4 Tips to Save at the Pump With or Without a Gas Tax Holiday
This article explains that the Biden Administration has proposed a federal gas tax holiday in order to help US citizens with the current gasoline prices. Unfortunately, Patrick De Haan, head of petroleum analysis at GasBuddy, said "if a gas tax holiday coincides with rising wholesale fuel prices, consumers won’t see much of an impact at the pump because the tax move would be offset by the higher cost." The national average for gas was over...
The Majority of US Small Businesses Will Soon Face New Filing Requirements
New regulations regarding financial reporting for American businesses operating both domestically and overseas will soon go into effect. In 2021, Congress passed the Corporate Transparency Act (CTA), which is a piece of legislation aimed at monitoring potential money laundering and other illicit activities. Businesses subject to the CTA will be required to provide information to the Financial Crimes Enforcement Network (FinCEN), an arm of the Department of the Treasury. The CTA requires the filing of a...
Upcoming Office Closure
In an effort to provide our employees with a much deserved break, the HeimLantz offices will be closed July 1 – 5 to allow our valued team some rest and relaxation. We will return to work energized and ready to go on Wednesday, July 6. If possible, please reach out to your accountant with any needs by June 30. Thank you in advance for your understanding and we hope you enjoy the upcoming holiday weekend.
Tax-Avoiding Schemes Are at the Top of the 2022 “Dirty Dozen” List
This article explains some tax-avoiding strategies that the IRS will be flagging down. Some strategies include "concealing assets in offshore accounts and improper reporting of digital assets, non-filing of income tax returns by high-income individuals, abusive syndicated conservation easements, and abusive micro captive insurance arrangements." The article proceeds to categorize other sources of taxable income, all of which the IRS will punish if found to be abused. To view this article, click here to access the...
Is Your Will or Trust Up-to-Date?
When was the last time you or your attorney reviewed or updated your will or trust? If it was some time ago before the passage of substantial tax law changes over the past few years, your documents may be out of date. Among the many changes was a substantial revision to the estate tax exclusion.No doubt your will or trust was prepared with not just estate taxes in mind but so that your assets will...
Important Times to Seek Assistance
Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you have a substantial change in taxable income or deductions. By doing so, we can advise you about how to optimize your tax liability, avoid or minimize penalties, estimate and pre-pay required taxes, document deductions, and examine...
When Can You Dump Old Tax Records?
Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed.It all depends on the circumstances! In many cases, the federal statute of limitations can be used to help you determine how long to keep records. With certain exceptions, the statute for assessing additional tax is 3 years from the return due date or the date the return was filed, whichever is...
Summer Employment For Your Child
Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without paying any income tax on their earnings.In addition, they can contribute the lesser of $6,000 or their earned income to an IRA. If they contribute to a traditional IRA, they could earn up to...
Vacation Home Rentals: How the Income Is Taxed
If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, and with summer just around the corner, you may have questions about how rental income is taxed for a part-time vacation-home rental. The applicable rental rules include some interesting twists that you should know about before you begin renting. Although some individuals prefer to never rent out their homes, others find such...
Writing Off Your Business Start-Up Expenses
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and the waning lethality of the latest versions of the virus, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small businesses, may be helped by a tax provision allowing them to deduct up to $5,000 of the start-up expenses and $5,000 of organizational...
Tax Issues That Arise When Converting a Home into a Rental
With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their existing homes into rentals when they buy a new home. Other reasons individuals may make the conversion include maximizing the tax benefits for an elderly person who can no longer live alone by delaying the sale of that person’s home; and to ensure that a...
R&D Tax Credits for Startups
This article explains the significant benefits that startups in 2022 receive when using R&D tax credits. For companies to qualify for R&D tax credits, their ideas must be a new or improved business component for a permitted purpose, include activities technological in nature, have elimination of uncertainty, and use the process of experimentation. The amount companies get back in R&D research "depends on the sum of your Qualified Research Expenses (QRE), which can include wages,...
