Insights

Tax-Wise Ways to Save for College

February 2, 2023

If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities when used to finance college…

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Building Your Succession Plan – What to Consider

February 1, 2023

By: Chris S. Lambert CPA, CGMA, CCIFP The decision to sell your company is one of your most significant financial decisions you will make. You have likely spent years weighing the pros and cons, not to mention working through the emotions of letting go of your life’s work. Exiting a contracting business is extremely difficult.…

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Employers Should Be Wary Of ERC Claims That Are Too Good To Be True

January 30, 2023

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020…

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The standard business mileage rate is going up in 2023

January 25, 2023

Although the national price of gas is a bit lower than it was a year ago, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2023. The IRS recently announced that the 2023 cents-per-mile rate for the business use of a car,…

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Secure Act 2.0 Updates Retirement Plans Starting in 2023

January 23, 2023

The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know.   Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their…

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Does Your Family Business’s Succession Plan Include Estate Planning Strategies?

January 16, 2023

By: Layne Blasingim, CPA Family-owned businesses (both large and small) face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of…

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It’s W-2 time…not so fast!

December 30, 2022

By: Saundra Uy, CPA, CVA, CGMA W-2s serve the important function of giving an employee a record of their taxable earnings, as well as the federal and state taxes that were withheld by their employer on their behalf. W-2 forms are familiar to most people and are a well-known part of payroll and an individual’s…

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Construction Accounting: 10 Key Practices for Contractors

December 28, 2022

Construction Accounting is complex and problematic. Compared to “regular accounting,” construction accounting has unique requirements, processes, documents, and procedures. Add in the intricate payroll complications for contractors, where work extends across multiple states, requires prevailing wages, or involves unions. With all the requirements and variables, you can see why construction accounting can be problematic for…

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Managing Stock, Shareholders, and Employee Stock Incentives

December 20, 2022

By: Randy Cole Many community banks are periodically approached to repurchase outstanding shares due to a variety of reasons that often have nothing to do with the bank, but rather reflect the personal situation of the stockholder, who often lives out of the bank’s market area. As the stock is probably thinly traded, management will…

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Prescription Drug Reporting Due by December 27, 2022

December 16, 2022

A new transparency provision requires employer-sponsored health plans and health insurance issuers to annually report information about prescription drugs and health care spending to the federal government. This reporting process is referred to as the “prescription drug data collection” (or “RxDC report”).   The first RxDC report is due by December 27, 2022, and covers…

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