connecticut Governor Dan Malloy signed into law Senate Bill 1601. This SALT Watch summarizes the amendments contained in S.B. 1601, including changes to Connecticut tax law.  

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Construction Industry Advisor – Winter 2016

by Christina Swonger

In this issue we discuss: Prequalification reduces risk of subcontractor default; Don’t neglect the cost to complete; Why you should keep an eagle eye on your estimates; Contractor’s Toolbox – The ins and outs of additional insured endorsements.

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Real Estate Insights – Winter 2016

by Christina Swonger

In our Winter issue of Real Estate Insights, we discuss: Top 2016 Resolutions for REITs Compensation Trends for Real Estate CEOs and CFOs Perspective in Real Estate

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Supreme Court of California Decides Gillette Case, Rules Multistate Tax Compact is Not Binding

by Christina Swonger

On December 31, 2015, the Supreme Court of California ruled in Gillette Company v. Franchise Tax Board that the Multistate Tax Compact is not a binding reciprocal agreement. As a result, taxpayers are unable to elect to use a three-factor apportionment formula, as prescribed by the agreement.

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Significant Accounting & Reporting Matters – 4th Quarter 2015

by Christina Swonger

Financial Accounting Standards Board; Public Company Accounting Oversight Board; Securities Exchange Commission; International Accounting Standards Board; Effective Dates of U.S. Accounting Pronoouncements

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2 Extended Credits Can Save Businesses Taxes on Their 2015 Returns

by Christina Swonger

In this issue: GBQ Expands in Cincinnati through Addition of E&R; Doing Business in Canada Seminar; New Company Will Pay for Your Wedding and Profit from Your Divorce; Affordable Care Act (ACA) Reporting – IRS Extends Due Dates; 2 Extended Credits Can Save Businesses Taxes on Their 2015 Returns; Could You Save More by Deducting […]

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Exempt Organizations’ IRS Priorities

by Christina Swonger

In this issue: Exempt Organizations’ IRS Priorities; Corporate Sponsorship Money: Is It Taxable?

Posted in Nonprofit Perspectives | Comments »

Award Winning Year for GBQ’s Valuation Practice

by Christina Swonger

2015 was a great year! Thank you to all of our clients, referral sources and friends of the firm for supporting us!

Posted in Valuation Observations | Comments »

In Case You Hadn’t Heard…Winter 2016

by Christina Swonger

In this issue, we discuss privileged documents, Shkrelis indictment, the Wright Brothers and daily fantasy sports.

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GBQ Expands in Cincinnati through Addition of Ernst & Rabe

by Christina Swonger

On January 1, 2016, Ernst & Rabe (E&R) and their team of tax and accounting experts, joined forces with GBQ Partners LLC, a top 200 tax, accounting and consulting firm headquartered in Columbus, Ohio. It’s a powerful combination offering enhanced resources, an expanded range of business solutions and a team of 160, working in five offices […]

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Tax Alert: Affordable Care Act Reporting – IRS Extends Due Dates

by Christina Swonger

On December 28, 2015, the Internal Revenue Service (“IRS”) published Notice 2016-4. The notice extends the deadlines for the 2015 Affordable Care Act (“ACA”) information reporting requirements for those required to file.  

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Should Your Company Elect FASB’s Private Company Alternative for Business Combinations?

by Christina Swonger

In this issue: Should Your Company Elect FASB’s Private Company Alternative For Business Combinations?; No Changes to Retirement Plan Contributions for 2016; The New Year is a Perfect Time for an Estate Planning Checkup; Achieving Your Succession and Estate Planning Goals via Recapitalization

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Illinois Circuit Court Holds That Significant Economic Presence is Proper Test for Corporate Income Tax Nexus

by Christina Swonger

An Illinois Circuit Court granted the Illinois Department of Revenue’s cross motion for summary judgment in Capital One Financial Corporation v. Brian Hamer, Director of the Illinois Department of Revenue, Docket No. 2012-TX-0001/02, and held that Capital One had sufficient nexus with the state for corporate income tax purposes by applying the “significant economic presence” […]

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Tax Alert: The Construction Contractors PATH

by Christina Swonger

The tax path for the construction contractor is one that is ever-winding and full of twists and turns. But the path just became a tad bit straighter with the Protecting Americans from Tax Hikes Act of 2015 (“PATH”) which was signed into law by President Obama on December 18th. The Act permanently extends several income […]

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Year-End Tax Legislation with Surprising Permanent Implications

by Christina Swonger

In this issue: GBQ Welcomes Jeff Harden; Year-End Tax Legislation with Surprising Permanent Implications; IRS Effort to Prevent Identity Theft; Tis the Season for Year-End Gifting and Giving; Avoid a 50% Penalty: Take Retirement Plan RMDs by December 31; 7 Last-Minute Tax-Saving Tips; Second-To-Die Life Insurance is a Vehicle to Pay Estate Taxes; Be Wary […]

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Tax Alert: Pending Year-End Tax Legislation with Surprising Permanent Implications

by Christina Swonger

Some may recall this time last year, when a large number of expired tax provisions came down to mid-December before they were extended retroactively through the end of 2014 only. On Wednesday, the Consolidated Appropriations Act 2016 was introduced in Congress, which includes the “Protecting Americans from Tax Hikes (PATH) Act of 2015” in the […]

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2015 Tax Alert for Individuals

by Christina Swonger

Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your largest annual expenditures. So, just as you would shop around for the best price for food, clothing, or merchandise, you want to consider opportunities to reduce or defer your annual tax obligation. This Tax Alert is intended to assist […]

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2015 Tax Alert for Businesses

by Christina Swonger

The time to consider tax-saving opportunities for your business is before its tax year-end. Some of these opportunities may apply regardless of whether your business is conducted as a sole proprietorship, partnership, limited liability company, S corporation, or regular corporation. Other opportunities may apply only to a particular type of business organization. This Tax Alert […]

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Year-End Tax Planning for Businesses and Individuals

by Christina Swonger

In this issue: Year-End Bonuses and Fiduciary Responsibility; 2015 Year-End Tax Planning for Businesses and Individuals; Protecting Your Retirement Savings from Creditors; Unmarried Couples Must Take Extra Steps to Reduce Estate Tax Liability; Win Over Millennials with the Right Management Approach; 3 Places to Look When Searching for Next Year’s Budget

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Manufacturing Minute – Fall 2015

by Christina Swonger

In this issue, we discuss “Made in the USA”, tangible property updates and good news about manufacturing growth in Ohio.

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#Giving Tuesday

by Christina Swonger

Four years ago, an idea was put in place to help stir up the donation desire, it’s now known as #GivingTuesday.

Posted in Nonprofit Perspectives | Comments »

The IRS Raises Expensing Threshold to $2,500 for Small Businesses

by Christina Swonger

On November 24, 2015, the Internal Revenue Service simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items.