Gas Saving Tips for Your Summer Travel
This article explains the best money-saving methods for travelers hitting the road this summer. All 50 US states have hit the $4 per gallon mark, and the national average is currently at $4.59. According to AAA spokesperson Andrew Gross, "gas prices are now $1.56 more than a year ago and $1.05 more than they were when the war in Ukraine started in February." Several tips to help save on the high gas prices include filling...
The Pros and Cons of Running a Business with Family
This article explains how hiring family members can have their strengths and weaknesses. It is much easier to hire a family member rather than a stranger because each person can usually be reliable and dependent on the other. However, in order to keep a happy family, there are several guidelines that can keep the business running smoothly. Firstly, it is essential to develop clear job descriptions in order for each member to know exactly what...
HeimLantz Announces New Equity Owner
The local public accounting, business advisory, and wealth management firm of HeimLantz is pleased to announce that, effective May 1, 2022, Sheri Mergenthaler, CFP®, CPWA®, CDFA® has been admitted to equity ownership of the firm. Mergenthaler has devoted the entirety of her professional wealth management career to HeimLantz. She joined the firm in 2006, first as an intern and then as a Wealth Management Assistant. She subsequently served as a Client Relationship Manager and then a...
Tips for Hiring and Retaining Employees
This article discusses how running a small business can be a difficult task, especially when managing your most important asset, the employees. However, by following tips such as upgrading your onboarding checklist software, rewarding employees for their experience, running effective remote meetings, and inspiring through positivity, this task can be made easier. Every small business needs great employees in order to thrive, and this article outlines different strategies you can try. Be sure to check...
8 Ways to Save Startup Money in 2022
This article discusses how many start-up businesses eventually fail, but by utilizing the eight strategies outlined in this link, you will give your start-up business the best chance possible at succeeding and even flourishing. For example, spending the necessary time developing a marketing strategy is essential to engaging your target audience. Additionally, strategies such as partnerships and employee engagement are also essential in any successful start-up business. Be sure to check out this link for...
Communication is Vital for CFOs
In this article, a survey was conducted by Oracle NetSuite to get insights from numerous executives about the importance of each role and their communications skills. The survey "polled small and midsize company leadership in four categories: CFOs, nonfinance executives (other members of the C-suite), finance managers, and nonfinance managers." The survey showed that the finance chiefs' proficiency in understanding the business was marked at a 72 on a 0-100 scale. However, CFOs believe their...
How Can Your Small Business Take Action Against Rising Theft and Shoplifting?
This article explains how shoplifters are stealing thousands of dollars from big and small retailers, and how the smaller retailers are handling the situation. Derek Friedman, a small business owner, says that since 2019 shoplifting has been a big financial issue with losses totaling over $200,000. Friedman also said he does not turn in all the claims to his insurance for fears of being dropped. Friedman has recently implanted a 1% crime-spike fee to help...
Small Business Trends to Watch
This link offers a comprehensive breakdown of the small business industry as it stands in 2022. For example, graphs displaying emerging trends, the effect of the pandemic, and hiring numbers are all included. Small businesses are often viewed as the lifeline of America, and these numbers back up that conclusion. No matter the current state of your business, being educated on trends included in this article can prove beneficial in the long run. Be sure...
Young Family Business Owners Can Be the Most Determined to Sustain and Grow Your Business
According to research by Family Enterprise Foundation, younger generation owners are the most committed to preserving the family business. A survey found that "97 percent of next-generation respondents consider it important to sustain the family business, while only 74 percent of senior-generation respondents feel the same." The importance placed on direct family leadership of the business is also higher for younger generations as 95 percent of younger respondents felt that family taking over is important,...
Daniel Russell Named to NACVA’s 2021 “40 Under Forty” List
HeimLantz is so proud to announce that firm partner Daniel Russell, CPA.ABV.CFF, CVA, CFE, MSA has been named to the National Association of Certified Valuators and Analysts (NACVA) “40 Under Forty” list for 2021. Russell has been with HeimLantz since 2013 when he joined the firm as a staff accountant. He went on to serve as both the leader of the firm’s Consulting Business Unit and the Director of Business Development, roles that he now carries out...
What Trends Should Small Businesses Be Watching in 2022?
