Change

S Corporation or C Corporation – What is Right for My Business?

By |2019-01-16T09:52:18+00:00January 2nd, 2019|Advisory, Change, Deductions, Shareholder, Tax, Tax Reform, Tips|

The Tax Cuts and Jobs Act has many business owners evaluating whether or not they have the right entity structure.  The S corporation business structure offers many benefits, including limited liability for owners and no double taxation. But not all businesses are eligible - and, with the new 21% flat income tax rate that now [...]

Dissipation Claims in Marital Disputes – They Can Be Costly

By |2018-12-28T12:07:17+00:00December 28th, 2018|Change, Damages, Forensic Accounting, Home, Investigation, Litigation Support, Saving|

Studies say that more than 50% of all marriages will end in divorce and one of the major breaking points are disagreements around finances. It’s not surprising that many divorces end up in legal battles over some financial matter. One common type of these disputes is known as a dissipation claim. Generally, a dissipation claim [...]

Filing Date Options for Farm Returns

By |2019-01-25T11:28:34+00:00December 23rd, 2018|Accounting, Agriculture, Change, Compliance, IRS, Preparation, Tax, Tax Reform|

It’s a  mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will  explain why filing by March 1, [...]

Are Rules of Thumb an Adequate Way to Value a Business?

By |2018-12-28T10:48:37+00:00December 21st, 2018|Advisory, Business Valuation, Change, Preparation, Sell, Tips|

Let me begin by answering that question. No! Now it is my responsibility to explain why. While “Rules of Thumb” typically derive from industry trends and comparable company research, they miss out on vital factors that must be considered when determining a reasonable value for a business or ownership share. First, let’s start with an [...]

Here They Are…More Changes to Financial Statements!

By |2019-01-16T09:40:45+00:00December 11th, 2018|Accounting, Board, Budget, Cash Flow, Change, Compliance, Investment, Nonprofit, Preparation|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?” we provided information on the changes to net asset presentation and underwater endowments under the new financial statement presentation standard. Now we will address the new presentation and disclosure items related to liquidity and availability disclosures, functional expenses, investment expenses, and the statement [...]

Goal Setting – The First Step in Succession Planning

By |2019-01-16T09:40:53+00:00December 6th, 2018|Advisory, Change, Internal Control, Leader, Preparation, Shareholder, Succession Planning|

Many of us can relate to trying a new diet or exercise program at some point in our lives. What was the key component to success or failure in the program? For me, the answer is easy—my success depended on a few things: Did I fully “buy in” to the program? Did I completely let [...]

Tax Bill Allows for Deduction equal to 20% of Qualified Business Income

By |2018-11-16T15:42:30+00:00November 16th, 2018|Agriculture, Change, Compliance, Deductions, IRS, Tax, Tax Reform|

   In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]

5 Reasons to Utilize a Trust in Your Estate

By |2018-12-14T14:24:43+00:00November 2nd, 2018|Change, Deductions, Estate Planning, Long-Term Care, Preparation, Trust|

Estate Planning can be a tough discussion, but having a trust and will in place when the time comes can help answer the important questions for your loved ones. Your estate plan will outline your wishes for the transfer of your assets when you die.  The written legal document detailing your wishes is usually a [...]

Changes to Financial Statements for Nonprofit Entities, Are You Ready?

By |2018-12-13T15:48:59+00:00September 19th, 2018|Accounting, Change, Nonprofit|

FASB’s Not-for-Profit Advisory Committee determined that existing standards for financial statements of Not-for-Profit entities could be improved to provide more useful information to donors, grantors, creditors, and other users. The update is effective for years beginning after December 15, 2017. If your organization has a calendar year-end, you’ll be required to present financial statements under [...]

Choosing the Right Accounting Method for Tax Purposes

By |2018-08-31T10:05:14+00:00August 31st, 2018|Accounting, Cash Flow, Change, IRS, Tax Planning, Tax Reform|

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method, which is simpler than the accrual method, available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under [...]