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U.S. Supreme Court Reviewing Physical Presence Standard for Sales Tax Nexus

April 19, 2018 This summer, the United States Supreme Court will decide whether to reverse its 26-year-old precedent in a case that could drastically change the way states apply sales tax to online and remote sales transactions. In the 1992 case Quill Corp. v. North Dakota, the U.S. Supreme Court ruled that the Commerce Clause of the United [...]

4 Estate Planning Techniques For Blended Families

April 19, 2018 If you’re married and have children from a previous marriage plus children or stepchildren from your current marriage, you have a blended family. Under these circumstances, estate planning can get tricky. Here are some planning techniques.

Taking It To The Streets: 7 Marketing Strategies To Consider

April 19, 2018 If you’re tired of looking for “likes” and tracking Web hits, maybe you and your company should hit the streets. There are still ways of marketing your products or services on good ol’ terra firma.

Individual Tax Calendar: Important Deadlines For The Remainder Of 2018

April 19, 2018 April 17 isn’t the only important tax-related deadline for individuals this year. To avoid interest and penalties, or simply to make the most of tax-saving opportunities, be sure you’re aware of these key dates for the rest of 2018.

Public Vs. Private Companies: When Should Different Accounting Rules Apply?

April 13, 2018 From Main Street to Wall Street, businesses come in various sizes. One set of accounting rules can’t fit everyone, so the FASB has been tailoring some standards for private companies.

What Estate Planning Strategies Are Available For Non-U.S. Citizens?

April 13, 2018 Many traditional estate planning strategies are based on the assumption that everyone involved is a U.S. citizen. But if you or your spouse is a noncitizen, special rules apply that require additional planning.

Haven’t Filed Your 2017 Income Tax Return Yet? Beware Of These Pitfalls

April 13, 2018 The April 17 individual income tax return filing deadline is almost here. If you haven’t filed yet, watch out for these pitfalls.

Some Changes Nonprofits Can Expect From The Recent Tax Reform

April 13, 2018 The Tax Cuts and Jobs Act that was passed by President Trump late last year affects all types of businesses, and taxpayers are still trying to wrap their heads around these changes. Unintended or not, this new legislation can be especially difficult for the nonprofit sector. The Tax Policy Center projects that charitable giving will [...]

Blockchain May Soon Drive Business Worldwide

April 11, 2018 If every business owner jumped into a magical car and zoomed into the future, what would they find? Well, lots of things. But one technology likely to have a major impact is blockchain.

Internal Control Testing: What Role Does Sampling Play?

April 09, 2018 Auditors rely on more than just random techniques and gut instinct to pick transactions to analyze during internal controls testing.

A Total Return Unitrust Can Help Maintain Family Harmony

April 05, 2018 By aligning your beneficiaries’ interests, a TRU can relieve tension among your loved ones and allow your trustee to concentrate on developing the most effective investment strategy.

3 Ways To Supercharge Your Supervisors

April 04, 2018 Every company wants to hit the stratosphere of success and profitability. But if your people managers are sputtering along on fumes, that’s probably not going to happen. Help them skyrocket to greater heights.

SEC Says Cyber Security Risk Is A Board Issue NOT Just IT Issue

April 04, 2018 The Securities and Exchange Commission (SEC) recently published new interpretative guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. While the new guidance does not change any of the SEC’s rules, and is generally consistent with the 2011 staff guidance, it addresses two additional topics: Disclosure Controls and Procedures: Companies should [...]

You Still Have Time To Make 2017 IRA Contributions

April 03, 2018 Have you made your 2017 IRA contributions? Just because we’re in 2018 doesn’t mean it’s too late. But you need to act soon.

2018 Q2 Tax Calendar: Key Deadlines For Businesses And Other Employers

April 02, 2018 Does the April 17 filing deadline apply to your company? What additional tax deadlines are there for businesses and other employers during the second quarter of 2018? Find out!

Learn The Warning Signs Of Earnings “Spin”

March 30, 2018 Financial statements are supposed to tell how a business is performing. But are they really accurate and objective? Or are earnings being managed to make the company look healthier than it is?

Apply For A Waiver If You’ve Missed The 60-Day IRA Rollover Deadline

March 29, 2018 With proper planning, IRAs and other retirement plans can help you achieve your estate planning goals. But if you’re not careful, you could miss an important deadline and inadvertently incur tax liability sooner than necessary.

Could Your Next Business Loan Get “Ratio’d”?

March 28, 2018 Banks like to crunch numbers, lots of them. Before applying for a loan, business owners should consider which metrics a bank will rely on for approval and then ensure the company’s financials fit the bill.

Assessing Your Nonprofit’s Performance

March 28, 2018 Best practices suggest that management and the Board of Directors regularly assess the financial performance of a nonprofit to understand its strength, areas of improvement and steps towards goals. Management and the Board are usually focused on serving their mission. In other words, the focus is often on ensuring that the organization is delivering the [...]

Home-Related Tax Breaks Are Valuable On 2017 Returns, Will Be Less So For 2018

March 26, 2018 Are you a homeowner? Then home-related tax breaks may provide significant savings on your 2017 return. But the tax-saving outlook isn’t as rosy for 2018.

Corporate Culture: Rotten Apples Could Spoil Your Financials

March 26, 2018 Honest, open corporate cultures promote reliable, transparent financial reporting. How does your company’s culture measure up? You can help auditors answer this critical question.

Don’t Overlook Securities Laws When Planning Your Estate

March 26, 2018 Do your trusts or family investment vehicles hold interests in private equity funds or other “alternative” investments? If so, structure these entities so that they qualify as accredited investors and qualified purchasers.

Home vs. Away: The Company Retreat Conundrum

March 21, 2018 When planning a company retreat, you may wield home field advantage by holding the event at your offices. But taking your team on the road could score you some stronger strategic ideas.

Determine The Transaction Price

March 20, 2018 The new revenue standard (ASC 606, Revenue from Contracts with Customers) developed a five-step model for recognizing revenue that will now be applied throughout GAAP, replacing multiple different criteria, thus achieving one of the goals of the new standard; consistency. The only exceptions are contracts that are considered a lease, an insurance contract, a nonmonetary [...]

Feeling Lucky? How To Find A Pot Of Gold In Your Financials

March 19, 2018 The cash gap can be a useful management tool for finding hidden treasure in your company’s balance sheet. Learn ways to put this potential pot of gold to work for you.

Tax Cuts And Jobs Act Creates Employer Credit For Paid Family And Medical Leave

March 19, 2018 Certain employers that pay family and medical leave to their employees may be eligible to claim a Family and Medical Leave Credit equal to 12.5 percent (or more) of the amount of wages paid to those employees during any period in which such employees are on family and medical leave.

How Materiality Is Established In An Audit Or A Review

March 16, 2018 Setting the “materiality” threshold is key when auditing or reviewing financial statements. But no universal materiality level works for all companies, accounts or transactions.

Building A Sales Prospect Pipeline For Your Business

March 16, 2018 Every business wants to fuel its success with a high-octane sales process. To make that happen, you need an effective pipeline to get the right prospects to your sales team.

Power Of Attorney Abuse: What You Can Do About It

March 16, 2018 Should you become incapacitated, a financial power of attorney authorizes your representative to manage your financial affairs. But without proper safeguards in place, it’s at risk for abuse.

Qualified Opportunity Zones

March 15, 2018 New Tax Incentive For Investment In Low-Income Communities Background Investment in a Qualified Opportunity Zone is a new program intended to connect private investment capital to low-income communities nationwide. This concept was originally presented in a bipartisan bill, the “Investing in Opportunity Act” as an innovative approach to spur long-term private sector investments in low-income urban and rural communities. While the [...]

Casualty Losses Can Provide A 2017 Deduction, But Rules Tighten For 2018

March 14, 2018 A disaster, fire or theft last year may mean a 2017 income tax deduction, and claiming it may be easier for certain natural disaster victims. But availability of this break narrows for 2018. Here’s what you need to know.

Keeping A Trust A Secret Could Violate State Law

March 08, 2018 Alongside your will, trusts may be pillars of your overall estate plan. Depending on the circumstances, you might wish to keep trusts a secret. But you need to be mindful of your state’s disclosure requirements.

Size Of Charitable Deductions Depends On Many Factors

March 07, 2018 December’s Tax Cuts and Jobs Act preserves the charitable deduction. But you still might find that you don’t enjoy the same tax benefits from charitable giving in 2018 as you do on your 2017 return.

7 Ways To Prepare Your Business For Sale

March 07, 2018 Putting a “for sale” sign out in front of your company is a major undertaking. So, if your succession plan involves selling the business, be sure you’re ready for the many details involved.

Identifying Performance Obligations

March 06, 2018 The new standard developed a five-step model for recognizing revenue that will now be applied throughout GAAP, replacing multiple different criteria, thus achieving one of the goals of the new standard: consistency. The only exceptions are contracts that are considered a lease, an insurance contract, a nonmonetary exchanges, a guarantees or those involving financial instruments. [...]

Identifying The Contract

March 05, 2018 The new revenue accounting standard (ASC 606, Revenue from Contracts with Customers), developed a five-step model for recognizing revenue that will now be applied throughout GAAP, replacing multiple different criteria, thus achieving one of the goals of the new standard; consistency. The only exceptions are contracts that are considered a lease, an insurance contract, a [...]

Do Your Financial Reports Allow You To See Trends In Your Business?

March 05, 2018 Many companies prepare financial reports simply because they know they are required to. Their private investors may expect quarterly earnings reports; their banks may ask for periodic updates to assess the company’s liquidity; and government agencies like the Securities and Exchange Commission may require the company to disclose pertinent information to the public. However, financial [...]

Sec. 179 Expensing Provides Small Businesses Tax Savings On 2017 Returns — And More Savings In The Future

March 02, 2018 Sec. 179 expensing allows eligible taxpayers to deduct the entire cost of qualifying business property in Year 1, subject to various limitations. Here’s what you need to know.

It’s Time To Get More Creative With Retirement Benefits Communications

March 02, 2018 Are your retirement plan communications like a “must read” book rocketing up the bestseller list or a boring sales circular that goes right into the trash? Here’s how to get the word out in a more exciting way.

How To Classify Shareholder Advances

March 02, 2018 Shareholder advances are one of the gray areas in financial reporting. Here’s some guidance on whether payments from shareholders should be classified as debt or equity on the balance sheet.

5 Estate Planning Tips For The Sandwich Generation

March 02, 2018 The “sandwich generation” is gaining in numbers. According to the Pew Research Center, a little more than one in eight Americans are concurrently raising a child and caring for a parent. What are the estate planning ramifications?

Section 199A – Taxpayers Should Be Mindful Of Limitations To The Qualified Business Income Deduction

March 02, 2018 The Qualified Business Income Deduction under Code Section 199A has brought significant changes to the way that pass-through entities are taxed under the Tax Cuts and Jobs Act. Before considering any limitations, it is a deduction for 20% of qualified business income (QBI) of pass-through entities. QBI is the net amount of qualified items of [...]

Entertainment Expenses Slashed Under Tax Reform

February 28, 2018 Prior to the Tax Cuts and Jobs Act (TCJA) passed in December, companies could deduct 50% of meals and entertainment (M&E) costs incurred, provided that they could establish that the item was directly related to the active conduct of the taxpayer’s trade or business. As a result, many companies combined these M&E expenses into one [...]

2017 Tax Reform: IRS Clarifies Deductibility of Interest on Home Equity Loans

February 27, 2018 In an Information Release (IR 2018-32) dated February 21, 2018, as response to many questions received from taxpayers and tax professionals, the IRS advised that in many cases, taxpayers can continue to deduct interest paid on home equity loans under the recently enacted Tax Cuts and Jobs Act (TCJA). As part of the same information [...]

What Is Job Cost Reporting?

February 26, 2018 To boost financial efficiency and profits on custom projects, consider implementing job cost reporting. Try these best practices to take your performance to the next level.

5 Questions To Ask Yourself About Social Media

February 26, 2018 For businesses, using social media can be like walking on eggshells. You want to get noticed, but you don’t want to embarrass yourself. Fine-tuning your objectives can help you find the right balance.

A Joint Home Purchase Can Ease Estate Tax Liability

February 22, 2018 Estate tax liability may not be an issue now, but today’s high gift and estate tax exemption is temporary. You can protect against an uncertain future estate tax regime with a joint home purchase.

TAS 2017 Year in Review and Deal Trends

February 20, 2018 GBQ’s Transaction Advisory Services group (TAS) had another busy year in 2017 and signs are pointing to a strong 2018. In reviewing our 2017 results, GBQ’s TAS Group participated in 122 transactions including: Assurance and Tax Due Diligence and Structuring (41 ) Capital Markets including those completed jointly with Footprint Capital (12) ESOP Feasibility Studies [...]

Tax Deduction For Moving Costs: 2017 Vs. 2018

February 20, 2018 If you moved in 2017, you might be able to deduct some of your moving expenses on your 2017 tax return. Unfortunately, if you move in 2018, it’s a different story.

Fixed Vs. Variable Costs: How To Compute Breakeven

February 19, 2018 Breakeven point is a helpful management tool. To calculate breakeven, you just need your income statement, a simple formula and an understanding of how it works.

New Unrelated Business Income Rules May Raise Costs for Nonprofits

February 19, 2018 The Tax Cuts and Jobs Act delivered significant changes to organizations nationwide, including nonprofits. Among those were changes to how unrelated business income is calculated and taxed. What is unrelated business income (UBI)? The IRS defines UBI as activity that is a trade or business, is regularly carried on and is not substantially related to [...]

What Are The Three Most Common Bookkeeping Errors?

February 19, 2018 While bookkeeping is rarely high on a business owner’s list, it is one of the most essential tasks necessary for a business’ success. The information that effective bookkeeping provides is an important aid to business planning, reporting and goal setting, among other things. Without accurate and timely financial reports, it’s quite difficult to understand how [...]

What Are The Benefits Of Outsourced Bookkeeping?

February 19, 2018 The challenges of managing a business can seem endless. This is true whether you run a start-up company in its infancy or a small to mid-size company that is continuing to grow and innovate. In both cases, the day-to-day can often consume all your time – from managing operations, production or manufacturing processes, employee needs, [...]

Lessons Learned In Security Contract Review

February 19, 2018 Many companies today are obligating their downstream vendors and suppliers contractually for security controls, compliance and/or service level agreements related to security and privacy activities. This is a direct result of the third party breaches that began in 2013 with the Target PCI cardholder breach. A hacker gained access to the company’s cardholder environment, which [...]

For-Profit Vs. Not-For-Profit: Compare And Contrast Financial Reporting Goals

February 16, 2018 How do the financial reporting rules differ for nonprofit and for-profit entities? And, more important, how are the requirements alike?

Follow IRS Rules To Ensure You Receive Your Charitable Tax Deductions

February 15, 2018 Did you make donations last year as part of your estate plan? If you fail to properly adhere to IRS rules when claiming them on your 2017 return, the IRS could deny your charitable deductions.

Families With College Students May Save Tax On Their 2017 Returns With One Of These Breaks

February 14, 2018 The recently passed Bipartisan Budget Act of 2018 included an extension of the tuition and fees deduction. But that may not be the best higher-education break to claim on your 2017 return.

Use Benchmarking To Swim With The Big Fish

February 14, 2018 Today’s business world is a vast ecosystem of information and competition. Benchmarking can help your company swim with the big fish without getting gobbled up.

Foreign Partner Sales of Partnership Interest

February 12, 2018 Treatment of gain or loss of foreign persons from sale or exchange of interests in partnerships engaged in trade or business within the Unites States Not only does the Tax Cuts and Jobs Act impact U.S. residents and citizens, but also affects foreign partners and companies doing business in the U.S. In particular, when foreign partners sell [...]

New Unrelated Business Income Rules May Raise Costs for Nonprofits

February 12, 2018 The Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017 delivered significant changes to organizations nationwide, including nonprofits. Among those were changes to how unrelated business income is calculated and taxed. What is unrelated business income (UBI)? The IRS defines UBI as activity that is a trade or business, [...]

Pennsylvania State Tax Updates

February 12, 2018 Learn about state tax updates for Pennsylvania as the state responds to changes brought by the Tax Cuts and Jobs Act of 2017.

Only Certain Trusts Can Own S Corporation Stock

February 08, 2018 S corporation stock can be owned by a trust, but the number of trust types is limited. Learn about four trusts that are eligible.

Turning Employee Ideas Into Profitable Results

February 08, 2018 There may be a great way to boost profitability bubbling in the mind of one of your employees. But you’ll never know it’s there without an effective process for discovering your staff members’ bottom-line-building ideas.

Tax Cuts and Jobs Act Temporarily Lowers Medical Expense Deduction Threshold

February 06, 2018 The new tax law makes it easier to claim the medical expense deduction on your 2017 tax return. It provides planning opportunities for 2018, too.

GBQ IT Services Can Spell GDPR – Can You?

February 06, 2018 Are you concerned about GDPR? Should you be? Never heard of GDPR? In short, GDPR, or General Data Protection Regulation, is an EU data protection regulation with extra-territorial applicability. The GDPR will replace the existing EU Data Protection Directive. See more here: Does GDPR affect your organization? The GDPR applies broadly to all organizations [...]

Tax Reform: Has The Value Of My Business Changed?

February 05, 2018 On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”). While this first major overhaul of the tax code in over 30 years will have implications for individuals and businesses alike, for privately-held companies with a pending need for a valuation of their business (for estate [...]

Manufacturing: Three Areas To Watch In 2018

February 05, 2018 Ever-changing tax laws, human resources and technology require companies to always be aware of the market trends in order to stay competitive. Just recently passed in 2017, the Tax Cuts and Jobs Act makes major changes that will impact all taxpayers. The labor skills gap, while not new, remains a priority for all companies in [...]

Breaking Up Is Hard To Do And Tax Reform May Make It Harder

February 05, 2018 As I am sure everyone knows by now, new tax legislation was enacted on December 21, 2017. The new legislation will impact not only couples to be divorced in the future but it will also impact couples that are already divorced and still paying alimony. The amount of alimony is determined based on an after-tax [...]

Auditing Work In Progress

February 02, 2018 Is your accounting for work in progress (WIP) accurate? To find out, your auditors carefully analyze your methods of allocating costs and recognizing revenue.

If You Made Gifts Last Year, You May (Or May Not) Need To File A Gift Tax Return

February 01, 2018 Determining whether a gift tax return must be filed can be confusing. The answer depends on the circumstances surrounding the gift.

Whats It Cost? – Winter 2018

January 31, 2018 All indications are that the steady pace of increasing construction costs will continue, and likely accelerate, into 2018. Upward pressure from growing global demand, coupled with continued growth in U.S. construction demand in 2018 will give the supply chain and specialty contractors the market support to raise prices. The report by consultants IHS Markit and [...]

Construction National Outlook – Winter 2018

January 31, 2018 Observers of the economy looking for signals of a significant change in trends will be disappointed going into 2018, as far as most major forecasters are concerned. History has taught us that economic inertia is usually short-lived but there is little evidence of a shift in the economy’s current trajectory. Although the political environment has [...]

Business Interruption Insurance Can Help Some Companies

January 31, 2018 Precious few businesses could last long if their operations were shut down by a fire, flood or some other unforeseen disaster. Measure your level of risk carefully and consider business interruption insurance.

The New International Alternative Minimum Tax

January 31, 2018 The Tax Cuts and Jobs Act (TCJA) brought with it many changes, including a major one to international tax law. The Base Erosion and Anti-Abuse Tax, commonly referred to as “BEAT”, is a new alternative minimum tax that applies specifically to US and non-US multi-national corporations who make large payments to foreign related parties after [...]

2 Tax Credits Just For Small Businesses May Reduce Your 2017 And 2018 Tax Bills

January 30, 2018 Providing employee benefits can help businesses attract and retain the best workers. But the cost can be out of reach for some small businesses. Two tax credits can help make benefits more affordable.

Qualified Business Income Deduction – which industries are in, and which are out?

January 26, 2018 The new Qualified Business Income Deduction under Code Section 199A is one of the most talked-about changes signed into law as part of the Tax Cuts and Jobs Act. This is a new provision of the Code that, on the surface, will allow owners of pass-through entities (partnerships, s-corporations, sole proprietorships, etc.) a 20% deduction [...]

Unlock Hidden Cash From Your Balance Sheet

January 26, 2018 Business owners tend to focus on profits. But when you need to unlock money to invest in fixed assets or pay the rent, the balance sheet might have easy answers.

Life Insurance Can Be A Powerful Estate Planning Tool For Nontaxable Estates

January 26, 2018 If estate tax liability isn’t a concern, life insurance still has a place in your estate plan. One reason is that it can replace lost income and wealth.

Light A Beacon To Your Business With A Mission Statement

January 24, 2018 You may have a clear vision and understanding of your company’s purpose. But does the rest of the world? A well-crafted mission statement can enlighten everyone.

Can You Deduct Home Office Expenses?

January 23, 2018 You might be able to deduct home office expenses for 2017 but not 2018. The difference may depend on whether you’re an employee or self-employed.

PCAOB Cites Fair Value Measurements As A Continuing Problem Area In Audits

January 22, 2018 Once again it’s audit season, and once again fair value measurements have been cited as a top area of deficiencies in audits. The Public Company Accounting Standards Oversight Board (the “PCAOB”), a Congressionally-established organization that assesses the quality of audits of publicly-traded companies, recently released a Staff Inspection Brief that identified the three most common [...]

Footnote Disclosures Are Critical To Transparent Financial Reporting

January 22, 2018 Do you read the fine print in financial statement footnotes? For a clearer picture of what’s happening behind the numbers, don’t just take financials at face value.

