Could a long-term deal ease your succession planning woes?

| Business Briefs, Business Miscellaneous

Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement isn’t in your immediate future, you know you must eventually step down. One potential solution is to find an outside buyer for your company and undertake a long-term deal to gradually cede control to them. Going this route can enable a transition to proceed at a more manageable Read more [...]

Stay vigilant and use due diligence when hiring outside service providers

| Business Miscellaneous, News

By Chris Mennel     Recently, I heard about a new form of theft against a central Indiana nonprofit.  Using the organization’s login information for its credit card processor, a perpetrator was able to issue repeated refunds to a Russian bank account.  The first two – one for $9,000 and the other for $21,000 -- were processed.  The third attempt for $80,000, however, was caught by the business administrator when he logged into the account and noticed the pending payment. Fortunately, Read more [...]

Alerding CPA Group celebrates 20 years on May 1, 2018!

| Business Miscellaneous

(INDIANAPOLIS) – Alerding CPA Group, an Indianapolis-based certified public accounting firm, is pleased to celebrate its 20th anniversary of serving privately-held businesses and nonprofit organizations across the Midwest with audit, accounting and tax services. Founding partners, Mike Alerding, Mike Staton and Mike Farmer started Alerding CPA Group on May 1, 1998, because they believed local clients would be better served with more personalized attention through a smaller firm. They also wanted Read more [...]

Basics of the New 20 Percent Business Income Deduction

| Business Miscellaneous, Tax Briefs

By Dave Garrett, CPA, CGMA   If you operate your business as a sole proprietorship, partnership, or S corporation, your 2018 income from these businesses can qualify for some or all of the new 20 percent deduction. You also can qualify for the new 20 percent 2018 tax deduction on the income you receive from your real estate investments, publicly-traded partnerships, real estate investment trusts (REITs), and qualified cooperatives. To qualify for the 20 percent with almost no complications, Read more [...]

7 steps to choosing a successor for your family business

| Business Briefs, Business Miscellaneous

There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third generation, the would-be owner is back in shirtsleeves with nothing because the business failed or was sold. Although you can’t guarantee your company will buck this trend, you can take extra care when choosing a successor to give your family business a fighting chance. Read more [...]

Document Document Document your ESOP

| Business Miscellaneous

By Mike Staton, CPA     It is no secret that the Department of Labor (DOL) has a negative view of Employee Stock Ownership Plans (ESOPs). Why? Because ESOPS are inherently not diversified in the stock that is owned by the participant/owners – primarily employer securities.  And the individuals selling the stock are the same individuals sponsoring the plan, engaging the trustees and involved in hiring the valuation firm that will ultimately determine the price paid for the shares. The DOL Read more [...]

Tax Cuts and Jobs Act: Key provisions affecting businesses

| 2017 Tax Reform Updates, Business Miscellaneous, Tax Briefs

On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for business taxpayers. The following is a brief overview of some of the most significant provisions. C-Corporate Tax Rates Reduced - For tax years beginning after Dec. 31, 2017, the corporate tax rate is a flat 21% rate. Dividends-Received Deduction Percentages Reduced - For tax years beginning Read more [...]

2018 Q1 tax calendar: Key deadlines for businesses and other employers

| Business Miscellaneous, Tax Briefs

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. January 31 File 2017 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees. Provide copies of 2017 Forms 1099-MISC, “Miscellaneous Income,” to recipients of income from your business where required. Read more [...]

How to bring your nonprofit to life

| Business Miscellaneous

By Evan Rauch, CPA     Every day, individuals are inspired to make a difference in our world by giving back.  Whether it is someone who works to help raise awareness and provides support to those who are dealing with drug addictions or a group starting a local youth football program allowing kids the opportunity to compete in team sports, there are many ways to support our communities. The individuals or groups who work to make these ideas and goals a reality oftentimes are so focused on Read more [...]

Valuation often affects succession plans in hard-to-see ways

| Business Briefs, Business Miscellaneous

Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues.   Estate tax liability   One sometimes blurry issue is the valuation implications of whether you intend to transfer the business to the next Read more [...]