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Depreciation Tax Breaks Aren’t What They Used to Be – Yet

by Christina Swonger

In This Issue: Considerations for Selecting an Employee Benefit Plan Auditor; New Safe Harbor for Retail and Restaurant Industry; Protect Your Deduction: Verify That a Charity is Eligible to Receive Tax-Deductible Contributions Before You Donate; Have You Factored GST Tax Info Your Gifting Strategy?; Seek an Appraisal Before Donating Artwork; Getting Everyone to Buy Into […]

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Construction & Real Estate Insights – Fall 2015

by Christina Swonger

In this issue: Construction Industry Advisor; Construction National Outlook; What’s It Cost?; Financial Perspective; Real Estate Insights

Posted in Construction Industry Advisor | Comments »

Construction Industry Advisor – Fall 2015

by Christina Swonger

In this issue we discuss: Year end tax planning for construction companies How to self-insure your construction business Cost segregation studies can benefit you and your clients Contractor’s Toolbox: Cybersecurity: Are you prepared?

Posted in Construction Industry Advisor | Comments »

Real Estate Insights – Fall 2015

by Christina Swonger

In our Fall issue of Real Estate Insights, we discuss: A New Spin on REIT Spin Off Deals Evolving Portfolio and Real Estate Strategies in U.S. Healthcare Systems: The Rise of Outpatient and Ambulatory Care Want to Raze Your Taxes? PErspective in Real Estate

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Success is Always Curvy

by Christina Swonger

In this issue: Success is Always Curvy; Travel Expense Reimbursements – Business Deduction or Employee Compensation?; Save Tax – Or At Least Defer It – By Carefully Timing Business Income and Expenses; The 529 Saving Plan: A Tax-Smart Way to Fund College Expenses; How a Trust Can Help Alleviate Estate Planning Uncertainty for the Young […]

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GBQ Advises on Transaction to Make Hardy Diagnostics 100% ESOP-Owned

by Christina Swonger

On August 31, 2015, Hardy Diagnostics (“Hardy”) of Santa Maria, California, completed a transaction that resulted in the Hardy Diagnostics Employee Stock Ownership Plan (“ESOP”) becoming the sole shareholder, thus making the company 100% employee-owned.

Posted in Valuation Observations | Comments »

Perspectives Seminar Recap

by Christina Swonger

Thank you to all who attended the 9th annual Perspectives event on Tuesday, November 3rd. If you were unable to attend, we recap of areas discussed.

Posted in Nonprofit Perspectives | Comments »

North Carolina State Tax Updates

by Christina Swonger

Last month, North Carolina enacted significant changes to the corporate income, franchise and sales and use taxes via H.B. 97. This legislation includes the phase-in of single sales factor apportionment, the reduction of the Corporation Income Tax Rate to 4 percent, and the imposition of sales tax on repair, maintenance and installation services.

Posted in SALT Watch | Comments »

Planning for the AMT: A Proactive Approach Can Limit Your Tax Liability

by Christina Swonger

In this issue: Planning for the AMT: A Proactive Approach Can Limit Your Tax Liability; Your Exec Comp Could be Subject to the 0.9% Additional Medicare Tax or the 3.8%NIIT; Owning Life Insurance Can Make Estate Planning Complicated; 3 Reasons an Estate Valuation Can Be Beneficial; A Shorter Cash Flow Cycle Means a Stronger Business; […]

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In Case You Hadn’t Heard…Fall 2015

by Christina Swonger

In this issue, we discuss Volkswagen’s scandal, BP’s settlement, cyber fraud, net chip enabled credit cards, the annual audit and fantasy sports.

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Gearing Up For the ACA’s Information Reporting Requirements

by Christina Swonger

In this issue: Fines and Penalties: Deductible or Not?; In Case You Hadn’t Heard…What Happens When Fantasy Sports and Fraud Coverage?; Why You Should Contribute More to Your 401(k) in 2015; Should You “Bunch” Medical Expenses in 2015?; Holding Joint Title to Property with Loved Ones Has Pitfalls; Do Your Business Ownership Interests Belong in […]

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GBQ’s Valuation Practice Ranks #1…Again!

by Christina Swonger

In its 2015 study involving the 200 largest CPA firms in the country, INSIDE Public Accounting has ranked GBQ the #1 valuation practice nationally for the third consecutive year, as measured by valuation volume relative to total firm revenues.

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GBQ Advises on Transaction to Make de maximis, inc. 100% ESOP-Owned

by Christina Swonger

On August 3, 2015, de maximis, inc. (“de maximis”) of Knoxville, Tennessee, completed a transaction that will result in the de maximis Employee Stock Ownership Plan (“ESOP”) becoming the sole shareholder, thus making the company 100% employee owned.

Posted in Valuation Observations | Comments »

Construction & Real Estate Insights – September 2015

by Christina Swonger

In this issue: Construction National Outlook; What’s It Cost?; Eye on the Economy; Construction Industry Advisor

Posted in Construction Industry Advisor | Comments »

Construction & Real Estate Insights – September 2015

by Christina Swonger

In this issue: Construction National Outlook; What’s It Cost?; Eye on the Economy; Construction Industry Advisor

Posted in Construction Industry Advisor | Comments »

Louisiana Enacts Several Laws

by Christina Swonger

Louisiana’s new legislation modifies the net operating loss (“NOL”) provisions and limits certain deductions/subtractions from income, expense deductions and credits for taxpayers subject to corporation income tax.

Posted in SALT Watch | Comments »

GBQ Advises on Transaction to Make COW Holdings, Inc. 100% ESOP-Owned

by Christina Swonger

On July 31, 2015, COW Holdings, Inc. (“COW”) of Columbus, Ohio, completed a transaction that will result in COW’s Employee Stock Ownership Plan (“ESOP”) the sole shareholder, thus making the company 100% employee owned.

Posted in Valuation Observations | Comments »

Construction Industry Advisor – Summer 2015

by Christina Swonger

In this issue: Devise your exit strategy; Do you know where your company stands financially?; Surviving the economic recovery depends on your cash flow; Contractor’s Toolbox: Your insurer may not cover construction defect claims.

Posted in Construction Industry Advisor | Comments »

GBQ Advises on Transaction to Make Paul J. Ford and Company 100% ESOP-Owned

by Christina Swonger

On March 31, 2015, Paul J. Ford and Company (“PJF”) of Columbus, Ohio, completed a transaction that will result in PJF’s Employee Stock Ownership Plan (“ESOP”) the sole shareholder, thus making the company 100% employee owned.

Posted in Valuation Observations | Comments »

Why Nonprofits Need to Measure & Monitor Program Impact and Outcomes

by Christina Swonger

In this issue, we discuss the importance of measuring and monitoring program impact and outcomes, in addition to a copy of the Giving USA 2015 philanthropy report.

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Nonprofit Perspectives – August 2015

by Christina Swonger

In this issue, we discuss the importance of measuring and monitoring program impact and outcomes, in addition to a copy of the Giving USA 2015 philanthropy report.

Posted in Nonprofit Perspectives | Comments »

Manufacturing Minute – Summer 2015

by Christina Swonger

In this issue, we discuss current risks impacting manufacturers, tax credits available to employers, how companies are susceptible to fraud, and how the value of your company can be compared to your fantasy football team.