Have You Taken State Estate Taxes Into Account?

January 18, 2018 When you think about estate taxes, it’s probably the federal tax that first comes to mind. But the higher federal estate tax exemption under the new tax law should prompt a closer look at the impact of state death taxes.

Big Data Strategies For Every Business

January 18, 2018 Today’s businesses operate in an information-rich environment. Big data can help you put all that info to good and potentially profitable use.

Don’t Be A Victim Of Tax Identity Theft: File Your 2017 Return Early

January 18, 2018 At tax filing time, a large tax bill isn’t your only risk. So is tax identity theft. To protect yourself, be speedy.

Tax Cuts and Jobs Act Increases Code Section 179 Expensing Limitations

January 18, 2018 A favorable provision in the Tax Cuts and Jobs Act (TCJA) is the increased expensing limits and phase-out threshold of Code Sec. 179. The new expensing limitations and phase-out threshold will go into effect for property placed in service after December 31, 2017 and will be indexed for inflation for tax years thereafter. Under prior [...]

Tax Reform Brings Changes to How the “Kiddie Tax” is Calculated

January 18, 2018 The tax on unearned revenue by a minor commonly known as the “Kiddie Tax” underwent a major overhaul with the Tax Reform. The previous law stated that if a child had unearned income above $2,100, that income was to be taxed at the higher of the parents’ marginal tax rate or the child’s marginal tax [...]

6 Strategies Under $6 To Exponentially Improve Organizational Performance

January 17, 2018 No matter how large and successful an organization may be, almost every nonprofit feels it could use more cash to accomplish its work; in fact, BDO’s recent Nonprofit Benchmarking Survey found that: “Loss of revenue can be devastating for nonprofits, and 40 percent of organizations list it as a concern for their board. To supplement [...]

Personal Exemptions And Standard Deductions And Tax Credits, Oh My!

January 16, 2018 It’s the total impact of the TCJA’s reduced tax rates and other changes that will determine whether your tax liability drops for 2018. Changes to the personal exemption, standard deduction and child credit are just the tip of the iceberg.

It’s Time To Review Your Estate Plan!

January 16, 2018 Here are the facts. The Tax Cuts and Jobs Act increased the lifetime exemption amount for estates to $11.2M from $5.6M for individuals (i.e. married couples now have a combined $22.4M lifetime exemption available). The annual gift exclusion was increased for inflation from $14,000 to $15,000. The estate tax (40%!) is still in place and [...]

How Financial Statements Can Be Used To Value Private Businesses

January 12, 2018 Financial statements aren’t just for lenders and investors. With the help of a valuation pro, owners and managers can take them to the next level.

Tax Cuts And Jobs Act Expands Appeal Of 529 Plans In Estate Planning

January 11, 2018 529 plans can now help grandparents achieve more estate planning goals than just funding their grandchildren’s college expenses.

Not Necessarily A Luxury: Outsourcing

January 10, 2018 Companies nowadays have a wide variety of outsourced services to choose from. But deciding whether to engage an external provider calls for a careful assessment of the benefits vs. risks.

Tax Cuts And Jobs Act: Key Provisions Affecting Individuals

January 10, 2018 For individual taxpayers, most Tax Cuts and Jobs Act provisions will apply only for 2018 through 2025. But they’ll generally have a big impact during that time.

How will Tax Reform impact your itemized deductions?

January 09, 2018 A few weeks ago Congress passed, and President Trump signed into law, HR-1, more commonly referred to as the Tax Cuts and Jobs Act (“The Act”). The new tax law will have an immediate impact beginning with the 2018 tax year and will have an effect on every business and individual no matter how large [...]

Limited Interest Expense Deductions For Real Estate Companies… Or, Maybe Not

January 08, 2018 After depreciation, one of the biggest deductions for real estate companies is typically interest expense. As such, it’s come as no surprise to see there has been a lot of discussion around a provision in the Tax Cuts and Jobs Act whereby the deduction for net business interest is limited to 30% of adjusted taxable [...]

Tax Reform And Manufacturing

January 08, 2018 The Tax Cuts and Jobs Act signed into law by President Trump on December 22, 2017 brought extensive tax reform for all taxpayers including manufacturing companies. The following are some of the major tax law changes passed as part of the new bill that directly impact manufacturers: Corporate tax rate reduction to a flat 21% [...]

Maintaining Tax Exempt And Public Charity Status

January 08, 2018 Acquiring tax exempt and public charity status is among the first and most important steps a non-profit takes in starting its organization. However, there is maintenance required once this status is acquired. The following are items your nonprofit organization should be doing to stay in good standing: Comply with Federal Tax Law: This is required [...]

Top 10 Articles Of 2017

January 07, 2018 Can you believe it’s officially 2018? We decided to kick off the New Year with a look back at our most popular content from 2017. From tax reform to the deductibility of alimony, the following kept you busy reading last year: When Is My Inventory Worthless or Worth Less? Tax Reform The Market Approach: Pros, Cons [...]

Income Statement Items Warrant Your Auditor’s Attention

January 05, 2018 Traditionally, income statement items take a back seat to assets and liabilities in an audit. But today’s auditors tend to use a more balanced approach.

Preserve Wealth For Yourself And Your Heirs Using Asset Protection Strategies

January 04, 2018 If you wish to transfer assets to heirs, you must first protect them, especially if you own a business or are in a profession with a high degree of malpractice risk. Learn how here.

The TCJA Temporarily Expands Bonus Depreciation

January 03, 2018 Bonus depreciation allows businesses to deduct more of an asset’s cost in the year the asset is placed in service. The new tax law’s enhanced bonus depreciation provision may save tax on your 2017 return.

Making The Right Choice About Your Office Space

January 03, 2018 “Location, location, location” is a well-known real estate expression. For businesses, deciding whether to buy or lease their location is an important decision worth regular reconsideration.

Got Multiple Locations? Expect Auditors To Keep A Close Eye On Inventory

December 29, 2017 Inventory can be an easy fraud target, especially if it’s stored in more than one location. Over the last 30 years, auditing standards have evolved to help detect misstatements.

Tax Cuts And Jobs Act: Key Provisions Affecting Estate Planning

December 28, 2017 The estate tax remains, and the exemption amount doubles, under the Tax Cuts and Jobs Act. However, these changes are temporary: affecting estates beginning after Dec 31, 2017, and before Jan 1, 2026.

Find Time For Strategic Planning

December 27, 2017 Business owners spend a lot of time putting out fires. Unfortunately, many spend so much time dousing the flames of operational crises that they neglect strategic planning. This can be a dangerous oversight.

Make Budgeting Part Of Your New Year’s Resolution

December 27, 2017 Does your company have an annual budget? Year end is a time for reflection and planning. Here’s how 2017 financial statements can add value in 2018.

Properly Planning For Incapacity Requires Specific Estate Planning Strategies

December 27, 2017 Do your loved ones know your wishes should you become mentally incapacitated? To avoid having a court-appointed guardian act on your behalf, address incapacity in your estate plan.

7 Steps To Choosing A Successor For Your Family Business

December 27, 2017 A business can provide a family with wealth and a sense of pride for decades. But transitioning leadership from one generation to the next is difficult. Take a thoughtful approach to picking your replacement.

401(K) Retirement Plan Contribution Limit Increases For 2018; Most Other Limits Are Stagnant

December 27, 2017 The contribution limits for a couple of types of tax-advantaged retirement plans have gone up for 2018. How much should you contribute?

Advanced Software Checklist: 4 Steps Manufacturers Should Take Before Investing in ERP in Industry 4.0

December 21, 2017 The arrival of Industry 4.0, or the fourth industrial revolution, signifies the next era in manufacturing, in which plants, processes, products and people come together in an entirely new way, enabling decentralized, autonomous decision-making on factory floors. Sometimes used interchangeably with the “Industrial Internet of Things”—a term coined by GE CEO Jeff Immelt—Industry 4.0 refers [...]

Software Development Produces Significant Tax Benefits for Manufacturers

December 21, 2017 Last year, over 6,000 manufacturers claimed more than an estimated $10 billion in research tax credits (RTCs), with each manufacturer’s average benefit exceeding $1 million. Generated in part by manufacturers’ efforts to develop new and improved products and processes, these benefits were also generated by their continued investment to develop or improve software to manage [...]

Federal Income Tax Reform and Immediate Impact on GAAP Financial Statements

December 20, 2017 On December 20th, 2017, Congress is expected to finalize the bill proposal through conference committee for tax reform.  Generally, corporations will see a decrease in income tax expense; however, the impact to financial statement reporting should not be ignored.  Although the tax law changes generally will not be in effect until January 1, 2018, financial statements [...]

More Disruption?

December 17, 2017 A GBQ Bottomline article from October 2017 explored various disruptors of the accounting industry. Naturally, the disruptive capacity of blockchain technology was given some well-deserved attention by the article’s author, Jeff Harden: “Best described as a digital ledger that cannot be corrupted nor manipulated, blockchain has the potential to redefine core tenants of auditing. As [...]

How To Conduct A Year-End Risk Assessment

December 15, 2017 SWOT analysis isn’t just for auditors. It can also be a powerful management tool. Here’s why it’s critical to recognize your company’s strengths, weaknesses, opportunities and threats.

Appointing The Right Trustee For Your Living Trust Provides Peace Of Mind

December 15, 2017 The wrong trustee for your living trust can lead to unintended results after death. To ensure that trust assets will be managed effectively and distributed per your wishes, carefully consider your trustee choice.

Make New Year’s Resolutions To Improve Profitability

December 15, 2017 After the bottles have been popped and confetti swept from the floor, business owners will face a new year of challenges. Start thinking now about how to strengthen your company’s bottom line.

Tax Reform Compromise Reached by House and Senate

December 15, 2017 House and Senate Republicans met Wednesday, December 13 and reached a compromise on the Tax Cuts and Jobs Act. Major topics agreed upon include tax rates for corporations and individuals, pass-through income treatment, estate tax and several itemized deductions for individuals. The bill will be voted on by the full House and Senate sometime in [...]

What You Need To Know About Year-End Charitable Giving In 2017

December 15, 2017 The charitable donation deduction hasn’t been proposed for elimination or reduction under tax reform, but there still are reasons to maximize charitable giving this year. Just be sure to follow the rules.

5 Common Sources Of Substantive Audit Evidence

December 08, 2017 Audit season is right around the corner. As you draft year-end financials, try to think like an auditor. How? This list is a good starting point.

Address Your Pet In Your Estate Plan Using A Pet Trust

December 07, 2017 Pets are family, too! Provide for your furry family member using a pet trust, and gain the peace of mind that your pet’s care is legally ensured after your death.

Ohio Tax Amnesty Program to Begin on January 1, 2018

December 06, 2017 In June 2017 Governor John R. Kasich signed House Bill 49 into law. Among other provisions, the bill calls for a tax amnesty program to be conducted from January 1, 2018 to February 15, 2018. The Ohio Department of Taxation (“ODT”) recently issued additional guidance on the program in the form of several different publications. [...]

Get Smart: How AI Can Help Your Business

December 06, 2017 Someday, they say, the computers will take over. That’s probably not going to happen anytime soon. But artificial intelligence may be useful to your company right now.

2018 Q1 Tax Calendar: Key Deadlines For Businesses And Other Employers

December 05, 2017 To avoid interest and penalties, it’s important for businesses to be prepared for upcoming tax-related deadlines. Make sure you know what’s due in Q1 of 2018.

Consider How Tax Reform Would Affect Your Financial Statements

December 04, 2017 Congress is working on tax reforms that could have a major impact on your business. Those proposals, if enacted, would also have an immediate financial reporting effect.

Tax Reform Update

December 04, 2017 The Senate voted Saturday, December 2nd to approve a tax reform bill, following a voting session that lasted well into the early morning hours.  The final Senate bill differs on a number of key provisions from the House tax bill passed in mid-November. These differences must now be reconciled and a final piece of legislation [...]

Practice The Fine Art Of Inclusion At Your Holiday Gatherings

November 30, 2017 There’s nothing to fear about holiday cheer, right? Well, a hastily planned year-end company event can leave many employees feeling like Scrooge. Make sure you do it up right.

Who Should Be The Guardian Of Your Minor Children?

November 30, 2017 Estate planning priority #1: Choose a guardian (and a backup) for your minor children. Learn the issues to consider when evaluating potential candidates.

Financial Perspective – Fall 2017

November 30, 2017 In today’s growing construction market project delivery methods are changing while job sizes are increasing. Public Private Partnerships (P3 projects) are gaining momentum throughout the U.S. as an efficient means to design, build, finance and maintain government construction projects. Work in the energy sector is also on the rise where owners have typically relied upon [...]

Cutting Costs When You’ve Gone Over Budget

November 29, 2017 Some say that annual budgets, like rules, are made to be broken. If it looks like you’ll go over budget this year, consider this a good opportunity to make some beneficial changes to your business.

Even If Your Income Is High, Your Family May Be Able To Benefit From The 0% Long-Term Capital Gains Rate

November 29, 2017 A 15% or 20% tax rate generally applies to long-term capital gains. But a 0% rate is available for taxpayers in the two lowest income tax brackets. Here’s how higher-bracket taxpayers can take advantage of the 0% rate.

Nonprofit Perspectives Seminar Recap

November 27, 2017 Thank you to everyone who attended our 11th annual Nonprofit Perspectives Seminar on Wednesday, October 25th, 2017. If you were unable to attend, the following is a quick recap of information discussed: Five Secrets of the Health Insurance Industry: Tom Wagoner, President of USI-AccBen shared strategies to achieve better cost results and avoid common pitfalls. Tom [...]

Tax Reform And Estate Planning: What’s On The Table

November 27, 2017 Do you know how estate tax law may change if tax reform is passed? Nothing is set in stone yet, but details are emerging, and they’re significant.

Do Your Financial Statements Contain Hidden Messages?

November 27, 2017 Financial statements tell only part of the story. Computing KPIs and benchmarking against past years or industry leaders can take your financials to the next level.

You May Need To Add RMDs To Your Year-End To-Do List

November 21, 2017 Taxpayers who have a retirement plan and are over age 70½ or inherited the plan may be subject to required minimum distribution (RMD) rules. If you’re one of them, take your RMDs by Dec. 31 to avoid a 50% penalty.

Registration Now Open for Centralized Filing of Municipal Net Profit Tax Returns for 2018

November 20, 2017 House Bill 49, Ohio’s budget bill for fiscal years 2018 and 2019, provides a new state-wide centralized filing and collection process for municipal net profit tax returns, beginning with tax year 2018. Under centralized collection, the Ohio Department of Taxation (the “Department”) will be responsible for all administrative functions of municipal net profit tax returns [...]

Year-End Gifting

November 20, 2017 As the holiday season approaches, many individuals make gifts not only to their favorite charities but also to their family members and friends. As these holiday gifts are made, there are gift tax rules to consider.  A gift is generally a transfer to an individual where full consideration is not received in return.  Generally any [...]

Demystifying The Audit Process

November 17, 2017 Ready, set, audit! A clear understanding of what happens behind the scenes can make your financial statement audit more efficient and effective.

Make The Holidays Bright For You And Your Loved Ones With Annual Exclusion Gifts

November 16, 2017 Making $14,000 per recipient annual exclusion gifts before Dec. 31 removes assets from your estate at no tax cost. It can be tax-smart even if estate tax law changes in 2018.

Could An FSA Offer The Benefits Flexibility You Need?

November 16, 2017 It’s easy to feel constrained by the complexity of employee benefits and the many options available. You may find a Flexible Spending Account accommodating in its relative simplicity.

Why You May Want To Accelerate Your Property Tax Payment Into 2017

November 16, 2017 Smart timing of deductible expenses can reduce your tax liability, and poor timing can unnecessarily increase it. Should you prepay property tax on your home to accelerate your deduction into 2017?

How To Prepare WIP Reports For Long-Term Contracts

November 13, 2017 Financial statements report historical results. But when you work on long-term projects, it’s critical to manage profits more proactively with work-in-progress reports.

Update Your Estate Plan To Reflect Your Second Marriage

November 13, 2017 A review of your estate plan is crucial after a second marriage to ensure that both your new spouse and your children are properly accounted for.

4 Tips On Making Your Marketing Emails A Blast

November 13, 2017 Texts, social media, websites. There are plenty of ways to communicate electronically these days. But businesses can still market effectively via email when it’s done right.

2017 Might Be Your Last Chance To Hire Veterans And Claim A Tax Credit

November 13, 2017 Research suggests that the skills and traits of people with a successful military employment track record make for particularly good civilian employees. Hiring a veteran before year end can also provide tax benefits.

In Case You Hadn’t Heard – Deductibility of Alimony a Thing of the Past?

November 07, 2017 The US House of Representatives Committee on Ways and Means has published a draft of the “Tax Cuts and Jobs Act” and it includes a very interesting provision that is highly relevant to divorce matters. Section 1309 is entitled “Repeal of deduction for alimony payments” and states: Under the provision, alimony payments would not be [...]

The Ins And Outs Of Tax On “Income Investments”

November 06, 2017 All “income investments” aren’t alike when it comes to taxes. Your tax rate could vary by as much as 20 percentage points, depending on the type of investment income and your tax bracket. Here’s what you need to know.

The Write Stuff: A Letter Of Instructions

November 06, 2017 Explain your intentions to heirs using plain language in a letter of instructions. Though it has no legal authority behind it, the letter can ease loved ones through a difficult time after your death.

Boardroom And Management Diversity Adds Value

November 06, 2017 How diverse is your company’s board of directors or its management team? Here’s how varied insights can enhance decision-making and financial reporting quality.

The “Med-Ed” Exemption From Gift Tax

November 06, 2017 Many taxpayers are familiar with the annual gift exemption, which allows donors to give up to a certain amount to a recipient annually without offsetting their lifetime estate and gift tax exemption. Annual exemptions were $14,000 in 2017 and will be $15,000 in 2018, and lifetime exemptions were $5.49 million in 2017 and will be [...]

Credit Union Alert – AICPA Credit Union Conference Update

November 06, 2017 In connection with our ongoing commitment to stay abreast of current industry events, GBQ had a number of professionals in attendance at the 2017 AICPA Credit Union conference in October. I thought you might be interested in some of the key issues that were presented and discussed.  Please feel free to reach out to us [...]

Did You Say Fraud?

November 06, 2017 Recently, Jerod Brennen, Security Analyst, assisted GBQ’s Forensic and Dispute Advisory Services (“FDAS”) team with a fraud engagement.  It was necessary to search the computer of the individual suspected of committing fraud in an effort to obtain key documents supporting the alleged fraud.  Jerod helped to secure the computer and copy of the hard drive, [...]

Year-End Strategies For Charitable Giving

November 06, 2017 Making charitable donations allows you to reduce your tax bill and year end is a good time to review this. Here are three effective strategies: Make charitable gifts directly from your IRA. You must be at least 70 ½. Rather than taking cash out of your IRA which is taxed as ordinary income, you can [...]

Fortifying Your Business With Enterprise Risk Management

November 03, 2017 A variety of economic, competitive and even meteorological risks may one day threaten your business. An enterprise risk management program can be the fortress that helps you ward them off.

Tax Reform Update

November 03, 2017 On Thursday, November 2nd, the House Ways and Means Committee introduced the Tax Cuts and Jobs Act, H.R. 1. Click here to view a full section-by-section summary of the bill. The Tax Cuts and Jobs Act incorporates many of the provisions listed in the September tax reform framework while providing additional details. The bill outlines [...]

4 Questions To Guide Your Prospective Financial Statements

October 30, 2017 Assumptions about sales and demand levels drive prospective financial statements. Here’s how to get more accurate insight into your company’s future.

Minimize Inventory, Services To Make Your Financials Shine

October 26, 2017 Making your financial statements gleam with success in the eyes of lenders or other stakeholders may require cutting back on poor-selling, unprofitable inventory or services.

Retirement Savings Opportunity For The Self-Employed

October 26, 2017 Contributions to qualified retirement plans generally are tax deductible or pretax. If you’re self-employed, you can boost your tax-advantaged saving by setting up a retirement plan for 2017.

A Charitable Remainder Trust Can Provide A Multitude Of Benefits

October 26, 2017 Is charitable giving important to you? A charitable remainder trust can help you leave a philanthropic legacy and achieve a variety of additional financial and estate planning goals.

Weigh Your Options For Cashing In On Outstanding Invoices

October 23, 2017 Got the accounts receivable blues? Collecting cash from customers takes time. Here are some creative ways to monetize what’s outstanding on your balance sheet.

A Dynasty Trust Keeps On Giving Long Into The Future

October 23, 2017 If you wish to spread your wealth to loved ones 50, 75, or 100 years from now, a dynasty trust is the proper vehicle. Here’s more information about this valuable estate planning tool.

Rental Of Residences And Vacation Homes

October 23, 2017 Residences used personally by the taxpayer generally fall into one of three categories when determining their tax treatment: Personal Residence with Very Limited Rental Use – If you have a residence that is rented fewer than 15 days, you have no Schedule E reporting requirements. Any income derived from renting your residence for less than [...]

Industry Disruption – The Autonomous Vehicle Of Accounting

October 23, 2017 As we have all experienced throughout our lifetimes, the pace of technological advancement is swift with far reaching implications to our behaviors, lifestyle and economic decisions. The business environment is no different as advancements such as robotics, electronic data interfaces and advanced computing have significantly impacted numerous industries.  As market dynamics change and evolve, there [...]

Cyber Security Advisory

October 23, 2017 GBQ IT Services analyzed the recent surge of disclosed security breaches.  The recent big brand announcements from firms such as Deloitte, Equifax, Accenture and others contributed to a record setting year for cybersecurity failures. We have identified the following  as common issues with these events: Most of the firms recently announcing breaches were operating in [...]

