Accounting Article Library

Landowners across Ohio have been coming to us with what we can only describe as a “good problem to have.” Oil or natural gas has been found below their properties and companies are interested in buying or leasing their mineral… read more

Ohio recently launched a new tax amnesty program. The General Tax Amnesty program, which started May 1, is a great opportunity for businesses with delinquent tax obligations to make a fresh start with the Ohio Department of Taxation. … read more

If your business is cash-strapped, you may turn to creative methods like bartering to pay the bills. If you can find other businesses with which to barter, it can be a great way to get what you need for your business and keep money in your… read more

The IRS has a new online search tool to help you verify the tax-exempt status of an organization. This will help you determine if an organization lost its tax exemption for failing to file a Form 990. Using the new tool, "Exempt… read more

If you are an employer with employer-owned life insurance contracts, you are required by the IRS to report information about it on Form 8925. You must include this form with your income tax return. This reporting requirement only applies to… read more

Lately we've been surprised by how many people are thinking about filing a gift tax return without a business valuation. We've had a few conversations with people who are under the impression that they don't need to attach a valuation of… read more

Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3. Set up a new "Other Current Liability" account… read more

If you’re expecting a federal tax refund this year, it could be delayed. The agency reports that new anti-fraud measures could slow the refund process by approximately one week. The IRS put new safeguards in place this tax season to… read more

This February, we are celebrating the 50th service anniversary of Nita Bates , a client service specialist in our New Philadelphia office. Nita has been with our firm her entire career, starting part-time while she was in college. The… read more

For Dr. Kent Caserta , life has revolved around a family dental practice for the past 32 years. But in recent years, he started thinking about slowing down and introducing a new partner to the practice. He already had a retirement plan in… read more

The short answer is: it depends. First, it is important to remember that valuation of the in-kind gift is the responsibility of the donor. The donee’s responsibility is to make sure items being accepted correspond to the mission of the… read more

2012 will be here before we know it. Now is the perfect time to bring all of your business advisors together for a year-end financial check up. Set up a meeting with your accounting, legal, estate planning, investment and retirement… read more

Just a few years ago there was Blockbuster store in virtually every community. Due to huge revenue losses, the company filed for bankruptcy last year. It ended up closing nearly 90 percent of its U.S. stores, but still couldn't recover.… read more

Cybercrime experts estimate that fraudulent activities will be at their worst in 2011 and 2012. Earthquakes, tsunamis, tornados, hurricanes and floods are occurring with increasing frequency. So here’s the obvious question: are you… read more

When you mention the topic of succession planning to your management team, you might get a blank stare, a defensive response or a look of confusion. Since succession planning can mean different things to different people, here’s how it… read more

As today’s not-for-profit organizations face the challenges of decreasing funds, fewer volunteers and increasing demand for services, one popular solution has been to combine forces in partnership with other groups and occasionally… read more

Through Ohio’s new nonrefundable tax credit program called InvestOhio, Ohio taxpayers who invest in qualifying Ohio small businesses can qualify for a 10 percent credit against their Ohio income tax if they meet certain requirements. In… read more

You’re in a meeting after business hours, and need access to a document from your Rea & Associates advisor. What can you do? If you have set up access through our client portal, you’ll have access to all the tax returns,… read more

In the last issue of Facts & Figures, we reported the IRS was holding a webinar to explain its reporting requirements for healthcare coverage on employees’ W2’s for the 2011 tax year. We’ve provided a summary of the… read more

Employees and individual retirement plan owners can contribute more toward their retirement benefits next year. Maximum 401(k) contributions will increase by $500 in 2012 to $17,000. If you were born before 1963, you can contribute as much… read more

In July 2011, federal solutions group RSA’s Anti-Fraud Command Center detected more than 25,000 phishing attacks, the most recorded in a one-month period. A part of the reason: Employees are increasingly being deceived into providing… read more

“Medical concierge” physician practices are growing in popularity with both physicians and patients. In this type of practice, patients pay a set fee that entities them to much quicker access and more dedicated time with their… read more

Employers will be required to report the value of health insurance coverage provided to each employee on the annual W-2 form beginning with the current 2011 tax year. Although the amount reported does not affect liability, it is nonetheless… read more

The fees that crop up in your 401(k), IRA or other retirement accounts can have a huge impact on the overall return you receive from these funds. In fact, the federal government feels so strongly that retirement plan participants should be… read more

As a provider of personal services, a dentist's services are expressly exempt from sales tax. However, if your practice sells tangible personal property to patients such as mouthwash, whiteners and toothbrushes, or purchases products such as… read more

A few weeks ago, we received a call from a dentist who was considering purchasing a property in Florida. He wanted to use the property himself as well as use it as a rental, and wanted to know what pros and cons he should consider, especially… read more

How will you transition your dental practice to another dentist when it's time to leave? If you're like most dentists, you've put off making this important decision. And without preparation, your practice may not achieve the smooth transition… read more

Not all business people are created equal. Some have a way of turning everything they touch into gold. Some shine just a little bit brighter than the rest. The late Richard Rea was one of those people. He founded a company that later grew… read more

No one wants the inconvenience and potential penalties of a benefit plan inquiry from the Department of Labor. Here are 10 ways to reduce your company’s chances of being flagged. The Department of Labor (DOL) enforces fiduciary,… read more

Business and individual taxpayers, as well as their tax professionals, faced a great amount of uncertainty in 2010 as they waited to see what tax rules would apply to them for 2011 and 2012, until the 2010 Tax Relief Act was signed into law… read more

The Internal Revenue Service has issued a warning to booster clubs that conduct fundraisers that they may be subject to IRS scrutiny, including jeopardizing the groups’ 501(c(3) status. An IRS directive addresses the possible tax… read more

A new use tax amnesty program in Ohio will provide businesses with a one-time opportunity to save thousands of dollars in use tax, interest and penalties. This program was established by the Ohio legislature as part of Ohio’s biennial… read more

When you serve as a fiduciary for an employer's retirement plan, the position comes with responsibility outlined by ERISA, including keeping track of reasonable fees, completing and following an investment policy and providing guidance… read more

Your Ohio business has a one-time opportunity to lessen your use tax liability due to a use tax amnesty measure recently passed as part of Ohio’s budget bill. It’s one of the most taxpayer-friendly laws the State of Ohio has ever… read more

Clarification: In July 2011, the state signed this legislation into law. To see more up-to-date information, please read about Ohio's Use Tax Amnesty Program. Ohio businesses may have a one-time opportunity to lessen their use tax… read more

The U.S. Small Business Administration (SBA) is accepting applications for a commercial mortgage refinancing program that was created as part of the Small Business Jobs Act. For many businesses, it’s hard to obtain bank financing.… read more

It’s never been more important to keeping meticulous records. Governmental agencies are looking for additional dollars, and they’re not going to give you the benefit of the doubt if your business is audited for use tax. Consider… read more

In late May, the Michigan legislature voted to make dramatic changes to Michigan’s corporate and individual income tax laws. The measure repeals the Michigan Business Tax and eliminates numerous individual income tax credits, deductions… read more

Use tax is one of those taxes that can sneak up on your business. And unfortunately, the State of Ohio has begun efforts to increase its education and enforcement of use tax. The Ohio Department of Taxation has already identified 380,000… read more

Rea’s blog, Dear Drebit , has a new feature that lets you subscribe to new posts via email. The blog has long had an RSS reader feature. But if you don’t use a reader, the new email subscription is a great way to stay updated… read more

If you’re saving money for college through a tax-deferred 529 plan (or you know someone who is), a new mobile app from Sallie Mae could help you add even more to the till. If you have a device like an iPhone, iPod touch, Android or… read more

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Have you ever wondered why some business people are more successful than others? It doesn’t seem to make a difference what product or service they are selling either – certain individuals just have a natural ability to make a… read more

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As our economy begins to recover, more and more workers will be seeking new jobs. In fact, a recent survey found that two out of three employees want to find a new position. So what happens to their 401(k)s when they leave? For many… read more

How many times have you received a 500 percent increase on a tax exemption? The federal gift tax exemption did just that – going from $1 million to $5 million for an individual and from $2 million to $10 million for couples – but… read more

A recent study by Bankrate found that nearly one-fifth of full-time employed Americans have raided their retirement accounts in the past year to cover emergency expenses. These results match a Fidelity Investments study last year that… read more

If you’ve been sitting on the investment sidelines the past few years, perhaps you’re wondering if it’s time to get back into the game. The Standard and Poor’s 500 tracks the prices of 500 of the largest publicly… read more

Does your company provide target date funds as an option in its 401(k) plan? Many 401(k) plans use them as the default investment for plan participants who do not select their investments under the plan. Target date funds do make investing… read more

It’s that time of year when unsuspecting taxpayers receive suspicious emails, phone calls, faxes or notices claiming to be from the IRS. Many of the scams use the IRS name or logo to appear more authentic. These scams, known as… read more

If you were a first-time home buyer who bought your home in 2008 and received the first-time home buyer tax credit, it’s time to begin repaying your tax credit to Uncle Sam. That means your 2010 tax return will reflect the first of 15… read more

Ohio’s Department of Taxation is getting serious about its enforcement of the state’s use tax law. Use tax is a tax that wasn’t paid, but should have been, on taxable property or services your business purchased. It most… read more

If your manufacturing company has $1 million or more in export sales each year, or if you sell products that are ultimately destined for use overseas, you may benefit from a tax tool that was extended along with the Bush tax cuts in December.… read more

The U.S. Supreme Court has settled a long and contentious debate regarding whether medical residents who work at medical colleges and teaching hospitals are responsible for FICA taxes. The court ruled that the students who work 40 or more… read more

