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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.

Determining Rates of Return for Early-Stage Companies

March 27, 2017 A discounted cash flow method is a common valuation technique in which the value of a company is estimated based on the present value of its future economic benefits.

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.

Year-End Tax Planning

December 19, 2016 At this point tax reform seems to be a question of when, rather than if – the primary question being: when will tax reform be effective, 2017 or 2018?

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.

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

November 15, 2016 What’s the President-elect’s tax plan for individuals? The top tax rate would go down and the estate tax would be abolished. But some taxpayers could see their taxes go up.

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.

Charitable Contributions for the Most Wonderful Time of the Year

November 04, 2016 As we approach the holiday season, you might be considering giving to your favorite charities. Keep the following tips in mind as you enter this year’s ‘giving season’.

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.

Set Goals That Won’t Lead Employees Astray

October 21, 2016 Setting performance goals to promote corporate growth can be tricky. Finding a middle ground between setting the bar too low and too high is challenging. Employers need to analyze potential actions employees can take to reach these goals.

Final and Temporary Section 385 Regulations

October 21, 2016 On October 13, 2016 final and temporary regulations under Section 385 were released which address related party financing instruments. The regulations were officially published today.

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.”

Expense Reimbursement Traps

September 07, 2016 Corporations large and small have always made expense reimbursement a common procedure for all employees. But with reimbursement procedures there is a high-level of reliance on employee honesty, therefore lies a substantial opportunity for expense reimbursement fraud.

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.

Form 1042: Reporting Can Be Tricky

June 30, 2016 As more companies broaden their business landscape and engage in business outside of the U.S., questions often arise as to additional tax filing requirements.

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.

My Business is Worth 5x EBITDA, Right?

June 20, 2016 A common rule of thumb is that most businesses are worth 5x EBITDA. While sometimes that may be a fair proxy, here are a few reasons why this common rule of thumb may not work.

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.

S-Corporations: A Potential Vehicle for Tax Savings

May 09, 2016 For individuals currently operating a single-member LLC or planning to start a sole proprietorship in the future, it may be time to consider an S-corporation as a vehicle to reduce your overall tax burden.

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.

Common Approaches and Methodologies in Valuation

March 25, 2016 The value of a security is determined by both internal factors (such as operating history and the use of leverage), which are subject to the control of management, and external factors (such as economic and industry conditions), which are entirely out of the control of management. Regardless of the business or asset being valued, current [...]

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.

4 Facts About the Section 199 Tax Deduction

March 23, 2016 The Section 199 deduction goes by many names. But, whatever you call it, this tax break may be a way for your company to get some tax relief.

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.

NCUA Supervisory Priorities for 2016

February 08, 2016 NCUA has recently issued Letter No.:16-CU-01 outlining its Supervisory Priorities for 2016. This article discusses the top areas of focus for 2016.

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.

New Company Will Pay for Your Wedding and Profit from Your Divorce

January 19, 2016 SwanLuv, a new Seattle based start-up, will pay soon to be wed couples up to $10,000 to help them fund their wedding, free of charge. The catch: if you get divorced you must pay them back – with interest.

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.

Affordable Care Act (ACA) Reporting – IRS Extends Due Dates

January 05, 2016 On December 28, 2015, the Internal Revenue Service (“IRS”) extends the deadlines for the 2015 Affordable Care Act (“ACA”) information reporting requirements for those required to file.

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.

Year-End Tax Legislation with Surprising Permanent Implications

December 21, 2015 On December 18th, Congress passed and President Obama signed into law the “Protecting Americans from Tax Hikes (PATH) Act of 2015”.

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).

Success is Always Curvy

November 05, 2015 My Dad doesn’t like random sticks laying in his yard. “Go get that stick and put it in the trash.” He doesn’t like footprints in the grass of the front lawn. “Why do you need to walk on the front lawn anyway? There is plenty of room to play in the back yard.” The combination [...]

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.

“Last Call” for Family Limited Partnerships?