Will The Accounting For Your CAM Expenses Change With The New Leasing Standard?

October 23, 2017 You’re likely aware that a new accounting standard update for leases was issued in 2016. The objective of this update is to bring all leases onto the balance sheet and to recognize them as lease assets and liabilities. It will also bring a change to components within many standard leasing agreements. One of these components [...]

Valuation Often Affects Succession Plans In Hard-To-See Ways

October 18, 2017 The appraised value of any given company is no simple thing. As you develop a fully formed succession plan, be sure you clearly see the whole picture when it comes to valuation.

2 ACA Taxes That May Apply To Your Exec Comp

October 18, 2017 Restricted stock, stock options and nonqualified deferred compensation can be valuable forms of compensation. But could your exec comp be subject to the additional 0.9% Medicare tax or the 3.8% NIIT?

How Do Your Accounting Estimates Measure Up?

October 18, 2017 Every business uses estimates to report financial results. But some estimates are prone to errors and fraud. Here are reasons why you’ll want to review your estimates before year end.

Who Should Own Your Life Insurance Policy?

October 18, 2017 Your decision on who should own your life insurance policy at your death depends in part on whether you want to replace income, provide liquidity or transfer wealth to loved ones.

4 Ways To Get (And Keep) Your Business Data In Order

October 18, 2017 They say nature has a tendency to fall into disorder. The same holds true for business data. Here are four ways to keep your digital house in order and get the most from your company’s information.

Accelerate Your Retirement Savings With A Cash Balance Plan

October 18, 2017 Many business owners are so focused on their business that they neglect retirement planning. If you’re among them, setting up a cash balance plan for your business can turbocharge your retirement savings.

Construction What’s It Cost – Fall 2017

October 16, 2017 While the conversation surrounding inflation has shifted to signs of lower inflation in general – or disinflation – pricing for construction in recent has accelerated rather than slowed. As the Bureau of Labor Statistics (BLS) report on July inflation showed, inflation in the construction industry has decoupled from that of the general economy.

Construction National Outlook – Fall 2017

October 16, 2017 As summer winds down, two events may hold the key to how smoothly the U.S. economy performs into 2018. The impact of the devastating Hurricane Harvey, which hit Houston starting August 25, will last years and is going to be difficult to judge for months. Both the cleanup and reconstruction will require enormous resources. The second looming event, which may end up related to the hurricane relief funding, is the potential battle over the U.S. debt ceiling. Treasury Secretary Mnuchin has indicated that the ceiling must be lifted earlier than the original September 29 deadline. The battle over the debt ceiling could become contentious, possibly resulting in a shutdown of the federal government.

The Value of Prediction in Realizing DSM New Construction Portfolio Savings

October 16, 2017 For more than two decades, energy modeling, often as part of new construction energy design assistance programs offered by utilities around the country, has been used to assist architects and engineers during design. Recently, a team at The Weidt Group analyzed the design models of past projects in comparison to actual building performance to verify that savings predicted through utility programs are being realized.

New Employee Retention Credit for Employers Impacted by Hurricane Harvey, Hurricane Irma or Hurricane Maria

October 13, 2017 On September 29, 2017, President Trump signed H.R.3823, the “Disaster Tax Relief and Airport and Airway Extension Act of 2017” (“the Act”) into law. The Act created an employee retention tax credit (“retention credit”) for eligible employers in areas affected by hurricanes Harvey, Irma and Maria.  The retention credit is equal to 40% of qualified [...]

FASB Issues Exposure Draft On Accounting For Contributions Received And Contributions Made

October 11, 2017 The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU), Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, intended to clarify and improve the scope and the accounting guidance for contributions received and made, primarily by not-for-profits. Accounting for contributions is an issue primarily for not-for-profit [...]

A Beginner’s Guide To State Nonprofit Registration And Audit Requirement Rules

October 11, 2017 Why you might be noncompliant, and two ways to act now Every nonprofit knows that they are subject to federal and state regulations for the state(s) in which they operate, but some state requirements are easy to overlook. Say your organization operates in only one state and you therefore assume you are not required to [...]

What To Know About Unrelated Business Income Taxation

October 10, 2017 Organizations that operate and carry on activities in order to derive income to support their cause and mission, and have been deemed a tax exempt organization by the IRS, are not subject to corporate income tax. However, when a tax exempt organization produces income from an activity that is outside the boundaries of its tax [...]

Gift Acceptance Policies: Thanks Or No Thanks?

October 09, 2017 Many nonprofits rely on charitable gifts from their benefactors to sustain their operations. Unfortunately, not all not-for-profit organizations are able to receive necessary resources to carry out their mission. In uncertain times, a charitable organization may accept any and all gifts. A gift of $500,000 cash can easily be put to use, but what about [...]

Strong Internal Controls Help Reduce Restatements

October 09, 2017 Your company’s internal control system is its first line of defense against financial reporting errors and fraud. Follow this framework to take your controls to the next level.

A Crummey Trust Can Preserve The Annual Gift Tax Exclusion

October 05, 2017 If you want to make annual exclusion gifts to loved ones but retain some control over when they use the gifted assets, consider a Crummey trust.

Critical Connection: How Costs Impact Pricing

October 05, 2017 They say you’ve got to spend money to make money. But are you spending too much? Or charging too little? Electrify your company’s profitability with a strong link between costs and pricing.

“Bunching” Medical Expenses Will Be A Tax-Smart Strategy For Many In 2017

October 05, 2017 Accelerating deductible expenses into the current year is one way to reduce your tax bill. Tax reform may make “bunching” medical expenses into 2017 an especially valuable acceleration strategy.

Ready For The New Not-For-Profit Accounting Standard?

September 29, 2017 Next year, nonprofit entities’ financial statements will get a much-needed facelift, thanks to a new accounting standard. Learn how the changes will improve transparency for stakeholders.

Tax Reform Update

September 29, 2017 On September 27th, the Trump Administration and the House Ways and Means and Senate Finance Committees released a “unified framework” for tax reform. Click here to view the document. There is currently no legislation drafted. The framework is intended to serve as a template for the above-mentioned tax-writing committees. The committees are being given significant [...]

Tax Law Uncertainty Requires An Estate Plan That Can Roll With The Changes

September 28, 2017 Building flexibility into your estate plan can help weather future tax law changes. A carefully designed irrevocable trust may be the answer, but there are risks.

Bridging The Divide With A Mezzanine Loan

September 28, 2017 As a business owner, you may encounter wide gulfs separating you from where you want to be. But there’s usually a bridge somewhere. When it comes to financing, for example, consider a mezzanine loan.

Investors: Beware Of The Wash Sale Rule

September 28, 2017 While no one wants to lose money, realizing a capital loss on an investment can provide tax savings. Don’t let the wash sale rule wash out the tax benefits.

Tax Relief For Victims Of Covered Disaster Areas

September 25, 2017 Over the past couple months, we have seen two extremely powerful hurricanes, Harvey and Irma, cause catastrophic destruction in Texas, Florida and various parts of the southern United States. Due to the recent effects of these hurricanes, the IRS has announced it is providing various types of tax relief for those impacted by the events.

How Effectively Do You Manage Risk?

September 22, 2017 Risk can bring negative surprises, as well as business opportunities. A new risk management framework maximizes the upsides and improves resilience against the downsides.

ABCs Of HSAs: How An HSA Can Benefit Your Estate Plan

September 21, 2017 Health Savings Accounts (HSAs) offer a variety of health care and tax benefits. But have you considered how an HSA could fit into your estate plan?

Don’t Let “Founder’s Syndrome” Impede Your Succession Plan

September 20, 2017 Only those who have founded a company fully understand the amount of dedication and hard work involved with creating and growing that business. But this doesn’t mean you can ignore succession planning.

Why You Should Boost Your 401(K) Contribution Rate Between Now And Year End

September 20, 2017 Both traditional and Roth 401(k) plans offer significant tax and retirement planning benefits. Have you been contributing enough in 2017?

Putting Hedging Strategies To Work For Your Business

September 15, 2017 The current accounting rules for hedging transactions are complex. With simplified guidance here, it may be time to rethink your company’s use of hedging strategies.

Charitable Giving Pièce De Résistance: Artwork Donations

September 14, 2017 Before including art donations in your estate planning, be sure you understand all the rules you must satisfy to achieve your goals. Consider these five tax-saving tips.

How Profitable Are Your Customers?

September 14, 2017 Your company’s “best customer” may or may not be as valuable as you think. There’s only one way to find out for sure: Analyze each customer’s contributions to your bottom line.

2017 Q4 Tax Calendar: Key Deadlines For Businesses And Other Employers

September 14, 2017 Year-end tax planning and possible tax law changes aren’t the only tax issues business owners should be considering as we enter the fall season. It’s also important to be aware of the Q4 2017 filing deadlines coming up.

In The Aftermath Of Equifax: Protecting Your Identify Online

September 11, 2017 143 million Americans. That number is staggering, to say the least. If you’re an individual who was impacted by the Equifax data breach, GBQ recommends that you consider either enrolling in identity theft monitoring or (preferably) putting a freeze on your credit as soon as possible. Equifax has been clumsy in their response to the [...]

Could Your Firm Be The Next Equifax?

September 11, 2017 Equifax, one of the “big-three” U.S. credit bureaus, announced last week that cyber criminals had taken advantage of a weakness in a web application to steal personal data such as peoples’ names, Social Security numbers, birth dates and addresses. The announcement was marred by a suspicious breach notification website to inaccurate breach notification results to [...]

Falling Auto Prices Could Lead To Losses

September 11, 2017 Analysts have warned that depressing values of automobiles could lead to losses for financial institutions. The decreasing value of automobiles is related to the amount of production from automakers and an increasing amount of vehicles coming off leases in 2018. According to J.D. Power, more than 3 million vehicles will hit the used-car market in [...]

GAAP vs. Tax-Basis Reporting: Choosing The Right Model For Your Business

September 08, 2017 Tired of keeping two sets of books for tax and accounting purposes? Some businesses use tax-basis financial reporting to save resources. But it’s not for everyone. Learn the key differences.

Tax Basis Planning Worth A Look If Estate Taxes Aren’t A Threat

September 07, 2017 The “carryover” basis from gifting an asset during life can result in unnecessary capital gains tax liability. But the “step-up” basis from transferring an asset at death can save tax.

5 Ways To Dance Through Digital Disruption

September 06, 2017 Unprepared businesses can have two left feet when a digital disruption hits their industry. Be ready to hop to it with the right digital transformation strategy.

Tax Reform Update

September 06, 2017 President Trump recently, in a speech delivered at a manufacturing company in Missouri, discussed the need for tax reform and broadly outlined his vision of an “America First” tax system.

Watch Out For Potential Tax Pitfalls Of Donating Real Estate To Charity

September 05, 2017 Charitable donations of real estate can provide tax benefits well beyond those of making cash contributions. But such donations must be planned carefully to avoid undesirable tax consequences.

Reasons To Outsource Payroll And Obtain A Service Audit Report

September 01, 2017 This Labor Day, do two favors for your employees: 1) minimize payroll errors by using an outside payroll company, and 2) protect personal data with a SAS 70 service audit. Here’s the scoop.

Estate Tax Relief For Family Businesses Is Available … In The Form Of A Deferral

August 31, 2017 Family business owners wondering if their estates have enough liquidity to pay estate taxes have a legitimate concern. An estate tax deferral is an option, but there are qualifications.

Find The Right Path Forward With KPIs

August 31, 2017 The way forward for any company is often clouded with uncertainties and slow-developing problems. Key performance indicators can allow you to navigate out of the weeds and into the green.

The ABCs Of The Tax Deduction For Educator Expenses

August 29, 2017 Summer has flown by and now it’s time for students and their teachers to head back to class. Teachers who buy supplies for their classrooms may be eligible for a tax break. Learn more.

Yes, You Can Undo A Roth IRA Conversion

August 28, 2017 Have you recently converted a traditional IRA to a Roth IRA? Are you having second thoughts about the conversion? It may not be too late to change your mind and avoid the tax consequences of the conversion.

IRS Efforts To Combat ID Theft

August 28, 2017 The IRS’s efforts to combat identity theft have shown success. Individuals reporting identity theft from tax-related schemes has significantly declined. In the first 5 months of 2017, 107,000 taxpayers reported being a victim of identity theft compared to 204,000 for the same period in 2016 and 297,000 in 2015. The decline can be largely attributed to [...]

Warning! Don’t Fall For The Latest IRS Impersonation Scams

August 28, 2017 As we near the end of the 2016 tax filing season, we’ve continued to see an increase in fraudulent calls and emails by individuals posing as the IRS or United States Treasury officials.

Supplement Your Financial Statements With Timely Flash Reports

August 25, 2017 GAAP financial statements can take weeks or months to prepare. Find out how “flash reports” can provide immediate feedback on performance and enhance day-to-day decision making.

Have You Properly Funded Your Revocable Trust?

August 24, 2017 A revocable trust is a valuable tool that may be part of your estate plan. Newly acquired assets, such as real estate, stocks or artwork, should be transferred to your revocable trust. Find out why.

Ensuring A Peaceful Succession With A Buy-Sell Agreement

August 23, 2017 What can go wrong when a business owner must (or decides to) leave the company? Plenty! Here’s how a buy-sell agreement can help keep the peace.

Back-To-School Marketing Ideas For Savvy Business Owners

August 21, 2017 Many companies launch marketing promotions relating to holidays or the changing of seasons. But don’t forget about back to school! We’ve got some ideas to inspire you.

Put Your Audit In Reverse To Save Sales And Use Tax

August 21, 2017 States may exempt from sales and use tax such items as equipment used in manufacturing, and custom software used for research and development. Is your business due a refund? Find out with a reverse audit.

Credit Loss Standard: The New CECL Model

August 21, 2017 Investors say GAAP failed to identify credit losses during the global financial crisis. The FASB responded with a new model designed to recognize credit losses sooner. Here’s what’s changing.

Powers Of Attorney: Springing Vs. Nonspringing

August 21, 2017 Two crucial components of an estate plan are powers of attorney for property and for health care. A nonspringing power of attorney is generally preferable to a springing one. Learn why.

Illinois General Assembly Overrides Governor’s Veto and Enacts Budget Bill – Income Tax Rate Increases and Other Tax Changes

August 14, 2017 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. In addition to other income tax changes enacted, Illinois Public Act 100-0022 also enacts certain other tax changes, including for sales and use taxes and tax liens.

North Carolina Legislature Overrides Governor’s Veto and Enacts Budget Bill – Corporate Rate Reduction And Other Tax Changes

August 14, 2017 North Carolina has enacted a budget bill, S.B. 257, which, among other things, reduces the state’s corporate income tax rate from 3 percent to 2.5 percent, effective for taxable years beginning on or after January 1, 2019. The governor had vetoed the bill, but on June 28, 2017, the legislature overrode that veto. The budget bill also includes a franchise tax rate reduction for S corporations, a rate reduction and other changes for personal income tax, and other sales and use tax changes.

Beware The GST Tax When Transferring Assets To Grandchildren

August 14, 2017 GST tax planning is important if you’re making gifts or bequests to grandchildren. Here’s how to avoid falling into exemption allocation traps that can lead to unnecessary GST tax liability.

Will Congress Revive Expired Tax Breaks?

August 14, 2017 College tuition, mortgage insurance premiums, mortgage debt forgiveness: These might all save you tax on your 2017 return . . . if Congress extends expired breaks for them.

Close-Up On Cutoffs For Reporting Revenues And Expenses

August 11, 2017 Timing is critical in financial reporting. The cutoff rules are strict and will soon require more judgment calls. Here’s a primer for companies that use accrual-basis accounting.

Tax Reform Is Still Hanging In The Balance…

August 09, 2017 One of the biggest agenda items for President Trump is tax reform. At the end of July, it was announced that the border adjustment tax (BAT) was scrapped from the current tax reform plan. It was estimated that the BAT would bring in over $1 trillion in revenue over a 10-year period. The BAT would [...]

A Tax Bill That Is Often Overlooked

August 09, 2017 A number of years ago, the IRS started requiring taxpayers to pay taxes on household employees. Although often called the “nanny tax”, it can apply to much more than just those who care for children.  Payments for services related to housekeeping, gardening, care-giving for an elderly relative or spouse, or any other domestic work could [...]

Net Unrealized Appreciation. What Are The Options?

August 09, 2017 So you are near retirement and you have accumulated company stock in an employer-sponsored retirement plan. What options do you have? One option is to leave the stock in the retirement plan. If the stock remains in the company sponsored retirement plan, or there is a direct rollover to an IRA, contributions and any earnings [...]

Rev Up Retirement Offerings With An NQDC Plan

August 09, 2017 Attracting and retaining top executive talent is a business imperative. A nonqualified deferred compensation plan can help you win the talent race with a powerful benefits package.

Three Things That Are Making Regulators Buzz

August 08, 2017 Changes in the way nonprofits operate are a topic of discussion but a number of underlying legal issues and compliance considerations seem to be perpetual. Internal operational issues are of great interest to regulators of nonprofits, but are also pertinent to non-regulated nonprofit entities. Here are three hot-item areas to consider: Governance and Compliance: One legal [...]

Cyber Security Tips For Nonprofits

August 08, 2017 When talking about cyber security and data breaches, people typically think of government, financial and retail entities. Yet, nonprofits are not exempt from cyber security concerns and the risks of data breaches are not the focus for many organizations.

How External Auditors Can Leverage Your Internal Audit Work

August 07, 2017 Got internal auditors? We may be able to work together to make your financial reporting process easier and more effective… if you meet SAS 128 requirements.

Use A Noncharitable Purpose Trust To Achieve A Variety Of Goals

August 07, 2017 Does a noncharitable purpose (NCP) trust have a purpose in your estate plan? It can be used to maintain residences and collectibles, for example. But choosing the right jurisdiction for an NCP trust is critical.

4 Tough Questions To Ask Before Expanding To A New Location

August 07, 2017 For a successful business, opening an additional location to keep the company growing may seem like a no-brainer. Yet the risks to your existing operations are many. Let’s think it through.

A Refresher On The ACA’s Tax Penalty On Individuals Without Health Insurance

August 07, 2017 If you don’t have “minimum essential” health coverage, you need to be aware of the potential tax penalties. But calculating the penalty can be tricky.

Colorado Remote Seller Reporting Requirements

August 07, 2017 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.

Checking The Pulse On Private Company Leaders

July 31, 2017 “Yep, just as I expected, still beating.” With all the fake news on the internet these days, it’s hard to tell if we are heading toward feast or famine. A few weeks ago, I read a survey where private company leaders across America were interviewed on their expectations for 2017 after Q1’s report cards. The [...]

Private Companies: Consider These Financial Reporting Shortcuts

July 31, 2017 Are Generally Accepted Accounting Principles (GAAP) too complex for smaller, private companies? Here are some simple alternatives that can reduce financial reporting headaches.

Don’t Overlook Tax Apportionment When Planning Your Estate

July 31, 2017 Including a tax apportionment clause in your will or living trust is critical if your estate will owe estate taxes after your death. Find out why.

Listening To Your Customers By Tracking Lost Sales

July 31, 2017 A profitable new sales opportunity may be right around the corner. But how do you know when to make the turn? By tracking lost sales. We have some great ideas for doing so.

3 Midyear Tax Planning Strategies For Individuals

July 31, 2017 Many consider tax planning to be a year-end activity. But you can boost the power of your individual tax planning by implementing these three strategies now.

Cyber Security Tips For Nonprofits

July 31, 2017 When talking about cyber security and data breaches, people typically think of government, financial and retail entities. Yet, nonprofits are not exempt from cyber security concerns and the risks of data breaches are not the focus for many organizations. Similar to those businesses that are under the cybersecurity spotlight, nonprofit organizations handle sensitive information, not [...]

Are You 64 Years Old And Working?

July 31, 2017 Are you 64 years old and working, and plan to keep working? If so, do you work for a company of 20 or more employees that offers a health insurance plan creditable to Medicare? Then you have a decision to make. Do I apply for Medicare Part A or not? If you plan to apply [...]

Revenue Recognition From Contracts With Customers

July 25, 2017 Consideration of New Rules on Financial Institutions Overview 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 [...]

We’ve Got The Lowdown On Updated Cash Flow Reporting Guidance

July 24, 2017 Unsure how to report cash inflows and outflows? It’s one of the most misunderstood parts of financial reporting. Learn about updated guidance that will help you get it right.

The Stretch IRA: A Simple Yet Powerful Estate Planning Tool

July 20, 2017 Do you know how to turn an IRA from a retirement tool into an estate planning tool? The answer is to “stretch” it. Doing so is surprisingly simple.

Does Your Business Have Too Much Cash?

July 19, 2017 A company’s profitable future can drown in a sea of dollars. That’s right, maintaining too much cash may compromise your competitive edge. We have some suggestions.

3 Midyear Tax Planning Strategies For Businesses

July 19, 2017 Which tax reform proposals will make it into legislation and when such legislation will be voted on is uncertain. In the meantime, consider these three business tax tips from the last big tax law.

Will Tax Reform Kill The SALT Deduction?

July 16, 2017 While most of the political world and news media is focused on efforts to reform the Affordable Care Act, President Trump, Speaker Ryan and other Republican leaders continue to state that tax reform is among their legislative priorities.

Personal Use Of Company Cars – The Basics

July 16, 2017 Providing vehicles to employees can be a great benefit for both the employee and employer; however, the tax reporting can often be complicated.

Look Beyond EBITDA

July 14, 2017 Everyone loves EBITDA! It’s easy to calculate and understand. But you should know this metric’s critical shortcomings before making decisions based on it. Here’s more on the dark side of EBITDA.