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Improvement with a Capital “I”: Tax Credits and Rural Development

by Christina Swonger

This month’s newsletter discusses tax credits, unrelated business income, the new Form 990 and donations.

Posted in Nonprofit Perspectives | Comments »

Nonprofit Perspectives – July 2015

by Christina Swonger

This month’s newsletter discusses tax credits, unrelated business income, the new Form 990 and donations.

Posted in Nonprofit Perspectives | Comments »

South Carolina and Connecticut State Tax Updates

by Christina Swonger

In June, the South Carolina Department of Revenue issued Revenue Procedure #15-2 and Revenue Ruling #15-5, which provide detailed guidance about the use of the alternative apportionment method. On June 30, 2015, Connecticut Governor Dan Malloy signed into law House Bill 7061 and Senate Bill 1502, which together enact significant changes to the corporate income tax […]

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Nevada Imposes a New Commerce Tax on Businesses

by Christina Swonger

Nevada imposes a new commerce tax on businesses with Nevada gross revenue exceeding $4 million and creates nexus rebuttable presumptions for sales and use tax purposes.

Posted in SALT Watch | Comments »

New Ohio Legislation Aims to Help Employers Protect the Value of Awarded Tax Credits

by Christina Swonger

Ohio Substitute House Bill 64 (“HB 64”), the Executive Budget for Fiscal Years 2016-2017, continues the effort of the prior biennium budget to significantly cut personal income tax, while also affecting the computation of the Job Creation Tax Credit (“JCTC”) and Job Retention Tax Credit (“JRTC”).

Posted in SALT Watch | Comments »

Construction & Real Estate Insights – Summer 2015

by Christina Swonger

In This Issue: Construction National Outlook; What’s It Cost?; Real Estate Insights

Posted in Construction Industry Advisor | Comments »

Real Estate Insights – Summer 2015

by Christina Swonger

In our Summer issue of Real Estate Insights, we discuss: Millennial Shopping Habits and What They Mean For Retail Building Owners What’s Next for Foreign Investment? Private Debt is the Latest “Soup du Jour” for Yield Starved Investors Repurposing Old Real Estate PErspective in Healthcare Real Estate

Posted in Real Estate Insights | Comments »

Ohio Governor Kasich Signs Executive Budget Bill Enacting Significant Tax Cuts

by Christina Swonger

On Tuesday, June 30, 2015, Ohio Governor Kasich signed into law Substitute House Bill 64 (“HB 64”), the Executive Budget for Fiscal Years 2016-2017.  HB 64 contains numerous tax provisions, most of which are effective beginning January 1, 2015, including significant income tax cuts. The following are some of the significant highlights of HB 64: […]

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In Case You Hadn’t Heard…Summer 2015

by Christina Swonger

In this issue, we discuss embezzlement, tax fraud, fraud and patent reform.

Posted in In Case You Hadn't Heard | Comments »

District of Columbia Adopts Changes to Franchise and Sales Taxes with Passing of Budget Support Act

by Christina Swonger

On February 26, 2015, the District of Columbia (the “District”) enacted the Fiscal Year 2015 Budget Support Act of 2014 (the “Budget Support Act”) the result of which is, effective for taxable years beginning after 2014, the adoption of single sales factor apportionment, market-based sourcing, a “throwout” rule for receipts from sales of other than […]

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Indiana State Income Tax Updates

by Christina Swonger

In early May, Indiana Governor Michael Pence (R) signed into law Senate Bill 441 (“S.B. 441”) and House Bill 1001 (“H.B. 1001”), which together eliminate sales factor throwback, expand the related party expense add back to require adjustment for all interest expense, broadens the definition of business income to include all income apportionable under the […]

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A Primer for Nonprofit Organizations on the FASB’s New Revenue Recognition Accounting Standard

by Christina Swonger

Many nonprofit financial executives are struggling with the changes posed by the FASB’s Accounting Standards Update (ASU) 2014-09, Revenue from Contacts with Customers, and how this will impact their organizations.

Posted in Nonprofit Perspectives | Comments »

Tennessee Enacts The Revenue Modernization Act

by Christina Swonger

Tennessee enacts the Revenue Modernization Act, which adopts new cloud computing use tax, overhauls the franchise and excise tax, and eliminates or modifies Tennessee tax credits. Summary On May 20, 2015, Tennessee Governor Bill Haslam (R) signed House Bill 644, the Revenue Modernization Act (“RMA”), as well as House Bill 291 (“H.B. 291”), into law. […]

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U.S. Supreme Court Decides Wynne Case, Rules Maryland Personal Income Tax Structure to be Unconstitutional

by Christina Swonger

On May 18th, the United States Supreme Court decided in a 5-4 ruling that Maryland’s personal income taxation structure violates the dormant Commerce Clause of the U.S. Constitution and is therefore unconstitutional. As a result, the Comptroller of the Treasury of Maryland v. Wynne case could have a profound impact on other state and local […]

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Governor Cuomo Signs the 2015-2016 Budget Bill

by Christina Swonger

Governor Cuomo signs the 2015-2016 Budget Bill, which reflects Amendments to the New York State Corporation Tax and sales/use tax and, most notably, significant changes to the New York City Corporate Tax for 2015 to create substantial conformity to the New York State Corporation Tax changes. Summary On April 13, 2015, New York Governor Andrew […]

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Construction & Real Estate Trends – National Outlook

by Christina Swonger

In This Issue: Construction National Outlook, What’s It Cost?

Posted in Construction Industry Advisor | Comments »

Manufacturing Minute – Spring 2015

by Christina Swonger

In this issue, we discuss topics regarding inventory, business valuation, JobsOhio tax credits and meal and entertainment expenses.

Posted in Manufacturing Minute | Comments »

Construction & Real Estate Insights – Spring 2015

by Christina Swonger

In This Issue: Construction Industry Advisor; Real Estate Insights

Posted in Construction Industry Advisor | Comments »

Proposed Changes to the Nonprofit Financial Statement Model: What You Need to Know

by Christina Swonger

On April 24, 2015, the Financial Accounting Standards Board (FASB) issued the proposed Accounting Standards Update for Non-Profit entities.

Posted in Nonprofit Perspectives | Comments »

Construction Industry Advisor – Spring 2015

by Christina Swonger

In this issue: The tax implications of the new revenue recognition standard; How to tackle the issue of profit fade; 8 tips for improving productivity; Contractor’s Toolbox: Working out of state? Don’t leave home without a license.

Posted in Construction Industry Advisor | Comments »

Real Estate Insights – Spring 2015

by Christina Swonger

Could Millennials’ Belief System Build New CRE Future?; Impact of New Tangible Property Regulations on the Real Estate Industry; Are Shopping Centers Safe? Are They Getting Safer?; The Future of Office Space.