This article discusses a variety of trends that small businesses should either be focusing on or not as we continue along in 2022. For example, this link lists shipping status, waiting for the new normal, and the meta-verse as overrated trends that your small business should not be too worried about. On the other hand, trends such as constant communication, investing in technology infrastructure, the online marketplace, and product packaging should be a priority for...
IRS Provides Steps to Avoid Errors
Need to look up your economic stimulus payments or advance child tax credit payments? Read this article from the IRS for more information.
Does Your Estate Plan Need Updating to Include Digital Assets?
This article explains the importance of keeping your estate plan up to date, especially since people are living longer and need more options in their documented life. Three sections in your estate plan that should be examined several times include digital assets, guardianship designations, and appropriate names in the documents. Adding an addendum in legal documents can help with the hassle of updating each new digital asset program. Choosing a guardian that will act in...
Strategies for Preventing Fraud
This article discusses how fraud is one of the most concerning topics for start-ups and small businesses alike due to the highly digitalized world that we live in today. It is so prevalent that "organizations report losing 5 percent of their annual revenue to fraud." For a small business, that could be detrimental. However, utilizing best practices surrounding areas such as payroll, online banking, and written checks can all help protect your business. Additionally, hiring...
Building a Business Case for Remote Work
This article explains the challenges that businesses face when dealing with remote workers. Mobility managers may face numerous tasks, including understanding complex and evolving rules for tax, immigration, and other legal purposes. Mobility managers also will need to communicate risks and information requirements to business units and their mobile employees. Risks that occur when a business is not staffed to create a proper policy and framework for your mobile workforce, include compensation risks, corporate law...
Small Business Trends to Watch
This article discusses how 2022 is a viable year for most small businesses as they continue to rebound from the coronavirus pandemic. A recent report shows that attracting new customers is the top challenge for most small businesses. However, utilizing trends such as shifting customer expectations, focusing on happy employees, and investing in the right technology can help alleviate this problem and others. Empowering your employees will yield many results and can boost your company...
Digital Innovations to Watch in 2022
This article discusses how the coronavirus pandemic accelerated many trends that we see today in the workplace. Specifically for start-ups, it is important to take advantage of these trends to stay competitive. For example, trends such as embracing the fact that hybrid and remote work are here to stay, demand for personalization, privacy, and artificial intelligence growth are all expected to have a significant impact in 2022. No matter the sector that you operate in,...
Strategic Preparation is Key to Selling Your Company
Many people dream of starting their own company, but if you’re one of the few who has turned their dream into reality, you know that it didn’t happen overnight. Making your business a success involved plenty of research, preparation, and hard work that you were happy to invest in. What few who are ready to move on realize is that selling requires almost the same amount of effort and planning.Entrepreneurs intent on selling often want...
What Is Tax Basis and Why Is It So Important?
For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares for $3,000, the gain is calculated based on the difference between the sales price and the basis: $3,000 – $1,000 = $2,000. This is a simplified example, of course—under actual circumstances, purchase and...
IRS Suspends Sending Most Notices Due to Backlog and Errors
A recent article from CPA Practice Advisor states, "These automatic notices have been temporarily stopped until the backlog is worked through. The IRS will continue to assess the inventory of prior year returns to determine the appropriate time to resume the notices." To learn more about this situation and what the IRS is doing to handle the backlog, please click here.
Protecting Your Business from Cyberattacks and Fraud in 2022
This article discusses how most companies today rely heavily on the Internet and other technology to operate. Although these tools are vital and can be useful, they also pose the threat of cybercrime. However, by utilizing strategies such as encrypting your data, investing in artificial intelligence, and utilizing your forensic accountant, your business should be able to detect fraud in its early stages. No matter the industry that you operate in, cyber security is a...
Determining If Your Vacation Rentals Are Really Commercial Real Estate
This article discusses the ins and outs of a tax strategy known as a cost segregation study, and in particular, for those that own a vacation rental real estate. When the property is leased out for less than 30 days at a time, it could be recognized as non-residential real estate property. Therefore, taxpayers should undertake a cost segregation study on their property in order to take bonus depreciation and meet passive activity loss grouping...