ABLE Accounts Can Benefit Loved Ones With Special Needs

July 13, 2017 Do you know the differences between an ABLE account and a special needs trust? If in your estate planning you’d like to provide for a loved one with a significant disability, choosing the right one comes down to the details.

Make Sure Your Company Is Prepared For Any Disaster

July 12, 2017 They’re out there and they may be legion. We’re referring to threats to your business operations. But, rest assured, your company can protect itself with the right plan in place.

The Benefit Of Making A Qualified Charitable Distribution

July 11, 2017 Are you over 70 1/2 and do you have an IRA? A “qualifying charitable distribution” could be a great tax planning opportunity. The requirements for a qualifying charitable distribution are fairly straightforward. As mentioned above, the distribution has to be made from a traditional or Roth IRA and by an IRA owner that is over [...]

Own A Vacation Home? Adjusting Rental Vs. Personal Use Might Save Taxes

July 11, 2017 Owning a vacation home can provide both a retreat from the stresses of everyday life and a valuable source of income. How much you personally use your vacation home vs. rent it out may have a major impact on your taxes.

Less Than 6 Months Until The New Contract Revenue Guidance Goes Live!

July 07, 2017 The landmark revenue recognition standard could have a major impact on your business. While others are procrastinating on implementation, here’s why you can’t afford to delay.

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

July 07, 2017 Governor Kasich Signs Ohio Budget Bill On Friday, June 30, 2017, Governor John Kasich signed Ohio’s main operating budget, House Bill 49, for FY 2018-2019. The bill contains several important tax provisions, including the following: For tax years beginning in 2017, reduces the number of personal income tax brackets by eliminating the bottom two brackets [...]

IRS Simplifies Procedure For Obtaining Extension To Make Portability Election

July 06, 2017 An estate now has additional time to make a portability election without filing a ruling request. The IRS has also simplified the procedure.

Summer Is A Good Time To Start Your 2017 Tax Planning And Organize Your Tax Records

July 06, 2017 No one really wants to think about taxes during the summer, when they’re enjoying everything this typically more-relaxed season has to offer. But a little effort now can pay off later.

Fine-Tuning Your Company’s Compensation Strategy

July 06, 2017 Are you happy with your company’s approach to compensation? More important, are your employees? It may be time for an adjustment to ensure you’re providing equitable compensation.

Are You Familiar With Fraudulent Transfer Laws?

July 06, 2017 Fraudulent transfer laws can upend your estate plan. Learn how your net worth might determine whether a gift could be considered a fraudulent transfer.

Respecting Auditor Independence

June 30, 2017 Auditors must be independent… or else. We take this issue seriously. Here’s an overview of independence guidance from the SEC. Similar rules apply to private company auditors.

Why Business Owners Should Regularly Upgrade Their Accounting Software

June 30, 2017 Accounting systems are like tires. They all go flat eventually. Business owners should be prepared to upgrade this software on a regular basis. There are at least two good reasons for doing so.

Claiming A Federal Tax Deduction For Moving Costs

June 30, 2017 Moving this summer for work-related reasons? You might be eligible to deduct moving expenses… but only if you can meet distance and time tests.

Close-Up On Restricted Cash

June 30, 2017 Are changes to restricted cash reported under: a) operating cash flows, b) investing cash flows, c) financing cash flows, or d) none of the above? Here’s the correct answer from the FASB.

Seasonal Business? Optimize Your Operating Cycle

June 22, 2017 What do ice cream shops, pumpkin patches and ski equipment stores have in common? They’re all seasonal businesses. If you are, too, here’s how to address your distinctive cash flow challenges.

Leaving Specific Assets To Specific Heirs Is An Estate Planning No-No

June 22, 2017 Bequeathing specific assets to specific heirs might produce unintended results that are contrary to your wishes. Here’s what could happen and some alternative strategies for achieving your goals.

The Risk Of Doing Nothing: Change Management

June 21, 2017 Management is challenged to allocate resources adequately to meet an organization’s needs. Two main areas of focus for many organizations right now are the new financial reporting standards and cyber security.

2017 Q3 Tax Calendar: Key Deadlines For Businesses And Other Employers

June 20, 2017 During summertime, tax deadlines are probably the last thing on your mind. But there are some important Q3 2017 deadlines that businesses can’t afford to forget about.

Pro Forma Compilations Look At How An Alternative Course Of Action Would Have Affected Financials

June 19, 2017 New AICPA guidance clarifies how your historical financial statements might differ if you’d taken a different course of action.

Updated Standards for Accounting for Hedging Activities

June 19, 2017 On September 8, 2016 the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) intended to improve accounting for hedging activities. On June 7, 2017, the FASB voted to proceed with this new standard on hedging activities with the final ASU expected to be published in August 2017.

Is Now The Time For A Charitable Lead Trust?

June 16, 2017 Today’s relatively low interest-rate-environment makes charitable lead trusts (CLTs) an especially powerful charitable giving tool. Outperforming the Section 7520 rate is the key.

Pay Attention To The Details When Selling Investments

June 14, 2017 If you want to minimize taxes on your sales of investments, the details matter. If you don’t pay attention to them, the tax consequences may be different from what you expect.

You Don’t Have To Take Business Insurance Costs Sitting Down

June 14, 2017 You shouldn’t run your business without proper insurance coverage. But savvy owners can identify ways to lower premiums. Here are some ideas to consider.

Are Charities At Risk For Losing Contributions?

June 13, 2017 It seems like lately all eyes have been on the tax reforms proposed by President Trump. People want to know how these reforms will affect themselves, their businesses and our economy overall. What we should also be considering is how these reforms could impact 501(c)3 organizations. Charities could lose an estimated $13 billion in contributions [...]

Is an ESOP Right for Your Company?

June 13, 2017 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. There are over 6,000 ESOPs in the United States, [...]

Timeliness Counts In Financial Reporting

June 09, 2017 Who cares if your financial statements are late? Stakeholders! Here’s what investors and lenders may be thinking when there’s a delay.

Videotaping Your Will Signing May Not Produce The Desired Outcome

June 09, 2017 If you have concerns that a member of your family might contest your will after your death, videotaping yourself signing it may not be advisable. Consider an alternative strategy instead.

Business Owners: Put Your Successor In A Position To Succeed

June 07, 2017 You’re depending on your successor to lead your company after you step down. But, first, he or she is depending on you to provide the proper mentorship and support. Here are some ideas for doing so.

Coverdell ESAs: The Tax-Advantaged Way To Fund Elementary And Secondary School Costs

June 07, 2017 Coverdell ESAs aren’t just for tax-advantaged college saving. They can fund K-12 expenses, too. But many rules apply that might limit an ESA’s potential benefits for your family.

Cybersecurity – Is Your Organization Prepared?

June 05, 2017 Cybersecurity continues to be a hot button topic for all businesses. Just a few weeks ago, 237,000 systems in 150 countries were infected by the WannaCry attack in a period of a few days. Whether it is protecting from ransomware, data breaches, unauthorized intrusion and control of Internet of Things (IoT) devices, or other cybersecurity attacks, organizations in all lines of business have been affected.

Put Your Income Statement To Good Use

June 02, 2017 Don’t file away your financial statements in a desk drawer. Analyze them closely for clues on what’s happening and how to improve performance. Here’s how to start your investigation.

Are Your Retirement Savings Secure From Creditors?

June 02, 2017 Provide yourself peace of mind by taking steps now to protect retirement savings from creditors. Qualified employer plans and traditional and Roth IRAs can be at risk to potential creditors’ claims.

4 Digital Marketing Tips For Every Business

May 31, 2017 Do your company’s digital marketing efforts elicit likes or LOLs? Let’s talk about some best practices for getting a consistent, effective message out on the Internet.

Donating A Vehicle Might Not Provide The Tax Deduction You Expect

May 31, 2017 Before donating a vehicle, find out the charity’s intent. How the charity will use the vehicle can have a significant impact on your charitable deduction.

Employee Share-Based Payments: FASB Revises The Reporting Requirements

May 31, 2017 Want your compensation package to stand out? Companies can attract talent by offering employee stock options and restricted stock. Here’s how simpler accounting rules make them extra appealing.

First Quarter 2017 State and Local Tax Update

May 31, 2017 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.

A Family Bank Professionalizes Intrafamily Lending

May 25, 2017 Are you ready to “go pro” with your intrafamily lending activities? A family bank can preserve the tax-saving power of intrafamily loans while minimizing negative consequences.

Could Stronger Governance Benefit Your Business?

May 24, 2017 No business is safe — from itself. This is why strong governance is so important. Let’s discuss the “whys” and “hows” of formalizing your company’s rules, practices and processes.

Business Owners: When It Comes To IRS Audits, Be Prepared

May 23, 2017 As a business owner, you likely are concerned about being audited by the IRS. Here’s what you need to know to be prepared for an audit and respond effectively.

Personal Income Tax Implications Of Compensation Clawbacks

May 22, 2017 When publics funds were used to provide emergency financing to major financial institutions and automobile manufacturers during the Great Recession, details about executive compensation packages were thrust into the national spotlight. Public pressure and subsequent legislation caused many companies to adopt clawback policies that require employees to repay incentive-based compensation under certain circumstances.

Am I Being Taxed Twice?

May 22, 2017 While there may be opposing viewpoints with regard to the extent Americans should be taxed, it’s probably fair to say that individual taxpayers prefer to be taxed only once, if at all. That being said, what happens when income is taxed by a country outside of the U.S.?

Why Financial Restatements Happen…And How To Prevent Them

May 22, 2017 Oops! Financial reporting can be complicated, and mistakes sometimes happen. Here are common reasons (besides fraud) that a company might revise prior financial statements.

It’s A Matter Of Principle – And Trust – When Using A Principle Trust

May 22, 2017 If you’re comfortable providing a trustee with broad discretion to guide beneficiaries to lead lives you’d be proud of, a principle trust may help you reach your estate planning goals.

Why Is Business Succession Planning So Important?

May 17, 2017 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. So [...]

It May Be Time For Your Company To Create A Strategic IT Plan

May 17, 2017 Are all of your hardware and software on speaking terms? If not, you may want to undertake a companywide effort to integrate all of your mission-critical technology. Here are some tips to consider.

Real Estate Investor Vs. Professional: Why It Matters

May 17, 2017 Are you a real estate “professional” or just an investor? The answer is important because qualifying as a professional can provide valuable income tax benefits.

How To Shape Up Your Working Capital

May 17, 2017 A bloated balance sheet can slow your company’s growth. Fit companies cut the fat from working capital by targeting three accounts: receivables, inventory and payables.

Prepaid Funeral Plans May Not Provide Peace Of Mind

May 17, 2017 To avoid pitfalls, ensure you understand what a prepaid funeral plan covers and are aware of potential traps. Also consider alternative funding options.

Looking For Concentration Risks In Your Supply Chain

May 17, 2017 Your supply chain may seem safe. But you’ve got to watch out for concentration risks that can disrupt it and put the profitability of your company in jeopardy. Here’s what you need to know.

Operating Across State Lines Presents Tax Risks – Or Possibly Rewards

May 17, 2017 Many businesses are finding it more feasible to operate across state lines. But therein lies a risk: Doing so means possibly being subject to taxation in that state.

Do You or Your Employees Qualify for the PSLF?

May 16, 2017 The Public Service Loan Forgiveness Program (PSLF) was signed into law through executive order in June 2014 by former President Barack Obama. The program could potentially forgive student loan debt for thousands or even millions of individuals, including full-time employees of not-for-profit organizations that are tax-exempt under Section 501(c)(3) of the Internal Revenue Code.

Are You Classifying Your Employees Correctly?

May 16, 2017 Classifying your workforce can be difficult. Misclassification of employees and independent contractors is a common mistake made by many nonprofit organizations. This misclassification can end up costing the organization a significant amount of money in IRS penalties, state penalties and back taxes.

Conflict Minerals: SEC Reconsiders The Disclosure Requirements

May 08, 2017 Using conflict minerals? Here’s 1) what the SEC wants to know about the use of gold, tantalum, tin or tungsten in your production process, and 2) how the rule might change in the future.

Worried About Challenges To Your Estate Plan? Make It No Contest

May 08, 2017 Adding a no-contest clause to your will or living trust might deter challenges to your estate plan after your death. But enforceability differs from state to state.

3 Hot Spots To Look For Your Successor

May 08, 2017 The future of your company doesn’t depend only on you; it also depends on your successor. But who should this be? Making the right choice means considering many people and qualifications.

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

May 08, 2017 If you received a 2016 federal income tax refund, you essentially made an interest-free loan to the government. Here’s how you can avoid doing that this year and, instead, begin collecting your 2017 refund now.

Use Pro Formas To Plot Your Route To Success

May 08, 2017 How do you plan to achieve your strategic goals? Pro forma financial statements are like a map or GPS app that guides your business plan. Here’s how to crunch the numbers.

Best Practice – Spring 2017

May 03, 2017 The convergence of technology and civic ambition resulted in a unique scanning project involving a handful of Pittsburghers and one Italian city in October 2016. Using a combination of digital tools, a 12-person team of architects, engineers, digital technicians, drone pilots, software gurus and politicians helped the ancient city of Volterra in Tuscany, Italy, begin to document its built environment.

Construction National Outlook – Spring 2017

May 03, 2017 Spring 2017 has brought the U.S. economy an even stronger employment picture but also the first signs that the optimism brought on by the election of a pro-business president may not yet be translated into actions.

What’s It Cost? – Spring 2017

May 03, 2017 The April 13 report from the Bureau of Labor Statistics (BLS) on inflation in March drew headlines for its surprising decline in the Consumer Price Index (CPI), which declined 0.3 percent instead of the expected slight rise. That same surprise did not materialize for the Producer Price Index (PPI), nor for the PPI specific to construction.

2017 Tax Reform: Trump proposes big tax cut for businesses

April 28, 2017 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%. Director [...]

Trump’s Tax Plan as of November 11, 2016

April 28, 2017 As of Nov. 10, 2016, President-elect Trump’s Tax Plan website lists the following proposals: For individual taxpayers: Tax rates and breakpoints for Married-Joint filers would be: – Less than $75,000: 12% – More than $75,000 but less than $225,000: 25% – More than $225,000: 33%; Brackets for single filers would be ½ of these amounts; [...]

Asset Valuations And Your Estate Plan Go Hand In Hand

April 27, 2017 Don’t run afoul of the IRS when it comes to reporting noncash gifts. A valuation by a qualified appraiser is a must to minimize the risk of IRS-imposed penalties.

Enhance Benefits’ Perceived Value With Strong Communication

April 26, 2017 If you gave your employees a pop quiz on their benefits, how many would pass? Many workers don’t fully understand or appreciate what their employers offer. Here are some ways to get them up to speed.

Do You Know The Tax Implications Of Your C Corp’s Buy-Sell Agreement?

April 25, 2017 A buy-sell agreement is critical to most closely held businesses with multiple owners. But a C corporation’s buy-sell agreement could produce adverse tax consequences if not structured properly.

What’s In A (Trade) Name?

April 24, 2017 The trade name and trademark of a company are oftentimes its most recognizable assets. Indeed, it’s oftentimes hard to imagine a McDonald’s without the golden arches, a Nike without the “swoosh,” or Apple without, well, an apple. Trade names and trademarks can have far-reaching effects and can be a determining factor of income to your [...]

Are You Thinking Of Bringing A Partner Into Your Business? Before You Do, Consider The Following.

April 24, 2017 Our perspective is that hiring a quality appraiser before the partnership dissolution or other triggering event occurs provides the most accurate value for the company. It requires investing only a small annual fee to create comfort and avoid costly issues later.

Measuring “Fair Value” For Financial Reporting Purposes

April 24, 2017 In accounting, fair value differs from historic cost and fair market value. Confusion about fair value can lead to unreliable estimates, write-offs and restatements. Here’s how to get it right.

Life Insurance And An Estate Plan May Not Always Mix Well

April 20, 2017 Owning your life insurance policy yourself can make estate planning complicated. But you can mix life insurance into your estate plan tax-efficiently. Here’s a recipe for success.

How Can You Take Customer Service To The Next Level?

April 19, 2017 We’ve all heard the phrase “the customer is always right!” But conveying the spirit of these words and keeping customers as happy as possible perplexes many companies. Here are some tips.

Individual Tax Calendar: Key Deadlines For The Remainder Of 2017

April 19, 2017 Look beyond April 18 to the tax-related deadlines you face for the rest of 2017. If you don’t, you could become subject to interest and penalties or simply miss out on tax-saving opportunities.

Best Practices for an Effective Investment Committee

April 18, 2017 Most nonprofits rely on an investment committee to oversee their investment portfolios. This oversight group can have a big impact on real long-term wealth preservation and ensuring resources are available to realize organizational goals and aspirations.

Public Charities and Private Foundations — What’s the Difference?

April 18, 2017 When starting a 501(c)(3) organization, the IRS will generally classify it one of two ways—either as a public charity or a private foundation. Public charities are known to perform charitable work, while private foundations are typically grant-making organizations. The main difference between public charities and private foundations is the source of their financial support.

Building a Resilient Organization—A Toolkit for Nonprofit Boards to Manage Transformational Change

April 18, 2017 Many, if not most, nonprofit organizations will encounter board or leadership turbulence at some point in their lifecycles. Organizational transition, the evolution of mission or executive departures are inevitable. There are times when the board must make challenging decisions and protect the organization from financial and organizational risk, as well as potential reputation damage. While [...]

2017 Tax Amnesty Program

April 18, 2017 The Pennsylvania Tax Amnesty Program ("the Program") was established by Act 84 in 2016. The Amnesty Program period begins Friday April 21, 2017.

Support Services for Canned Computer Software and Other Digital Property

April 18, 2017 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."

Changes to Federal Grant Purchasing Requirements – Are you Ready?

April 18, 2017 Purchasing standards for organizations receiving federal funding have changed under Uniform Guidance, 2 CFR 200, 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. For organizations with a June 30th fiscal year end, this means the second full fiscal year is the year ending June 30, 2017.

Benchmarking Receivables

April 14, 2017 Don’t take accounts receivable at face value. Balances might include stale invoices, bad debts and even fictitious entries. Here’s how to evaluate the quality of receivables.

Acquaint Yourself With The Roth IRA As An Estate Planning Tool

April 14, 2017 Do you know how a Roth IRA can benefit your estate plan? Thanks to tax-free growth and no required distributions during your life, this retirement vehicle can also be a powerful estate planning tool.

Look At Your Employees With Cybersecurity In Mind

April 12, 2017 Businesses remain under constant attack from cybercriminals. Your hiring process and employee policies may either expose you to or protect you from this threat.

A Timely Postmark On Your Tax Return May Not Be Enough To Avoid Late-Filing Penalties

April 11, 2017 Still filing a paper tax return? Be sure you understand the “timely mailed = timely filed” rule. If you don’t, you could end up owing penalties. Here’s what you need to know.

Create A Strong System Of Checks And Balances

April 10, 2017 How do you rate your internal controls? Here’s why controls are critical to a company’s success and how auditors differentiate strong control systems from weak ones.

Rising Rates and Cost of Capital

April 10, 2017 In March 2017, the Federal Reserve Bank elected to increase its key interest rate from a range of 0.50 percent to 0.75 percent to the range of 0.75 percent to 1.00 percent. While the Federal Reserve’s decision to increase interest rates should have no effect on valuation, increasing the return on an investment does have an inverse relationship with the valuation of an investment.

Be Aware Of The Ins And Outs Of Holding Joint Title To Property

April 06, 2017 Holding joint title to assets can result in unexpected estate planning consequences, such as unnecessary taxes, exposure to creditor claims and loss of control.

Matchmaker, Matchmaker: Choosing The Right Lender

April 06, 2017 The old, daunting gray banks of yore are gone. Today’s lenders have to compete for your company’s business, and there are plenty to choose from. Here are some thoughts on being a careful, savvy shopper.

Saving Tax With Home-Related Deductions And Exclusions

April 06, 2017 If you own a home, be sure to claim all the home-related tax breaks you’re entitled to. But be aware that a couple expired at the end of 2016, and others might disappear in the future as part of tax reform.

3 Financial Statements You Should Know

April 06, 2017 Want to get more from your financial statements? Here’s a refresher on how you can use them to catch potential problems early and pivot to maximize the company’s value.

Will Your Favorite Charity Accept Your Donation?

April 06, 2017 To ensure your estate plan works as intended, check with your favorite charities on any donations you’re planning to make to them. Certain types of gifts might be rejected.

Consider Key Person Insurance As A Succession Plan Safeguard

March 29, 2017 Most succession plans assume an orderly, planned transfer of power from one owner to the next. But an owner’s sudden death can throw such plans into chaos. The right insurance may help.

2017 Q2 Tax Calendar: Key Deadlines For Businesses And Other Employers

March 29, 2017 Do you know what tax-related deadlines your business faces in Q2 of 2017? If you miss them, you could be subject to interest and penalties.

How Auditors Evaluate Fraud Risks

March 24, 2017 Fraud risks are always on your auditor’s mind. Even if your financial statements aren’t audited, to minimize potential losses it’s important to consider the fraud risk factors auditors look at.

Direct Tuition Payments Benefit Your Grandchild And Your Estate Plan

March 24, 2017 Don’t miss a valuable opportunity to make direct payments of your grandchild’s tuition. This strategy can reduce potential gift and estate tax exposure.

Offer Plan Loans? Be Sure To Set A Reasonable Interest Rate

March 22, 2017 Your company may not be a bank. But if employees can borrow from the retirement plan you sponsor, it’s up to you to set an acceptable interest rate. Some points to consider.

