Blog

4 Takes On Succession Planning – Part 1

By |2019-04-18T12:11:48-05:00March 27th, 2019|Advisory, Change, Internal Control, Morale, Preparation, Succession Planning|

You’ve worked hard to build your business, and it’s a big part of who you are. No matter how great the selling price, how capable your successor, or how excited you are for the next phase of your life, change is hard. Our friend, Rena Striegel, owner of Transition Point Business Advisors, is focused on [...]

Standard Deduction vs. Itemized Deduction for Charitable Contributions

By |2019-03-29T13:10:20-05:00March 20th, 2019|Accounting, Advisory, Deductions, Donation, Saving, Tax, Tax Reform|

The benefits of charitable contributions may be eliminated for some taxpayers. The Tax Cuts and Jobs Act (TCJA) doubled the standard deduction, meaning more taxpayers may find themselves in a better tax position by choosing the standard deduction over itemizing. Since charitable contributions are itemized, this is leaving many to wonder, “Will I still receive [...]

Can I Use My Endowment As Collateral?

By |2019-04-01T13:30:06-05:00March 13th, 2019|Assurance, Board, Budget, Cash Flow, Gifts, Nonprofit|

Organizations looking to expand their programs sometimes need to obtain bank financing for large projects such as the acquisition of a building. Depending upon the financing received, collateral is often a necessary piece of closing the deal. For organizations with large endowments, the question may come up as to whether the organization may use the [...]

Is That IRS Call Legitimate? 5 Tips for Catching Tax Season Scams

By |2019-03-29T13:10:05-05:00March 6th, 2019|Advisory, Fraud, IRS, IT, Tax, Tips|

Tax Day is just around the corner, which also means the peak of tax-related scams. The IRS annually compiles its list of the “Dirty Dozen,” or the worst tax scams. For the complete list visit IR-2019-49. Here are two common scams that often target taxpayers: Phishing – These types of schemes come in the form [...]

The Time is Now… Financial Statement Presentation Changes are Here!

By |2019-03-29T14:09:33-05:00February 27th, 2019|Accounting, Board, Change, Compliance, Internal Control, Nonprofit|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?”, we provided an overview of the changes for nonprofit financial statements. Now we will take a closer look at the new net asset presentation and disclosures your organization will face, beginning with your December 31, 2018 financial statements. If you missed our previous [...]

How to Prepare Your Employees for Change

By |2019-03-29T13:10:28-05:00February 20th, 2019|Advisory, Change, Leader, Morale, Preparation, Tips|

There is a famous quote stating that only two things are certain in this world: death and taxes. However, it’s obvious there are actually three certain things; the third one is ‘change.’ Everyone has experienced a change in their personal or professional life at some point. Sometimes change is by choice and other times it [...]

Business Brokers vs. Business Appraisers – 3 Key Differences

By |2019-04-17T15:36:39-05:00February 13th, 2019|Advisory, Business Valuation, Change, Sell, Tips|

For full disclosure, I want to start off this article by leveling the playing field on perspective by saying I am an accredited business appraiser and have no experience as a business broker. The purpose of this article is to provide insight into key differences between costs associated with the services of a business broker [...]

Do You Really Need An Audit?

By |2019-04-18T12:06:47-05:00February 6th, 2019|Assurance, Board, Compliance, Internal Control, Nonprofit|

For those of you that go through an audit each year, you know how costly and time consuming they can be. You may have wondered, “Do I really need an audit? Is there something else that I can do to satisfy my financial reporting requirements?” To accurately answer those questions, you first need to understand [...]

Top 10 Accounting Acronyms Every Business Owner Should Know

By |2019-04-05T14:59:26-05:00January 30th, 2019|Accounting, Advisory, Cash Flow, Tips, Value|

You need accurate financial information to help you measure the results of all the hard work that goes into your business. The problem is, your accountant uses more acronyms than your teenage daughter’s text messages. This leaves you feeling frustrated and confused. You can either smile and nod until the conversation ends or spend the [...]

Decoding the Nonprofit Financial Lingo: Statement of Financial Position

By |2019-03-29T13:10:41-05:00January 23rd, 2019|Accounting, Advisory, Assurance, Cash Flow, Nonprofit, Tips|

Have you ever attended a presentation of financial information and not been familiar with the jargon the presenter was using? Have you been uncertain whether you are the only one with questions? Maybe you’re the accountant or treasurer for your organization and you’re met with blank stares? Nonprofits have their own set of financial terminology [...]