E-Updates

August 17 , 2017 | Posted by John Eberhart |
Selling Isn’t an Owner’s Only Liquidity Option

An outright sale isn’t the only option for business owners who seek liquidity. If you need to raise cash yet still want some control over your business or hope to transfer it to your managers or family members, a leveraged recapitalization may be an option. Depending on the form of leveraged recap, you could remain

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August 17 , 2017 | Posted by Whitney Hurtt |
Potential Tax Legislation and the Impact on Tax Planning for 2017

While bashing of the opposition is about the only certainty in Washington these days, it does seem that some tax legislation is a realistic possibility.  Both the administration and Speaker Ryan have been clear that tax legislation is on the agenda before the end of the year.  Unlike the Obamacare repeal debate, it appears that

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July 17 , 2017 | Posted by Karen Keller |
Use Management Letters to Improve Your Business

Audited financial statements typically come with a surprise bonus that you might not be aware of: the management letter. Take a few minutes to review this letter. It generally contains advice on ways to make your business more efficient and profitable — and less risky. What’s required Auditing standards require auditors to communicate in writing

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July 17 , 2017 | Posted by Gail Waham |
Recently Approved Ohio Budget Brings Numerous Changes

On June 30, 2017, Gov. John Kasich signed Ohio H.B 49 (the 2018-19 Ohio budget) into law.  This Bill includes a number of tax provisions, some of which are highlighted below. Personal Income Tax Exclusion of 100% of business income up to $250,000 with the excess taxed at a flat 3% remains in effect. Number

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June 16 , 2017 | Posted by Nathan Oswald |
Spotlight on Fraud in the Manufacturing Industry

The Association of Certified Fraud Examiners (ACFE) has published its 2016 Report to the Nations on Occupational Fraud and Abuse. The latest biennial study breaks down white collar crimes by industry, highlighting the common scams that manufacturers need to watch for and ways for them to minimize potential losses from fraud. How Much Does Fraud

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June 16 , 2017 | Posted by John Eberhart |
Reviewing Your Company’s Buy-Sell Agreement

If you own a business and follow professional advice, you’ve likely established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. Assuming this is true, remember that it’s not enough to draft an agreement and put it in a safe place. You need to review and perhaps revise the

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April 25 , 2017 | Posted by David Cassady |
Today is Tuesday, I Don’t Have Time to Think About…..

ESTATE PLANNING.  I cannot begin to tell you how many times I hear this.  But then again, I also hear – “I need to save taxes, what can I do?”  Or, I also hear, “I do not have to do estate planning because President Trump is going to eliminate estate taxes”. For our Emerging and

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March 21 , 2017 | Posted by Brian Stautberg |
Tax Records: What to Keep & How Long

What records do I really need to keep? With the 2017 tax filing season in full swing, we frequently are asked this question.  The IRS recommends that taxpayers keep all sales slips, invoices, receipts, canceled checks or financial account statements, stock brokerage statements, Forms W-2 and 1099, and other documents that prove the amounts shown

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March 21 , 2017 | Posted by Lydia Ritze |
Shift in Lease Accounting Could Cause Headaches

Almost every manufacturer leases equipment or real estate. For decades, companies were not required to report many lease-related assets and liabilities on their balance sheet. That is all about to change under a controversial new lease accounting standard that was issued in early 2016. Shifting the reporting paradigm Historically, under U.S. Generally Accepted Accounting Principles

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February 16 , 2017 | Posted by Karen Keller |
Simplified Accounting for Goodwill as Early as 2017

The FASB recently issued ASU 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment (ASU 2017-04), which simplifies the accounting rules used by publicly traded companies for measuring goodwill impairment.  Under existing rules, the measurement of goodwill impairment involves a two-step process.  Step 1 entails comparing the fair value of an entity’s

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February 16 , 2017 | Posted by Nathan Oswald |
Sweat the Small Stuff

How to detect and prevent expense reimbursement fraud Companies often overlook expense reimbursement fraud because of the relatively small amounts involved. But these amounts can add up quickly, particularly if employees believe that management is “looking the other way.” They can also be a way for dishonest employees to test the waters: If successful, they

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January 27 , 2017 | Posted by Bryan Setz |
New Identity Theft  Security Measures for 2017

In a constant battle against savvy internet identity theft schemes, the IRS and state tax agencies have taken various steps to protect taxpayers from fraud and scams.  Since enhancements have been made to enable electronic filing of individual tax returns on the internet, as well as online shopping, credit card use, and electronic data reporting,

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