Who Can — And Who Should — Take The American Opportunity Credit?

March 22, 2017 The American Opportunity credit can provide valuable tax savings for families with a college student. But sometimes it makes sense for the student, rather than the parent, to claim the credit.

Divorce Necessitates An Estate Plan Review

March 17, 2017 A divorce can be a devastating life event, but it doesn’t have to ruin your estate plan. By making the proper revisions, you can regain the peace of mind that your assets will be distributed per your wishes.

2016 IRA Contributions — It’s Not Too Late!

March 17, 2017 Making a 2016 IRA contribution by April 18 can provide a valuable tax deduction. But it can be beneficial even if it isn’t deductible.

FAQs About Agreed Upon Procedures

March 17, 2017 Companies sometimes have problems that require a custom solution. When traditional assurance services don’t meet your needs, here’s a creative alternative that may help.

Getting Your Money’s Worth Out Of A Company Retreat

March 15, 2017 Insightful discussions. Team-building exercises. Captivating speakers. Plain old fun. All of these benefits can be had without breaking the bank at a carefully planned company retreat.

Cyber Security – Inside and Out

March 14, 2017 Hacking is all the rage these days. While managing external cyber risk is important, it is also important to look at your internal controls related to managing risk. View a sample of some steps to keep in mind related to managing your internal risks.

Make Health Care Decisions While You’re Healthy

March 13, 2017 Do you know who’ll make medical decisions on your behalf if you’re unable? Do they know your wishes? If not, a health care power of attorney and a living will are two key estate planning documents to execute today.

Don’t Make Hunches — Crunch the Numbers

March 13, 2017 One bad investment can crush a business. Consider factoring discounted cash flow metrics into your investment decisions. They can help estimate the financial impact of a strategic move.

Cooking the Books

March 10, 2017 White collar crime can quickly drain a company’s resources. Fraud awareness can lower your risk. Here’s an overview of the costliest type of fraud, along with a critical prevention tip.

Evaluating Going Concern Issues

March 10, 2017 Is your company struggling to make ends meet? If there’s substantial doubt about your company’s long-term viability, here’s how it may impact your financial reporting.

Keep Family Matters Out of the Public Eye By Avoiding Probate

March 09, 2017 Probate can be an undesirable process. Fortunately, you can avoid, or at least minimize, probate. Designating beneficiaries where possible is one way, but there are others.

Listen And Trust: The Power of Collaborative Management

March 08, 2017 Not sure about your company’s next big strategic move? You may be overlooking an untapped source of strategic power: Your managers!

When An Elderly Parent Might Qualify As Your Dependent

March 08, 2017 Are you supporting an elderly parent? You might qualify for a tax break on your 2016 return. Whether you’re eligible depends on factors such as your parent’s income and how much financial support you provide.

What’s It Cost? – Winter 2017

March 08, 2017 Five years of steady expansion for the construction industry have yielded a labor market and supply and demand for building products that are pushing inflation higher. That’s the conclusion that can be drawn by the recent months’ readings on producer prices and completed costs of construction.

Construction National Outlook – Winter 2017

March 08, 2017 Data on the full year of construction will not be available until February but it’s apparent from what we know of the first 11 months that some trends have slowed or reversed in 2016 and among economists, there are the first signs of recession on the horizon for 2018.

1042 Reporting Season – Still Open for 2016 Filings

March 03, 2017 Your business is most likely very much in tune with the informational reporting required to report and file Forms 1099 with the IRS each year.

TAS Year in Review 2016 and Deal Trends

March 02, 2017 GBQ’s Transaction Advisory Services group (TAS) had another busy year in 2016 and signs are pointing to a strong 2017 as well.

Tangible Property Safe Harbors Help Maximize Deductions

February 28, 2017 Did your business make building or equipment repairs in 2016? For example, did you perform routine maintenance on a piece of machinery? The expense may save you tax.

2016 Form 8938 Update for Specified Entities

February 27, 2017 Under FATCA regulations, generally beginning with the 2011 tax year, specified individuals began reporting foreign financial assets to the IRS on Form 8938 (Statement of Specified Foreign Financial Assets).

Top 5 Reasons Why EBITDA Multiples Are Dangerous

February 27, 2017 In the world of mergers and acquisitions, it is commonplace to hear business owners and their advisors reference a transaction price or value based on a multiple of EBITDA (i.e., earnings before interest, taxes, depreciation, and amortization).

Use Qualified Auditors For Your Employee Benefit Plans

February 24, 2017 Do you have 100 or more employees enrolled in your benefit plan? You probably are required to have your plan audited. Here’s what you need to know.

Use An ILIT As a Wealth Preserver

February 24, 2017 An irrevocable life insurance trust (ILIT) is a relevant estate planning technique even for a nontaxable estate. Review the benefits and drawbacks here.

What Can a Valuation Expert Do For Your Succession Plan?

February 24, 2017 Many voices should contribute to your succession plan. One of them should be a qualified valuation professional, who can help estimate how much your company is really worth.

Deduct All of The Mileage You’re Entitled To — But Not More

February 24, 2017 You probably know that miles driven for business can be deductible. But did you know you may be able to deduct miles driven for other purposes?

6 Big Issues That Will Disrupt Manufacturing

February 21, 2017 Manufacturers face many challenges today as they try to prepare their business for the future.

California Appellate Court Affirms that an Out-of-State Corporation with a Passive Investment in a California Limited Liability Company is Not “Doing Business” in California

February 21, 2017 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. The Court of Appeal ruled that Swart’s LLC interest was a passive interest.

IFRS vs. GAAP: Some Public Companies Want a Choice

February 20, 2017 Outside the United States, IFRS is the accounting language of choice. Here’s how the SEC may help U.S. public companies communicate more effectively with global investors and lenders.

Are You Leaving Your IRA to Someone Other Than Your Spouse?

February 20, 2017 Special planning is required if you wish to pass your IRA on to nonspouse beneficiaries, such as your children, while preserving the tax benefits of the account.

An EAP Can Keep Your Top Players On the Floor

February 20, 2017 A strong benefits package is essential to every employer. Does yours include an employee assistance program (EAP)? An EAP can enable you to help employees struggling with certain personal issues.

Do You Need to File a 2016 Gift Tax Return by April 18?

February 20, 2017 If you made gifts to loved ones in 2016, a gift tax return may be required (or recommended). Not filing and paying tax due, if any, could result in interest, penalties, or even unnecessary tax liability.

The Philadelphia Sugar Sweetened Beverage Tax

February 14, 2017 The City of Philadelphia (“City” or “Philadelphia”) enacted the Sugar Sweetened Beverage Tax (“SSBT”), effective January 1, 2017.

Is Annual Financial Reporting Enough?

February 10, 2017 Many stakeholders don’t want to wait until year-end to gauge financial health. Here are the pros and cons of issuing interim reports, along with tips for unearthing concerns midyear.

2016 Charitable Deductions: Substantiate Them or Lose Them

February 09, 2017 Did you make charitable donations last year as part of your estate plan? If so, to deduct the gifts on your 2016 income tax return, it’s critical that you follow IRS substantiation requirements. Here are the rules.

Envision Your Advisory Board Before You Form It

February 08, 2017 Need a fresh perspective on strategic planning? Insights from managers and employees are important. But sometimes business owners need external ideas from an advisory board. Let’s talk about yours.

What You Need to Know About the Tax Treatment of ISOs

February 07, 2017 Got incentive stock options? Then you need to understand their tax treatment. There might be reporting requirements on your 2016 return, and proper planning may save you tax dollars in the future.

FASB Approves One-Step Impairment Test for Goodwill

February 03, 2017 Got goodwill on your balance sheet? Impairment testing for goodwill is complicated, often requiring the use of outside experts. Luckily, the FASB recently approved a simpler testing method.

5 Questions Single Parents Should Ask About Their Estate Plans

February 02, 2017 Are you a single parent of minor children? Your estate plan requires special attention to ensure your kids will be cared for and financially supported as you wish should the unthinkable occur.

PTO Banks: A Smart HR Solution for Many Companies

February 01, 2017 Is managing paid time off dragging down your company’s productivity? Many employers are creating PTO banks to streamline PTO management, and they’re reaping other benefits as well.

The “Manufacturers’ Deduction” Isn’t Just for Manufacturers

January 31, 2017 The Sec. 199 deduction can save you tax dollars if your business is engaged in domestic production activities, which include activities beyond traditional manufacturing.

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

January 31, 2017 Tax season has arrived and this year’s season comes with some due dates changes and new e-filing information disclosure requirements. The following is a list of major due date changes: Partnerships (Form 1065) – due the 15th day of the third month after the close of the year (March 15th for calendar year taxpayers). This [...]

Pushing the Nexus Limits

January 31, 2017 For state income tax purposes, an out of state business is taxable when it has “nexus” and is “doing business” within a state. What does “nexus” and “doing business” mean?  The answer depends on multiple factors. An out of state business, at a minimum, has nexus with a state if it has some sort of [...]

Ohio Sales and Use Tax Update

January 30, 2017 Governor Kasich’s proposed biennial budget was released yesterday. As expected, it contains proposed tax legislation to “pay for” additional income tax cuts as well as looming budget shortfalls related to lower than expected fiscal receipts and a federal mandate eliminating sales tax collections from Managed Care Organizations.

Ready, Set, Audit

January 27, 2017 It’s audit season for calendar year businesses! Are you ready for audit fieldwork to start? Here are simple ways to facilitate the audit process.

2 Postmortem Estate Planning Strategies for Married Couples

January 26, 2017 Are you aware of strategies that can be implemented after your death to achieve your estate planning goals? Here’s why such strategies are important, especially now, and two strategies to consider.

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

January 26, 2017 What is “insert company name” worth? Investors ask themselves this question every day, and determining the value of a company is at the heart of finance.  Interested parties are constantly trying to estimate a company’s value – most notably when making a decision to buy, sell, or hold that company’s stock.  The market values of publicly-traded [...]

Is Your Business Committed to its Cost-Control Regimen?

January 25, 2017 Be it economic uncertainty or tough competition, many things can impede business success. But it’s often a company’s failure to control its own costs that slows cash flow and hurts profitability.

The Investment Interest Expense Deduction: Less Beneficial Than You Might Think

January 24, 2017 Will the investment interest expense deduction save you tax? Perhaps not, or not much, if you invest in municipal bonds or your investment income is mostly long-term capital gains and qualified dividends.

What is a Business?

January 20, 2017 The definition of a business may seem like a fundamental issue. But it’s taken the FASB decades to refine it. Here’s its updated guidance to help you report future acquisitions and disposals.

Should You Set Up Trusts in a More “Trust-Friendly” State?

January 19, 2017 Establishing trusts in another state may be beneficial if that state has more trust-friendly laws. Here are some of the potential benefits and what to consider before taking action.

Why Are So Many Businesses Selling?

January 19, 2017 The following insights are provided through the experience of Wade Kozich, Director of Transaction Advisory Services at GBQ Partners LLC. GBQ’s Transaction Advisory Services group is involved with approximately 100 transactions annually. When I first sit down with an owner who has expressed an interest in pursuing an ownership transition plan, my first question is [...]

Succession Planning and Estate Planning Must Go Hand in Hand

January 18, 2017 Business owners, it’s critical to harmonize your succession plan with your estate plan. Doing so involves deciding who should receive ownership interests and who should actually run your company.

Deduction for State and Local Sales Tax Benefits Some, but Not All, Taxpayers

January 17, 2017 Depending on where you live and the purchases you made in 2016, you might save more on your 2016 return by deducting state and local sales tax instead of state and local income tax.

Fair Value Checklist with Latest Updates on FASB Rules

January 16, 2017 With audit season upon us, it is likely time to start thinking about (if you haven’t already) valuation issues that will impact your audit prior to fieldwork getting started. With an eye towards simplification and streamlining, FASB has issued several pronouncements over the past few years dealing with Fair Value accounting and valuation. The most [...]

Turning Employees into Shareholders with an ESOP

January 16, 2017 Most business owners are proud of the business they built. They care about their company’s legacy and its ability to thrive after they retire. They care about the employees who have helped build the company. In many cases, a business is truly an entrepreneur’s “baby”. So, when we discuss the issue of selling an entrepreneur’s business (as [...]

Explore All of Your Options When Appointing the Executor of Your Estate

January 12, 2017 Choosing the wrong executor of your estate can have wide-ranging implications. Learn about the duties of an executor and your options so you can make the right decision based on your circumstances.

Identify All of Your Company’s Retirement Plan Fiduciaries

January 11, 2017 Today’s employers must offer competitive benefits. But if you maintain a retirement plan, you’ve got to know who’s considered a plan fiduciary in order to effectively manage risk.

Foreign Bank Account Reporting Reminders in the New Year

January 11, 2017 Effective for the 2016 reporting year, due to law changes implemented under the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, the foreign bank account report (FBAR) filing due date is now April 15th, with an available extension of six months to coincide with due dates of individual income tax returns. This [...]

Help Prevent Tax Identity Theft by Filing Early

January 10, 2017 Tax identity theft is an increasingly common scam. It involves thieves filing bogus returns and claiming legitimate taxpayers’ refunds. Here’s how to help avoid it.

Going Back to Basics with Asset Protection Strategies

January 05, 2017 Complex and expensive asset protection trusts not right for you? Simpler tools to protect assets against creditors, including insurance policies and gifting, are available.

4 Principles of Competitive Intelligence

January 04, 2017 The more you know, the better your business can perform. A competitive intelligence policy can support the effective, but ethical, gathering of information on your competitors and industry.

2017 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

January 03, 2017 The first tax-related deadlines of 2017 for businesses and other employers are rapidly approaching. Make sure you know what’s due in Q1.

Close-Up on the Use of XBRL in Financial Reporting

December 30, 2016 About 30 public companies filed financial reports using “inline XBRL” in 2016. It’s cheaper and more reliable than the two-step interactive data format. Here’s what you need to know.

A Difficult Decision: Having an Elderly Parent Declared Incapacitated

December 29, 2016 Grappling with the decision of having a parent declared incapacitated? Learn about two key questions to consider and some estate planning tools that can help.

Considering a Spinoff? Think it Through

December 28, 2016 You may not want to sell all of your company, but what about part of it? Spinning off a business unit can generate capital and improve efficiency. But the strategy brings considerable challenges.

Few Changes to Retirement Plan Contribution Limits for 2017

December 27, 2016 It’s time to start thinking about how much you’ll contribute to retirement plans in 2017. Find out what the 2017 limits are and whether you can increase your contributions.

Companies Restate Financial Results For a Variety of Reasons

December 23, 2016 Struggling with today’s complex accounting rules? Mistakes can lead to restatements that carry a stigma with lenders and investors. But restatements don’t always mean something negative. Here’s why.

Get Smart When Tackling Estate Planning for Intellectual Property

December 22, 2016 Transferring intellectual property (IP) to loved ones can be complex. For estate planning purposes, IP raises two important questions. Here’s what they are and how to answer them.

2016 Year-End Tax Planning for Businesses

December 22, 2016 The time to consider tax-saving opportunities for your business is before its tax year-end.

2016 Year-End Tax Planning for Individuals

December 22, 2016 This article is intended to assist you with your year-end tax planning.

Build Consensus Before You Buy Business Software

December 21, 2016 You may be the boss. But purchase the wrong business software and you could waste time, money and energy “selling” the product to your staff. Here’s how to boost employee buy-in before you buy.

Construction & Real Estate Insights

December 20, 2016 Build More: R&D Tax Credit Benefits For Construction Companies; Perspective in Real Estate

Construction National Outlook – December 2016

December 20, 2016 Economic data from August and September painted a picture of a U.S. economy that remains stuck in a slow-growth cycle, but which is strong relative to its primary global partners.

What’s It Cost? – December 2016

December 20, 2016 Data on prices has begun to show some consistent lift as the third quarter ended. Demand for construction nationally is pinching labor supply and is giving manufacturers the confidence to test the market with price increases.

Want to Save for Education? Make 2016 ESA Contributions by December 31

December 20, 2016 Don’t miss out on the chance to maximize tax-advantaged savings for education expenses. ESAs provide unique benefits, but because the annual contribution limit is low, it’s important to contribute every year in which you’re eligible.

How to Report Discontinued Operations Today

December 16, 2016 Simpler rules for reporting discontinued operations went into effect in 2015. Most companies haven’t applied the changes unless they’ve sold off a business line or other component. Here’s how to comply.

2016 Charitable Donations Offer Both Estate Planning and Income Tax Benefits

December 15, 2016 The year is quickly coming to an end — and so is your time to make charitable donations to reduce your taxable estate and increase your 2016 income tax deductions. Learn more here.

AICPA Credit Union Conference Update – December 2016

December 14, 2016 GBQ had a number of professionals in attendance at the 2016 AICPA Credit Union conference earlier this fall. We thought you might be interested in some of the key issues that were presented and discussed.

Your Company’s Balance Sheet Makes Great Reading This Time of Year

December 14, 2016 Business owners have a wealth of strategic planning information at their fingertips that often goes underused. Case in point: Your balance sheet. Here are some ways to make the most of it.

How Tax Law Changes May Impact Charitable Giving

December 14, 2016 While the Internal Revenue Code (IRC) hasn’t seen a major overhaul since 1986, the tax law as we know it today may not be the tax law next year. What does this mean for America’s charitable organizations?

Why Making Annual Exclusion Gifts Before Year End Can Still Be a Good Idea

December 13, 2016 The 2016 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free. Even with a possible 2017 estate tax repeal, 2016 annual exclusion gifts may be tax-smart.

The Confirmation Process: A Key Audit Step

December 09, 2016 Sending confirmation letters is an effective auditing procedure. But it can be time-consuming, especially if customers and suppliers don’t respond. Here’s how the process works and why it’s important.

Family Matters: Stepchildren and Your Estate Plan

December 08, 2016 Legally adopting your stepchildren will provide them with inheritance rights. However, there are other considerations to take into account before doing so. Learn more.

Keeping Your Family Business in the Family

December 07, 2016 As holds true for many family business owners, your company may be the financial legacy you leave your loved ones. Here’s how to protect it.

Can You Pay Bonuses in 2017 But Deduct Them This Year?

December 06, 2016 An annual bonus plan can be a great way to attract, retain and motivate employees. It can provide tax benefits, too: Your business might be able to take a 2016 deduction for bonuses paid in 2017.

Clarification on the Treatment For Partner-Employees

December 05, 2016 In May of 2016, the IRS issued regulations that partners were not intended to and will no longer be eligible for employee treatment in the SMLLC, but will also be treated as if they were self-employed by that SMLLC.

Reporting UTPs

December 02, 2016 Business tax reform is in the works. Will it affect the uncertain tax positions reported on this year’s balance sheet? Here’s guidance on how to identify, measure and disclose these accruals.

Computers Don’t Have Social Skills

December 01, 2016 Employers today often say that students and younger workers have strong problem-solving and thinking skills, but are lacking in social skills. While this is certainly a gross overgeneralization of an entire generation, the reality is that the need for social skills is increasing in the workplace.

Relocating Into or Out of a Community Property State Requires Extra Estate Planning

December 01, 2016 Could community property rules affect your estate plan? If you’re married and live in a community property state, or are moving into or out of one, maybe. Learn more about the impact.

Employee Disaster Preparedness

November 30, 2016 In nearly all cases of emergency planning, employers and business leaders claim their people are their most valuable asset. However, disaster preparedness and business continuity planning routinely fails to address individual employee preparedness. We discuss steps to keep employees prepared in case of an emergency.

Roth 401(k) Conversions May Suit Your Millennial Employees

November 30, 2016 Many Millennials may already be thinking about retirement. By allowing these younger workers to convert their regular 401(k)s to Roth 401(k)s, you can help them plan for the future.

Ensure Your Year-End Donations Will Be Deductible on Your 2016 Return

November 29, 2016 Will your year-end donations qualify for a 2016 charitable deduction? Only if their “unconditional delivery” is by Dec. 31 and the organization is eligible to receive tax-deductible contributions.

Are You Ready for Audit Season?

November 25, 2016 External audits aren’t designed to pinpoint your errors and omissions. Proactive companies see external audits as a learning opportunity. Here’s how to get more from yours.

Setting Sail Into the Global Marketplace

November 23, 2016 Given today’s globally connected business world, you may want to embark on an overseas expansion of your company. Careful! You risk sinking your own profitability if you don’t plan carefully.

Should You Keep Your Trust a Secret?

November 23, 2016 Keeping your children in the dark over your wealth plans by using a quiet trust can backfire. A better option may be an incentive trust. Learn the differences between the two trust types.

Accelerating Your Property Tax Deduction to Reduce Your 2016 Tax Bill

November 22, 2016 If you have a 2016 property tax bill that isn’t due until 2017, you may be able to time your payment to your income-tax advantage. Here’s how.

California Reduces State Portion of Sales and Use Tax Rate

November 21, 2016 California Reduces State Portion of Sales and Use Tax Rate from 7.50% to 7.25%; Effective January 1, 2017.

Signs of Inventory Fraud

November 20, 2016 Can you name the ratios used to unearth inventory theft? It’s important to know the red flags of inventory fraud. Otherwise, your company may be an easy target.

Do You Know About Form 8814: Parent’s Election to Report Child’s Interest and Dividends

November 18, 2016 If a normally high-income taxpayer has a year when their income is lower than usual, it may be more advantageous to use Form 8814 instead of the children filing their own tax returns and using Form 8615.

Tax Treatment of Ponzi Scheme Losses

November 18, 2016 On December 10, 2008, Bernard Madoff admitted to his sons that his investments were "all one big lie." As of December 2008, the losses were estimated to be $65 billion, making it the largest investor fraud in history. We discuss how the IRS treats Ponzi scheme losses and how they may affect your business.