Ways to Keep Adult Children from Becoming a Financial Liability
This article explains several scenarios where your child may be asking you for financial help. First, they may have taken many loans and want your help with EMIs. The author suggests turning the child to a financial advisor to keep your finances intact. Secondly, the child may want a loan to help with a start-up company. If the child has mentioned this scenario before, then hopefully it makes sense for the parents to hand out...
Tax Deductions and Credits to Consider in 2022
This article discusses how there are two main strategies that individuals can take advantage of in order to lower their tax bills, deductions, and credits. While tax deductions lower your taxable income, tax credits are "a dollar-for-dollar reduction to your tax bill." However, many people do not know of or forget about all the things that can qualify as either a deduction or credit. For example, tuition and fees deductions, educator expenses, and home office...
Embracing a New Era of Innovation in 2022
This article explains the importance of building your company's online structure in a growing technological world. Technology is more powerful than ever challenging a business to restructure in new ways where it can sustain itself in a new market. It offers an opportunity to grow in every aspect because every facet of your brand can be tracked. The key element to success is finding a mission to stand behind which can build up you and...
The Benefits of Business Valuation for Small Businesses
This article demonstrates the possibilities a small business can pursue after receiving a valuation. A valuation can give small business owners benefits such as tracking progress and "a road map to deliberate decision making." Some other benefits that come along with a business valuation include access to more investors, better decision making to improve your business value, sale value, understanding where your business fits in the industry, and finally obtaining a true company value. Business...
The importance of Having a Plan When Including Family in Business
In this article Jolene Brown, a family business consultant points to four major mistakes when breaking down a family business. She firstly points out that assuming all genetic relationships equal good working relationships is wrong. Brown says “acceptance in a family should be unconditional, but acceptance into a business should be conditional and is not a birthright.” Her second suggestion is to stop believing that the business can financially support any and all family members...
What the End-of-Work Landscape Looks Like Now
This article discusses how the coronavirus pandemic forced many employees to look towards their 401(k) plan in order to borrow cash for personal financial burdens. However. “About 47% of employees who took a retirement loan say they ended up taking more than they needed,” according to research from Voya Financial. Through the years, more and more employees are expecting that they will have to work part-time in retirement because of financial instability. However, as an...
Construction Disputes and How to Avoid Them
This article discusses a recent insight report that dives into the top problems that are occurring within the current construction industry. The report revealed that “design problems” have overtaken “change in project scope” as the primary cause of disputes in the United States. Additionally, workmanship deficiencies, physical conditions that were unforeseen, and poor management of subcontracting / supplier were also cited. However, this article does not only talk about common problems, but it also offers...
Things to Consider When Planning Your Family Business Succession
This article explains why family businesses continue to generate 70-90% of global GDP annually. Ernst and Young reported that “the largest 500 family businesses constitute the third-largest economic contribution in the world by revenue and employ 24.1 million people worldwide.” Family businesses will thrive if they continue to follow four categories: the nature of change, talent in transition, the advisor advantage, and the not-so-secret family recipe for success. In the “nature of change” category, digitalization,...
Inflation Adjustments for 2022 Returns
This article explains the new inflation adjustments that are being made by the IRS issued through Rev. Proc. 2021-45. The IRS also cautioned that “with legislation pending in Congress that might affect 2022 tax returns, taxpayers should consult future IRS guidance to determine if the adjusted amounts in Rev. Proc. 2021-45 remain applicable in 2022.” Single individuals that make $10,275 and under are subject to a 10% tax, an increase of $325 from 2021. Other...
New Infrastructure Bill Heading for Biden’s Signature
This article discusses how the House of Representatives passed an infrastructure bill on Friday night that will most likely turn a $1.2 trillion bill into law with the signing of President Biden. Many members of the construction industry say that this “provides much-needed resources to modernize the country’s aging and overburdened infrastructure.” This bill outlines a significant amount of funding for projects surrounding roads and bridges, Internet infrastructure, public transit, and the cleaning of polluted...