Posted in Real Estate Insights | Comments »

The Reality of Fraud and How to Limit Your Organization’s Exposure

by Christina Swonger

Alan Greenspan, former Chairman of the Federal Reserve, once said, “Corruption, embezzlement, fraud; these are all characteristics which exist everywhere. It is regrettably the way human nature functions, whether we like it or not. What successful economies do is keep it to a minimum.” The truth is, no organization wants to believe that their associates […]

Posted in In Case You Hadn't Heard | Comments »

With Charitable Giving Tactics Old and New, Nimble Nonprofits Win

by Christina Swonger

Charitable giving grew by 2.1 percent in 2014, according to the newly-released 2014 Charitable Giving Report from Blackbaud.  But behind this solitary, lackluster statistic, there’s a more complex and profound transformation taking place in the U.S. charitable giving environment.

Posted in Nonprofit Perspectives | Comments »

In Case You Hadn’t Heard…Spring 2015

by Christina Swonger

This publication is produced by GBQ’s Forensic and Dispute Advisory Services practice leaders and focuses on litigation and damages, including IP, and fraud/forensic matters. From technology to fishing, we found the following industry related articles interesting, and we hope you will, too.

Posted in In Case You Hadn't Heard | Comments »

Fraud and Non-Profits

by Christina Swonger

We discuss some highlights from the Fraud and Non-Profits webinar hosted by BDO.

Posted in Nonprofit Perspectives | Comments »

Construction & Real Estate Trends – Spring 2015

by Christina Swonger

In This Issue: Construction National Outlook; What’s It Cost?

Posted in Construction Industry Advisor | Comments »

2014 Michigan State and Local Tax in Review: Recent Significant Michigan Developments, Most of Which are Taxpayer-Friendly

by Christina Swonger

During 2014, many significant, taxpayer-friendly developments occurred in Michigan which began to provide guidance regarding the treatment of software as a service (“SaaS”) for sales and use tax purposes, and improved the fairness of Michigan taxes. Click the Download Article button below to view the full article.

Posted in SALT Watch | Comments »

Do Your Board Members Know Their Responsibilities?

by Christina Swonger

Do your Board Members know their responsibilities? If you are like most non-profits, new board members are on-boarded each year. Our article discusses the responsibilities of your board members and how to assist them in their new role.

Posted in Nonprofit Perspectives | Comments »

Are You Maximizing Your Intellectual Property Assets?

by Christina Swonger

The value of intellectual property and intangible assets (or “IP”) is estimated to represent 75% to 85% of the collective value of companies in the United States. As the relative importance of these assets has increased, so too has the need for companies to successfully understand, create, manage, protect and value them. Patents, trademarks, copyrights, […]

Posted in In Case You Hadn't Heard | Comments »

Value of Non-Competes: What Business Owners and Advisors Need to Know

by Christina Swonger

Written by Curtis Farrow, CPA Senior Financial Analyst cfarrow@gbq.com In an effort to retain the key personnel in a sale of a business, an acquiring firm will often include non-competition provisions within an employment agreement and/or as a separate non-competition agreement. In absence of an agreement, an employee would be free to engage in a […]

Posted in Valuation Observations | Comments »

Divorce Planning: Tax Issues to Think About

by Christina Swonger

One of the most contentious periods in a divorce typically occurs during negotiations over division of property and establishing support obligations. A shrewd divorce attorney is going to be someone who is well versed in not only the facets of family law, but who is aware of the tax implications in property settlements. While the […]

Posted in In Case You Hadn't Heard | Comments »

Manufacturing Minute – Winter 2015

by Christina Swonger

In this issue we discuss the research tax credit, the “fairness” of your deal, the “manufacturers’ deduction” and Ohio real estate reappraisal.

Posted in Manufacturing Minute | Comments »

Massachusetts Final Regulations Accompany Its Market-Based Sourcing Apportionment Law

by Christina Swonger

On January 2, 2015, the Massachusetts Department of Revenue (the “Department”) repealed and replaced section 63.38.1 of title 830 of the Code of Massachusetts Regulations (the “Market-Based Sourcing Regulation”) to supplement the market-based sales sourcing apportionment law applied to receipts from sales of other than tangible personal property under section 38(f) of chapter 63 of […]

Posted in SALT Watch | Comments »

Tax Incentives Extended for Charitable Contributions

by Christina Swonger

On February 4, 2015, the House Ways and Means Committee approved five charitable bills, four of which could make various expired tax incentives permanent.

Posted in Nonprofit Perspectives | Comments »

Construction Industry Advisor – Winter 2015

by Christina Swonger

In this issue: Simpler accounting option now available for leasing entities; Succession planning: Will you buy-sell agreement work when you need it?; Impressing your surety in an iffy economy; Contractor’s toolbox: Use JPM to track productivity during jobs

Posted in Construction Industry Advisor | Comments »

Construction & Real Estate Trends – Winter 2015

by Christina Swonger

Our series of construction and real estate newsletters aim to deliver useful and timely business advice to our clients and friends.

Posted in Construction Industry Advisor | Comments »

Ohio Governor John Kasich Releases Tax Proposal as Part of New Executive Budget

by Christina Swonger

On Monday, February 2nd, Ohio Governor John Kasich released the Executive Budget for Fiscal Years 2016-2017. The Budget proposes numerous income tax cuts for small business owners and low and middle-income individual taxpayers, supported by increases in sales and use, tobacco, severance, and commercial activity taxes. The following is a summary of the proposed Ohio […]

Posted in SALT Watch | Comments »

Real Estate Insights – Winter 2015

by Christina Swonger

Commerical Real Estate – Where Are We Heading; Alternative Property Types For Real Estate Investors; Single-Family REITs Poised to Succeed; Seal the Deal: CFOs Play Crucial Role in Minimizing Post-Aquisition Disputes in the Real Estate Industry

Posted in Real Estate Insights | Comments »

What Goes In Must Come Out

by Christina Swonger

Does your finanical reporting support your Strategic Plan?  Strategic planning is the foundation for success in any organization. But the decision-making that flows from that planning is only as good as the information upon which it is based.

Posted in Nonprofit Perspectives | Comments »

Bills Bring Changes to Ohio Municipal Income Taxes and Ohio’s Residency Rules

by Christina Swonger

Governor Kasich Signs House Bill 5 and House Bill 494 On Friday, December 19, 2014, House Bill 5 (“HB5”) was signed into law by Governor Kasich.  HB5 will bring additional uniformity to Ohio’s municipal income tax system.  Every municipal corporation levying an income tax must comply with the provisions outlined below beginning January 1, 2016. […]

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CAP Perspectives Recap

by Christina Swonger

Thanks to everyone who was able to participate in our 8th annual Perspectives event on 01/09/15.  For those of you who missed the seminar, we had good attendance and a wide variety of speakers and topics. The following includes a recap of the event.

Posted in Nonprofit Perspectives | Comments »

Municipal Reform Bill Heads to Governor Kasich

by Christina Swonger

House Bill 5 Awaits Signature by Governor Kasich On Tuesday, December 9, 2014, House Bill 5 (“HB5”) received final approval from the Ohio House of Representatives by a vote of 57-31. HB5 was passed by the Ohio Senate on December 3, 2014. The House previously approved a different version of the bill last year. If […]

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Board Governance: Your Role and Fiduciary Responsibility

by Christina Swonger

‘Tis the season for giving!  Many people think that by giving money this holiday season, they are doing all that they can do. Perhaps some of us need reminded that we can also give our time to great causes in central Ohio, and not just our pocket books.