If your not-for-profit organization doesn’t normally have annual gross receipts of more than $50,000, it may be able to file an e-postcard rather than the more extensive IRS Form 990 or Form 990-EZ. The IRS has increased the gross… read more

The future of your family business might not be in the front of your mind as you go about your day-to-day routine. But if you have a defined plan that everyone is aware of, you can more effectively prepare for a successful transition when the… read more

You already know that your retirement plan requires an audit. All you need is the written audit report from your plan auditors, right? Well, sort of. Audit standards require that certain communications occur between the auditor and plan… read more

As an employer with more than 100 participants in your employee benefit plan, your retirement plan is required to have an employee benefit plan audit. One of the most important duties you have as the plan administrator is to hire an… read more

For quite some time, business owners have been waiting for the other shoe to drop before making long-term plans to transition their closely held companies. Uncertainty about estate tax treatment, concern about a double-dip recession in the… read more

Financial reporting and accounting are important parts of operating a business. You need current, accurate financial information to make informed decisions that impact your immediate and long-term business plans. However, compiling that… read more

Congratulations! You're a fiduciary for your organization's retirement plan. Whether you were volunteered for the position or it is an understood part of your job description, being a fiduciary is no doubt a very small part of your much… read more

Over the past three years, the Internal Revenue Service has been implementing the use of a revised form, Form 990, for year-end reporting by nonprofit organizations. The revised form requires much greater details about the organization, its… read more

Single member limited liability companies and qualified subsidiaries may have a new filing requirement in Michigan. The Michigan Department of Treasury recently issued a notice to taxpayers stating that entities and persons disregarded for… read more

Do you know what you can do to improve your business? Have you ever sat down and asked yourself that very question? You should. Revenue growth will remain a problem for many businesses throughout 2011. Focus on efficiency. Keep your sales… read more

Setting a Course of Action Involves Communication, Timing Over the past few weeks, we discussed steps to follow when you develop a succession plan for your business. First, we made the decision to do a succession plan. We looked at the… read more

After many years of dashing off to the work, a business owner may reach an age where he or she may begin to think about scaling back. Often times, just getting out of the business isn’t an option, because he has too many years left… read more

Although a higher percent of American workers are participating in employer-sponsored retirement plans, retirees may still not be saving enough for their retirement and may risk outliving their retirement assets. More individuals are also… read more

Social Media. Is it your way to reconnect with old friends? Something that monopolizes your children’s free time? A newfangled technology that you have no desire to learn or use? There are many ways to use social media tools, both… read more

The economy impacted a lot of Americans, and many of them are staying on the job longer as a result. Some love what they do too much to walk away, others want to stay mentally active and the rest simply can't afford to stop working. The… read more

Everyone likes to maximize the value and annual return on their investments. Investors hire the best investment advisor they can find to monitor their marketable securities. Few business owners, however, manage their most important asset with… read more

If you think back to your high school science class, you may remember learning about ecosystems. The premise is that all of the wildlife, plants and resources within the ecosystem are interdependent upon each other for survival and evolution.… read more

The Small Business Jobs Bill, which was recently signed into law by President Obama, includes a provision that will add some additional planning opportunities for participants of 401(k) plans with Roth provisions. Roth IRA accounts are… read more

The economy impacted a lot of Americans, and many of them are staying on the job longer as a result. Some love what they do too much to walk away, others want to stay mentally active and the rest simply can’t afford to stop working. … read more

The American Association of Retired Persons reports that eight out of 10 baby boomers will keep working either full- or part-time after they reach retirement age. Whether they can’t afford to retire, or a leisurely life just… read more

Fidelity Investments recently announced that the number of workers borrowing against their retirement accounts has reached a 10-year high. Given the financial stress that many workers face today, the numbers are not that surprising, but the… read more

The Sarbanes-Oxley Act, (or SOX), set new or enhanced federal accounting standards for public companies as a reaction to a number of corporate and accounting scandals that cost investors billions of dollars. Passed into law in 2002, SOX… read more

We’ve all been in a networking situation where we’ve forgotten the name of the person we just met. The contact ends, the potential connection is lost and with it, any hope of a business or social relationship. How you deal with… read more

The expected increase in individual income tax rates next year has some small business owners questioning whether now is the time to change their entity structure. Which structure is best for a business is a complex question – and the… read more

Is your financial information – your bank records, stock portfolio, estate plan, life insurance and tax planning documents – in one place? Do the advisors who helped you put this information together know about the other… read more

Arranging summer day care for your children can be challenging, but knowing those expenses may be tax deductible may help. The IRS recently shared some tips regarding the tax credit available for child care of children under age 13. Among… read more

Large employers are hesitant to institute automatic enrollment for their retirement savings plans, according to a recent survey conducted by AARP. Nearly 60 percent of the employers surveyed noted that they did not have automatic enrollment… read more

As the IRS reaches out to oil spill victims who are receiving payments from BP for lost income, it’s important to remember that such payments can have certainly an impact on individual taxes. The IRS notes that payments for lost… read more

When you upgrade your building for energy efficiency, you can save some cold, hard cash. A major incentive has been in place for several years for building owners who upgrade their systems -- whether the building is new or used. Businesses… read more

Heavy highway construction companies need to check their vital signs regularly. Just as doctors work holistically to keep our bodies healthy, a holistic examination of your business, its operations and processes just might help your heavy… read more

One of the most common mistakes organizations make is not itemizing expenses into the three main categories the IRS designates – programs, general administration and fundraising. “The IRS wants to see what is spent on… read more

On May 15, 2010, an estimated 25 percent of the 1.6 million charities, trade associations and membership groups in the United States lost their tax exempt status for failure to file the IRS Form 990-N. The action results from a provision… read more

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President Obama signed the Patient Protection and Affordable Care Act and the House Reconciliation Act. So what’s next and how does it impact your business? Here are some of the key provisions. Coverage or penalties . All… read more

The vacation season is officially upon us. And while you might be thinking that you can’t afford the time off, consider this: taking a vacation is important for your health. A survey by Harris Interaction and Expedia notes 36 percent… read more

From time to time as a business owner, you come across a customer that you determine is a bad debt. Either they have claimed bankruptcy, left town or just haven’t paid you in several months without returning your phone calls. Here are… read more

The federal government is getting serious about financial literacy education. The Financial Literacy and Education Commission recently redesigned its financial literacy web site, www.mymoney.gov , adding new calculators and checklists. … read more

The recent economic downturn has forced many companies to reduce their workforce to a level more commiserate to revenue. And now that a few “green shoots” of recovery are beginning to sprout, some of them are considering hiring… read more

Buried in the 2,409 page healthcare reform bill that was passed in March is a provision that will dramatically change the way IRS 1099 forms are used. As a result of its language, your business will need to generate a large number of new tax… read more

Does your business own a life insurance policy on a key employee? If the policy is no longer needed, it may be tempting to let the policy lapse, but that could be a costly mistake. Instead, convert the policy into revenue through a life… read more

On April 2, the Federal Trade Commission implemented new rules that require websites advertising free reports to direct consumers to the government-approved www.annualcreditreport.com . On September 1, television and radio ads must do the… read more

Even though many of the healthcare reforms won’t take effect for four more years, millions of small business owners are already eligible for a tax credit to offset their employee insurance premiums. The Internal Revenue Service will… read more

A cash balance plan is a type of defined benefit pension plan. It provides for an annual allocation, as defined in its Plan Document, that is usually a percentage of compensation or specific amount. It also provides an annual interest credit… read more

Making a donation to a charitable organization is an important personal decision. The IRS wants to help you make an informed decision about your donation. Below, the agency explains six things to know about tax-exempt organizations and their… read more

Scam artists have targeted unsuspecting businesses, this time exploiting the requirement to maintain shareholder minutes. A recent example of this scheme was forwarded to Rea & Associates by one of our clients. An official-looking… read more

President Obama signed the Patient Protection and Affordable Care Act as well as its companion piece, the House Reconciliation Act. So what's next and how does it impact your business? Here are some of the key provisions: Coverage or… read more

An important filing requirement changed on January 1, 2010, for employers who have employee benefit plans and file the Form 5500. On this date, employers became required to file their Form 5500 and 5500 Short Form annual returns and reports… read more

The IRS is getting tough on not-for-profit groups this year. The agency recently issued a reminder that all nonprofit organizations that have not filed a Form 990-N or other form in the past three years will have their tax-exempt status… read more

If you’re expecting a tax refund from the IRS or state department of taxation, you can check the status of your refund online or by phone. Here’s how. Where’s My Refund is a secure online tool you can use to track your… read more

IRS auditors know what good governance practices are, and they’re not afraid to test them on your not-for-profit organization. Tax-exempt organizations represent a significant and growing industry. There are more than 1.9 million… read more

"You've got to know when to hold 'em, know when to fold 'em. Know when to walk away and know when to run." These lines from Kenny Rogers' song "The Gambler" were meant as sage advice for poker players. However, it probably never occurred… read more

This is the first of a four-part series designed to help you prepare for the upturn in the economy, which some economists believe will take place this year. An economic rebound is coming -- sooner or later. Are you ready for it? Your… read more

The Federal Trade Commission (FTC) announced a delay in enforcement of the so-called "Red Flag Rules" that require businesses to implement anti-identity theft policies. These rules will now become effective June 1, 2010. Originally scheduled… read more

The Miracle on the Hudson. Swine Flu. The rescue of Jaycee Dugard and the death of Michael Jackson. This past year was full of ups and downs, successes and failures. But the news that affected us most was the continuing recession - and a… read more

