Category: Business Best Practices

Are expense reports worth auditing

Many payables functions spend considerable time verifying that all expenditures are documented with receipts. Is this a productive use of the payables function’s time?  Major firms answer no. These companies have switched to company-provided credit cards and random expense reporting auditing. The threat of a random audit will achieve the honesty factor that firms are… Read more »

Should CPA’s work more remotely?

Jennifer Wilson of Convergence Coaching recently published an article in the Journal of Accountancy advocating that auditors should do more work remotely. Her key points were: We have the technology. Its more time and cost efficient. Some client’s audit locations are less than ideal. Firms (CPA) can gain staffing flexibility. Many of your clients will… Read more »

You can sock away more in your HSA next year

Health Savings Accounts

Health savings accounts are a great way to save for medical expenses. An HSA allows the employee to payroll deduct pre-tax dollars into a special bank account that can only be used for medical spending.  In 2017, the amount that can be saved will increase to $3,400 for self-only coverage (a bump of $50 over… Read more »

Ohio Sales Tax Holiday August 5-7th 2016

Ohio sales tax holiday

The State of Ohio just announced a sales tax holiday on August 5, 6 and 7th 2016.  The holiday is geared to the start of school in the fall and will exempt from sales tax: Clothing priced at $75 or less, this is a per item limit not an aggregate purchase limit. In other words,… Read more »

Selling business owners need to consider…

Selling your business

In a recent CPA Insider newsletter, Patricia Annino, JD, wrote a nice article entitled Key questions to ask the family business owner who plans to sell.[1]  Ms. Annino is a nationally recognized attorney with Prince Lobel Tye LLP and an authority in estate planning and taxation.  She did an excellent job coaching CPAs to address… Read more »

Networking

Networking

Newly “in transition” folks often seem to think that networking is something they need to do until they find a new corporate role.  In my world as partner in B2B CFO®, I view networking as a way to stay connected with the marketplace, potential customers and people who are integral to my success. Certainly networking… Read more »

The IRS to hire private collection agencies

Collection agencies

From 2006 through 2009, the IRS contracted with a number of private debt collection companies with very limited success.  In fact the IRS argued that it could be more efficient handling the work internally. In the recently passed Federal Highway Funding bill, Congress has restarted the use of private debt collection companies.  The private firms… Read more »

The IRS releases the mileage reimbursement rates for 2016

Mileage reimbursement rates

Just released from the IRS the 2016 mileage reimbursement rates, the optional standard mileage reimbursement will be $0.54 per mile in 2016, down from $0.575 per mile in 2015. Medical and moving reimbursement rates dropped by four cents in 2016 to $0.19 per mile.  Rates applicable for rendering gratuitous services to a charitable organization will… Read more »

Form 5500 Filing Dates

Form 5500

Benefit plans must annually file Form 5500 with the IRS by July 31 but they can extend that deadline.  The forms present the inflows and outflows from the plan as well as the fees paid and to whom.  The form presents a balance sheet for the benefit plan as shows who received benefit payments. There… Read more »

401(k) – Did Dave get it wrong?

401(k)

As many know I am a former instructor in Financial Peace University, the Dave Ramsey Course that has led thousands to a better life through financial discipline.  The FPU program is often held by churches but has been customized for students, military and business audiences.  It teaches budgeting as a family, agreement on spending, planning… Read more »