Consequences of Some Retirement Options on Small Businesses
Valeria Alterman and Ariane Froidevaux delve into research on various retirement options for small business owners. They look into their custom model of retirement decision options for small business owners to separate from their business, all based on “the ‘proximity’ of the business to the individual once the decision has been made.” The four options (family succession, retirement from management while maintaining ownership, independent sale, and liquidation) are codependent with economic and natural consequences. Alterman...
Succession Planning Should Be Part of Family Business Strategy
Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there could be a dispute about who should take charge. To avoid problems with succession your best bet is to identify the next leader and start...
Can the Construction Industry Attract the Next Generation of Workers?
This article discusses the potential problem that the construction industry may face within the recruitment sector. For a long amount of time, the construction industry has carried a viewpoint of hard labor hours that does not pay as well as other industries. In addition, because of the coronavirus pandemic, Millennials and Gen Z members are looking for a hybrid/work from home option that the construction industry obviously does not offer. Recruitment strategies are going to...
Keep Your Money in the Family with These Estate Planning Tips
This article explains why and how keeping money within the hands of the people you trust will help you in the future. Heirs could be responsible for “paying federal income taxes on either assets or retirement accounts, and if you plan poorly, your money could end up in the hands of an ex-spouse or creditor.” To prevent that tragedy, meeting with an estate attorney and an accountant could be very beneficial. To help keep your...
Keeping a Family Business Running Smoothly Generation after Generation
This article discusses three dysfunctions that are commonly seen throughout family businesses. Chris Yonker, the author of the article, says that following the steps of over-achievers can be a bad way to help ensure the family business continues to run properly. Often children are faced with the challenge of following the footsteps of their parents, even if they do not want to follow their steps. Parents that focus too much on their business instead of...
Material Shortages Impact the Construction Industry
This article discusses how the construction industry has still not fully recovered from the coronavirus pandemic and the ensuing supply chain difficulties. For example, key materials such as steel, PVC pipes, and drywall have all seen a significant price jump and shortages causing delays throughout the industry. However, lumber did see a price drop throughout the last few months, but the price stored back up by 40% since August. Overall, if you are planning or...
Business Travel Deductions for 2021
This article discusses how under previous law, deductions for business meals were limited to 50% of the cost, but through the pandemic, that deduction was doubled to 100% for the time being if the meal was provided by a restaurant. Further, many self-employed taxpayers are trying to re-energize their business through travel, and if you are honestly keeping records of money spent, many deductions await. In fact, you can sprinkle in some pleasure during the...
Receipt Signatures, Does Your Small Business Need Them?
This article discusses an important topic that all small business owners should consider as it occurs every single day. In the past, credit card transactions required a signature in order to help authenticate the purchase. However, with the development of EMV technology, most credit card companies have dropped this requirement, and large companies such as Walmart and Target applauded this decision. However, for small businesses, it is more important to ask some key questions in...
The Top 5 Challenges a Business Owner Faces
By: Zack Greene Many business owners struggle with the same problems. CEOs (presidents, owners, shareholders—whatever you happen to label them as) need more time to work on the business. In order to do this, they need to overcome common pitfalls to direct their workload away from the day-to-day work that sometimes leaves their efforts stuck in the weeds. CEOs are often hesitant to ask for outside professional assistance. They believe that they must manage the challenges that...
Federal Vaccine Mandates for Contractors
This article discusses how federal contractors are going to be required to be fully vaccinated against the COVID-19 virus by December 8th of this year. The guidance specifically states that the protocols will include covered contractor employees and “contractor or subcontractor employees in covered contractor workplaces who are not working on a federal government contract or contract-like instrument.” Additionally, this link also outlines some of the other new workplace safety protocols that are going to...
Productivity Tips for Your Small Business
This article discusses both the importance of a good leader in any small business as well as the requirement that the business is productive. To help you decide what is important to understand, members of the Young Entrepreneur Council weigh in on what they believe are tips that all small businesses should be considering. For example, prioritizing responsibilities, automating and digitalizing tasks, having a clear-cut definition of success, and tracking business performance are all strategies...
