6 Ways to Prepare Now for Next Year’s Taxes

Tax season can feel like a tedious and stressful time for many. Even if you have a great CPA, the thought of compiling all of your information and even worse, preparing to write a check to the IRS if you owe, may make you want to crawl under a rock until mid-April. The truth is […]

Why nonprofits should be careful about doing business with board members

Your not-for-profit’s board members may be able to offer access to better deals or services than your organization could get on its own. However, there’s a fine line between a board member helping your nonprofit get fair pricing and the member receiving perceived or actual personal benefits. The latter can threaten your exempt status. Best […]

Transfer a family business in a tax-smart way

Is a family-owned business your primary source of wealth? If so, it’s critical to plan carefully for the transition of ownership from one generation to the next. The best approach depends on your particular circumstances. If your net worth is well within the estate tax exemption, you might focus on reducing income taxes. But if […]

Setting Sail Into The Global Market

For many of today’s companies, going global seems like a quick and trouble-free growth strategy. Technological advances and expansive supply chains make doing so easier than ever. But business owners who make this move impetuously may soon find themselves on stormy seas, taking on waves of debt and unanticipated expenses. Chart Your Course Carefully Globalization […]

3 Financial Statements You Should Know

Successful business people have a solid understanding of the three financial statements prepared under U.S. Generally Accepted Accounting Principles (GAAP). A complete set of financial statements helps stakeholders — including managers, investors and lenders — evaluate a company’s financial condition and results. Here’s an overview of each report. 1. Income Statement The income statement (also […]

Vacation home should keep families together, not tear them apart

A shared family vacation home can be a great place for family bonding. And a little estate planning can go a long way toward avoiding conflict and keeping the home in the family. Who owns it and how? All family members must understand who actually owns the home. Family members sharing the home will more […]

What is a business?

Differentiating the purchase of a business from the purchase of a group of assets is something that the Financial Accounting Standards Board (FASB) has been debating for years. In January 2017, the board finally published guidance to help financial executives and accountants define what a business is in the context of a business combination. Existing […]

Does your CPA give you that Ooh La La?

“I wish that I knew what I know now, when I was younger,” as the band The Faces sang in their 1973 hit, Ooh La La.  How many times have you been in a relationship and had that thought? Starting a good working relationship with a CPA is important for yourself and your business.  An […]

Does your family have a mission statement?

Typically, much of the estate planning process focuses on money. But the most successful estate plans are founded on relationships. Building and preserving family wealth isn’t an end in itself. Rather, it’s a tool for promoting shared family values or encouraging family members to lead responsible, productive, healthy lives. Drafting a family mission statement can […]