In better economic times, banks were the only ones concerned with the financial statements of manufacturers. Today, however, a manufacturer’s customers may also make access to financial information a condition of doing business with… read more

On New Year's Eve, I received a call from a client whose husband had been hospitalized for a couple of weeks. He mentioned to her that he thought a tax payment was due that day. She didn't know how to make that payment, or if it needed to be… read more

Taxpayers who convert a traditional IRA into a Roth IRA can enjoy a number of tax advantages, which are described below. However, there's always been a problem for higher-income folks. You couldn't convert a traditional IRA into a Roth in… read more

It depends on your plan. Retirement plan participant loans are an optional feature of qualified plans. The IRS and Department of Labor dictate the amount and manner by which retirement plan loans and repayments can be made. The plan must… read more

Many workers who lost their jobs due to overseas outsourcing – including auto workers, janitors at auto plants and call center workers – are unaware of a tax credit that could work in their favor. This program pays 80 percent of… read more

Whether you produce a product or provide a service, the management philosophy of Lean Six Sigma can help you improve efficiency and effectiveness in your business. Let’s look at the Lean concept of Downtime + A. Downtime +A describes… read more

President Obama’s State of the Union address included initiatives to improve and enhance retirement programs. And while he was putting his finishing touches on the address last week, plansponsor.com asked pension plan administrators… read more

Even though many provisions of healthcare reform won’t take effect for several more years, millions of small business owners are already eligible for a tax credit to offset their employee insurance premiums.   The IRS will be… read more

Step 1 - Making the Decision How will you transition your business to the next generation when it’s time to leave? If you are like more than 70 percent of family business owners, you’ve put off making this important decision.… read more

Step 2 – Know the Value of Your Business Will the business you’ve worked so hard to build help carry you to retirement? Are you actively planning the transition? The majority of businesses owned in North America are… read more

Step 3 – Know All the Options Available Are you actively planning a transition for the business you worked so hard to build? The majority of North American businesses are family-owned, yet just about 30 percent make it to the second… read more

Step 4 – Assessing Where You, Your Family and Your Business Are When you own a family business, it’s easy to get caught up in the day-to-day activities. And it can be easy to put off having those important, strategic… read more

The IRS established new registration, competency and continuing education requirements for tax preparers who prepare returns for compensation. The new rules will not apply to the 2010 tax season, but are projected to begin with an online… read more

The changing of the calendar year may signal a big change in the options you have for investing your IRA. As of January 1, anyone can convert a traditional IRA to a Roth IRA. Prior to the New Year, those with an adjusted gross income limit… read more

On January 14, 2010, the Department of Labor issued a final rule establishing a “safe harbor period” of seven business days as a reasonable time frame for depositing employee contributions and loan repayments into retirement plans… read more

Finding information on Roth IRAs is easy, as it is a popular topic these days. However, deciding whether or not to convert is a bit trickier. The following are some frequently asked questions for your consideration. Remember, your financial… read more

If one of your New Year’s resolutions is to take your business from barely breathing to thriving in 2010, you’ll want to treat it like a family physician treats a patient – by conducting a holistic exam. Here are some vital… read more

Publicly traded entities are required by the Federal Trade Commission to release a quarterly earnings report for investors and the general public. In a nut shell, they will announce an accounting change to help investors and the public… read more

This article is part two of the series Jump-Starting Your Dental Career.  You can find part one here . As a young dental practitioner, owning your own dental practice should be more than just a far-off goal. By becoming familiar… read more

The Internal Revenue Service has established a special enforcement unit, named the Global High Wealth Industry group, which is launching a number of audits of individuals with assets or income in the tens of millions of dollars range. The… read more

So, here we are in the midst of worst economic recession since the Great Depression. If you’re like many contractors, you’ve had to cut costs because your volume isn’t enough to support the layers of general and… read more

Is your accounting department helping your construction business run like a well-oiled machine? If you said no, perhaps your accounting gear needs a little maintenance. The four key functions in your office include accounting,… read more

Dear Cousin Lauren is in a tough spot and she asked you for money. Again. Granted, she’s family and you want to help, but maybe she hasn’t made the best financial decisions in the past. What should you do? It’s tempting… read more

Are you an owner/employee of an S corporation without other employees? If so, consider establishing a defined-benefit plan for your retirement needs. In general, an owner/employee can contribute more to a defined-benefit plan than to a… read more

As you record and document the expenses in your business, a common sticking point occurs when trying to determine meal and entertainment expenses that are nondeductible, 50 percent deductible and 100 percent deductible. To help ease… read more

Decisions, decisions. When it comes to Social Security benefits, deciding when to begin your benefits is a very big decision. It’s a choice you’ll want to make based on a number of points, including when you quit working, how much… read more

You earned your diploma and passed your boards. Now it's time to begin your dental career. Where will you work? What does your ideal practice look like? We'll discuss some tips to help you navigate your career path. Demand The good news… read more

For many not-for-profit organizations, the revised IRS 990 form introduced this year can be troublesome. The new form was intended by the IRS to help organizations provide greater transparency about their activities to the public. As a… read more

The concept of Lean manufacturing processes dates back to the days of Henry Ford, was refined by Toyota in the 1940’s and ‘50’s, and today the “purposeful elimination of wasteful activities” reaches far beyond… read more

If you’ve been considering gifting interest in your family-owned business, real estate holdings or marketable securities, there may never be a greater opportunity to get the most “bang for your buck” than right now. The… read more

When your construction company is looking for a project manager, what attributes should you consider? The following skills can help ensure successful project management. Looks into the future. This means being able to see problems… read more

For the first time in 44 years, organizations with 403(b) qualified retirement plans are facing new regulations that affect how these plans are administered. A cousin to the 401(k), 403(b) plans were attractive to not-for-profit groups… read more

It’s one of the most common errors in administering a 401(k) safe harbor plan: failing to provide a timely annual notice about enrollment in your organization’s plan. In the past, the IRS has not recommended a way to correct the… read more

Some not-for-profit organizations may be seeing major revisions to the report they submit annually to the IRS, and as a result may want to take additional time to gather the information and policies that the form now requires. … read more

When someone agrees to serve on your board of directors, how can you help them succeed? Below are tips to help develop productive, successful board members. Offer Orientation Share the inner workings of the organization by explaining… read more

In today’s economic conditions, everyone is working harder than ever to do things more efficiently and cost-effectively. However, efficiency and reduced costs won’t help if you don’t have customers. One key to your business… read more

I’m often asked: “What do you see in the construction industry right now?” What this question usually really means is: “Am I better or worse off than my competition?” In every segment of the construction… read more

Giving to charity organizations is becoming more important now than ever before as more and more funding sources dry up for such organizations. However these same economic conditions also make this a hard time to give. Whether you consider… read more

Confused about the new 403(b) regulations? It’s not surprising - the new rules mark the first major revision to the legislation since 1964! The 403(b) section of the IRS code refers to tax-sheltered annuity retirement plans for… read more

Most tax-exempt organizations are aware that they must file an annual information return (Form 990) with the Internal Revenue Service and that it may be liable for tax on its unrelated business income (Form 990-T). However, often overlooked… read more

This is part two of a three-part series, Thriving When Times Are Tough, dedicated to helping keep your business strong in a troubled economy.  Part one can be found here . With revenue falling and profits decreasing, it's hard… read more

If there is a silver lining in these dark economic clouds, it's this: thanks to the resulting lower values of real estate, securities and businesses, now is a great time to transfer wealth. This is a very rare opportunity and you need to act… read more

The past few months have certainly been rocky for 401k investors. And while the rollercoaster ride may not be over, the stock market appears to be showing signs of improvement. So what should you do now that the comeback is underway? And what… read more

Quick – how much is the contract job you’re working on costing you? Did you include the expenses you incurred for contract labor? equipment? fuel? If you didn’t, you may not really have a true picture of the cost of your… read more

Last month, the IRS presented regulation changes to allow businesses that experience economic hardships an alternative to terminating their 401(k) safe harbor plans. The IRS-published Suspension or Reduction of Safe Harbor Non-Elective… read more

According to Tim McDaniel, CPA/ABV, ASA, CBA, shareholder, Columbus, you should really treat your business as an investment. "A business interest usually accounts for more than 50 percent of a person's net worth, and many owners do not… read more

With the battering most construction businesses have faced in the past year, it’s more important than ever to keep a close eye on costs, including analyzing overhead and breakeven statistics. But this task can be more complicated than… read more

For many not-for-profit organizations, the revised IRS 990 form introduced this year can be troublesome. The new form was intended by the IRS to help organizations provide greater transparency about their activities to the public. As a… read more

Especially in today’s economic times, you may be tempted to help out a financially-stressed relative or friend by loaning money. Whether you are trying to help a loved one out or contributing to a comprehensive estate plan, ask the… read more

With many business owners continuing to experience economic challenges, employers are seeking ways to reduce or eliminate retirement plan contributions as one way to control their business costs. The following are answers to some of the most… read more

As the old saying goes, when you fail to plan, you plan to fail. Did you know that only three in ten family-owned businesses have a written, formal succession plan in place? Another statistic tells an equally sobering detail: 12 percent of… read more

Employee travel expense may be a significant expense for your company. It seems that travel for the job or for continuing education purposes is becoming more and more expensive each year. There are some things that you can do help reduce the… read more

Let's say you stop and pick up a coffee, on average, four times per week. If that coffee costs $1.50, you'll spend more than $300 in one year. And if you like those creamy, frothy coffee treats, you could be spending upwards of $725 per year.… read more