Succession Planning for Your Family Business
This article discusses the importance of having a succession plan. According to the Dayton Daily News, about 3 out of 4 small businesses currently do not have a succession plan. Succession plans should not be a birthright, but instead, should go to the most qualified individual. Planning for successor years ahead can eliminate power struggles, allows you to thoroughly vet candidates, and allows you to come to the realization that soon you will no longer...
Affordable Marketing Ideas for Startups
This article discusses how marketing is essential for any successful business, especially startups. However, sometimes the best marketing practices can be extremely expensive with little return on investment. However, using simple tips such as getting a social cost, having a referral program, and sending emails to the right people are all inexpensive ways that your startup can gain consumer attention. It’s also important to constantly be in a creative and innovative mindset during this process....
Carter Heim Admitted to the Anne Arundel Hall of Fame
Carter Heim, CPA.CFF.CGMA, MST will be inducted to the Business Hall of Fame by the Anne Arundel Chamber of Commerce on October 14, 2021. Heim started his accounting career in 1975 and founded Heim & Associates, the predecessor of HeimLantz, in 1995. Since then, he has led the firm in serving a wide range of clients, including businesses, business owners, and organizations. Heim offers clients business and tax planning, succession planning, estate tax planning, business growth...
Things to Consider Before Selling Your Business
This article discusses the best methods to practice before selling your business to someone who values it as much as you do. Firstly, it is important to determine your business value. In order to successfully do that it is necessary to follow the asset method, market method, and income method. It is also important to acquire a third-party professional to determine if the sale is fair. Seeking financial and legal expertise, hiring a professional business...
What You Need to Know About Business Meal Deductions
This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction is allowed for the expenses.” However, differentiating between business entertainment and meals required more guidance. In short, proper documentation such as the amount of the...
Consistency is Key for Mask and Vaccine Mandates
This article discusses how the recent surge of the Delta variant of the coronavirus pandemic has made things difficult for construction project managers and company owners. For example, topics such as mask mandates and proof of vaccination are causing managers to change their existing policies. However, no matter how many changes, being consistent is the most important component. In fact, “consistency of enforcement is imperative to establishing the legitimate nature of the policy, as well...
Succession Planning Strategy for Your Business
Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there will be a dispute about who should take charge. To avoid problems with succession your best bet is to identify the next leader and start...
Tax Deadlines for the Remainder 2021
Tax Due Dates for the Remainder 2021 September 15, 2021: Deadline for third-quarter estimated tax payments for the 2021 tax year September 15, 2021: Final deadline to file partnership and S corporation tax returns for tax year 2020, if an extension was requested (Forms 1065 and 1120-S) October 15, 2021: Final extended deadline to file individual and corporate tax returns for the year 2020 (Form 1040 and Form 1120) October 15, 2021: Deadline for taxpayers who earned $69,000 or less in adjusted...
35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s is far greater than in previous years. That’s bad news for those taxpayers who are eagerly waiting for tax refunds. For tax year 2020, roughly 70 percent of the individual returns...
The Treasury Green Book of Biden Proposed Tax Changes
The U.S. Treasury has released the Biden administration’s 2022 Fiscal Year Budget, which includes a general explanation of the administration’s 2022 revenue proposals. The publication is commonly referred to as the Green Book and outlines the Biden administration’s tax proposals. Keep in mind that these are proposals and will have to be passed by Congress. The Green Book proposals include both domestic and international taxes; however, this article will only cover domestic tax issues that...
Exit Strategy: How to Create One for Your Small Business
Owning your own small business is a dream that few are fortunate enough to realize, but even those new to the joys of entrepreneurial self-determination need to spend time thinking about how you’re going to eventually leave the business. No matter how far off it may seem, the best way to ensure that your time in your business ends up meeting your personal goals and expectations is to prepare an exit strategy now. Crafting an exit...
Tax Issues Related to Renting Your Vacation Home
Do you own a second home at the beach, in the mountains, or some other getaway location, or are you thinking about buying one? If so, then you may have thought about the possibility of renting it out. Though many people would never consider inviting renters into their vacation home, preferring to keep it for themselves and their family, doing so can offset some of the expenses related to the property, and you may even...