Posted in Nonprofit Perspectives | Comments »

Ohio Sales/Use Tax Alert: Direct Payment Permit Holders Should Expect Audits

by Christina Swonger

Taxpayers in Ohio utilizing Direct Payment Permits should be aware.  GBQ recently learned of the Ohio Department of Taxation’s intention to increase its audit focus on Direct Pay holders.  The ODT publicly stated that it will be auditing all such taxpayers in the near future.  It is undecided at this time how the audits will […]

Posted in SALT Watch | Comments »

Manufacturing Minute – Fall 2014

by Christina Swonger

In this issue, we examine the Work Opportunity Tax Credit (WOTC), as well as narrowing the skills gap and Ohio real estate valuations.

Posted in Manufacturing Minute | Comments »

Construction Industry Advisor – Fall 2014

by Christina Swonger

In This Issue: New accounting standard may affect your revenue recognition; Why you should consider performance-based bonuses; Check your company’s financial pulse with a WIP report; Contractor’s Toolbox: Is your tool reimbursement plan accountable?

Posted in Construction Industry Advisor | Comments »

Nonprofits, Social Media and Taxes: Is Your Organization Protected?

by Christina Swonger

Social media can offer cost-effective platforms through which nonprofit organizations can better communicate with stakeholders and raise awareness of their causes and fundraising. While nonprofit organizations are increasing their use of social media, the IRS has so far provided very little guidance to organizations regarding both the use of social media and its potential tax implications.

Posted in Nonprofit Perspectives | Comments »

Real Estate Tax Consulting Services

by Christina Swonger

Although the economy has begun to recover from the recent economic downturn, real estate values have not fully returned to their pre-recession values.  GBQ is assisting clients to determine if property values are properly assessed.

Posted in Tax and Assurance Updates | Comments »

GBQ Advises on 100% ESOP Buyout for Dividend Assets Capital Holdings, Inc.

by Christina Swonger

On September 30, 2014, Dividend Assets Capital Holdings, Inc. (“DAC”) of Ridgeland, South Carolina, announced the sale of 100% of its stock to a newly-created Employee Stock Ownership Plan (“ESOP”).

Posted in Valuation Observations | Comments »

GBQ Consulting Moving to Downtown Philadelphia

by Christina Swonger

With its rapid growth over the past three years, GBQ has outgrown the current space in Ft. Washington and Mt. Laurel and has consolidated offices and relocated to downtown Philadelphia at 1515 Market Street, Suite 802, Philadelphia, PA.

Posted in Valuation Observations | Comments »

New Revenue Recognition Requirements for Non-Profit Organizations

by Christina Swonger

The accounting world is abuzz lately with the finalization of the revenue recognition rules that will change the way many companies and organizations account for contracts under GAAP.  This article discuses how and when these new rules will impact your nono-profit organization.

Posted in Nonprofit Perspectives | Comments »

Significant Accounting & Reporting Matters – 2014 – Third Quarter

by Christina Swonger

In This Issue: Financial Accounting Standards Board; Public Company Accounting Oversight Board; Securities Exchange Commission; International Accounting Standards Board; Effective Dates of U.S. Accounting Pronouncements

Posted in Tax and Assurance Updates | Comments »

Valuing Early-Stage Companies and Equity-Based Compensation Units

by Christina Swonger

Early-stage companies often grant equity (or synthetic equity) awards to employees, consultants, and board members both for incentive purposes and as additional compensation when the company has limited resources.   In addition, these companies are often limited to raising capital by using non-traditional securities such as convertible notes and preferred stock.   As a result, early-stage companies […]

Posted in Valuation Observations | Comments »

Cyber Security Risks

by Christina Swonger

It is almost impossible to get through a week without hearing about a new cyber security breach. In this article, we discuss what cyber breaches are, how they occur and what a Board’s role is in guarding against them.

Posted in Nonprofit Perspectives | Comments »

FASB Issues ASU on Going Concern

by Christina Swonger

The FASB recently issued a new ASU on going concern that applies to all companies, public and private. It defines when and how companies are required to disclose going concern uncertainties, which must be evaluated each interim and annual period.      

Posted in Tax and Assurance Updates | Comments »

Vendor Money Program Payments are Gross Income to Auto Dealers

by Christina Swonger

Vendor money arrangements are customary in the retail industry and due largely to the fact specific nature of the programs and agreement terms, frequently result in inconsistent treatment by taxpayers and significant controversy with the IRS on examination. The IRS National Tax Office has recently issued an advice memorandum outlining their position on the taxability […]

Posted in Tax and Assurance Updates | Comments »

GBQ Delivers Fairness Opinion for Community Bank Merger

by Christina Swonger

GBQ served as an independent financial advisor to Ohio Heritage Bancorp, Inc. in its recent meger with Peoples Bancorp Inc.

Posted in Valuation Observations | Comments »

Procurement Standards and the New Compliance Requirements

by Christina Swonger

If your non-profit receives new federal funding after December 26, 2014, there are new standards and requirements that you should be aware of related to your procurement standards and being in compliance with the Office of Management and Budget (OMB) Supercircular.

Posted in Nonprofit Perspectives | Comments »

GBQ Advises on 100% ESOP Buyout

by Christina Swonger

GBQ advises on 100% ESOP buyout for Capital City Electric, Inc.

Posted in Valuation Observations | Comments »

California Franchise Tax Board Issues Legal Ruling Regarding Taxation of Limited Liability Companies

by Christina Swonger

On July 22, 2014, the California Franchise Tax Board issued a legal ruling that discusses when a corporate member of a limited liability company, classified as a partnership, is required to report and pay taxes and fees.

Posted in SALT Watch | Comments »

Schedule A: The Key to Maintaining Public Charity Status

by Christina Swonger

Many public charities have to pass an annual public support test in order to maintain public charity status and avoid being classified as a private foundation. Certain types of organizations are exempted from this test.

Posted in Nonprofit Perspectives | Comments »

Construction Industry Advisor – Summer 2014

by Christina Swonger

In This Issue: Looking for a succession strategy? Consider an ESOP; Public works projects – Here’s what you need to know; Accounting for change orders – Why you  need to handle them with care; Contractor’s toolbox: Taking GPS in new directions.

Posted in Construction Industry Advisor | Comments »

SEC Flash Report

by Christina Swonger

With the issuance of ASU 2014-09, Revenue from Contracts with Customers,  in May, SEC registrants will need to make corresponding disclosures under Staff Accounting Bulletin No. 74(codified in SAB Topic 11-M) in their next interim and annual filings. SAB 74 addresses disclosure of the impact that recently issued accounting standards will have on the financial […]

Posted in Tax and Assurance Updates | Comments »

Real Estate Insights – Summer 2014

by Christina Swonger

Top Risks for REITs in 2014; Hotels Moving Into Buildings; In-Store Leasing by Department Stores; Reverse Mortgages – Borrower’s Death; Perspective in Real Estate

Posted in Real Estate Insights | Comments »

Significant Accounting & Reporting Matters

by Christina Swonger

The FASB issued Accounting Standards Updates on the following topics during the second quarter: reporting of discontinued operations; development stage entities (elimination of reporting requirements); accounting for repurchase-to-maturity transactions and repurchase financing arrangements; and treatment of certain performance targets in stock options.