Natural disasters not only devastate your personal or business property and belongs, but also wreak havoc on the accumulated vital records you need to continue to function on a daily basis. The IRS recently shared a number of tips to better… read more

Expect the unexpected. Business is unpredictable, and a disaster could very well strike your company. Whether it's a big event like a tornado or flood, or something smaller like a fire, the very existence of your operation could be in… read more

The old saying “if it looks too good to be true, it probably is” was a lesson learned recently by one small business owner. He learned a hard lesson that tax-deductible life insurance plans may not be a good investment and can… read more

Less money in the state budget could mean a closer look at your past purchases. And that could lead to an audit of your company’s records that could go as far back as the date it started business. Thanks to rapidly rising deficits,… read more

For not-for-profit entities, there’s no getting around that pesky IRS 990 form. This new report is designed to help organizations communicate their business operations more transparently not only to the IRS, but to members and the… read more

This is part one of a three-part series, Thriving When Times Are Tough, dedicated to helping keep your business strong in a troubled economy.  Part two can be found here . The Recession. Since there isn't a crystal… read more

Now is the time to learn more about reducing your potential tax risks. With Ohio's state budget deficit growing, Ohio tax authorities are becoming more aggressive in their attempt to raise revenue. The information below summarizes what use… read more

In its 2008 Report to the Nation on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners has once again revealed how fraud and abuse is most commonly detected. The answer? Tips from employees, vendors and customers. More… read more

“Phishing,” or attempts to fool the public into sharing private information, occur at all times of the year, but perhaps those purporting to be from the IRS can appear to be more legitimate during tax season. Don’t be fooled… read more

Although the U.S. Department of Treasury has developed several safety nets to help protect consumers and businesses in the event of a bank failure, businesses that use certain “sweep accounts” could be at risk of being under- or… read more

The Health Care industry has more time to prepare; the Department of Health and Human Services has announced the implementation date for ICD-10-CM is October 1, 2013. Since this is two years later than planned, the October 1, 2013 date is a… read more

This summer the Heroes Earnings Assistance and Relief Tax Act amended Section 125 rules to allow reservists who have been called to active duty to access unused amounts in their health flexible spending accounts. A Qualified Reservist… read more

It’s the time of year when many companies hold open enrollment in their benefit programs such as flexible spending accounts, health reimbursement arrangements and retirement plans. Increased participation directly impacts you as well as… read more

Individuals and businesses everywhere are looking for advice on how to handle the current economic situation. Americans have experienced recessions in the past and there are some tried and true tips that will help you keep your head above… read more

Are you getting whiplash following all the ups and downs in the stock market? It's hard not to get upset watching your investments spiral downward, climb slightly and fall again. But you need to put your emotions aside and continue to make… read more

What are you telling your employees about the impact the economy is having on your business? A recent survey of American employees indicates workers want upper management to tell them how the current economic conditions are affecting their… read more

So far in 2008, 19 federally insured banking institutions closed. As a result, some people are losing confidence in the banking industry, which only exacerbates the problem. To maintain consumer confidence, the Emergency Stabilization Act… read more

When money is tight, it's important to save every dollar you can. And that includes every dollar you pay the IRS. As you look toward the end of the year, there are several strategies that you may consider as you work to minimize your tax… read more

QuickBooks is the most widely used business accounting software – in part because of its ease of use and affordability. The software is updated and enhanced annually, and the 2009 version is now available. It includes some significant… read more

There are many ways that contractors can define success. Some look at the bottom line and judge success purely on their expectations for the company. Some consider whether the company’s profits allow them to live their desired… read more

Did you know that the month of November was declared Long Term Care Awareness Month and also National Family Caregiver’s Month? But once care-giving services are needed, it is probably too late to purchase long-term care insurance. … read more

Are you concerned about how you will afford your child’s college education with shrinking balances in your savings accounts? Do you need direction on how to assist your aging parents with their financial needs? Do you want to find ways… read more

Don’t be like so many individuals and business owners who don’t give their taxes very much thought until after the first of the year. If you fall into this trap, it may be too late to change your tax situation – start… read more

Public schools, churches and 501(c)(3) organizations that sponsor a 403(b) retirement plan face additional reporting and plan document requirements thanks to new IRS rules that become effective next year. Beginning January 1, 2009, 403(b)… read more

A year ago you probably never thought about your bank failing. Yet, the recent takeover of IndyMac and WaMu probably has you wondering about the safety of your deposits. The Federal Deposit Insurance Corp.'s (FDIC) rules are clear. They… read more

As you approach the end of the year, now is a good time to sit down with your partners and advisors to review your practice's financial standing and prepare for the new year. From your most current financial statements, you can compare… read more

Confusion: The ever-popular scenario and confusion goes like this: A U.S. citizen has earned substantial interest income in Canada (foreign income). Is it really taxable in the U.S.? We’ve heard on TV that only foreign income that is… read more

Downturns are tough on retailers. Recent McKinsey research indicates that during the last two recessions (1990 to 1991 and 2000 to 2001), growth slowed for nearly every retail sub-sector in the U.S. Ninety-three percent of the retailers… read more

Forensic accounting is the use of financial and investigative skills involving actual or potential litigation. A lawyer needs the best advice when litigation involves an accounting issue. A forensic accountant looks beyond the numbers.… read more

In 2007, healthcare fraud was estimated to cost as much as $220 billion, and is increasing each year. Although the most common types of fraud are perpetrated by healthcare providers, patients can help reduce its occurrence by understanding… read more

Have you started taking minimum distributions from your IRA and also contribute to charitable organizations? The Economic Stabilization Act of 2008, recently signed into law, contains a provision which could save you significant tax dollars.… read more

When a company makes payments for goods or services received, the company’s computer system uses a file that contains key information for each vendor in order to print the check or make an electronic payment. Common information… read more

The new revisions effective for 2008 filings of Form 990 – Tax Return for Exempt Organizations, not only focuses on additional information intended to enhance transparency of the organization’s operations for both the IRS and the… read more

On Oct. 3, 2008, Congress passed new legislation increasing FDIC coverage from $100,000 per account to $250,000 per account for depositors of all banks that are members of the FDIC. The legislation provides that the basic deposit insurance… read more

A year-end check-up on the financial health of your healthcare practice can help you and your partners keep on track with your business goals. By comparing your most current financial statements against past records and benchmarks within the… read more

This is the fourth of a four-part series discussing areas of your business you can examine to determine whether fraud is taking place. Fraud can drive an otherwise successful company right into the ground. Many business owners don't give… read more

Transitioning to new leadership can be difficult for any business, but a solid plan and advanced preparation can help. When CEO Tim Michel announced his intended retirement date, Rea & Associates applied the same advice we give our… read more

Now that it’s autumn, many business owners are thinking ahead to year-end issues. Besides the numbers and year-end planning, one of the many things that might be on your mind is the holidays. Being the generous business owner that you… read more

If you have a medical practice that has been set up as a Professional Service Corporation (PSC), you’ll want to make sure you address the special tax obligations associated with this type of business as the year comes to an end. Any… read more

Because pension regulations can be ever-changing, plan sponsors can quickly find it difficult to keep current with the laws and regulations. Here is a quick and free way to become better informed. All plan sponsors should consider… read more

Ohio title companies have an additional item on their year-end to-do list for 2008. The Ohio Department of Insurance now requires title agencies to have an audit performed on escrow, settlement, closing and security deposit accounts. The… read more

The IRS has proposed amending its regulations to provide further guidance to taxpayers in the home construction industry. Home construction contracts have always been exempted from the required use of the percentage of completion method for… read more

As you approach the end of the year, now is a good time to sit down with your partners and advisors to review your practice’s financial standing and prepare for the new year. From your most current financial statements, you can… read more

When you need a phone number or address, you would usually dial 4-1-1 for information. Well, did you know that in many counties in Ohio, you can dial 2-1-1 to find helpful services in your community? Information and referral specialists… read more

A telephone study conducted by researchers at The Ohio State University in 2001 showed that Ohioans with high credit card debt have higher levels of stress than those who have low or no credit card debt. These higher levels of stress can lead… read more

We all want to perform well and we usually have a good sense of how we are doing – or at least we think we do. For true performance measurement, you must use quantitative data to assess your organization’s level of performance and… read more

Every day we are involved in transactions that involve our personal information. As a result, our information can easily become a target for identity thieves. Official-looking e-mail messages from financial institutions are just one of the… read more

  Over the past two decades, retirement savings plans have become a popular benefit feature offered by employers. While many employees have taken advantage of retirement savings plans, there are still several others missing out. … read more

As an employer, you have probably heard of Form I-9 for Employment Eligibility Verification. What you may not know is the history behind it, and what purpose it serves today. The 1986 Immigration Reform and Control Act hoped to control… read more

Attention all vendors! If you currently hold an active vendors license in Ohio, you should have received a notice from The Ohio Department of Taxation (ODT) during August. The notice is to inform sales tax return filers that starting in 2009,… read more

In the last 10 years, many mutual life insurance companies have become stock companies through a process called demutualization. When a company demutualizes, it converts from being owned by its policy holders to being a publicly traded… read more

You know how important internal controls are. Your company is serious about fraud deterrence and you have measures in place to help stop fraud from happening. You even require two signatures on all company checks, so even if check fraud does… read more

The move away from US Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS) is becoming a reality more quickly than once anticipated. CFOs should start thinking now about how IFRS will… read more

If your business is implementing Lean, it’s important that you understand Lean Accounting. It's especially important for you accounting staff to get on-board with Lean. If they don't, implementation of Lean may stall. Here’s why.… read more