July 06, 2015 “Last call”, in common parlance, is a phrase signifying that closing time is near and that patrons have one last chance to place an order. Catherine Hughes, the Estate and Gift Tax Attorney-Advisor in the Office of Tax Policy for the US Treasury Department, may have just stepped into the role of “bartender” after comments [...]

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.

NCUA Supervisory Priorities for 2015

March 25, 2015 Cybersecurity, Interest-Rate Risk and Bank Secrecy Act (BSA) Compliance head the National Credit Union Administration’s supervisory priorities for 2015. This is according to a letter (15-CU-01) sent to federally insured credit unions.

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 [...]

NCUA Risk-Focused Fair Lending Examinations are here. Are you ready?

March 18, 2015 I learned today for the first time of a credit union that will be undergoing a Risk-focused Fair Lending Examination by the NCUA. Specifically, the examination will be conducted by “The Office of Consumer Protection, Division of Consumer Compliance Policy and Outreach.” These examinations are to be conducted using the “Interagency Fair Lending Examination Procedures”, and [...]

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 [...]

Board Governance: Your Role & Fiduciary Responsibility

December 03, 2014 ‘Tis the season for giving! Many people think that by giving money this holiday season, they are doing all that they can do. Perhaps some of us need reminded that we can also give our time to great causes in central Ohio, and not just our pocket books. The variety of ways to volunteer our [...]

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.

Construction National Outlook: November 2014

November 15, 2014 Trends in construction at the national level are following the arising arc of the national economy.

Work to Narrow Manufacturing Skills Gap

November 13, 2014 The numbers don't lie.

Tax Credits: WOTC

November 10, 2014 Are you leaving thousands on the table?

#Nonprofits #Socialmedia and #Taxes: Is Your Organization Protected?

November 04, 2014 Following major online giving success stories such as #GivingTuesday and The ALS Association’s Ice Bucket Challenge more nonprofits are actively participating on social media channels to get in front of potential donors: U.S. nonprofits saw 37 percent growth in followers on Facebook in 2013, and 46 percent annual growth in Twitter followers, according to the [...]

Louisiana Tax Amnesty Program

October 13, 2014 The Louisiana Department of Revenue will be conducting a one-month amnesty program from October 15 to November 14, 2014.

Why the CFPB Matters Even If It Isn’t Your Regulatory Agency

October 13, 2014 Today, you can’t throw a stick anywhere in the compliance news landscape without hitting at least a few items either from or about the agency that likes to refer to itself as “The Bureau.”

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.

Valuing Early-Stage Companies and Equity-Based Compensation Units

September 17, 2014 Early-stage companies often grant equity (or synthetic equity) awards to employees, consultants, and board members both for incentive purposes and as additional compensation when the company has limited resources. In addition, these companies are often limited to raising capital by using non-traditional securities such as convertible notes and preferred stock.As a result, early-stage companies tend to have complex capital structures that require specialized valuation approaches.

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.

Cyber Security Risks Can Be Mitigated With a Simple Common Sense Approach

September 09, 2014 It is almost impossible to get through a week without hearing about a new cyber security breach.

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.

Procurement Standards and the New Compliance Requirements

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

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.

Revenue Recognition: Call to Action

August 18, 2014 The convergence of one of the most significant areas of financial reporting is progressing; however, the fun is just getting started.

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

August 12, 2014 The California Franchise Tax Board issued a legal ruling that discusses when a corporate member of a limited liability company classified as a partnership is required to report and pay taxes and fees.

Schedule A: The Key to Maintaining Public Charity Status

July 28, 2014 Many public charities have to pass an annual public support test in order to maintain public charity status and avoid being classified as a private foundation. Certain types of organizations are exempted from this test.

Construction National Outlook – July 2014

July 14, 2014 After dropping off significantly in January and February, construction activity in March and April showed strong rebounds in both residential and nonresidential construction categories.

