If you ask some business owners why they do things a certain way, they might answer, “Because we’ve always done it that way.” But with all the changes that have taken place in the financial and accounting realm, doing things the way you’ve always done them could be costing your business in terms of lost efficiency and profits. Here are five considerations to help modernize your accounting processes and systems.
Bookkeeping is essential to running a business. QuickBooks® is one of the most popular software programs for this purpose because it offers numerous features that other programs may not have.
Posted in Business Advisory
Income Tax Considerations for Student-Athletes
Posted by Michael D. Machen, CPA, CVA on Oct 14, 2022
Student-athletes can now enter into name, image and likeness (NIL) contracts for compensation. NIL contracts have major federal and state tax implications, including income tax responsibilities, state nexus, and reporting obligations. How should athletes and their advisors navigate compensation issues related to NIL contracts so that there are no tax surprises? We share valuable insight on the game-changing issues related to NILs.
Posted in Business Advisory
Are Your Risk-Management Practices Keeping Up With the Times
Posted by Melissa Motley, CPA on Sep 15, 2022
Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according to a new report published by the American Institute of Certified Public Accountants (AICPA) and North Carolina State University.
Posted in Business Advisory
Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability, and estate planning advantages of separating real estate ownership from the business.
Posted in Business Advisory
Inflation Reduction Act Provisions of Interest to Small Businesses
Posted by Marty Williams, CPA on Sep 01, 2022
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy, and taxes. There has been a lot of media coverage about the law's impact on large corporations. For example, the IRA contains a new 15% alternative minimum tax on large, profitable corporations. And the law adds a 1% excise tax on stock buybacks of more than $1 million by publicly traded U.S. corporations.
Posted in Business Advisory, Business Tax, News & Events
Plan Sponsor Alert: Cryptocurrency Investments and the DOL's Warning
Posted by Michael D. Machen, CPA, CVA on Aug 12, 2022
Cryptocurrencies and the volatility of the digital currency market have garnered a lot of attention in the retirement plan industry over the past few years. The Department of Labor (DOL) has issued a stern warning about cryptocurrencies on investment menus and brokerage platforms within 401(k) plans. Since the release of the warning, third-party plan providers have responded with differing stances on the guidance released. Some 401(k) providers believe that the DOL has gone too far.
Posted in Business Advisory
Nonprofit organizations have been navigating change in almost every aspect of their operations over the past two years, including shifting priorities, a new employment landscape, and changes in fundraising and hosting programs and events. As organizations continue to reimagine what their futures will look like, donor engagement strategies should be reevaluated and refined to ensure they keep up with these other changes. Consider the following steps to support strong donor engagement:
Posted in Business Advisory
Collecting, Modeling, and Securing Your Restaurant's Data
Posted by Nick Wheeler, CPA on Jul 27, 2022
The restaurant industry is no stranger to the critical role data plays in running a business. Yet, in many cases, the restaurateur struggles to identify the proper data from the sheer volume that may be available through countless sources — POS terminals, online ordering services, social media, and more. It’s this array of data sources that, if properly accessed, holds great value in guiding the success of the business.
Posted in Business Advisory
When Interest Rates Rise, Optimizing Tax Accounting Methods Can Drive Cash Savings
Posted by Marty Williams, CPA on Jul 21, 2022
U.S. businesses have been hit by the perfect storm. As the pandemic continues to disrupt supply chains and plague much of the global economy, the war in Europe further complicates the landscape, disrupting major supplies of energy and other commodities. In the U.S., price inflation has accelerated the Federal Reserve’s plans to raise interest rates and commence quantitative tightening, making debt more expensive. The stock market has declined sharply, and the prospect of a recession is on the rise. Further, U.S. consumer demand may be cooling despite a strong labor market and low unemployment. As a result of these and other pressures, many businesses are rethinking their supply chains and countries of operation as they also search for opportunities to free up or preserve cash in the face of uncertain headwinds.
Posted in Business Advisory