As the kids head back to school, it’s a good time to evaluate the financial literacy of your children. According to the Young Americans Center for Financial Education, less than 30 percent of young Americans are given the opportunity to… read more

How important is proper estate planning for business owners? Consider this real-life scenario. The majority owner of a successful business, which had a buy-sell agreement in place, died unexpectedly. The buy-sell agreement was funded by a… read more

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You know how much your home is worth, right? Maybe even your car, too. But what is your business worth? If you don’t know, you’re setting yourself up for any number of problems that can be easily avoided with minimum investment.… read more

When was the last time you reviewed your vendor listing? Knowing your vendors could eliminate potential losses from your company’s already limited funds. Make sure that a vendor is legitimate by following these guidelines. Assuring a… read more

In today’s climate of low interest rates and asset values, techniques that pass assets to your family while you are alive, at reduced or no gift tax cost, offer many opportunities. One of these techniques is the grantor retained… read more

Most small business leaders have several trusted advisors to help them with various aspects of their business. These advisors include (but are not limited to) your accountant, attorney, banker and insurance advisor. Consider inviting all… read more

With the failure of IndyMac bank, it is a good time to review the limits of bank assets that are covered by FDIC (Federal Deposit Insurance Corp.). According to FDIC.gov: FDIC insurance covers all types of deposits received at an… read more

Have you contributed a motor vehicle, boat or airplane that has a claimed value of more than $500? If so, the donee organization is required to provide you with either Copies B and C of Form 1098-C or a “contemporaneous written… read more

Many of us buy life insurance because we want our loved ones to remain financially secure after we die. For those interested in estate planning, cash accumulation, wealth transfer and estate tax liquidity, life insurance can be a tool to… read more

Over the past couple of months, the equity markets have made wide swings. Although there is no infallible way to handle these swings, the following tips can help mitigate the ups and downs in the markets. Diversification One of the most… read more

Buying and selling life insurance policies became popular ten or so years ago when the AIDS epidemic broke out. The so-called "viatical" process is a way for terminally ill AIDS patients to enjoy a portion of their life insurance death… read more

The not-for-profit sector plays an increasingly important role in fulfilling the desire for a civil, compassionate and well-functioning society whether it is arts, advocacy, civic, cultural, education, or health and human service… read more

The new IRS Form 990, which is initially effective for the 2008 tax year, requests an organization to provide information about policies which are not required by the Internal Revenue Code. The question is: Why they are asking for this… read more

Accounting is an old profession, one that I’ve been practicing for 38 years. I’ve worked hard to build a book of business. To get to know the people in my community. To provide exceptional service to my clients. After all,… read more

In a recent report released by the Association of Certified Fraud Examiners, it's estimated that U.S. organizations are suffering losses of $660 billion annually due to fraudulent activity. Put into perspective, that sum exceeds the budget… read more

Most companies employ part-time or temporary workers at some point, and these types of workers are often assumed to be independent contractors. Companies classify them as such to help save costs. By doing this, employers do not have to… read more

Objectively assessing risk for fraud can be a difficult task for any company. While deeply ingrained policies and longstanding procedures may seem adequate, they may actually harbor opportunities for fraud. Virtually every company, therefore,… read more

No business is immune to fraud, but not-for-profit organizations (NPOs) may by their very nature be more vulnerable than their corporate brethren. NPOs must operate on trust, and often on a shoestring budget. Frequently, their businesses,… read more

The financial focus in any business sale should be maximizing the present value of the after-tax amount received. Business owners and advisors must minimize the tax bite, as well as maximize the price. In business negotiations we are… read more

Fraud in family business One of the things that make family businesses such appealing places to work is trust. That's also one of the things that make family businesses vulnerable to fraud. It may be difficult for family members to believe… read more

If you visited a dermatologist, you wouldn’t expect her to notice problems with your teeth. Even though she’s a degreed, highly skilled and board-certified medical professional, she isn’t qualified to evaluate your dental… read more

Although hundreds of people do so each year, Americans who renounce theirU.S.citizenship to protect their wealth will no longer be able to escape the Internal Revenue Service. A new law will tax the assets of those who leave for good on… read more

Quickbooks accounting software has been around for many years by now. It is still one of the most popular accounting software among smaller businesses, and it is estimated that 86% of small businesses using accounting software are using… read more

Dropping interest rates may signify bad news for many investors, but can bring good news for those who may be considering transferring assets or developing lifetime-giving contribution plans. The following three tax planning opportunities… read more

This is the third of a four-part series discussing areas of your business you can examine to determine whether fraud is taking place.  Part one covers using your computer to help detect fraud, part two discusses holes in… read more

Sales and use tax is currently a major source of revenue for Ohio and surrounding states – and a real challenge to business owners. The many pages of intricate code and regulations are difficult to decipher and the fact that they… read more

In 1938, gas was 10¢ a gallon. The average wage was $1,730 a year and you could buy a house for a mere $3,900. Since then, typewriters have gone by the wayside. The VCR was invented and then replaced by the DVD. The Internet was born.… read more

When you're reviewing your payroll numbers, be sure you have all the figures in front of you. If you don't, someone may be getting paid under the table – and that can spell big trouble for you and your employees. In the first two… read more

If you get the dreaded IRS letter in the mail, don’t panic just yet. Most contact initiated by the IRS is triggered by minor issues or common errors. Each year, more than a million people receive a letter from the IRS because they… read more

If you own at least 10 acres of land in the woods, the Ohio Forest Tax Law Program maybe something you should consider. Land put in the program receives a 50 percent real estate tax reduction for the land owner. There are eligibility… read more

Have you ever wondered what exactly a cross-tested profit sharing plan is? Have you heard someone talk about how wonderful their cross-tested plan is and wonder what they are talking about? Cross-testing is a term used to describe the… read more

Fall audit season is quickly approaching and now is the perfect time to start maintaining records for the auditors. Relieve some of the stress caused by the audit and get a jump start on the requested items. Here are some items to get you… read more

If you notice that ends aren’t quite meeting in your medical office, have you considered the role that the co-pay can play in overcoming this problem? In many offices, the co-pay is still considered a small piece of the puzzle. But… read more

Your business faces risks everyday, and the success of your business depends on how well you identify and manage these risks. If you don’t monitor and assess your risk, you need to start – and never stop. At a minimum, you… read more

All of us face decisions on a daily basis. Some are easy; some more difficult. Most leaders are bombarded with problems and situations that require quick decisions. Someone once said that a high school freshman could make 95% of the… read more

Securing a bank loan to finance your small business is getting to be more difficult. In the past, banks were more likely to award loans based on character – the reputation or credit history of the borrower. But times are changing… read more

A goal of most businesses is to grow over time. Business leaders must first decide if growth fits strategic plans for the company. If so, what's the smartest way to grow? Do you hire more employees or do you acquire or merge with other… read more

Which products generate the greatest profitability for your company? Which generate the least? Are you losing money on some of your products? If your company produces, distributes, and/or sells multiple product lines or variations of a… read more

Continuous improvement is not only a Lean Six Sigma staple, but also a mindset within our own organization – one that drove us to see how we could improve our payroll processes. By applying Lean Six Sigma to our own business, we… read more

Timing is the single most important factor in selling a business. To understand why, you must first understand what usually drives the ultimate price paid for a business. The best time for an owner to sell is when the anticipated cash flows… read more

Good organizing habits shouldn’t end when you leave the workplace. As more people continue to work at home, at least part of the time, there is an increasing need to organize and secure your home office. Take control over the piles of… read more

That’s not a typo. As we are faced with new global accounting standards, we can’t help but ask ourselves: is accounting going too global? Are these standards more than we need for ourU.S. operations? On May 18, 2008, the AICPA… read more

Your business’s financial numbers provide a wealth of information. To assess how your business is doing you need to use this financial information to your advantage. Current financial information can be compared to historical financial… read more

The 529 college savings plan can be a great option for parents looking to fund their child’s college education, but investors need to do their homework to get the maximum return for their money. A 529 plan is an education savings… read more

This is the second of a four-part series discussing areas of your business you can examine to determine whether fraud is taking place.  Part one covers using your computer to help detect fraud, part three cautions you to beware of… read more

“Green” is the buzz word for 2008. There isn’t a day that goes by that we don’t hear about going green. If you and your family make efforts to protect the environment at home (or even if you’re not), why not… read more

Like-kind exchanges of property have long been a desired outcome for property sold at substantial gains when held for trade or business or investment purposes. In the past, there was a facts and circumstances test to determine what property… read more

With the cost of travel increasing, you may be considering doing a little business while on vacation, or doing a little vacationing while on business. Is there a difference? The IRS says yes.  There are separate rules for travel in… read more

One of the best tax planning ideas related to buying and selling real estate is the utilization of like-kind exchanges. When done properly, it can defer the recognition of gains -- saving a taxpayer thousands of dollars. However, the IRS is… read more

Many employees accumulate substantial company stock in their 401(k) account. When the employee retires or leaves the company, they may be able to remove the stock from the plan and put it into a taxable account and still get favorable tax… read more

Distributions to shareholders are tax free to the extent of stock basis of the shareholder. If the S Corporation makes distributions in excess of stock basis, the excess amount will be taxable to the shareholder. There are certain ordering… read more

So April 15 has passed, and your taxes are filed. No need to worry about that until next year, right? Wrong. Now is a good time to start organizing your documents for next year. Here are a few helpful tips to help you get ready. Put… read more