Posted in Tax and Assurance Updates | Comments »

Got Compensation Program Risk?

by Christina Swonger

We are often asked by non-profit organizations what are some of the risky areas that tax-exempt agencies should be aware of and reviewing with their Board of Directors.  Our answer always includes compensation, and more specifically executive compensation.  We discuss the importance of this area, some of the common challenges and how your non-profit can […]

Posted in Nonprofit Perspectives | Comments »

California and Rhode Island State Tax Updates

by Christina Swonger

Read our latest SALT Watch as we discuss California and Rhode Island state tax updates.

Posted in SALT Watch | Comments »

Alternative Fundraising

by Christina Swonger

One of the biggest challenges non-profit organizations face is funding for their mission. Alternative funding, such as social entrepreneurship or social enterprise, may be able to play a role in adding to the bottom-line at your organization.

Posted in Nonprofit Perspectives | Comments »

New Revenue Recognition Standard: FAQ

by Christina Swonger

On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers.  We discuss frequently asked questions and answers about the new standard that takes effect in 2017.

Posted in Tax and Assurance Updates | Comments »

Pennsylvania Enacts Legislation Which Limits the Authority of Localities

by Christina Swonger

On May 6, 2014, Pennsylvania Governor Tom Corbett signed into law H.B. 1513, which limits the authority of Pennsylvania localities to impose privilege taxes and reduces the potential for double taxation of receipts.

Posted in SALT Watch | Comments »

Construction & Real Estate Trends – Spring 2014

by Christina Swonger

Our series of construction and real estate newsletters aim to deliver useful and timely business advice to our clients and friends.

Posted in Construction Industry Advisor | Comments »

Manufacturing Minute – Spring 2014

by Christina Swonger

In this issue, we examine lean manufacturing and the benefits of thinking lean in business. We also discuss Section 179 deductions and the affect 2014’s maximum deduction could have on your spending plans.

Posted in Manufacturing Minute | Comments »

Fraud Report Roils Not-For-Profit Sector

by Christina Swonger

It’s not surprising that fraud and embezzlement are a major concern for employers around the country. After all, you likely read news articles about it on a periodic basis. But a recent investigative report by the Washington Post about fraud inside not-for-profit organizations has raised some eyebrows.

Posted in Nonprofit Perspectives | Comments »

Real Estate Insights – Spring 2014

by Christina Swonger

Subprime Home Loans – A New Chapter; Buyers Dilemma – A Lack of Quality Assets; A Low-Risk Real Estate Portfolio; Green Lease Leaders Program: Recognition; Perspective in Real Estate

Posted in Real Estate Insights | Comments »

FASB Issues ASU on Revenue Recognition

by Christina Swonger

Today, the FASB issued ASU 2014-09.1 It takes effect in 2017 and establishes a comprehensive revenue recognition standard for virtually all industries in U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries.

Posted in Tax and Assurance Updates | Comments »

Appealing to the Millennials

by Christina Swonger

Finding new donors and volunteers is a challenge facing almost all non-profit organizations. For years, the baby boom generation and Generation X have been the primary target audience. We discuss why appealing to Millennials is so important.

Posted in Nonprofit Perspectives | Comments »

Do You Use a Suggestion Box?

by Christina Swonger

Companies and organizations used to have a box labeled “suggestions” to drop in your written suggestions for improvements to processes or new ideas. However this process is conducted, it is an excellent idea to solicit feedback and suggestions from your employees across all levels of the organization, if you aren’t already doing so.

Posted in Nonprofit Perspectives | Comments »

Construction Industry Advisor – Spring 2014

by Christina Swonger

In This Issue: 8 steps for taking over a troubled project; Profits can go up or down: Which way are yours headed?; Bar-code systems can help protect small tools; Contractor’s toolbox: Calculating the true cost of labor

Posted in Construction Industry Advisor | Comments »

New York State Tax Updates

by Christina Swonger

Just before midnight on March 31, 2014, New York Governor Andrew Cuomo signed into law S6359-D, which implements components of the state’s budget for the 2014-2015 fiscal year, including Article 9-A reforms.

Posted in SALT Watch | Comments »

Conflicts of Interest in Nonprofit Organizations

by Christina Swonger

Managers and board members of organizations are held to a fiduciary standard that requires them to always act in the best interests of their own organization, even when such action may not be in their best personal interests or best interest of some other person or organization with which they are connected.

Posted in Nonprofit Perspectives | Comments »

Construction Trends

by Christina Swonger

In This Issue: Construction National Outlook; What’s It Cost?

Posted in Construction Industry Advisor | Comments »

What is Significant Diversion of Assets?

by Christina Swonger

Recent reports regarding the significant diversion of assets by nonprofit organizations has caused federal and state officials to launch investigations as to what this actually means.

Posted in Nonprofit Perspectives | Comments »

Tax Alert – Transfer Pricing News

by Christina Swonger

The Internal Revenue Service releases guidance regarding the stages of the transfer pricing examination process and provides recommended audit procedures, as well as sources of reference material. Introduction On February 14, 2014, the Internal Revenue Service released the Transfer Pricing Audit Roadmap (the “Roadmap”), which provides an outline for the stages of a transfer pricing […]

Posted in Tax and Assurance Updates | Comments »

FASB Issues Private Company VIE Alternative

by Christina Swonger

A GAAP alternative issued by FASB on Thursday will allow a private company to elect—under certain circumstances—not to consolidate variable-interest entities (VIEs) in common-control leasing arrangements.

Posted in Tax and Assurance Updates | Comments »

What’s New in Non-Profit Accounting?

by Christina Swonger

Non-profit organizations and their reporting have been discussed by the Financial Accounting Standards Board (FASB) throughout the years and continue to be an area of focus.  Read more on the current and recent projects on the FASB’s agenda.

Posted in Nonprofit Perspectives | Comments »

FASB Endorses PCC Exemption For Certain VIEs

by Christina Swonger

On February 19, 2014, the FASB endorsed a PCC proposal to allow private companies to opt out of applying the variable interest entity (VIE) consolidation guidance to certain common control leasing arrangements.

Posted in Newsletters | Comments »

The Rules of Qualified Sponsorships

by Christina Swonger

A great way to raise funding for program services is through corporate sponsorship. If done correctly, the entire payment will not be considered unrelated business income by the Internal Revenue Service.

Posted in Nonprofit Perspectives | Comments »

EBP Commentator – Winter 2014

by Christina Swonger

In This Issue: Caution When Correcting Late Deposits; Addressing SOC 1 Report Carve-Outs

Posted in Tax and Assurance Updates | Comments »

Texas District Court Rejects a Taxpayer’s Election to Use Multistate Tax Compact Evenly

by Christina Swonger

The issue raised in the case was whether Graphic Packaging Corp. could elect to use the Multistate Tax Compact as the basis for an evenly-weighted three-factor apportionment formula.