Ohio Supreme Court Rules Commercial Activity Tax Can Be Imposed On Online Retailers Without Physical Presence

November 18, 2016 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.

Perspectives Seminar Recap

November 14, 2016 Thank you to all who attended the 10th annual Perspectives event on Monday, October 31st. If you were unable to attend, the following is a quick recap of areas discussed.

How Accounting Estimates Are Audited

November 11, 2016 Fair value and other types of accounting estimates are hard to measure. Here’s why subjective, complex estimates require a special auditing approach and possibly the use of outside specialists.

The Wrong Life Insurance Beneficiary Can Wreak Havoc With Your Estate Plan

November 10, 2016 Among many reasons to review your beneficiary designations regularly is to ensure that your life insurance proceeds will be distributed as you wish. Learn about three beneficiary types that can cause problems.

3 Ways to Get Started on Next Year’s Budget

November 09, 2016 Your company’s financial statements can do more than just tell the story of the recent past. They can also help shape your future by serving as a helpful starting point for next year’s budget.

There’s Still Time to Set Up a Retirement Plan for 2016

November 08, 2016 Small business owners: If you don’t already have a tax-advantaged retirement plan, consider setting one up this year. Here are some options.

ROTH IRAs Are Attractive Investment Vehicles

November 04, 2016 ROTH Individual Retirement Accounts (ROTH IRAs) are attractive investment vehicles. While annual contributions are not tax-deductible, all the funds can still be invested without current or future income tax.

Have You Addressed Elderly Parents in Your Estate Plan?

November 03, 2016 Are you a member of the sandwich generation (those caring for young children and elderly parents)? If so, there are steps to take to better address your parents in your estate plan.

Mentoring Can Make Your Succession Plan Better

November 02, 2016 Your company’s profitable future depends on the skills and comfort level of your successor. By being an effective mentor, you can put him or her in the best possible position to truly succeed.

It’s Critical to Be Aware of the Tax Rules Surrounding Your NQDC Plan

November 01, 2016 If you have an NQDC plan, be sure you’re familiar with the applicable tax rules. Some rules might require action before year end. And the penalties for noncompliance can be severe.

Reporting Contingent Liabilities

October 28, 2016 Is a contingent loss remote, probable or reasonably possible? The answer determines whether to disclose it in the footnotes and accrue a liability on the balance sheet. Here are the details.

Transfer a Family Business in a Tax-Smart Way

October 27, 2016 The manner in which you transfer a family business can affect estate and income taxes. Two techniques to consider using are an intentionally defective grantor trust or an estate defective trust.

Ensure Your Retirement Benefits Provider is Truly Providing

October 26, 2016 It’s not unusual for a business to re-evaluate its vendors on occasion. So how is your retirement plan provider doing? Here are some good questions to ask and important cost issues to consider.

Beware of Income-Based Limits on Itemized Deductions and Personal Exemptions

October 25, 2016 Income-based limits on tax breaks can be costly to higher-income taxpayers. Will your deductions and exemptions provide the tax savings you’re expecting?

The Internet of Things: Is Your Company Ready?

October 24, 2016 On August 23rd, GBQ hosted John Brandt, CEO of MPI Group, for a presentation on the state of the Industrial Internet of Things (IoT). If you’re wondering what is the IoT or how does this apply to my business?, you’re not alone.

It’s Sometimes Hard to Report “Hard” Assets

October 21, 2016 Reporting property, plant and equipment can be challenging. Here’s some helpful information about how to capitalize, depreciate and write down fixed assets under GAAP.

Forget the Price – Focus on ATWAM

October 21, 2016 What is my business worth? A business has value because of what it will produce in the future, period and end of story.

Private Foundations Aren’t Only For the Rich and Famous

October 20, 2016 Are you charitably inclined but wish to retain control over investment management and the distribution of assets to charities? A private foundation may be a viable option.

How Should Manufacturers Fund Innovation?

October 19, 2016 To better understand the pros and cons of each option, a company should ask itself the following seven key questions to determine which option best suits its operations and strides toward innovation.

Thinking Big Is The First Step Toward Growing Your Business

October 19, 2016 In a complex business world full of regulations and competition, it’s easy to focus only on the day-to-day. But you’ve got to be bold and devise a financially feasible long-term strategic plan.

What the Self-Employed Need to Know About Employment Taxes

October 18, 2016 Self-employed? You may owe double the employment tax you’d owe as an employee. Here’s how to meet your employment tax obligations and perhaps even save tax.

New Jersey Terminates Personal Income Tax Reciprocity Agreement with Pennsylvania

October 17, 2016 On September 2, 2016, New Jersey Governor Chris Christie (R) notified Pennsylvania that New Jersey terminated the reciprocity agreement between the two states.

Understanding the Statement of Cash Flows

October 14, 2016 Unsure which transactions belong under operating, investing and financing activities on the statement of cash flows? Here’s some helpful information, including the lowdown on a recent FASB update.

Grantor and Crummey Trusts Can Be Good Options to Fund a Grandchild’s Education

October 13, 2016 Grandparents: Estate-plan-friendly options are available to help fund your grandchildren’s college educations. Read more about how grantor and Crummy trusts can be beneficial tools.

How Can Your Business Make the Most of the Cloud?

October 12, 2016 They say a company’s most valuable asset is its employees. But coming in a close second is its data. If you’re using a cloud service to store yours, manage the arrangement carefully.

Are You Timing Business Income and Expenses to Your Tax Advantage?

October 11, 2016 The timing of your business’s income and deductible expenses can have a big impact on your tax liability. Here’s how to determine the right timing strategies for you this year.

Election 2016 – Pocket Guide

October 10, 2016 How is this election going to hit your pocket book? The following summarizes each candidate’s tax policy proposals.

Are You Ready for the New Revenue Recognition Rules?

October 07, 2016 The new revenue recognition standard will affect many businesses. If you report comparative financial results, you should start the implementation process ASAP. Here’s how to get the ball rolling.

California Franchise Tax Board Issues Amended Market-Based Sourcing Regulations

October 06, 2016 On September 15, 2016, the California Office of Administrative Law approved the California Franchise Tax Board's amendments to the FTB's current market-based sourcing regulations, and filed the amended regulations with the California Secretary of State.

Prenups and Estate Plans: Make Sure They Work Together

October 06, 2016 A prenup should work in concert with your estate plan, rather than against it. Learn about estate planning benefits and potential tax traps involved with using a prenup.

5 Ways to Speed Up Collections

October 05, 2016 Slow-paying customers can turn your cash flow to sludge and put your company’s very existence at risk. Always be on the lookout for ways to fine-tune your collection process.

Tax-Smart Options For Your Old Retirement Plan When You Change Jobs

October 04, 2016 Tax-advantaged retirement plans like 401(k)s are subject to numerous rules and regulations. They can be especially tricky when you change jobs. Here’s how to avoid getting hit with unnecessary taxes and penalties.

Failing to File Form 8976 Can Have Significant Consequences

September 30, 2016 If you are hoping to organize a new nonprofit this year, new legislation passed at the end of 2015 may have an impact on your organization.

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

September 29, 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.

Have You Provided For the Removal of a Trustee in Your Estate Plan?

September 29, 2016 Can beneficiaries remove a trustee if they’re not satisfied with his or her performance? Learn procedures to include in an estate plan that give beneficiaries options to replace the trustee.

Business Owners, Help Your Estate By Gifting Company Stock

September 28, 2016 As a business owner, you’ve got to think about how to preserve your wealth for heirs. One idea to consider: Give away company stock to keep its future appreciation out of your taxable estate.

Get 2 Tax Benefits from 1 Donation: Give Appreciated Stock Instead of Cash

September 27, 2016 Are you planning to make charitable donations before year end? Do you own appreciated stock that you’d like to sell, but you’re concerned about the tax hit? Then consider donating it to charity.

What Companies Can Do To Keep Employees Satisfied

September 26, 2016 Job satisfaction in the workplace is not always the easiest feat to accomplish. Many employers across the United States are struggling to retain talented employees.

Due Date Changes for 2016 Tax Returns – Mark Your Calendars Now!

September 26, 2016 As part of the short-term highway funding extension passed by Senate in late July, tax return due dates for certain filers have changed for the 2017 filing season (2016 tax returns).

Estate Planning Benefits of FLPs May Be in Danger

September 22, 2016 Proposed IRS regulations, if finalized, may limit the estate planning power of family limited partnerships (FLPs). Here’s a brief overview of how FLPs work and the potential impact of the regs.

Proper Education Can Drive Retirement Plan Participation

September 21, 2016 Employees who are knowledgeable about retirement planning are more likely to participate in their employers’ plans and succeed at saving. Here are some ways your company can play the role of teacher.

Prepaid Tuition vs. College Savings: Which Type of 529 Plan is Better?

September 20, 2016 If you’re thinking about investing in a 529 plan to help fund college for your child or grandchild, you’ll need to choose between a prepaid tuition plan and a savings plan. Learn how they compare.

Getting Started on Your Estate Plan

September 15, 2016 Today the federal estate tax rate is a whopping 45%. Do you know if your estate could be subject to this tax?

Innovate or Acquire? That’s the Strategic Question

September 14, 2016 If your company is trying to determine its growth strategy for the future, you need to consider growth through innovation vs. acquisition. Here’s a look at the rewards and risks.

Documentation is the Key to Business Expense Deductions

September 13, 2016 You need to keep detailed, accurate records to protect your business tax deductions. Here are two court cases where taxpayers learned that lesson the hard way.

Climbing the “Hierarchy of Needs” to Find Employee Engagement

September 07, 2016 Productivity and, indeed, profitability are both tied to highly engaged employees. When looking to promote employee engagement, lessons lie in Maslow’s “hierarchy of needs.”

Tax Impact of Investor vs. Trader Status

September 06, 2016 Being classified as a trader rather than an investor has certain tax advantages if you make short-term investments. But qualifying as a trader isn’t easy.

Could a Tax-Free Exchange Help Cover LTC Insurance Costs?

September 01, 2016 You may be able to ease long-term care insurance costs with a tax-free or partial tax-free exchange of an existing life insurance policy or annuity contract.

Organizational Culture, More Important than You Thought

August 30, 2016 Organizational culture is a significant factor at play when assessing fraud.

Back to School Tax Breaks

August 30, 2016 No doubt about it, college is expensive but there are some tax breaks available in the form of credits and deductions that can help if you qualify.

Work Opportunity Tax Credit: Reenacted and Ready to Be Claimed

August 30, 2016 The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire individuals facing significant barriers to employment.

Pennsylvania State Tax Updates

August 22, 2016 On July 13, 2016, Pennsylvania Governor Tom Wolf (D) 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.

Take Care of a Loved One Who Has Special Needs with an SNT

August 18, 2016 Addressing all members of a family in an estate plan can be a challenge, as every member has different circumstances. In some situations, a special needs trust may help you achieve your goals.

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

August 18, 2016 Proposed regulations regarding estate planning and valuation discounts were released by the Internal Revenue Service and the Department of Treasury on August 2, 2016, and if they become final, would significantly impact the availability of minority or lack of control discounts for transfers of family controlled business interests among family members.

Should You Offer Spousal Health Care Coverage?

August 17, 2016 Did you know there’s no law requiring employers to provide health care coverage for employees’ spouses? But there are pros and cons to eliminating it or making it more expensive.

Combining Business and Vacation Travel: What Can You Deduct?

August 16, 2016 There might be ways to combine domestic business trips with vacation days and still be able to write off some of the expenses. Here are the rules.

A Big Tax Break for Contributing to a Favorite Charity

August 12, 2016 Late in 2015, Congress enacted a permanent tax law that allows older taxpayers to support a favorite charity while receiving a significant tax break at the same time. This provision is called a Qualified Charitable Distribution (QCD).

Cash is King…If Determined Correctly

August 12, 2016 Here are three aspects of earnings quality that are frequently overlooked by management teams in evaluating a business for sale or divestiture.

Revenue Recognition and the Construction Industry

August 11, 2016 By now, you likely know that there is a new revenue recognition standard that will soon be effective and it will impact the way that construction companies recognize revenue.

Tread Carefully If You and Your Spouse Have Similar Trusts

August 11, 2016 Having spouses’ trusts that are too similar isn’t simpatico with the IRS; you may trigger the “reciprocal trust” doctrine. Here’s what you need to know to avoid unintended tax consequences.

Does Your Board Understand Budget Speak?

August 10, 2016 Although budget approval is one of the more important roles played by a nonprofit’s board of directors, not every board member is a savvy businessperson used to budget work. At least some board members might be unfamiliar with key budget terms. And there’s even a greater chance that they’re reluctant to admit clarification is needed. [...]

Upgrade Your Internal Controls: Reviewing the COSO Framework Can Help

August 10, 2016 A sensible starting point for upgrading a nonprofit’s internal controls is a look at Internal Control — Integrated Framework, a document issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission.

4 Pillars of Robust Business Growth

August 10, 2016 Today’s companies can be undermined by many things. Savvy leaders must lay a solid foundation and continue to elevate their success. Here are the four pillars on which you should build your business.

3 Strategies for Tax-Smart Giving

August 09, 2016 It’s the goal of many Americans to pass wealth to the next generation. To maximize what goes to your loved ones vs. Uncle Sam, you need to carefully plan your gifts.

Nevada Issues Commerce Tax Regulations

August 08, 2016 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.

Review Your Powers of Attorney at Least Every 5 Years

August 04, 2016 Do you remember the last time you reviewed your powers of attorney? Here are four reasons why you should review these important components of your estate plan now.

Please Go Home: The Problem Businessess Face with Presenteeism

August 03, 2016 You want employees to show up for work. But a worker who’s ill or distracted can actually inhibit productivity — otherwise known as “presenteeism.” Learn more about this common problem.

Don’t Roll the Dice with Your Taxes if You Gamble This Year

August 02, 2016 If you win a bet, do you have to report the income? Are wagering losses deductible? If you’ve gambled this year and can’t answer these questions, here’s what you need to know.

Direct Payments of Tuition and Medical Expenses Can Reduce Future Estate Tax Exposure

July 29, 2016 If you’re not paying tuition and medical expenses on behalf of loved ones, you’re missing a valuable opportunity to reduce potential gift and estate tax exposure down the road.

Country-by-Country Reporting Regulations Finalized

July 28, 2016 The Department of the Treasury and the Internal Revenue Service finalized Treasury Regulations under Internal Revenue Code Section 6038 that require large United States parent companies of multinational enterprise groups to report certain information to the Service on a country-by-country basis.

Prevent Expense Account Padding With the Right Policies

July 27, 2016 Nearly every business is vulnerable to fraud. One common scheme is padding expense account reports. This threat could derail your profitability.

Should You Make a “Charitable IRA Rollover” in 2016?

July 26, 2016 Taking an IRA withdrawal and donating it to charity can be a tax-smart option for charitably inclined retirees. But if you’re eligible, you might save more tax by making a direct charitable IRA rollover.

What’s It Cost? – July 2016

July 25, 2016 After years of relative stability, construction costs have begun to see upward volatility in several key categories.

Construction National Outlook – July 2016

July 25, 2016 As the presidential political season approaches its climactic months, there is growing evidence that the U.S. economy is functioning far better than the headlines. At its foundations, however, the economy is showing cracks.

The Tax and Estate Planning Pitfalls of Retiring Overseas

July 21, 2016 Retiring overseas sounds exciting, but undesirable tax and estate planning consequences, such as double taxation and unusual inheritance rules, can become an issue without careful planning.

Estate Tax Deferral Offers Relief to Some Business Owners

July 20, 2016 If much of your wealth is tied up in a family or closely held business, you may worry that your estate will lack sufficient liquid assets to pay estate taxes. IRC Section 6166 offers relief.

To Deduct Business Losses, You May Have to Prove “Material Participation”

July 19, 2016 Most business owners don’t have to worry about the “material participation” rules. But if you have losses you’d like to deduct, you must spend a certain amount of time in an activity.

Connecticut Adopts Market Sourcing for Corporation and Personal Income Tax

July 18, 2016 On June 6, 2016, Connecticut Governor Dannel P. Malloy (D) signed into law S.B. 502, 2016 Gen. Assem., May Spec. Sess. (Conn. 2016), which adopts single sales factor apportionment for Personal Income Tax purposes, and market sourcing for Corporation and Personal Income Tax purposes.

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

July 15, 2016 There may be many factors that go into your decision as to when and where you will establish residence in a new state. Here are the proactive things you should undertake to make sure you have established your new residence and accomplished your desired outcome.

Follow All Rules When Transferring Assets to An Irrevocable Trust

July 14, 2016 Adverse tax consequences may result if you continue to treat assets as your own after transferring them to an irrevocable trust.

HSA + HDHP = Your Ideal Benefits Strategy?

July 13, 2016 Smaller businesses want to offer competitive health benefits. An HSA coupled with a high-deductible health plan might be the way to go.

There’s Still Time for Homeowners to Save with Green Tax Credits

July 13, 2016 Thinking of going green at home? You may be able to save both energy and tax with an extended credit for investments in energy-efficient home improvements and equipment purchases.

Revenue Recognition of Grants and Contracts by Nonprofits – Is It Time For a Change?

July 11, 2016 At its April 20, 2016 meeting, the Financial Accounting Standards Board (FASB) voted to add a project to its agenda to improve and clarify existing guidance on revenue recognition of grants and contracts by nonprofits.

Potential Changes Coming for Nonprofit Tax Legislation

July 11, 2016 Charitable giving has been an essential part of the tax code for many years. Therefore, it is important that Congress try to ensure that the value of the charitable deduction does not diminish during any rewrite of the tax code.

3 Benefits of Donor-Advised Fund Giving

July 07, 2016 Are you charitably inclined? Then you may want to consider a donor-advised fund as part of your estate plan. It’s easy to set up and maintain and provides other valuable benefits.

Streamline Your Sales Staff’s Workflow

July 06, 2016 You may picture your sales staff spending all their time chatting up prospects and closing deals. But many reps spend hours performing nonsales activities. Here are some ways to keep them on task.

The PATH Act Modification That No One is Talking About…But Should Be

July 05, 2016 The PATH Act of 2015 brought about many changes to the tax law, many of which provide substantial opportunities for a wide variety of taxpayers. The one modification that no one seems to be talking about is the new category of property entitled "Qualified Improvement Property."

3 Mutual Fund Tax Hazards to Watch Out For

July 05, 2016 Mutual funds offer many benefits, such as diversification and professional management. But they can also come with a few tax hazards if you hold them in taxable accounts.

Wire Transfer Fraud and How It Can Affect You

June 30, 2016 Currently, there is a new pervasive scheme that has continued to grow in recent years and resulted in attempted theft of more than $3 billion since October 2013.

Michigan Eliminates Flow-Through Entity Withholding Requirement

June 29, 2016 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.

Outsourcing an IT Function? Ensure the Dollars Make Sense

June 29, 2016 Up-to-date business technology — you can’t work without it! But if you’ve considered outsourcing one of your IT functions, be sure to set a budget and manage the relationship carefully.

An Overview of Presidential Candidates’ Tax Plans

June 29, 2016 Now that the races are down to a manageable number of candidates, we want to provide some information on their tax proposals (as of May 17th). 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 [...]

Couples with a Noncitizen Spouse Play by Different Estate Planning Rules

June 23, 2016 If you or your spouse is a U.S. resident but not a U.S. citizen, not all estate planning strategies for married couples are available. Here’s how the IRS defines “residency” and options for making tax-free transfers to a noncitizen spouse.

3 Keys to Strong Business Financials

June 22, 2016 In business, failure can seem just a misstep away. Be sure to focus on ample revenue, low labor and production costs, and lean operations.

FASB Issues New Standard For The Measurement of Credit Losses (CECL)

June 22, 2016 On June 16, 2016 the Financial Accounting Standards Board issued the long awaited, but not highly popular, new standard on recording credit losses, which will change the methodology required by all banks, savings associations, credit unions and financial institutions holding companies regardless of asset size or complexity.

Common Fraud Red Flags

June 16, 2016 It turns out there are some common characteristics of people who perpetrate a fraud. And if you, as a business owner, are aware and vigilant about your business, you might never have to say that you “should have known.”

Sweat the Small Stuff: Don’t Forget to Address Personal Items in Your Estate Plan

June 16, 2016 That diamond ring that’s been passed on from generation to generation may be more “valuable” to heirs than a piece of real estate. For that reason, properly address smaller personal items in your estate plan.

Beware of Clawback Provisions Related to Incentives

June 15, 2016 Tax incentives are intended to spur economic growth which may have not otherwise occurred. But what happens when a company doesn't make good on their commitments?

Today’s Asset Purchase Could Turn Into Tomorrow’s Tax Break

June 15, 2016 Every company needs to buy certain assets to stay operational and competitive. Remember that, come tax time, the Section 179 deduction can make a smart buy even smarter.

Finding the Right Tax-Advantaged Account to Fund Your Health Care Expenses

June 14, 2016 HSAs, FSAs and HRAs all offer tax-advantaged funding of health care expenses. But each type of account has its own rules and limits.

Key Performance Indicators for Nonprofit Organizations

June 13, 2016 Monitoring financial performance is just as important to Nonprofit Organizations (NPOs) as it is to all other types of entities, especially given NPOs’ external sources of capital, financial stewardship and emphasis on accountability.

Making Sure Your Bylaws Are On Point

June 09, 2016 A nonprofit’s board of directors, which changes regularly, and staff need to be familiar with exactly what the bylaws of their nonprofit contain — and what they don’t.

Business Owners: Put Your Successor to Work Before You Set Sail

June 08, 2016 Many business owners name a successor who seems like a good fit to take over the company but isn’t ready for the job. Don’t make this mistake! Here are some ways to properly prepare your successor.