When times are good, it’s easy to ignore symptoms of waste and inefficiency with the rationale that focusing on growth opportunities will result in greater value creation for the business. In periods of slow growth or economic decline,… read more

You work hard. You've accumulated some nice assets. You want to protect them from liability exposure. Right? Of course, but do you know what you need to do? Many people think of fancy foreign trusts and partnerships when the topic of asset… read more

For years, manufacturing companies have ap­plied Lean Six Sigma methods to improve quality and efficiency in production. Lean Six Sigma, the method of choice for increasing productivity and decreasing waste, is responsible for significant… read more

The introduction of the electronic spreadsheet in the early 80’s was an immediate success – it greatly facilitated the expansion of personal computers into the business realm. However, errors are prevalent which may create risk… read more

Do you find yourself playing the whack-a-mole game in your business? You know, you “whack” a problem and think it is gone – and gone for good – but it just keeps popping back up? How do you confront your problems and… read more

Many construction contractors equate "mark-up" with "gross profit". Why not? They come out to the same number in the end, right? Not quite. Consider the contractor that estimates the costs for a contract at $100,000. He then adds 20% to… read more

"Cash is king," reminds an old adage. In the construction industry, the king reigns in boom times and lean times. That's why proper cash flow management is critical to your success – at all times. The interest you earn from… read more

As the economy slows and the media throws the word "recession" at us every day, it is a good time to look at the economic threats facing your business. Many times we focus our attention on the external threats such as aggressive competition,… read more

Finances can be tricky to understand and get control of, especially for those just entering the work force. Please share these tips with the young professionals in your business and family. Tip #1 Balance those accounts. It seems… read more

Volunteers choose to become involved with not-for-profit organizations and professional trade associations for any number of reasons. But most of the time, emotions play a part in the decision. Whether the organization helps the youth, the… read more

Have you ever been stuck waiting for the delivery of your payroll? There are many anecdotes and stories I know about the importance of a good payroll process. Let me share a few experiences I've had in dealing with many payroll issues that… read more

The Department of Labor (DOL) has proposed a safe harbor deadline for an employer to deposit participant contributions withheld from his/her compensation or payments received from a participant in a retirement or welfare plan. Background… read more

Most of us know by now that we will be electing a new President this November. But are we all are aware of the requirements imposed on 501(c) (3) organizations, including churches in relation to political campaign activities? Per the… read more

All too often, owners of small businesses will “bet the farm” on a couple key employees, and allow them to run the day-to-day operations unchecked. They sometimes do this because companies take pride in doing more with less. Small… read more

At the end of your audit, you received a Letter on Internal Controls from your auditor. What is this and what does it mean to your organization? One of the fallouts of Sarbanes-Oxley is the requirement of publicly traded companies to… read more

With so much at stake for small businesses dominated by one owner or director, succession planning has to be a priority. A Company’s succession plan is an organizational development tool used in preparation for a planned or unplanned… read more

How many times have you thought to yourself that it would be great to have more hours in the day? While we can't change the number of hours in a day we can change how we manage the 24 hours we do have. Following are five time management tips… read more

In 2006, employer health insurance premiums increased by 7.7 percent – two times the rate of inflation. The annual premium for an employer health plan covering a family of four averaged nearly $11,500.[1] Every year employees hear… read more

The Statements on Auditing Standards No. 104 -111 are now effective for audit periods beginning on or after December 15, 2006. While these standards have increased the time we invest in the planning phase of your audits, there are benefits… read more

You invest in annual maintenance for things like your heating and cooling system, your car and your investments. Should you annually review the operation of your retirement plan? “No,” you think, “my investment advisor said… read more

Recently, there were a series of funny commercials where ordinary folks performed tasks beyond their area of expertise: “Are you a doctor?” asks a patient. “No, but I did stay at a Holiday Inn Express last… read more

You may be aware that IRC section 1031 is a "tax deferral" provision that allows property owners to take the proceeds from the sale of one property and reinvest them in a similar type of real property, thereby deferring payment of tax into… read more

Are you a trustee for anOhiotrust? If so, you may need to provide your trust beneficiaries with an annual report as now required under the Ohio Trust Code. The first reports are due for calendar year 2007. An annual report must be provided… read more

As a business owner, do you know what your most important asset – your business – is really worth? All too often, business owners have to change their retirement plans due to miscalculating the true value of their business. Read… read more

This is the first of a four-part series discussing areas of your business you can examine to determine whether fraud is taking place.  Part two warns you of holes in your accounting system, part three cautions you to… read more

Hopefully you have put together an estate plan that details how your wealth should be distributed upon death. If not, you should. For those of you who have, make sure the important financial decisions you make in the years to come don't alter… read more

An increased number of class action suits involving service providers and the investment-related fees charged to 401(k) plans has prompted the Department of Labor to pursue a variety of initiatives focused on fee and expense transparency.… read more

It is that time of year again – all accounts need to be reconciled, Accounts Payable and Receivable reports need to be reviewed, inventory needs adjusting, and finally everything is perfect as of December 31st. Then you make a… read more

Aside from daily responsibilities – operating a business and staying on top of the game – payroll is a daunting task that all too often causes problems for business owners. If you do payroll in-house, make sure you know… read more

Most companies keep sensitive personal information, such as names, Social Security numbers and account numbers, in files or computers which are used to identify customers or employees. Fraud or identity theft is almost guaranteed if this… read more

Many companies are in the process of putting the final touches on their short and long term budgets, which often involve projections for investment in employees and capital. Investment in people might include additional expenditures for… read more

With 2008 off to a start, now is a good time to review your beneficiary designations on your life insurance policies and retirement/profit sharing accounts. It is important to remember that beneficiary designations on such accounts… read more

It's resolutions time. Instead of the usual self-improvement lists – and who can stick to those anyway – how about taking a look at your career and figuring out how to make your job work for you? The down time over the holidays is… read more

Many of our valuation projects are for gifts of stocks or valuing closely-held stock owned by an Estate. The IRS requires all business valuations (for gifts, estates and charitable contributions) to follow the standards set forth in Revenue… read more

There is an old country song about a man who works in an automobile factory who builds his own car from parts he has stolen over a long period of time. Like any good country song, this tale is full of real life lessons. Lesson one is for… read more

Budgeting is an integral part of society. In todays fast paced world; every day we try to budget our time, our kids’ time, our meals, and our money. Unfortunately for many, most of this process is done mentally and never put on paper.… read more

Don’t let holiday season stress get to you. With all of our ever-increasing demands, it is easy to feel overwhelmed. Sometimes we just need to sit back and take a deep breath. Here are some tips to consider this December to control your… read more

For many of us, we haven’t looked at, examined or reviewed the elections we made on our original W-4 form. With the year-end getting close, here are some things to consider. Are you having too much withheld? A lot of taxpayers… read more

According to the tax law, medical expenses can only be deducted to the extent that they are greater than 7.5 percent of adjusted gross income. Most taxpayers remember to include their health insurance premiums, long-term care insurance,… read more

If a natural disaster strikes, are you covered? A survey by the National Association of Insurance Commissioners (NAIC) found that 33 percent of homeowners think flood damage is covered by the standard homeowners’ insurance policy,… read more

Business analysts report that poor management is the main reason for business failure. Poor cash management is probably the most frequent stumbling block for entrepreneurs. Understanding the basic concepts of cash flow will help you plan for… read more

If you have an annual audit performed, there's a pretty good chance that your audit fees are going to increase. Now that we have your attention, here's why: the Auditing Standards Board of the American Institute of Certified Public… read more

A common mistake today is designating your estate or your living trust as the beneficiary of your IRA. If you do so, your heirs will not be able to stretch payments over their lifetime. Rather, they will probably be required to deplete the… read more

For many parents, saving for a child's college education is thought to be as important as saving for their own retirement nest egg. Unfortunately, the biggest mistake parents make in saving for college is putting it off until the "extra"… read more

Does your business have a budget? If it doesn’t, are you guilty of saying “I can’t predict the future,” “Things change too quickly,” “We aren’t big enough,” or “I don’t have… read more

With Medicare, Medicaid and insurance companies curtailing reimbursements, doctors are looking for ways to add ancillary services to help replace some of this lost revenue. Many are adding services such as audiology services, nutritional… read more

With the year coming to close in the next few months, many companies will begin looking at employee compensation as well as distributing bonuses. Employee compensation can potentially be a sensitive subject because people are very passionate… read more

It’s important for landlords to report all taxable receipts in order to avoid underpayment tax penalties. At the same time, landlords should be aware of all deductible expenses so they don’t overpay taxes. The IRS recently… read more

Individual Development Accounts (IDAs) are matched savings accounts that enable low-income American families to save, build assets and enter the financial mainstream. IDAs reward the monthly savings of the working poor who are building… read more

401(k) plan self-directed brokerage accounts, or SDBAs, have quickly become the most popular way for plan participants to invest their plan assets. In fact, about 20 percent of all retirement plans now offer SDBAs. So what's the buzz about?… read more

This is the last part of a four-part series which examines where people should be focusing their financial efforts based on their current life stage. Part one  discusses individuals in their 20s and 30s. Part… read more

What would happen if you were to die suddenly without a will? If a deceased individual, the decedent, does not have a will,Ohiolaw dictates how assets are divided. If any part of a decedent’s estate is not spelled out in his/her will… read more

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Several negative tax effects can occur when a taxpayer converts a principal residence into rental property. For example… Bobby has owned his quaint home for 18 years. His mortgage is paid off and he has decided to convert the home… read more

Tax exempt organizations with gross receipts of $25,000 or less have not been required to file a 990 in the past, but beginning in 2008 they may be required to file Form 990-N. Form 990-N needs to be filed electronically and will provide… read more

