Accounting

Why Trusted Employees Steal From Small Business Owners

By |2020-01-16T16:31:57-06:00January 14th, 2020|Accounting, Advisory, Fraud, Internal Control|

  As businesses grow, trust and delegation can cause the business owner to be less hands-on with their financials. Small businesses don’t always have the people and resources to put the proper checks and balances in place. As a result, small businesses are more susceptible to employee fraud. It’s important to understand how employee fraud [...]

5 Reasons Outsourcing Works for Growing Businesses

By |2019-12-09T13:07:09-06:00November 27th, 2019|Accounting, Advisory, Goals, Internal Control, Payroll, Tips|

As your small business grows, the demands on your time and energy grow, too. You and your employees can find yourselves consumed with activities that creep beyond your passion and proficiency. This can be risky for your business, at worst, and boring or unfulfilling for you and your employees, at best. Many business owners [...]

What Your Financials Say About Your Business

By |2019-12-30T14:09:46-06:00November 21st, 2019|Accounting, Advisory, Goals, Tips, Value|

As a small business owner, it can be overwhelming when trying to review and understand your company’s financial statements. Luckily, there are several ratios that you can utilize to help better understand what the financial statements are trying to tell you. This article lays out several of the key management ratios that are used across [...]

Should Gifting Be Part Of Your Succession/Transition Plan?

By |2020-01-16T15:29:45-06:00October 5th, 2019|Accounting, Advisory, Agriculture, Gifts, Preparation, Succession Planning, Tax, Tax Reform, Tax Services, Value|

There has been a lot of commotion in the gifting arena recently. Gifting is something to consider when moving farm assets from one generation to another. Particularly land if the intention is to keep it in the farming operation indefinitely. Timing may be of the essence when it comes to gifting decisions and getting [...]

Preparing for 2020 Payroll

By |2020-01-13T08:56:40-06:00September 20th, 2019|Accounting|

Taxable Limit Bases & Rates Social Security wage base $137,700; rate 6.2% Medicare wage base unlimited; rate 1.45% Additional Medicare tax 0.9% on wages in excess of $200,000 Federal Unemployment Tax (FUTA) wage base $7,000; rate 0.6% Iowa unemployment tax wage base $31,600 You should have received a notice of your 2020 rate in early [...]

Work Opportunity Tax Credit 2020

By |2020-01-09T12:33:27-06:00September 20th, 2019|Accounting, WOTC|

The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. The target groups include unemployed veterans, ex-felons, designated community residents in Rural Renewal Counties (ages 18 to 39), etc. Some of the Rural Renewal Counties in [...]

Standard Deduction vs. Itemized Deduction for Charitable Contributions

By |2019-12-09T13:20:53-06:00March 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 [...]

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

By |2019-05-22T10:02:27-05:00February 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 [...]