Where do my sales need to be in order for my company to breakeven?
A common question among business owners is how to determine the "breakeven point," which is the level of sales needed to cover all company expenses. To calculate this, you need to break down expenses into three categories: (1) Cost of...
IRS provides guidance on using QTIP elections for reducing estate taxes
The IRS has released new procedures that help a taxpayer make the decision on whether to opt for a qualified terminable interest property (QTIP) election to reduce estate taxes. In Rev. Proc. 2016-49, the IRS removed a prohibition on utilizing a...
Bringing analytics to life
In the digital age, analytics have become crucial for business decision-making due to the vast amount of data available. Finance professionals must understand and leverage analytics to unlock the potential of Big Data, especially in areas like accounts receivable (AR)....
Financial record keeping for small businesses: What to keep and for how long
Maintaining organized and current financial records is crucial for any business, including small ones. Proper record-keeping aids in preparing financial statements, tax returns, and tracking business growth while optimizing returns. Here's a guide to what documents to keep and for...
Choice of entity considerations: LLC or Corporation?
Are you deciding whether to form your company as an LLC or a corporation? Here are some key considerations to guide your choice: Liability Protection: LLCs might offer stronger protection than corporations. Although courts generally apply similar standards for both...
Congratulations Marianne, new MICPA Board Director!
Marianne Lilly, ShindelRock partner, has been named to the MICPA Board of Directors for a three-year term expiring in 2019. Marianne has represented ShindelRock on various MICPA committees in the past and this is a new leadership role for her --congratulations Marianne! Below...
Guest Author Brian Clement: Don’t sign that lease agreement until you read this
I've done it. You've done it. We've all done it. All that legalese, really? Let’s just sign and get it over with. Well if you are leasing space in a building don't ever do it again without a thorough review...
Red flags of employee fraud
Dealing with employee fraud can be a distressing experience for business owners. Understanding how fraud happens and recognizing warning signs can help manage and prevent such incidents. The National Association of Certified Valuators and Analysts identifies four key components necessary...
Understanding the Alternative Minimum Tax
The Alternative Minimum Tax (AMT), introduced in 1969, was designed to ensure high-income individuals pay a minimum amount of federal income tax, even after using various deductions and tax breaks. Initially targeting a small number of high-income taxpayers, AMT's impact...
The benefits of using cost segregation in estate planning
Estate planning for inherited assets often involves managing the step-up in basis for real estate, which affects both estate and income taxes. When a property is inherited, its tax basis is adjusted to its fair market value (FMV) on the...