Posted in SALT Watch | Comments »

BDO Assurance Flash Report – January 2014

by Christina Swonger

2013 COSO internal control integrated framework – update on implementation considerations.  

Posted in Tax and Assurance Updates | Comments »

2013 Accounting Year in Review

by Christina Swonger

During 2013 the FASB focused on finding the right balance between major, long-term projects and narrower specific issues.

Posted in Tax and Assurance Updates | Comments »

What is the Value of Your AEC Firm? Make Sure to Nail Down These Points

by Christina Swonger

Many architectural, engineering and construction (“AEC”) firms will have the need to transition ownership in the next decade. Oftentimes, these firms are led by baby boomers who have succession planning needs, a desire to transfer the business to their children, or perhaps no longer have the stomach for the ups and downs of the industry. […]

Posted in Construction Industry Advisor | Comments »

Non-Profit Revitalization of 2013

by Christina Swonger

Ohio law currently requires charitable organizations and groups that solicit contributions from Ohioans to file an annual report with the Attorney General’s office. It is becoming more imperative that charitable organizations stay in compliance with the ever-changing regulations. New York is increasing their accountability of non-profit organizations, which could lead Ohio to do the same.

Posted in Nonprofit Perspectives | Comments »

Manufacturing Minute – Considering M&A

by Christina Swonger

Manufacturing is on the move – with sales, hiring and profits on the rise. Indeed, the challenge for many executives isn’t how to improve performance, but how to keep up with growing demand.

Posted in Manufacturing Minute | Comments »

Construction & Real Estate Update – Winter 2014

by Christina Swonger

Our series of construction and real estate newsletters aim to deliver useful and timely business advice to our clients and friends.

Posted in Construction Industry Advisor | Comments »

Construction & Real Estate Update – Winter 2014

by Christina Swonger

Our series of construction and real estate newsletters aim to deliver useful and timely business advice to our clients and friends.

Posted in Construction Industry Advisor | Comments »

Real Estate Insights – Winter 2014

by Christina Swonger

Storing Capital in an Asset Class; Perks, Pitfalls of M-U Properties; Ground Leases: Intermediate Rentals; Impact fo Tangible Property Regulations on Real Estate Companies; Perspective in Real Estate

Posted in Real Estate Insights | Comments »

Construction Industry Advisor – Winter 2014

by Christina Swonger

In This Issue: Expense or capitalize?; How your contracts can help strengthen cash flow; Sales and use taxes – Evaluate your exposure before you bid; SBA offers bond guarantees for small contractors.

Posted in Construction Industry Advisor | Comments »

Caution Urged on New Goodwill Impairment Testing Guidelines

by Christina Swonger

In an expected move, the goodwill impairment testing alternative for private entities created by the Private Company Council was released by the Financial Accounting Standards Board.  The update to Accounting Standards Codification Topic 350, Intangibles – Goodwill and Other (“ASC 350”), applies only to non-public entities, as public entities will still be required to comply […]

Posted in Valuation Observations | Comments »

Preventing Fraud at Your Non-Profit

by Christina Swonger

Frauds are committed within non-profit organizations every year, ranging from employee embezzlement and asset misappropriation to misstatements of financial reporting. These frauds can cause both financial and reputational damage.

Posted in Nonprofit Perspectives | Comments »

City of Chicago Proposed Tax Disclosure Requirements for Vendors

by Christina Swonger

The City of Chicago introduced a proposed ordinance that would require certain businesses doing business, seeking to do business, or seeking city action with the City of Chicago to disclose a variety of state and local tax information.

Posted in Newsletters | Comments »

Final Tangible Property Regulations

by Christina Swonger

The new rules affect all businesses that acquire, produce, or improve property. The final regulations adopt a significant portion of the temporary regulations issued in December 2011, while also expanding and clarifying certain aspects of those regulations. The regulations could result in tax savings under some accounting methods and exposure in other areas, all depending […]

Posted in Newsletters | Comments »

Discounted Cash Flawed (Part 2): Can An Expert Rely on Management’s Projections?

by Christina Swonger

A previous GBQ newsletter analyzed a bankruptcy case involving the use of a discounted cash flow (“DCF”) analysis. Like the bankruptcy case, this decision involves a discounted cash flow analysis and, in particular, the use of management’s projections by an expert.

Posted in Newsletters | Comments »

Purchase Price Allocation Impacts on Taxes and Financial Statements

by Christina Swonger

A time of transition can be a stressful one for many business owners, especially when involving the ownership transfer of a company’s assets or stock. A recent court case helps to highlight the benefits of pre-planning, coordination and engaging a valuation professional at the time of the transaction to perform the tax and financial reporting […]

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Multistate Sales/Use Tax Update

by Christina Swonger

In addition to the changing landscape, fall often brings the implementation of law changes enacted during summer legislative sessions.Read more about the significant sales and use changes in California, Florida and West Virginia.

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Construction & Real Estate National Outlook – Fall 2013

by Christina Swonger

Our series of construction and real estate newsletters aim to deliver useful and timely business advice to our clients and friends.  The articles discuss the current economic situation in the industry.

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Construction Industry Advisor – Fall 2013

by Christina Swonger

In This Issue: Year end tax strategies for contractors; Is employee fraud hurting your bottom line?; Goodwill matters when valuing a construction business

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City of Los Angeles Announces Limited Tax Amnesty

by Christina Swonger

The City of Los Angeles has announced a tax amnesty program that began on September 1, 2013 and will continue through December 2, 2013.

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Real Estate Insights – Fall 2013

by Christina Swonger

Due Diligence in Real Estate Acquisitions; Lease Modification: In Recessions; Landlord/Tenant: Retaliation; No Showing of Malicious Intent; Tax Deduction: Home Office

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It’s Ok to Question the Valuation Report!

by Christina Swonger

Business valuation opinions are sought for a variety of reasons. Commonly, they are used to support significant corporate or shareholder transactions in which many stakeholders have a financial (and often personal) interest. Given the importance of these transactions, and by connection, the valuation opinions used to support them, it is imperative that the affected parties […]

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Energy Resources Update – Summer 2013

by Christina Swonger

Strategies to Address Labor Shortages and Cost Containment Drivers

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Massachusetts Tax Update

by Christina Swonger

On July 24, 2013, the Massachusetts House and Senate voted to override Governor Deval Patrick’s veto of H. 3535, an $800 million transportation finance bill. The newly-enacted legislation contains a number of significant tax changes, which include market-based sourcing, a sales tax imposed on computer system design services, and the repeal of the utility corporation […]

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North Carolina Passes Tax Reform

by Christina Swonger

The North Carolina legislature passed House Bill 998, The Tax Simplification and Reduction Act of 2013 (H.B. 998 or the “Act”), which Governor Pat McCrory signed into law on July 24, 2013.  The Act generally reduces income taxes for both corporations and individuals and expands the scope of the sales and use tax to include […]

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Watson Joins GBQ as Director in Credit Union Practice

by Christina Swonger

In This Issue: Watson Joins GBQ as Director in Credit Union Practice; Is It Time to Consider a Cash Balance Plan?; Valuation Is Key as the M&A Market Slowly Heats Up

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Construction Industry Advisor – Summer 2013

by Christina Swonger

In This Issue: Expand your comfort zone; Understanding the ins and outs of subcontractor surety bonds; Is your bonus plan eligible for accelerated deductions?; 4 common bidding errors to avoid

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FASB Flash Report

by Christina Swonger

FASB Issues Final Accounting Standards Update (ASU) on testing indefinite-lived intangible assets for impairment.