Mitigating High Prices with Lean Construction Tactics
This article discusses how a combination of unique circumstances such as the Suez Canal blockade, an ice storm in Texas, labor shortages, and manufacturing slowdowns due to the pandemic have all put a very intense strain on contractors within the construction industry. However, by utilizing technology, construction workers have relied on extreme efficiency and improved productivity to guide them through a challenging year. Be sure to check out this link for more information! To view this...
Tips for Selling Your Business in 2021
This article discusses how the coronavirus pandemic has impacted the way people are purchasing businesses and how business owners are selling. In fact, there’s been a rise in investment activity, and it is expected to continue for the remainder of this year. In order to capitalize on these investments, taking advantage of tips such as considering multiple exit strategies, not rushing, and picking the right PE partner can make all the difference in the world....
SBA Releases New PPP Loan Forgiveness Guidance
On July 28, the U.S. Small Business Administration (SBA) released an update to the forgiveness process for the majority of Paycheck Protection Program (PPP) loans. The goal of the new guidance is to streamline the process for PPP participants with loans of $150,000 or less. The interim final rule includes updates in three key areas: PPP loan recipients will be able to use a new COVID Revenue Reduction Score for necessary documentation regarding second-draw PPP loans. ...
Warehouse Real Estate and Construction Demand is Climbing
This article discusses how the world we live in is becoming highly digitalized, and how tools, such as e-commerce, are causing change within the construction and industrial real estate industries. For example, the growth and e-commerce, especially during the COVID-19 pandemic, caused more demand for warehouse space in each region of the United States. In fact, rent in each region has increased in the first two quarters of this year. Be sure to check out...
Family Business Succession Tips
This article discusses the sad reality of how fewer than 1/3 of family businesses are successively handed down to the second generation. However, utilizing the tips outlined in this article such as starting your succession planning early, including family members in discussions, training, and sticking to the facts can all set your family business up for success for generations to come. Be sure to check out this link for more details! To view this article, click...
Strategies to Lower Your Construction Business Taxes
This article discusses how the construction industry pays a lower tax rate when compared to most other sectors. Leading firms within the construction industry achieve this through many ways, all of which are legal and should be utilized throughout the entire industry. For example, depreciation on assets, stock compensation, and research and development tax credits are all strategies outlined in this link. Be sure to check out this link for more information and details! To view...
Getting the Most From Selling Your Business
This article discusses how there are many factors at play when a business gets bought or sold. Specifically, topics such as reoccurring revenue, why someone sells, buyers’ interests, evaluation criteria, and the 4 P’s (People, Platform, Processes, and Product) are all outlined within this link. No matter where you are at in the mergers and acquisition process, be sure to check out this link for more information and to be as educated as possible! To view...
Which Meals Qualify for the Temporary 100% Expense Reduction?
This article discusses how the IRS released guidance explaining deductions on food and beverage within a restaurant. There was a temporary 100% deduction which was “designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic.” However, as we continue to move forward, there were questions regarding when the 100% deduction and when the 50% limitation applied. Be sure to check out this link for more information and details that are relevant...
Creating a Post-COVID Workplace
This article discusses how businesses are starting to return to the workplace following the relaxing of COVID-19 regulations. However, this process may be more difficult than anticipated. This article outlines three steps to consider when implementing your return to work process. For example, determining what this process looks like operationally, prioritizing what employees need, and supporting growth in both work and personal aspects is going to be key these next few months. Be sure to...
Tax Rates for Public Contractors are Low
This article discusses both the plan that has been proposed by President Biden and the tax rates that currently exist in the private and public construction industries. The CEO of the Associated General Contractors of America believes that “the president’s proposal to finance the new investments primarily via an increase in the corporate tax rate will likely undermine many of its economic benefits.” However, Biden seems set on how he is going to finance his...
Marketing Your New Startup
This article discusses how many startup firms are having similar problems in marketing and getting their new ideas out there. Whether your startup is 5 years old or 5 days, utilizing tips such as email best practices, social media, blogs, and truly staying authentic can prove beneficial in the long run. Be sure to check out this link for more information and details! To view this article, click HERE to access the original content. ...