What’s It Cost? – July 2014

July 14, 2014 Steadily improving construction markets, better global economic conditions and rising energy costs resulting from a colder winter contributed to steeper increases in construction prices during the winter and spring of 2014.

Got Compensation Program Risk?

July 10, 2014 All the Form 990 boxes say compensation is IRS compliant...has anyone checked?

California Manufacturing Exemption

July 02, 2014 Manufacturing exemption goes into effect for reduced sales and use tax in California beginning July 1, 2014.

Rhode Island State Tax Updates

July 02, 2014 On June 19, 2014, Rhode Island Governor Lincoln Chafee signed into law H.B. 7133, the budget bill for the fiscal year ending June 30, 2015, which implements combined reporting, single sales factor apportionment, and market-based sourcing of receipts from the sales of services.

Alternative Fundraising

June 30, 2014 Alternative funding sources may be able to play a role in adding to the bottom-line at your organization.

NCUA Region 2 Allowance for Loan Loss – Follow Up

June 26, 2014

Pennsylvania Enacts Legislation Which Limits the Authority of Localities

June 05, 2014 On May 6, 2014, Pennsylvania Governor Tom Corbett signed into law H.B. 1513, Regular Session 2013-2014 (“H.B. 1513”), which limits the authority of Pennsylvania localities to impose privilege taxes and reduces the potential for double taxation of receipts.

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.

Appealing to the Millennials

May 21, 2014 Finding new donors and volunteers is a challenge facing almost all non-profit organizations on an annual basis.

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.

New York State Tax Updates

April 22, 2014 Just before midnight on March 31, 2014, New York Governor Andrew Cuomo signed into law S6359-D, which implements components of the state’s fiscal plan for the 2014-2015 fiscal year, including Article 9-A reforms.

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.

Construction National Outlook – March 2014

March 28, 2014 Harsh winters put a dent in construction of course, but the bigger concerns about the weather are in the effect on consumers.

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.

Significant Diversion of Assets

March 24, 2014 Recent reports regarding the significant diversion of assets by nonprofit organizations has caused federal and state officials to launch investigations as to what this actually means.

Tax Alert – Transfer Pricing News

March 20, 2014 Internal revenue service releases guidance regarding the stages of the transfer pricing examination process and provides recommended audit procedures, as well as sources of reference material.

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.

Fraud Prevention: Stopping the Next Charles Ponzi or Bernie Madoff

March 03, 2014 Charles Ponzi and Bernie Madoff are among the most infamous fraudsters in United States history. Based on the most recent study by the Association of Certified Fraud Examiners the typical organization loses 5-6% of its revenues to fraud each year.

The Rules of Qualified Sponsorships

February 24, 2014 A great way to raise funding for program services is through corporate sponsorship. If done correctly the entire payment will not be considered unrelated business income by the Internal Revenue Service.

Cash Flow is King, But…

February 17, 2014 “Cash Flow is King.” This is a popular saying among those in the valuation community and similar fields such as private equity and M&A advisory, based on a fundamental finance principle that the value of an investment is driven by its ability to provide a future return to that investor.

Ohio Small Business Investor Income Deduction: A Tax Cut for the Taking!

February 17, 2014 During June of 2013, Ohio Governor Kasich signed into law House Bill 59, which introduced multiple legislative provisions that cut taxes for Ohio individual taxpayers. Among the cuts was the new Ohio Small Business Investor Income Deduction, which provides a substantial tax benefit to owners of pass-through entities doing business in the state of Ohio.

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.

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

February 12, 2014 Many architectural, engineering and construction (“AEC”) firms will have the need to transition ownership in the next decade. The following are industry-specific factors that we pay special attention to when valuing AEC firms.

Section 199 Deductions: IRS Updates Directive for Contracts

February 12, 2014 The Section 199 deduction, commonly referred to as the "domestic manufacturing deduction," is often critical to a manufacturing firm's tax fortunes.

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.

Construction National Outlook – February 2014

February 04, 2014 The current construction activity reflects the continued recovery from the recession and the under-building that followed.

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.