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Texas Amends Margin Tax

by Christina Swonger

Texas Governor Rick Perry recently signed House Bill 500 (H.B. 500) which enacts several changes to the margin tax.

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2014 – 2015 Ohio Budget Bill Finalized

by Christina Swonger

On Sunday, June 30th, the final day of the State’s fiscal year, Governor Kasich utilized his line item veto power to eliminate several of the proposed changes and signed the bill into law.

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Manufacturing Minute – The Talent Bottleneck

by Christina Swonger

U.S. manufacturers face a unique problem: despite high unemployment, the industry still suffers from a skilled-labor shortage. Today, after an impressive recovery from the recession, this problem is even more pronounced.

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Manufacturing Minute – Give Us Some Credit

by Christina Swonger

The American Taxpayer Relief Act of 2012 was passed by Congress and signed into law by President Obama on January 2, 2013. This law retoactively extended the Research & Development (R&D) credit through December 31, 2013.

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In Case You Haven’t Heard…Is the DCF Model Subject to Manipulation

by Christina Swonger

The discounted cash flow analysis (“DCF”) has been a staple valuation and damages method for many years. However, a U.S. Bankruptcy Court recently suggested that the “striking” disparity between experts’ conclusions in a case before it, “lends credibilty to the concept that the DCF method is subject to manipulation.”

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Manufacturing Minute – Reinventing Organizations: Four Key Opportunities for Growth

by Christina Swonger

Even as the current stop-and-start economic recovery drifts on, manufacturers have an opportunity to dramatically reinvent their organizations.

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Red Shoes with Red Soles

by Christina Swonger

In 1992 Christian Louboutin (“Louboutin”) began making shoes that were characterized by what became a distinctive (and, in 2008, trademarked) red outer sole (the bottom of the shoe).    

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Seven “Hidden” Factors that Affect Company Values

by Christina Swonger

Valuation experts consider a countless number of factors when valuing a company. The factors discussed in this article, while they may be overlooked by some, will be given proper attention by a quality valuator.

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Buy-Sell Agreements: Is Your Purchase Price a Looming Nightmare?

by Christina Swonger

Why a process-based approach is often the most equitable, least ambiguous method for setting the purchase price in a buy-sell arrangement.

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Normalization Adjustments and Their Effect on Business Valuation

by Christina Swonger

The proper (or improper) normalization of financial statements can have a significant impact on a company’s value.

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New Goodwill Impairment Rules: Good on Paper, Not So Good in Practice?

by Christina Swonger

FASB’s proposed changes to goodwill impairment testing under ASC 350 are aimed at reducing complexity and cost faced by financial statement preparers.

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Fair Value Checklist for Audit Season

by Christina Swonger

As auditors, investors, and other financial statement users increasingly scrutinize fair value measurements, this article provides a checklist of key financial reporting requirements related to fair value measurements during an audit.

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Dispelling the Myths about ESOPs

by Christina Swonger

ESOP myths are often accepted by owners and prevent many acceptable companies from becoming employee-owned. This article will identify and rebut what we believe are the most common myths about ESOPs.

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A Valuable Estate Planning Tool Lost? Congress Threatens to Change GRAT Regulations

by Christina Swonger

Proposed legislation threatens to reduce the estate planning-related benefits of GRATs.

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SEC Offers Guidance on Goodwill Impairment Testing

by Christina Swonger

Is your impairment test being performed correctly? Why historical methods for testing impairment of goodwill may be inaccurate in today’s economy.

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Business Valuation: Where One Appraisal Does Not Fit All

by Christina Swonger

A valuation report should be used for its intended purpose only, and ignoring this recommendation can lead to unfortunate consequences.

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House Resolution 436 Makes Its Way to Ways and Means

by Christina Swonger

If Enacted, Estate Tax Relief Act of 2009 Unlikely to be a Relief to Many

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Like-Kind Exchange Rules Now Apply to Intangible Assets

by Christina Swonger

The like-kind exchange rules within section 1031 of the Internal Revenue Code (“§1031”) permit taxpayers to defer gain recognition for certain business assets when they are replaced with similar, or “like-kind” property.

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SFAS No. 141(R): The Next Frontier in Business Combinations

by Christina Swonger

Effective for deals closing December 15, 2008 and later, SFAS No. 141(R) brings about several changes to the original statement, many of which have a material impact on the recognition and valuation of the assets acquired by a company.

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Private Equity Firms Face Increasing Pressure for Independent Valuation Assistance

by Christina Swonger

As the U.S. private equity industry has expanded over the years, the focus of participants and regulators on the appropriateness of reported fund values has become increasingly acute.

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DOL Cracking Down on Private Equity Fair Value Estimates

by Christina Swonger

As market liquidity has declined, the percentage of pension plan assets invested in instruments with no generally recognized market has increased.

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The Seven Deadly Sins of ESOP Valuations

by Christina Swonger

Companies that sponsor employee stock ownership plans (“ESOPs”) are required by ERISA to obtain an independent valuation of the stock held by the ESOP at least annually for purposes of administering the plan.

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SEC Recommends Keeping Mark-to-Market Accounting

by Christina Swonger

Fair value and mark-to-market accounting has been in place for years and abruptly removing it would erode investor confidence in financial statements.

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A GR(E)AT Time For a GRAT

by Christina Swonger

As the “Baby Boomers” reach retirement age, there are millions of individuals in the United States concerned with succession planning. One of the most effective vehicles for wealth transfer is the GRAT.

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Goodwill Hunting: Improper Purchase Price Allocations Lead to Large Write-Downs

by Christina Swonger

Many companies have improperly accounted for business acquisitions by recording the difference between the purchase price and the fair values of tangible assets simply as “goodwill”.

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Economic and Financial Market Crisis: How does it affect the value of your private business?

by Christina Swonger

Bailouts…bankruptcies….credit crises…investor panic….Newspapers have been flooded with poor financial news since the term “subprime mortgage” entered our every-day lexicon.

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Good Bye, Goodwill: 2009 Promises to be Full of Impairment Charges

by Christina Swonger

Several studies estimate that less than 10% of goodwill-carrying companies record goodwill impairment charges during a given year. We expect this percentage to more than double in 2009.

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Do the Math: ESOPs Can Dramatically Increase Sellers’ Proceeds

by Christina Swonger

The advantages of employee stock ownership plans (“ESOPs”) are welldocumented, particularly from the viewpoints of employee-owner participants and the sponsoring company.

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