What message do you send to your customers? Customers are, after all, quite important to your business. Do your practices reinforce their importance? Do your customers feel welcome and valued? Do you make it easy for your customers to do… read more

The IRS requires that a taxpayer make estimated tax payments if he or she expects to owe at least $1,000 in tax after subtracting any tax withholdings or credits. The easiest and most common safe harbor rule to avoid any interest and… read more

As more manufacturing companies embrace the Lean Manufacturing concept, a new method of accounting has begun to unfold within them. Historically, the production side of the business would make tremendous gains during Lean implementation such… read more

Do you have a good deal of your retirement plan assets invested in your employer’s company stock? If so, upon retirement, you have another option for the distribution of that stock that not many taxpayers are aware of. If the stock… read more

Are you temporarily in a low income situation? Are you over 59 ½, and do you have an IRA? If you can answer “yes” to all of these questions, you may want to consider taking distributions from your IRA even if you… read more

Most people want to retire without having to have to get another job to make ends meet, even if it’s only part-time. Planning is the key hurdle that many people must get over. Make today be the day you start making a difference. … read more

As we approach the end of summer, now is the perfect time for small businesses to organize their finances and streamline business processes for the coming months. In today's busy workplace, owners and managers can become so bogged down… read more

The nature of an independent audit can sometimes be misconstrued; business owners sometimes think auditors should be able to detect fraud. Fraud, by definition, is “any act, expression, omission or concealment calculated to deceive… read more

We have clients eligible for the Research & Experimentation credit ranging from $25,000 to more than $400,000 in tax savings. If your business is involved in any of the following activities, you may be eligible for the Research &… read more

As a follow up to the article published previously, “How Valid is Your Buy-Sell Agreement?” this article will discuss some common valuation mechanisms that are used in buy-sell agreements and other important factors that should… read more

If you have a portion of your home that you use for business purposes, then the home office deduction may be available to save you a few dollars off your tax bill. In order to qualify for the deduction, you must meet a "use test," which… read more

I have valued more than 1,000 businesses during the past decade. During the valuation process, we often examine the existing “buy-sell” agreement. It’s amazing how many of these “buy-sell” agreements are woefully… read more

Generally, the IRS uses a common law test of control to determine whether a worker is an employee or an independent contractor. Under this test, a worker is an employee if the user of his or her services has the right to direct and control… read more

You lock your doors to keep out burglars. You tell your children not to talk to strangers. But what are you doing to protect your company's assets? The following examples show how two different trusting business owners fell victim to… read more

If you don’t currently offer your employees a Section 125 Plan, have you considered the benefits of starting one? Generally speaking, a Section 125 Plan allows your employees to withhold an amount from their paycheck that is not… read more

This is part three of a four-part series focusing on where people in different stages of their lives should focus their financial efforts. Part one  discusses individuals in their 20s and 30s. Part two is for… read more

The Internet is a powerful tool that can be used for many purposes, including screening potential hires or researching competitors. Google and Yahoo are two of the most-used resources, but there are many more options that could be beneficial… read more

What can you do when customers are slow-paying, or when they won’t pay at all? You’re not as helpless as you might think. Best of all, of course, is to prevent uncollected debts from ever occurring. Although not foolproof, many… read more

The Small Business and Work Opportunity Act of 2007 signed by President Bush on May 25, 2007, could impact your family tax planning if you have children under age 19 or students under age 24. Before this law passed, children under age 18… read more

This is the wedding date of the year. After all, if 7 is your lucky number, three of them must make July 7, 2007, the luckiest day of all. One way to make the rest of your days "happily ever after" is to start your marriage on the right… read more

In times of crisis, you don't want to be shaking pennies out of a piggy bank. Having a financial safety net in place can ensure that you're protected when a financial emergency arises. One way to accomplish this is by setting up a cash… read more

Hardware and software developers are constantly improving their products. As new computers are created to work faster and store more memory, they are capable of running newer, more complex software – software that can do more things to… read more

The merger & acquisition train is moving at its fastest speed since 2000. A record number of businesses will change hands in the next two decades as the baby boomers retire. If you’re a boomer and want to sell your business to an… read more

Do you need bank funds in order to expand your business by either square footage or product / service offerings? In addition to asking for historical data like financial statements and tax returns, the bank will often ask for a financial… read more

Have you ever put on a pair of pants or a jacket and found money in the pocket that you had forgotten about? Even if it is only $5, you feel like you have just won the lottery! You may actually be able to find some long-lost money of your own… read more

What is a fraud review? A fraud review looks at your accounting records, systems and procedures for signs of potential fraudulent activity on the part of your employees. It also evaluates the measures you’re taking to deter fraud… read more

Many people wish there were more hours in the day. But the secret isn’t working more hours. Instead, you need to use your time more efficiently and effectively. Contrary to popular belief, effective time management isn’t based on… read more

More and more often, people are waiting to get married until after they are established in their careers. During this career building period, it’s not unusual to start accumulating personal net worth, maybe by purchasing a house,… read more

Did you have to write a big check to the IRS or State ofOhiofor taxes on April 15? If so, now is the time to adjust your federal and state withholding to ensure you don’t owe big next year. You should try to have your withholding… read more

Did someone tell you that you couldn’t deduct the losses from your booth at the antique mall or local festival, from your selling activity on Ebay or for your race car with advertising signage? Did you have a reasonable expectation of… read more

Term life insurance provides peace of mind for many of us. It helps us take care of our loved ones long after our death. The good news is that the price of term life insurance is continuing to drop, and that could mean a substantial savings… read more

Spring is a time when we start focusing on getting physically fit, but have you done anything to ensure you are “fiscally” fit? Consider some of the following: Have you done anything to plan your estate? What is the… read more

Buried in the massive Pension Protection Act (PPA) of 2006 are new disclosure requirements that must be added to all participant investment directed 401k plan quarterly statements. Effective March 31, 2007, these new requirements must be… read more

Capital gains are generated by the sale of capital assets. One of the most common examples of capital assets is stock. For our discussion, we will talk about the sale of stock to create capital gains. To determine whether we have a gain on… read more

This is part two of a four-part series focusing on where people in different stages of their lives should focus their financial efforts. Part one  discusses individuals in their 20s and 30s. Parts three and… read more

As part of their oversight plan to better monitor the activities of not-for-profit organizations, the IRS is asking for disclosure on whether the organization has a written conflict of interest policy. But what does that mean? A conflict… read more

Identity theft has become an everyday occurrence in today’s society, and it is a timely and costly invasion of your privacy that can happen without you even knowing it. The Federal Trade Commission’s Web site is a valuable… read more

Many investors have access to investments that allow for reinvestment of dividends and mutual fund distributions. Up until a few years ago, this has primarily been restricted to dividend reinvestment plans (DRIPs) and mutual funds. Now… read more

Unnecessary risk-taking by consumers can contribute to fraud perpetration. Credit-checking firm Experian revealed that students were among the groups most at risk of ID theft because of their propensity to live in shared, frequently changing… read more

Fraud can be difficult to find, even for a trained auditor who’s searching for it. More than half of the companies in theUnited Stateshave had some sort of fraud in the last two years. The average amount of the fraud was $150,000. The… read more

A couple of business owners had a perceived value of their business that differed greatly from the actual value. As a result, they had to seriously alter their business and succession plans. Find out more about their situation and a simple… read more

Although cafeteria plans have been in existence since 1978, they have not become popular with small employers until the last few years. The factors driving their popularity are 1) technology – plans are now much more affordable for… read more

Divorce can be messy. And sometimes having a good divorce attorney isn’t all you need. Sometimes you need a qualified CPA in your corner, too. Separate property is normally not subject to division in the divorce. Separate property… read more

According to acclaimed genius Albert Einstein, "The hardest thing in the world to understand is the income tax," and the tax laws have changed yet again. In fact, there were three tax law changes in 2006, one of which contained more than 900… read more

This is part one of a four-part series which will examine where people should be focusing their financial efforts based on their current life stage. Part two  discusses individuals in their 40s. Parts three and four address… read more

As we here at Rea head into our “busy season,” people outside of our business are always asking me if I am ready for this time of the year. As many of you know, as a firm we have added several outstanding people to our team over… read more

Many companies in the manufacturing sector are familiar with and have applied Lean Six Sigma methods to improve quality and efficiency in production. These companies have realized significant gains by reducing variation and eliminating waste… read more

Most of my contractor clients are good people who have been in business for years (in some cases many years) and have always completed every job they’ve ever been awarded, and always will, thank-you! They are honorable business people.… read more

Banking services provide a critical foundation to finances and are an important component of the management of cash, accounts payables, accounts receivable and serve as a component of effective internal controls. As important as banking… read more

Do you struggle with classification in terms of independent contractor vs. employee? This issue is a very complicated one, which could have devastating tax and financial implications if the workers you hire are not properly classified. If you… read more

A problem that many self-employed individuals face is combined income and payroll tax devouring their profits. They work through their day wondering how they can shift or eliminate their self-employment tax burden. Simple….hire your… read more

Home improvements are generally not deductible for income tax purposes. However, if the main purpose of such improvements is to provide medical benefits to those occupying the home, the expense may qualify as a deductible medical expense on… read more

As a business owner, you are aware that it requires more than just your input to run your business in the most efficient and profitable manner. You also realize that you need to consult with experienced professionals to help manage certain… read more

Does your company have an organizational chart? You might think your company isn't large enough to have one, and you may be right. However, no matter the size of your organization, you may be surprised how this document serves as a very… read more