Caution Urged on New Goodwill Impairment Testing Guidelines

January 28, 2014 In an expected move, the goodwill impairment testing alternative for private entities created by the Private Company Council (“PCC”) was released by the Financial Accounting Standards Board (“FASB”). The update to Accounting Standards Codification Topic 350 – Intangibles – Goodwill and Other (“ASC 350”) applies only to non-public entities, as public entities will still be required to comply with GAAP.

Income/Franchise Tax: Elective Combination is an option under Michigan’s Corporate Income Tax (“CIT”) Regime

January 20, 2014 Michigan law expands the CIT definition of “unitary business group” to include an affiliated group.

The Times Are Changing For Credit Unions

January 16, 2014 There have been so many significant changes in the operating environment for credit unions over the past 20 years.

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.

How and Why Buyers View Valuations Differently Than Sellers

January 10, 2014 Although merger and acquisition activity continues at a robust pace, there are many potential transactions involving the sale and purchase of a business that are never consummated because the buyer and the seller cannot come to an agreement on transaction price.  To understand why it is so difficult to reach a mutually agreed-upon purchase price, [...]

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 [...]

Construction National Outlook – December 2013

December 05, 2013 One byproduct of the federal government shutdown was that the avalanche of economic data that is released weekly was also shut down. Even without weekly jobs claims, unemployment estimates, labor and manufacturing numbers, businesses can be fairly certain that the state of the U. S. economy hasn’t changed much. In fact, what little data was [...]

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

November 20, 2013 A previous GBQ newsletter analyzed a bankruptcy case involving the use of a discounted cash flow (“DCF”) analysis. Like the bankruptcy case, this decision involves a discounted cash flow analysis and, in particular, the use of management’s projections by an expert.

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.

City of Los Angeles Announces Limited Tax Amnesty

October 22, 2013 The City of Los Angeles has announced a tax amnesty program that began on September 1, 2013 and will continue through December 2, 2013. This amnesty includes the following City of Los Angeles taxes: Business, Utility Users Taxes, Commercial Tenant’s Occupancy Taxes, Transient Occupancy Taxes, and Parking Occupancy Taxes.

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.

Multistate Sales/Use Tax Update

October 18, 2013 The following discussion will summarize some of the more significant sales and use tax changes in California, Florida and West Virginia.

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.

It’s OK to Question the Valuation Report!

September 05, 2013 Business valuation opinions are sought for a variety of reasons. Commonly, they are used to support significant corporate or shareholder transactions in which many stakeholders have a financial (and often personal) interest. Given the importance of these transactions, and by connection, the valuation opinions used to support them, it is imperative that the affected parties [...]

Navigators Under the Affordable Care Act

August 28, 2013 With the state exchange beginning open enrollment in October of this year, funding has been granted to organizations who are trained to act as Navigators, playing an important role to educate Ohioans on the different health coverage plans available on the state exhanges.

Understanding the Proposed Changes to Determining the Allowance for Loan Losses

July 02, 2013 Last December the FASB issued an exposure draft on credit losses that would have a significant impact on the way that financial institutions compute and record their allowance for loan losses, if it is ultimately adopted.

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.

Top Concerns for Non-Profit Governance: Gift Acceptance Policy

July 01, 2013 Have you implemented a formal gift acceptance policy?

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?

Proposed Revisions to OMB Circular A-133

June 10, 2013 We provided an update last year on proposed revisions to OMB Circular A-133 and how this would affect your audits. Since then, new proposed revisions have been released that are different than the ones previously issued.

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

Is Your Oraganization’s Tax Exempt Status in Jeopardy?

June 03, 2013 An organization can be organized under state law as a not-for-profit organization, but must still meet specific requirements in order to be considered tax-exempt under section 501(c)(3)by the IRS.

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.

Update on Tangible Property “Repair” Regulations

April 29, 2013 The regulations contain tax guidance for determining whether and when a business must capitalize costs incurred in acquiring, maintaining, or improving any tangible property.