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

June 08, 2016 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.

Combine Business Travel and a Family Vacation Without Losing Tax Benefits

June 07, 2016 One way to take a low-cost family vacation is to bring loved ones along on a business trip and extend your stay. But review the rules to preserve the tax benefits of business travel.

Research and Development Credit – An Under Utilized Tax Saving Opportunity for Developing Companies

June 06, 2016 The research and development tax credit is a general business credit that was originally introduced in the Economic Recovery Tax Act of 1981 to stimulate research and development in various industries. Since 1981, the research and development credit has been expired and extended several times; however, the credit was made permanent in 2015 by the PATH Act.

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

June 06, 2016 Identity theft and tax scams have dramatically increased over the past several years. Most adults have become wise to the ways of this new world and do not fall prey to these tactics. So the scammers have moved on to new victims – our children.

How the New Overtime Rules Affect Your Business

June 05, 2016 New overtime rules were recently issued under the Fair Labor Standards Act (FLSA) that become effective December 1, 2016.

Life Insurance Remains a Powerful Estate Planning Tool for Nontaxable Estates

June 02, 2016 Life insurance has traditionally played a critical role in estate planning, providing a source of liquidity to pay estate taxes. Today, however, estate taxes are no longer a concern for many families because of the $5.45 million estate tax exemption. But even for nontaxable estates, life insurance continues to offer estate planning benefits.

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

June 02, 2016 Recently, the CFPB published its latest rulemaking agenda so we can know what to expect on the horizon in terms of new proposed and final rules.

Offer Deferred Compensation? Be Careful About Compliance

June 01, 2016 Nonqualified deferred compensation can help attract and retain key employees. But strict rules govern these arrangements under Section 409A of the Internal Revenue Code.

Stock Market Volatility Can Cut Tax on a Roth IRA Conversion

May 31, 2016 Roth IRAs offer many benefits, but income-based contribution limits prevent some taxpayers from taking advantage of them. Converting a traditional IRA to a Roth can be the solution, and stock market volatility can reduce the tax bite.

Giving Back: How to Help Your Parents Fund LTC and Associated Medical Costs

May 26, 2016 Worried about your aging parents’ LTC and associated medical costs? There are estate planning strategies that can help prevent these expenses from devouring their resources.

Cultivating Your Company’s Strategic Plan

May 25, 2016 A company’s strategic plan must be a living document that springs from an ongoing process of gathering data and seizing opportunities.

Getting Employees to Join the Fight Against Fraud

May 25, 2016 U.S. businesses lose millions of dollars to white-collar criminals every year. The manufacturing sector is especially vulnerable to fraud schemes involving billing, corruption and noncash assets, such as theft of inventory and equipment.

You Can’t Ignore the Nexus Questionnaire

May 23, 2016 The nexus questionnaire means different things to different businesses. It may mean an income tax issue vs. a sales tax issue. At the end of the day, the burden of proving nexus rests with the taxing jurisdiction.

Are Your Indirect Auto Loan Yields Sufficient?

May 22, 2016 Over the years, I have heard several credit union executives lamented the fact that their institution’s indirect auto lending program generates such minimal yield they wonder if it’s even worthwhile to continue to pursue this segment of the loan portfolio.

Properly Fund Your Living Trust to Shield Assets From Probate

May 19, 2016 If your living trust isn’t properly funded, certain assets may be subject to probate and you could miss out on other benefits. Here’s a look at how to transfer assets to the trust and which assets can be left out.

How to Retain Your Best Employees to Keep Profitability Strong

May 18, 2016 Good workers can keep a company’s profitability strong and maintain operational stability in a way that virtually nothing else can. And the cost of finding and hiring new employees remains steep. There are a wide variety of ways to keep your best and brightest on staff.

Michigan Court of Appeals Reverses Decision

May 17, 2016 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.

Is a Charitable IRA Rollover Right For You?

May 12, 2016 A charitable IRA rollover benefits your charity of choice, satisfies your 2016 RMD and offers estate planning benefits.

Streamline Your Inventory Management to Boost Cash Flow

May 11, 2016 A business can drown in its own inventory while its cash flow dries up. For this reason, you’ve got to continually refine your inventory management methods.

M&A Activity – Don’t Forget Unclaimed Property

May 09, 2016 When performing due diligence on a potential merger, it is easy to remember the big issues. However, one area that is easily overlooked during this busy process is unclaimed property.

529 Plans: Saving for College is Also Good for Your Estate Plan

May 05, 2016 Transferring a substantial amount of wealth tax-free for your children’s or grandchildren’s education is possible with a 529 plan. Learn more about the estate planning benefits as well as a few downsides.

Need a Silver Lining? Try the NOL Deduction

May 04, 2016 A net operating loss occurs when a company’s operating expenses and other deductions for the year exceed revenues. Fortunately, there’s a tax deduction for such losses.

Tips for Effective Opportunity and Risk Forecasting

May 04, 2016 Evaluating and forecasting risk is no longer a compliance role and should be viewed as an integral part of strategic decision making. Completing opportunity and risk forecasting successfully provides an environment in which your nonprofit organization can continue to strive towards its mission statement and program goals.

Benchmarking for Nonprofits: 5 Steps to Consider

May 02, 2016 Benchmarking is a valuable tool for all nonprofits. The quantitative findings and resulting qualitative discussions can lead to better decisions, improving performance and making organizations stronger.

QTIP Trusts May Be the Estate Planning Solution for Second Marriages

April 29, 2016 If you’re getting remarried, it’s time to review your estate plan. A QTIP trust is one option that can benefit both your new spouse and your children from a previous marriage.

Choosing a Funding Method For Your Buy-Sell Agreement

April 27, 2016 Many business owners are overwhelmed by the idea of creating a buy-sell agreement. But it can protect the company against conflicts arising from an owner’s sudden departure.

The Market Approach: Pros, Cons and Other Considerations

April 25, 2016 Valuators often rely on the use of market-based approaches to provide additional indications of value. Similar to income-based approaches, however, market-based approaches have inherent benefits and weaknesses.

The Tax Dangers of Providing for Employees in Your Estate Plan

April 21, 2016 Providing for employees in your estate plan can result in unintended tax consequences. Certain gifts to employees, such as “de minimis” fringe benefits, aren’t taxable. Otherwise, the IRS generally views transfers to employees as “supplemental wages” subject to income and payroll taxes.

Rhode Island Adopts Combined Reporting Regulation

April 21, 2016 On March 10, 2016, Rhode Island adopted Regulation CT-16-17. The regulation, which is divided into 23 rules, explains all aspects of Rhode Island combined reporting, including determination of the combined group, computation of taxable income and apportionment, tracing and utilization of net operating losses ("NOLs") and credits, and various administrative requirements.

Why It’s a Good Idea for Employers to Encourage 401(k) Rollovers

April 20, 2016 People changing jobs often keep small 401(k) balances with their former employers. These accounts can increase employers’ plan costs and even trigger an audit. Here are some wise steps to consider.

4 Tools for Addressing Incapacity in Your Estate Plan

April 14, 2016 If your estate plan doesn’t address incapacity, your wishes may not be carried out. Here are four tools that allow you to specify how financial and health care decisions will be made if you become incapacitated.

Contemplate Your Company’s Compensation Philosophy

April 13, 2016 One important factor that goes into paying employees competitively is your compensation philosophy. Here are some ideas for developing a winning approach that doesn’t break the bank.

Ensure Your High-Cash-Value Life Insurance Policy Fully Benefits Your Loved Ones

April 07, 2016 Transferring a life insurance policy with a sizable cash value to an ILIT can reduce your estate tax liability. However, there are pitfalls to this strategy.

Would Gamification Play at Your Company?

April 06, 2016 Want to engage employees (especially Millennials) in business-related tasks? Try “gamification.” It involves integrating game-playing into training, project management and more.

Pension Payouts: What’s the Best Option?

March 31, 2016 Your pension payout method (lump sum vs. annuity, single-life vs. joint-life payout) can affect how much wealth you’ll have left to pass to your heirs. Here’s what to consider before making a choice.

Making Your Case for a Business Loan

March 30, 2016 Are you planning to apply for a business loan? If so, you need to have a clearly formulated, well-expressed plan for what you’re going to do with the money.

Construction National Outlook – March 2016

March 29, 2016 Within the Bureau of Labor Statistics’ March 4 report were several bits of encouraging data for the economic outlook.

Financial Perspective – March 2016

March 29, 2016 Financial conditions for contractors continued to improve in 2015, making the year another healthy and profitable one for the surety industry; however, some significant individual losses, coupled with significant changes among the insurers is making the outlook for 2016 more dynamic than in recent years.

What’s It Cost? – March 2016

March 29, 2016 Low energy prices and a sluggish global economy continue to push down the prices of many building products and materials while, at the same time, scarcity of skilled workers in key trades pushes labor costs higher.

How to Protect Assets from Creditors When Naming a Beneficiary as Trustee

March 24, 2016 Appointing a beneficiary as trustee can compromise a trust’s ability to protect assets from creditors. But if naming a beneficiary as trustee is otherwise desirable, there are ways to boost creditor protection.

Achieve Greater Charitable Giving Flexibility with a Nonqualified CRT

March 17, 2016 As the federal gift and estate tax exemption continues to climb, the number of people subject to estate taxes is shrinking. For those with charitable giving goals, this may increase interest in charitable remainder trusts (CRTs).

Who’s Helping You With Your Succession Plan?

March 16, 2016 Every business owner needs to spend some time planning how to either sell the company or pass it along to the next generation. One idea to consider: Form a succession planning advisory board.

Think Before You Forecast – Common Mental Errors that Impede Unbiased Financial Projections

March 14, 2016 Knowing the primary cognitive shortfalls of your company’s forecasting process will go a long way to improving the quality and accuracy of examining what obstacles and opportunities may lie ahead.

A Critical Decision: Naming the Guardian of Your Minor Children

March 10, 2016 If you have minor children, perhaps the most important element of your estate plan doesn’t involve your assets. Rather, it involves who will be your children’s guardian.

Yes, a Benefits Plan Audit Can Happen to You

March 09, 2016 Many business owners worry about an income tax audit. But, if you sponsor an employee benefits plan, the IRS could audit it as well.

Creative Ways for Manufacturers to Attract Fresh Talent

March 03, 2016 Naive young people may not think factories are the most glamorous places to work. But owners of manufacturing companies know firsthand just how rewarding careers in this sector can be, both financially and intellectually. Some have found creative ways to breathe new life into their mature companies by enticing millennials — roughly defined as people [...]

Greater Estate Planning Options Available to Same-Sex Married Couples

March 03, 2016 Last year’s landmark U.S. Supreme Court decision making same-sex marriage legal in all 50 states affects estate planning for many same-sex married couples.

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

March 02, 2016 Whether or not a nonprofit employs external auditors, it can use audit techniques, including year-to-year trends and benchmarking to other nonprofits, to get a better view of the organization’s revenue.

Take a Shot at a SWOT Analysis

March 02, 2016 Many business owners have used strengths, weaknesses, opportunities and threats (SWOT) analyses to frame their strategic planning. If you’re looking to map out your company’s next big move, now might be a good time to take a shot at it yourself.

Better Forecasting for Better Company Performance

February 29, 2016 One of the main characteristics distinguishing many of the more successful companies we work with is sophistication surrounding and attention paid to the financial forecasting process.

Moving Your Trust Over the State Line May Produce Tax Savings

February 25, 2016 If trusts make up a big portion of your estate plan, and they’re subject to high state income taxes, you can change their residence, or “situs,” to a state with lower (or no) income taxes.

Your Accounting Software Should be a Many-Splendored Thing

February 24, 2016 Your company's accounting system should do all of the big and little things necessary to efficiently and accurately track your financials.

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

February 22, 2016 Commonwealth Court of Pennsylvania holds that the state's net operating loss deduction limitation as applied is unconstitutional.

Do You Need to File a Gift Tax Return?

February 18, 2016 It’s tax-filing season, and the April 18 deadline to file a 2015 gift tax return is fast approaching. But do you need to file a return?

Transaction Advisory Service’s Review of 2015 and Observations on Middle Market M&A

February 17, 2016 GBQ’s Transaction Advisory Services (TAS) group works predominately in the Middle Market which we would define for our purpose as companies in the $5.0 million to $2.0 billion revenue range.

5 Ways to Cut Costs and Improve Cash Flow

February 17, 2016 When business owners start to feel the choking effect of a slow cash flow, they often blame their customers. Here are five often-missed ways to cut costs and improve cash flow.

Think Twice Before Naming a Minor as a Beneficiary

February 12, 2016 A common estate planning mistake is to designate a minor as beneficiary — or contingent beneficiary — of a life insurance policy or retirement plan.

Is It Time to Get Accountable with Your Employees’ Expenses?

February 11, 2016 Many companies start out, and get pretty far down the road, using the “per diem” approach when reimbursing employees for lodging, meals and incidental expenses. Doing so involves the use of either IRS tables or a simplified high-low method to reimburse workers up to specified limits.

A Helping Hand: Addressing Your Parents in Your Estate Plan

February 05, 2016 The “sandwich generation” is a large segment of the population. As a result, estate planning — which traditionally focuses on providing for one’s children — has expanded in many cases to include one’s aging parents as well.

How Could This Fraud Have Been Prevented?

February 04, 2016 Joe Doe, a beloved associate program director, worked at a nonprofit social service agency for 15 years. When the executive director retired and he was passed over, Joe stayed on with the organization. During the transition between executive directors (EDs), he took on interim ED duties. His responsibilities included signing privileges for the agency’s accounts. When a [...]

The Tragic Tale of a Troubled Business Succession

February 03, 2016 The owner of the company believes he’s finally ready to trigger his succession plan and retire. So he names his daughter as his successor, enjoys his retirement party and departs for his vacation home.

Is Your Stock Option Plan a 409a Time Bomb?

February 01, 2016 As 2016 gets kicked off and many individuals and companies are readying their year-end financial statements and tax returns, it is important to remember that since 2014, the IRS has begun expanding its 409a audit program.

Do You Have a Buy-Sell Agreement for Your Business?

January 29, 2016 If you own an interest in a closely held business, it’s critical to have a well-designed, properly funded buy-sell agreement.

Fortify Your Benefits Plan with Fiduciary Liability Insurance

January 28, 2016 Among the most contested areas of employee benefits litigation is an employer’s fiduciary duty to its plan participants and beneficiaries.

Construction National Outlook: January 2016

January 27, 2016 As the seventh year of economic expansion begins in the U.S., expectations for gross domestic product (GDP) in 2016 are in line with a mature economic cycle. In a growth environment of just under three percent, however, economists forecast continued strength in hiring and for construction spending to increase at a rate that is three times the rate of GDP growth in 2016.

What’s It Cost? – January 2016

January 27, 2016 The Producer Price Index (PPI) for November revealed what most consumers and businesses were feeling at the cash register. Muted global demand and plunging oil prices are helping to keep the costs of building products and materials well in check while pressures from tighter labor supply continue to push wages higher.

Connecticut State Tax Updates

January 22, 2016 Connecticut Adopts Single Sales Factor Apportionment, Allows a 16-Day Personal Income Tax Nonresident Exclusion, and Makes Changes to Unitary Combined Reporting Rules

Follow IRS Rules to Avoid Losing Some of Your 2015 Charitable Donation Deductions

January 22, 2016 Sharing your estate with charity by making donations during your life not only benefits your favorite organizations and reduces your taxable estate, but also can reduce your income tax bill.

Competitive Intelligence is a Strategic Imperative

January 21, 2016 All too often, the competitive efforts of many companies are internally focused. Many businesses seek to develop better products and services without knowing enough about their competition.

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

January 20, 2016 On December 31, 2015, the Supreme Court of California ruled in Gillette Company v. Franchise Tax Board that the Multistate Tax Compact (“MTC”) is not a binding reciprocal agreement.

Direct Tuition Payments: An Attractive Option

January 15, 2016 If you’d like to help fund your grandchild’s higher education, a simple but effective technique is to make tuition payments on behalf of him or her.

4 Ways to Telecommuting Success

January 14, 2016 If your company is getting aboard the telecommuting trend, consider the following four keys to success.

Exempt Organizations’ IRS Priorities

January 12, 2016 In this article, we'll discuss how tax-exempt organizations can focus their compliance efforts accordingly to avoid penalties up to and including loss of tax-exempt status.

Corporate Sponsorship Money: Is It Taxable?

January 11, 2016 If a nonprofit isn’t careful, a corporate sponsorship can be deemed paid advertising and the organization could end up liable for unrelated business income tax (UBIT).

Help Preserve Retirement Benefits Using Portability

January 07, 2016 Portability allows a surviving spouse to take advantage of a deceased spouse’s unused federal gift and estate tax exemption.

You’ll Get More From Your Business Data if You Benchmark

January 07, 2016 You probably track a variety of data to determine where your business stands. But a great way to take your business data one step further is to see how your KPIs stack up against previous periods or those of other companies in your industry.

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

January 04, 2016 With year-end behind us and audit season underway, many companies are facing the decision of whether to adopt this alternative for their 12/31/15 financial statements.

The New Year is a Perfect Time for an Estate Planning Checkup

December 31, 2015 An annual estate plan checkup is critical to the health of your estate plan. Because various exclusion, exemption and deduction amounts are adjusted for inflation, they can change from year to year, impacting your plan.

Achieving Your Succession and Estate Planning Goals via Recapitalization

December 30, 2015 Like many business owners, you probably have much of your wealth tied up in your company. And this fact may be creating a conflict between the desire to transfer ownership to the next generation and the desire to stay in control.

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

December 28, 2015 On May 11, 2015, the Illinois Circuit Court of Sangamon County 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.

How Much Time is Left to Make Donations You Can Deduct on Your 2015 Return?

December 24, 2015 To take a 2015 charitable donation deduction, the gift must be made by December 31, 2015.

They’re Back! Depreciation Breaks Extended

December 24, 2015 On December 18, clarity finally arrived with the passage of the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). Here’s a look at the impact on two “classic” depreciation breaks.

Tax Alert: The Construction Contractors PATH

December 23, 2015 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 tax benefits the construction contractor effectively utilizes in year-end income tax planning.

Be Wary When Considering a Prepaid Funeral Plan

December 18, 2015 To relieve their families of the burden of planning a funeral, many people plan their own and pay for them in advance. Unfortunately, prepaid funeral plans can be fraught with potential traps.

You Still Have Time to Set Up Your 2015 Retirement Plan

December 17, 2015 As a business owner, you shoulder many responsibilities — but have some perks as well.

Tis the Season for Year-End Gifting and Giving

December 17, 2015 In the midst of year-end and the holiday season of giving, it’s important to obtain a clear understanding of whether actions taken in regard to gifting and charitable giving during the remaining few days of the year constitute as activity for 2015 or 2016.

IRS Effort to Prevent Identity Theft

December 14, 2015 It is estimated that the IRS paid $5.2 billion in refunds related to fraudulent identity theft tax returns for the 2013 filing season. The IRS is attempting to mitigate this exposure.

Second-To-Die Life Insurance is a Vehicle to Pay Estate Taxes

December 10, 2015 For married couples with large estates, second-to-die life insurance (sometimes called “survivorship insurance” or “dual-life insurance”) can be a useful tool for providing liquidity to pay estate taxes.

Are You Overwhelmed by the Concept of Risk Management?

December 09, 2015 When you start envisioning all of the potential threats to your company, it’s easy to get overwhelmed. A good way to get a handle on risk management is to break down the overall task into focus areas.

Year-End Bonuses and Fiduciary Responsibility

December 07, 2015 While your company’s attention may be focused on wrapping up the fiscal year, and not on next year’s employee benefit plan audit, your plan administrator should review your Plan’s treatment of employee bonuses to avoid potential penalties and fees.

Protecting Your Retirement Savings from Creditors

December 03, 2015 Estate planning and asset protection go hand-in-hand. After all, no matter how well your estate plan is designed, it won’t do much good if you have no wealth to share with your family. If you have significant assets in employer-sponsored retirement plans or IRAs, it’s important to understand the extent to which those assets are [...]

Win Over Millennials with the Right Management Approach

December 02, 2015 Skilled workers are invaluable and often difficult to find. Increasingly, well-qualified job candidates in today’s workforce are “Millennials” — that is, between the ages of 18 and 35.

“Made in the USA”, Is Your Company Properly Using this Label?

December 01, 2015 Many manufacturers, product distributors and stores produce and market products as “Made in the USA,” but what does this really mean? You may be surprised to learn the required guidelines of labeling products “Made in the USA.”

Unmarried Couples Must Take Extra Steps to Reduce Estate Tax Liability

November 26, 2015 Unlike married couples, who can take advantage of the marital deduction, unmarried partners can’t transfer unlimited amounts to each other tax-free. To reduce their estate tax bills, they must take some additional steps. One option is to make lifetime gifts using the $14,000 per year per recipient annual gift tax exclusion. If you start making [...]

3 Places to Look When Searching for Next Year’s Budget

November 25, 2015 When it comes to next year’s budget, you don’t have to reinvent the wheel. But you should do more than simply recycle this year’s version. Your financial statements can help. They offer three places to start looking for the right numbers: 1. Your income statement. Here you’ll see information on sales, margins, operating expenses, and [...]

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

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.

New Safe Harbor for Retail & Restaurant Industry Could Ease the Compliance Burden Provided by the Tangible Property Regulations

November 23, 2015 On November 20, 2015, the IRS released Revenue Procedure 2015-56, providing a safe harbor accounting method for costs incurred for remodeling and refreshing restaurant and retail space.

