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Audit, Review, or Compilation

Three Levels of Assurance, One Name to Know When a lender or potential investor asks for your reviewed financial statements, it’s an opportunity you can’t afford to waste. That line of credit or investment could buy so much — more office space, upgraded equipment, or a third shift to beef

Internal Controls

Mitigating Your Risk All businesses face risk. Is fraud occurring in your business? Are you complying with regulations? Does staff follow established policies and procedures? A strong internal control system lessens those risks, creates efficiency and increases your company’s reputation. As technology and business strategy changes, so does risk. Evaluate

Non-profit Tax Exemption Applications Must Now Be E-filed

The desire to help others is one that is shared by most everyone regardless of occupation, income status and location. The transformation of the desire into a passion is when many take action and investigate how to start a nonprofit organization. There are several steps to take which include; identifying

Executive Orders Target Economic Relief as HEALS Act Delays Continue

President Trump announced four pandemic relief  executive orders on August 8, 2020 in response to the lack of progress by Congress in passing the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act. While whether the President has the authority to change federal taxes and extend federal spending without Congressional

Employee Retention Credit Taxation – IRS Adds Complexity, Cost, and Burden

The Cares Act (signed by President Trump on March 27, 2020) provided for a refundable Employee Retention Credit (ERC); however, PPP loan recipients were precluded from qualifying for the ERC. At that time, many businesses chose to apply for PPP loans in 2020 as opposed to ERCs.  The President signed

What Public Companies Can Teach Us About Lease Accounting

In 2016, the FASB issued the lease accounting standard (ASU 2016-02, Leases (ASC 842)). The impact of this standard is significant as almost every company will see their balance sheet change as a result of the standard. However, it is debatable as to whether this standard is more significant than

Tax Credits & Incentives

Doing Good Makes Good Business Sense They say that virtue is its own reward. But sometimes it’s not the only one. Has your company recently hired a veteran? Created new jobs? Converted to LED lighting? The tax code rewards economic actions that benefit society as well as business. These tax

Financial Management 101 for Indiana NFP Leaders

Financial Management 101 for Indiana NFP Leaders Who Do It All On-Demand Not-for-Profit Virtual Roundtable We know that many not-for-profit leaders wear multiple hats. You’ve got the strategy, the mission and the vision set. But to grow the organization, you need to know the ins-and-outs of running a business too.

Doing Business in Dayton

Doing Business in Dayton (OH) Dayton is in the Miami Valley in Ohio. Often called the “Gem City,” it’s home to the National Museum of the U.S. Air Force, Carillon Historical Park, Boonshoft Museum of Discovery, and the Dayton Art Institute. In addition to interesting sites, a widely diverse range

HECVAT – What It Is and Why It Matters

What is HECVAT – and how does it matter to your business? If you’re working with higher education, or if the university market is part of your growth strategy, it could matter quite a bit. Here’s what you need to know: What is HECVAT? HECVAT started as the Higher Education

Doing Business in Ohio

Ohio, also known as the Buckeye State, is home to thousands of businesses and organizations. The combination of attractive business and financing incentives combined with a low unemployment rate (5.6%) and large workforce (7.1M), make it an attractive location. In fact, there are over 301,063 state businesses with an employment

Final Bonus Depreciation Regulations Issued

The IRS issued final regulation on bonus depreciation under IRC Sec. 168(k) on September 16, 2019. This was a follow up to their previously issued proposed regulation released in August 2018. The final regulation clarified that qualified improvement property placed in service after 2017 is no longer eligible for bonus

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