Tips

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 [...]

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 [...]

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 [...]

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

By |2019-01-16T09:52:18-05:00January 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 [...]

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

By |2019-04-17T15:37:06-05:00December 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 [...]

3 Reasons You Should Consider Moving to the Cloud

By |2019-01-16T12:25:32-05:00December 4th, 2018|Internal Control, IT, Leading, Nonprofit, Preparation, Records, Tips|

What is the Cloud and How Does it Work? When you hear the saying, “your data is in the cloud”, it doesn’t mean your data is actually stored in a cloud about to drop torrents of rain upon you. The “cloud” merely means that your software and services are running through the internet instead of [...]

Divorce Can Hurt – A Case Study in the Tax Consequences

By |2019-04-10T13:28:41-05:00September 19th, 2018|Cash Flow, Litigation Support, Tips|

When I was a kid, my dad said something that has stuck with me throughout my life. Considering I grew up to be a CPA, the irony of his statement isn’t lost on me... He said, “Son, there are only two definite things we must do in this world, pay taxes and die.” The takeaway [...]