Considerations for Selecting an Employee Benefit Plan Auditor

November 23, 2015 Oftentimes, the selection of an auditor for an employee benefit plan audit is an after-thought. However, in reality, one of the most important duties of the plan administrator is to hire an independent qualified public accountant to perform the annual audit.

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

November 19, 2015 Year-end tax planning for businesses often focuses on acquiring equipment, machinery, vehicles or other qualifying assets to take advantage of enhanced depreciation tax breaks. Unfortunately, two “classic” depreciation breaks expired on December 31, 2014.

Seek An Appraisal Before Donating Artwork

November 19, 2015 Valuable works of art may be ideal candidates for lifetime charitable donations. Generally, it’s advantageous to donate appreciated property because, in addition to reducing your taxable estate and garnering an income tax deduction, you avoid capital gains taxes on the appreciation. Because the top capital gains rate for art and other “collectibles” is 28%, donating [...]

Financial Perspective – November 2015

November 18, 2015 As contractors build backlog and concerns grow about a tight labor supply, there is increasing conversation about the impact on construction costs in the next few years. However, costs have been rising for several years now, in spite of intense competition, because of regulations and advances in technology that raise first cost.

What’s It Cost? – November 2015

November 18, 2015 Influences on the cost of construction are beginning to put upward pressure on pricing. A bounce back in oil prices since the end of winter and accelerating wages are creating month-over-month increases.

Construction National Outlook – November 2015

November 17, 2015 Through three quarters of 2015, construction at the national level has grown robustly. Data from all sectors of the construction industry shows higher activity, dramatically higher in some sectors. Even those construction categories that reflect consumer confidence continue to show strong growth over 2014.

Have You Factored GST Tax Into Your Gifting Strategy?

November 12, 2015 If your adult children face the prospect of high taxes on their estates, consider skipping a generation with some of your bequests and gifts.

Getting Everyone to Buy Into Your Succession Plan

November 11, 2015 It’s easy to fall into the trap of thinking about a succession plan as being about only two people: you and your successor. But a truly graceful passing of the baton to the next leader hinges on total staff buy-in — or, at least, acceptance.

Travel Expense Reimbursements – Business Deduction or Employee Compensation?

November 05, 2015 Employers often send employees on work assignments outside of the state or county, particularly in the service industry. The tax treatment of an employer’s reimbursement of travel expenses depends on many factors including a company’s type of reimbursement plan.

Perspectives Recap

November 05, 2015 Thank you to all who attended the 9th annual Perspectives event on Tuesday, November 3rd. If you were unable to attend, the following is a quick recap of areas discussed.

Extra Planning for Married Couples Relocating Into or Out of a Community Property State

November 05, 2015 For married couples living in a community property state, money earned and property acquired by either spouse during marriage generally is “community property” — meaning each spouse has an undivided one-half interest (regardless of how property is titled).

Why Should We Bother With 401(k) Plan Auto-Enrollment?

November 04, 2015 Many employers with long-established 401(k) plans hesitate to add automatic enrollment.

How a Trust Can Help Alleviate Estate Planning Uncertainty for the Young and Affluent

October 29, 2015 For young, affluent people, designing an estate plan is a challenge because it’s difficult to predict what the estate and income tax laws will look like — and what their own net worth will be — decades from now.

Craft Your Mission Statement for Maximum Impact

October 28, 2015 The right mission statement can be a strong motivational force for employees — and a powerful marketing and branding tool. But, whether you’re writing one for the first time or creating a new statement as part of a rebranding effort, you’ve got to craft it carefully for maximum impact. Here are a few guidelines to [...]

North Carolina State Tax Updates

October 27, 2015 North Carolina enacts related party interest addback, phases in single sales factor apportionment, and imposes sales tax on repair, maintenance, and installation services.

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

October 26, 2015 If you’re hoping to minimize your 2015 tax bill, it’s critical to start planning now. This is especially true if you’ve ever come close to triggering the alternative minimum tax (AMT) and you think you might do so this year. What is it? The AMT — a separate tax system that doesn’t allow certain deductions [...]

3 Reasons an Estate Valuation Can Be Beneficial

October 22, 2015 With the gift and estate tax exemption currently at $5.43 million, you might think that estate valuations are less important. But even if you believe that your estate’s value is under the exemption amount, here are three reasons to determine the value of your assets: 1. You may be surprised just how much your estate is [...]

5 Questions to Ask Before Buying New Technology

October 21, 2015 It’s often hard to tell whether your company really needs the latest tech tool or you’re just trying to keep up with the Joneses. Before you invest in anything, ask five questions.

Owning Life Insurance Can Make Estate Planning Complicated

October 16, 2015 If you own an insurance policy on your life and want to keep the policy’s proceeds out of your taxable estate, one option is selling the policy to an irrevocable grantor trust.

A Shorter Cash Flow Cycle Means a Stronger Business

October 15, 2015 Every business owner knows that maintaining a healthy cash flow is essential to a company’s success. But there are a variety of ways to accomplish this objective.

Fines and Penalties: Deductible or Not?

October 08, 2015 A settlement is proposed for BP's 2010 drilling rig explosion and the majority of the settlement is looking to be tax deductible.

Gearing Up For the ACA’s Information Reporting Requirements

October 08, 2015 Starting in 2016, applicable large employers (ALEs) under the Affordable Care Act (ACA) will have to file Forms 1094-C and 1095-C to provide information to the IRS and plan participants regarding their health care benefits for the previous year.

A Difficult Decision: Declaring Your Elderly Parent Incapacitated

October 08, 2015 When an elderly parent gradually loses control of his or her faculties, it can be difficult for children to determine whether having their parent declared incapacitated is the right thing to do.

Holding Joint Title to Property with Loved Ones Has Pitfalls

October 01, 2015 Owning assets jointly with one or more of your children or other heirs is a common estate planning “shortcut.” But joint ownership can also create a number of problems.

Do Your Business Ownership Interests Belong in an FLP?

September 30, 2015 If you’re planning to pass ownership in your business to the next generation, it’s critical to find the best way to do so. One option is a family limited partnership (FLP).

Card Fees on Tax Payments Deductible

September 28, 2015 Credit or debit card convenience fees charged for paying federal individual income taxes electronically are deductible for some taxpayers who itemize, the Internal Revenue Service (IRS) has announced.

Louisiana Limits Use of Net Operating Losses and Reduces Tax Deductions and Credits

September 10, 2015 Louisiana enacts several laws that limit the use of net operating losses and reduce tax deductions, subtractions and credits.

Eye on the Economy – August 2015

September 08, 2015 At mid-year 2015, the underlying economic support for the commercial property sector is as strong as it has been since the peak of the last economic cycle in 2007-2008.

Construction National Outlook – August 2015

September 08, 2015 Much like what happened in 2014, the unusually cold and snowy winter of 2015 put a damper on consumption and mobility that slowed gross domestic product (GDP) and output.

What’s It Cost? – August 2015

September 08, 2015 Influences on the cost of construction are beginning to put upward pressure on pricing. A bounce back in oil prices since the end of winter and accelerating wages are creating month-over-month increases.

Overview of the TILA-RESPA Rule

September 03, 2015 The TILA-RESPA rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms.

Why Nonprofits Need to Measure & Monitor Program Impact and Outcomes

August 11, 2015 More nonprofits are waking up. From stringent regulations and government scrutiny around tax-exempt status and grant compliance, to increasingly intense competition for funds, organizations of all shapes and sizes are realizing the need to implement strong measurement and monitoring programs.

Risk of Resurgence: Can Manufacturing Growth Continue Without Key Talent?

August 06, 2015 The 2015 Manufacturing RiskFactor Report examines the risk factors in the most recent 10-K filings of the largest 100 publicly traded U.S. manufacturers across five sectors including fabricated metal, food processing, machinery, plastics and rubber and transportation equipment. The factors were analyzed and ranked by order of frequency cited. Every year, manufacturing contributes more than [...]

The Annual Audit Does Not Identify Operational and Financial Risks

August 03, 2015 According to the Association of Certified Fraud Examiners’ (ACFE) 2014 Report to the Nations on Occupational Fraud and Abuse, an estimated 5% of revenues each year are lost to fraud.

The South Carolina Department of Revenue Issued a Final Revenue Procedure and Ruling for the Use of Alternative Apportionment

July 27, 2015 On June 30, 2015, Connecticut Governor Dan Malloy (D) signed into law House Bill 7061 and Senate Bill 1502, which together enact significant changes to the corporate income tax law.

Connecticut State Tax Updates

July 27, 2015 Connecticut enacts mandatory unitary combined reporting, imposes new limitations on net operating losses and tax credits, and makes sales and use and personal income tax changes.

Nevada Imposes a New Commerce Tax on Businesses

July 23, 2015 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.

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

July 20, 2015 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").

What’s It Cost? – June 2015

July 10, 2015 Influences on the cost of construction are beginning to put upward pressure on pricing.

Construction National Outlook – July 2015

July 10, 2015 As the U.S. economy struggled to recover from the financial crisis at the beginning of the decade, there were three consecutive years that appeared to be carbon copies of each other.

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

June 09, 2015 Many nonprofit financial executives are struggling with the changes posed by the Financial Accounting Standards Board’s.

What’s It Cost? – May 2015

May 19, 2015 Construction costs remained relatively stable through the first quarter of 2014, with prices for construction put in place rising at the same rate as consumer inflation and increasing significantly faster than the overall producer price index (PPI).

When Is My Inventory Worthless or Worth Less?

May 05, 2015 There are few aspects in the tax world more confusing or complex than those associated with inventories. When can I deduct my worthless inventory or write down the reduction in its value?

Proposed Changes to the Nonprofit Financial Statement Model – What You Need

May 04, 2015 On April 24, 2015, the Financial Accounting Standards Board (FASB) issued the proposed Accounting Standards Update, Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954)—Presentation of Financial Statements of Not-for-Profit Entities (proposed Update), for public comment. The proposed Accounting Standards Update is available for review here. As I recently explained in Accounting Today, the [...]

Construction National Outlook – May 2015

May 04, 2015 Data from the first months of 2015 paints a picture of an economy that continues to be healthy, albeit without the pace of expansion of the latter half of 2014. While the global economic slowdown may finally be impacting the U. S., there is also evidence that the slower pace of gross domestic product growth and hiring may have been due to a harsher-than-average winter.

With Charitable Giving Tactics Old and New, Nimble Nonprofits Win

April 07, 2015 Charitable giving grew by 2.1 percent in 2014, according to the newly-released 2014 Charitable Giving Report from Blackbaud, and this modest growth will no doubt prompt nonprofit fundraisers and executives to take a step back and evaluate their own fundraising results from the past year.

Fraud and Non-Profits

March 24, 2015 If you weren’t able to attend our Fraud and Non-Profits webinar last week, the following are some highlights from the presentation: Approximately 1/3 of all fraud cases in the United States involves collusion This can be collusion among vendors (comparing prices during competitive bids), among employees, or between vendors and employees Approximately 1/5 of asset [...]

What’s It Cost? – March 2015

March 23, 2015 Growing demand from non-residential construction, combined with continued improvement in home construction, drove the prices of most essential building products in 2014.  Data from the Bureau of Labor Statistics on February 18 showed a continuation and steepening of the divergent trend between overall Producer Price Index (PPI) inflation and that of the PPI for inputs [...]

Construction National Outlook – March 2015

March 23, 2015 By most measures, the U.S. economy has maintained the surprising progress of the second half of 2014 during the first couple of months of 2015. Even the unusually high snowfall levels in major cities and unusually cold weather does not seem to have sapped the economy in the manner that the polar vortex of 2014 [...]

Valuation Considerations in Strategic Mergers

March 16, 2015 Strategic mergers can be an effective strategy to enhance shareholder value in an increasingly competitive operating environment.

Do Your Board Members Know Their Responsibilities?

March 10, 2015 If you are like most non-profits, new board members are on-boarded each year. If you don’t already, you should consider providing training during this on-boarding process, so the individual can learn about the organization, their responsibilities, and the expectations in place for them.

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

March 02, 2015 This article will summarize the most common approach to valuing non-competition agreements for Fair Value financial reporting purposes.

Are You Maximizing Your Intellectual Property Assets?

March 02, 2015 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. Without an accurate understanding of the IP you own – and their values – it can be difficult to make prudent business decisions about developing, protecting and monetizing your IP.

Divorce Planning: Tax Issues to Think About

March 02, 2015 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.

Tax Incentives Extended for Charitable Contributions

February 09, 2015 On February 4, 2015 the House Ways and Means Committee approved five charitable bills, four of which could make various expired tax incentives permanent.

The Research Tax Credit Is Back, at Least for Now

February 06, 2015 Good news: After keeping taxpayers on tenterhooks for virtually all of 2014, Congress enacted the Tax Increase Prevention Act (TIPA) late in December.

Construction National Outlook – January 2015

February 03, 2015 With low interest rates persisting, homes values climbing back to pre-recession levels and a surprising 40 percent decline in the price of oil and gasoline in the third quarter, business and consumer confidence is very high going into 2015.

What’s It Cost – January 2015

February 02, 2015 Even as demand for construction heated up throughout 2014, an unexpectedly steep decline in oil prices impacted the cost of nearly all construction inputs and inflation in general. The Bureau of Labor Statistics (BLS) reported on November’s inflation on December 12 and the effect of the lower price of oil was reflected throughout the data.

What Goes In Must Come Out

January 27, 2015 Does your financial reporting support your strategic plan?

A Diamond In The Rough

January 20, 2015 Major retrofits and adaptive reuse of older buildings has become a prominent trend in the US as the concept of urbanism and millennials drive change in America’s core cities. The JobsOhio Revitalization Program is focused on helping rejuvenate sites.

CAP Perspectives Recap

January 13, 2015 Thanks to everyone who was able to participate in our 8th annual Perspectives event this past Friday.  We had good attendance and a wide variety of speakers and topics. New Approaches to Serving Our Communities –  Social Enterprise and Impact Investing: Allen Proctor (Center for Social Enterprise Development and CINCO) and Patrick Westerlund (Tony R. Wells [...]

Congress Passes Tax Extenders Bill

December 17, 2014 by Jennifer Zimmerman, CPA Late last night, the Senate approved H.R. 5771, also known as the Tax Increase Prevention Act, with a vote of 76-16. The bill expires on December 31, 2014, which means that the new Congress will need to address provisions related to 2015 in 2015. President Obama is expected to sign the [...]

What’s It Cost – November 2014

November 20, 2014 Several metrics for construction costs showed increased upward pressure on prices through September but an unexpected decline in the price of oil has the potential to offset most of the price increases for building materials and products.

New Revenue Recognition Requirements for Non-Profit Organizations

October 06, 2014 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. As a non-profit organization, you may be wondering how and when these new rules will impact you.

What is your Fiduciary Responsibility for Monitoring Your Outsourced Employee Benefit Plan?

September 16, 2014 Many of the actions needed to operating an employee benefit plan (EBP) involve fiduciary decisions. This is true whether or not you hire someone to manage the plan for you or do some of all of the plan management yourself.

Vendor Money Program Payments are Gross Income to Auto Dealers

September 02, 2014 The IRS National Tax Office has recently issued an advice memorandum outlining their position on the taxability of amounts received by dealers from automobile manufacturers to pay for store improvements.

Top 10 Lessons We Can Learn from Casey Kasem

August 19, 2014 The circumstances surrounding Casey Kasem's passing raise important issues to consider involving mental health planning and children of blended marriages.

Got Compensation Program Risk?

July 10, 2014 All the Form 990 boxes say compensation is IRS compliant...has anyone checked?

NCUA Region 2 Allowance for Loan Loss – Follow Up

June 26, 2014

Fraud Report Roils Not-For-Profit Sector

June 03, 2014 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.

OSHA Proposes Public Disclosure of Workplace Injuries

May 29, 2014 As a means for improving safety and reducing workplace injuries, the Occupational Safety and Health Administration (OSHA) recently proposed a change that would require manufacturing firms, among others, to make public information about injuries and illnesses.

Section 179 Deductions: Tread Carefully in 2014

May 25, 2014 Normally, a manufacturing firm can buy business equipment safe in the knowledge that it will qualify for an immediate write-off on most, if not all, of the cost under Section 179 of the tax code. But this year is different from others. The maximum Section 179 deduction for 2014 is set at $25,000.

Do You Use a Suggestion Box?

May 02, 2014 It is an excellent idea to solicit feedback and suggestions from your employees across all levels of the organization.

NCUA Region 2 Allowance for Loan Loss Approach

April 30, 2014 During a recent conversation with a NCUA examiner, I was informed that the examination approach required by Region 2 for its examiners will be different than the approach used by the same examiners when they were performing examinations in Region 3.

IRS Yields on Taxable UBIT Items

April 15, 2014 In a March 24, 2014 internal memorandum, the IRS Director of Exempt Organizations changed the IRS position on the taxability of certain items related to UBIT (unrelated business income tax) for state chartered credit unions. This change in position resulted from the IRS loss in two district court decisions involving credit unions.

Conflicts of Interest in Nonprofit Organizations

April 08, 2014 Managers and governors 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.

What’s It Cost? – March 2014

March 28, 2014 The short-term steep decline in construction starts has significantly dampened demand for products, making it especially difficult for manufacturers to hold price increases.

What’s New in Non-Profit Accounting?

March 11, 2014 Non-profit organizations and their reporting have been discussed by the Financial Accounting Standards Board (FASB) throughout the years and they continue to be an area of focus.

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

February 14, 2014 The issue raised in the case was whether Graphic Packaging Corp. was entitled to elect to use the Multistate Tax Compact as the basis for an evenly-weighted three-factor apportionment formula to apportion its Revised Franchise Tax base in lieu of the standard single-receipts factor.

Non-Profit Revitalization of 2013

February 11, 2014 Ohio law currently required charitable organizations and groups that solicit contributions from Ohioans to file an annual report with the Attorney General’s Office. Because of increased monitoring of non-profit organizations, coinciding with the re-vamped Federal Form 990, it is becoming more imperative that charitable organizations stay in compliance with the ever-changing regulations.

What’s It Cost? – February 2014

February 04, 2014 Data released in mid-December bore out the impact of reduced global demand and compression of margins on manufactured product prices in 2013, despite rising demand from a rebounding U. S. housing recovery. Only the deep recession in 2009 led to lower inflation in any year going as far back as 1956.

ESOPs Can Help Secure You and Your Employees a Financially Secure Future

February 04, 2014 As business owners contemplate the task of converting their wealth that is locked up in their company, the option of an Employee Stock Ownership Plan (ESOP) should emerge as a viable option.

Preventing Fraud at Your Non-Profit

January 13, 2014 Frauds are committed within non-profit organizations every year, ranging from employee embezzlement and asset misappropriation to misstatements of financial reporting.

States Increase Unclaimed Property Audit Activity

January 07, 2014 As states continue to search for new ways to increase revenue, there has been a spike in unclaimed property compliance audits throughout the country.

City of Chicago Proposed Tax Disclosure Requirements for Vendors

December 19, 2013 On November 20, 2013, City of Chicago Alderman William Burns introduced proposed ordinance #02013-9148. Section 2-154-016 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, which would eventually be made public.

IRS Releases Proposed Regulations Regarding Permissible Political Activities of Tax-Exempt Social Welfare Organizations

December 16, 2013 On November 26, 2013, The Treasury Department and IRS released proposed regulations under Section 501(c)(4) of the Internal Revenue Code. The proposed regulations provide that the promotion of social welfare does not include direct or indirect “candidate-related political activity”.

NCUA Examination Focus

December 11, 2013 NCUA will be focusing on interest rate risk, operational risk/off balance sheet risk, CUSO/third-party vendor exposure and compliance during examinations in 2014.

Construction: What’s It Cost?

December 05, 2013 Prices for mixed bag of products and materials that are used by the construction industry saw reverses in medium-term trends in September and October but overall the cost of construction maintained the same relationship to consumer prices as has held for the past couple of years. With few exceptions, any significant movement in prices has [...]

Online Interactive Form 1023

November 18, 2013 In order to expedite applying for the Recognition of Exception under section 501(c)(3) the IRS has developed an online interactive Form 1023.

Purchase Price Allocation Impacts on Taxes and Financial Statements

November 06, 2013 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.

Draft 2013 Form 990 Changes

October 22, 2013 On September 27, 2013, the IRS posted draft instructions for the 2013 Form 990, Return of Organizations Exempt from Income Tax.

Government Shutdown Affecting Non-Profit Organizations

October 07, 2013 The government shut down that began last week may have been predicted, but wasn’t expected by many – thinking our political leaders would come to agreement to prevent the shutdown from occurring. While many people think about the federal employees facing potential layoffs and furloughs, the effects of the shutdown reach much further and may already be affecting your non-profit organization.

What is the Expiration Date on the Apartment Boom?

July 02, 2013 With all the information that is available and availed in the development of real estate, there still seems to be no way to avoid overbuilding a hot property type.

Construction National Outlook – June 2013

July 01, 2013 The national economy passed some significant tests of strength as spring yielded to summer.

The Courtroom of the Future – Trial by Robot?

June 24, 2013 Over the course of my career providing litigation related consulting services to attorneys, I have witnessed some of the ways that technology has impacted litigation. What might the courtroom look like in ten or 20 years?

The Talent Bottleneck

June 07, 2013 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

Location and Incentive Consulting

June 03, 2013 GBQ's Location and Incentive Consulting Practice provides a full range of services to assist companies with establishing, relocating or expanding operations.

Construction Financial Perspective – May 2013

May 17, 2013 The cost trends of recent months continued to extend at the end of the first quarter, as consumer prices (CPI) remained relatively flat, while producer prices for construction materials mirrored the trends in demand for the major construction categories.