Baby Boomers: The Next Chapter is a four-part series intended to guide today’s largest generation as it heads toward retirement. The series also will provide practical guidance for employers as they plan to handle the growing number of… read more

It's not a surprise to many people that some workers are paid "under the table." It's a common practice in industries using temporary workers, such as construction, repair and other trades. Employers justify paying unreported cash wages… read more

As company expenses go, expense reports are not the biggest expenditure made on an on-going basis and often are reviewed on a cursory basis at best. But, it can pay to examine those expense reimbursements more closely. The Association of… read more

Baby Boomers: The Next Chapter is a four-part series intended to guide today’s largest generation as it heads toward retirement. The series also will provide practical guidance for employers as they plan to handle the growing number of… read more

Volunteers run many small not-for-profit organizations. They get involved because they believe in the cause or they want to contribute something back to the community. Unfortunately, since the Internal Revenue Code is complex, many of these… read more

Tylenol, cough drops, Dimetapp, Advil, bandages, Calamine lotion. What do these items have in common? Each one is an out-of-pocket medical expense that can be paid for with pre-tax dollars, if you participate in a Section 125 plan. If… read more

Your new employee has been on board for nearly two months and still doesn’t seem to be improving. Is it time to cut your losses, or do you invest more time and money into additional training? We all struggle with this question and… read more

Making the wrong hiring decision is an expensive mistake. Just ask the Philadelphia Eagles after they hired Terrell Owens. All too often, companies look to hire the most talented, technically skilled individuals they can; however, they often… read more

Property owners who expect to acquire replacement property should consider a like-kind exchange. A 1031 Exchange refers to a legal exchange that allows an investor to sell a property, to reinvest the proceeds in a new property and to defer… read more

Did you know that research shows that young men and women today will likely have more spouses than children? Unfortunately, that could have a huge impact on your family business. Most people do not like to discuss these issues due to the… read more

What does the American Dream mean to you? A nice house, new cars, expensive vacations, a membership at a country club? As Americans, we are accustomed to enjoying the good life. But at what cost? According to the figures provided by the… read more

Congratulations! You've graduated. What's next? If you are like most students, you've dreamed of the day when you finally start earning your own money. Below are some smart money tips to get you started on your journey from college to… read more

Over the last decade, the number of not-for-profit organizations in the U.S.has increased 64 percent to nearly 850,000 – putting an immense strain on the funds available to each organization. Financial issues have always been an… read more

Why not try thinking of your recently filed return as a snapshot of your financial transactions over the course of the last year? With a little analysis of prior years’ tax returns, you can better understand your financial well-being.… read more

Baby Boomers: The Next Chapter is a four-part series intended to guide today’s largest generation as it heads toward retirement. The series also will provide practical guidance for employers as they plan to handle the growing number of… read more

So you just received your financial statements and are now wondering what to do with them. If you are like many business owners, you don't have the time to review these statements with the detail required to fully understand your company's… read more

This article was originally written by Richard Rea decades ago. Even though he is no longer with us, the advice he gives in this article is just as relevant today as when it was first penned. Have you ever wondered why some business people… read more

The IRS is taking steps to ensure companies comply with employment and income tax requirements relating to executive compensation. Its goal is to improve tax compliance by corporations and high income taxpayers. Executive compensation has… read more

A study of more than 220 large U.S.companies, which was recently conducted by Hewitt Associates, reveals that many employers are implementing automated retirement plan features to address concerns that workers are not adequately saving for… read more

A good budget process is one of the most important items in business. Good budgeting is a broadly defined process that has political, managerial, planning, communication and financial dimensions. The following definition recognizes the broad… read more

Is your local government doomed to fail because it failed to plan? Does it have a formal plan to replace capital assets one, three, five or 10 years from now? Many governments don’t and can get blindsided. I hear finance… read more

Did you know that there are different nexus standards for state franchise taxes, state income taxes and state sales and use taxes? The franchise tax is imposed on companies for the privilege of doing business in a state. The nexus… read more

It probably seems like a relatively minor infraction to many employees: Write off the dry cleaning bill for a blouse stained during a business trip by adding the cost to the expense account. And, in truth, one small dry cleaning tab might not… read more

In less than a decade, the SafeHarbor401(k) plan has become one of the most popular plan designs for small employers. While the use of safe harbor plans has become common knowledge, did you know a safe harbor plan may make additional matching… read more

Every closely-held business owner will eventually be faced with succession planning issues. It is imperative that a proper plan is developed that not only takes into consideration the wishes of the owner, but also his or her family. There… read more

What is bonding? Bonding is the process in which a certain outcome is guaranteed by a third party, usually an underwriter. In the construction context, the performance bond ensures that the contractor has the capacity to complete the job and… read more

Keep records of all of your gross receipts. They are needed so that you can properly report gross income from the business activity and self-employment taxes owed on your net earnings. Self-employment taxes are equivalent to Social Security… read more

Baby Boomers: The Next Chapter is a four-part series intended to guide today’s largest generation as it heads toward retirement. The series also will provide practical guidance for employers as they plan to handle the growing number of… read more

So you decided to attend that business convention in California over the holidays and are rounding up your expenses to turn in to your tax preparer. Oh, you decided to take the entire family along? Here’s a quick guide to help you… read more

Maintaining key employees in your business should always be an important planning idea for business owners. These employees typically have been with a business for many years and are an integral part of the business’s success. The loss… read more

Business owners often question how much of the meals and entertainment paid through their business are deductible. Meals and entertainment expenses provided to a client, customer or employee can qualify as a valid business expense. Meals… read more

If you were to become a board member to a not-for-profit organization, what would your legal responsibilities be? Basically your legal obligations can be broken down into four duties: The duty of care. A trustee must be active in the… read more

There are three areas that owners and managers must always pay close attention to: cash flow, overhead control and borrowing. Cash flow When it comes to cash flow, liquidity is always a top priority. Here are a few things management… read more

Success rarely just happens. In fact, it takes a lot of hard work, planning and direction from a company's management team. Furthermore, it requires firm-wide dedication to a comprehensive road map called a strategic plan. A strategic plan… read more

Selling your business is a complex situation that requires the experience of a well-trained professional. Below are 10 easy steps you can take to ensure you get the most out of selling your company. Don’t wait too long. Exit… read more

Many people are unaware of the requirements for filing city tax returns. City returns can be complex due to the lack of uniformity between cities. For example, some cities require that all residents over age 18 file a tax return regardless of… read more

Many people think they need to have a large amount of money in order to start saving or investing. Others often think about paying off their mortgage early, but don’t actually follow through with it because they feel they can’t… read more

By now, you may be aware of Ohio's major tax changes, but you probably have many questions about how they will apply to you. Here are some frequently asked questions and answers as provided by the Ohio State Department of Taxation: 1. What… read more

Most individuals have some type of life insurance. However, life insurance products have become quite complicated over the past 10 years, and it all boils down to a contract. In exchange for premiums paid, an amount is paid to a named… read more

Would you ask your son or daughter to cut down a tree without training them to safely use a chainsaw? Do you remember the first time you showed your kids how to mow the lawn or back the car out of the garage? As parents, we devote hours and… read more

New graduates looking to start sound financial paths should first begin building their futures by budgeting. There’s no time like the present to start putting money to work so that you can achieve financial goals and ensure security… read more

Has your sole proprietorship incurred a loss several years in a row? Did you know that your business activity could be reclassified as a hobby and the losses disallowed? Find out how to safeguard your "for-profit" status. Businesses are… read more

Rapid advancement in technology, the ongoing stress of profit growth and the increasing importance of worldwide business competition requires companies to continually evaluate their product lines to determine opportunities for growth. For… read more

Do you want to recoup the costs of your real estate investments quicker and boost your company's cash flow? An accounting concept known as cost segregation reclassifies elements of your property so they qualify for faster depreciation.… read more

Health Savings Accounts (HSAs) have hit the mainstream media. Employers and employees are beginning to learn more about this newest weapon in the arsenal of employers aimed at controlling escalating costs of employee health benefits.… read more

All businesses have an organizational structure in place. Unfortunately, many of them are informal and not in writing. Having a formal organizational chart in place will have a positive impact on your business. It needs to be in writing, and… read more

This is part two in a two-part series.  Make sure you catch the previous piece on establishing an interview plan. Hiring high-caliber employees is the first step in building a strong company. Getting superior performance from… read more

You may think you know how to use financial statements to manage your business. While you may understand how key performance indicators, percentages and benchmarking can be used when reviewing balance sheets, income statements and cash flows… read more

Do you have the right people in your company? Before you say “yes,” have you ever hired the wrong person for a job? It’s a very easy mistake to make, isn’t it? Would you like to attract more of the right people… read more

QuickBooks® is an award-winning financial management software program that many companies use today. Whether you are considering using QuickBooks for the first time or simply want to make sure you are taking advantage of all the program… read more

The old adage, "the greater the risk, the greater the reward," should include a caveat: "except in construction." Entrepreneurs, especially contractors, absorb risk in literally hundreds of ways, often without rewards. These risks include… read more

Uncertainties in the job and financial markets make it imperative for parents to teach their children how to manage money wisely, beginning at an early age. A small allowance should be implemented around the age of six. This allowance… read more

By this time of year, most people have broken their new year's resolutions. However, it's not too late to make a pledge to improve your personal financial position yet this year. Here are a few suggestions. Review Your Will and Estate Plan… read more

Has that New Year's resolution, to exercise regularly, once again slipped past your good intentions? Have you considered using a workout coach or personal trainer? I have, and the benefits have been terrific! You can schedule your… read more