OSHA Guidance on COVID Measures and Vaccination
This article discusses the latest news from the occupational safety and health administration concerning COVID-19 regulations within the workplace. For example, “employers no longer need to take steps to protect their workers from COVID-19 exposure in any workplace, or well-defined portions of a workplace, where all employees are fully vaccinated.” However, employers are also encouraged to grant paid time off for employees to continue to get vaccinated. Be sure to check out this link for...
Tips for Family Business Success
This article acknowledges and discusses how running a family business can be difficult at times. From balancing a family work-life balance to communication issues, this industry can be very challenging. However, by following tips such as actively managing family dynamics, hiring externally when necessary, establishing a structure, and succession planning, your family business can be at the top of its game. Be sure to check out this link for more information and details! To view this...
Tax Update 2021
Daniel Russell and Amy Smith recently presented and update on tax topics to watch for during the remainder of the year.
HeimLantz CPAs and Advisors Announces New Promotion for team member, Sheri Mergenthaler
HeimLantz CPAs and Advisors is pleased to announce that Sheri Mergenthaler, CFP®, CPWA®, CDFA® has been promoted to Director of Wealth Management. Mergenthaler joined the HeimLantz team in 2006 as a Wealth Management Assistant. From the start of her career at HeimLantz, she realized how much she loved helping others achieve their personal financial goals. In fact, her internship at HeimLantz was what inspired her to change her college major to finance. Mergenthaler has benefited from a...
Important Tax Due Dates – June 2021
IMPORTANT NOTE: Maryland Maryland State Tax Deadline is July 15, 2021. June 2021 Individual Due Dates June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last day of the prior year (Dec 31, 2020) is used to determine the...
7 Different Types of Income Streams for Your Business
No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you’re going to be in trouble. Having more than one income stream is an insurance policy against economic disaster. It provides a cushion to keep you afloat if your business suddenly falls off. Though some types of businesses have a...
How Biden’s Proposed American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed legislation that will have to pass in both the House of Representatives and the Senate before becoming law. With a price tag of more than $1.8 trillion, many on both...
Trends Shaping the Construction Industry
This article discusses how, like most industries, the construction industry was severely disrupted by the outbreak of the coronavirus. Because of that, it is vital to take advantage of the emerging trends in 2021. These trends include green efforts, modular designs, and remote work sites. No matter your current standing, these trends can apply to you and your company in some way. Be sure to check out this link for more details and the full...
Financial Mistakes Business Owners Made During the Pandemic and How to Avoid Them
This article discusses how many businesses felt a significant negative impact due to the coronavirus pandemic this past year. Although most of the setbacks were unavoidable, it is important to do everything in our power to avoid making the same mistakes in the future. For example, mistakes such as not keeping good business records, not having cash reserves, not having multiple streams of income, and not being somewhat educated on your numbers are all instances...
HeimLantz CPAs and Advisors Welcomes Daniel Russell to Ownership Group
HeimLantz CPAs and Advisors proudly announces the addition of Daniel T. Russell, CPA.ABV.CFF, CVA, CFE, MSA to the firm’s ownership group. “As a person of color, I am extremely proud to now be in this leadership position,” said Russell. “One of our firm’s core values is Innovate to Differentiate and I see myself as an example of that core value in action. HeimLantz does not do things similar to other firms. We have created a culture...
Strategy of Time Clock Rounding
This article discusses the business strategy of time clock rounding in order to ease payroll calculation and prevent employee time theft. With many employees still working from home, these practices are important to review frequently. Legally, if you participate in rounding, there are three approved rules that you must follow. One is the 15-minute rounding, the second is five-minute rounding, and the third is six-minute rounding. Be sure to check out this article for more...
Management Changes Happening in the Construction Industry
This article discusses how a shift in mindset is driving construction management and how they approach both job sites and designs. Specifically, environmental sustainability efforts, supply chain efficiencies, and advanced building materials are all areas of focus for big construction companies such as CEMEX Ventures, Ferrovial, Dysruptek (a Haskell venture), HILTI, GS Futures, Vinci Groups’ Leonard platform, and NOVA. These top companies are looking for startups to help them in their efforts. Be sure to...
Remote Work Policies That Last
This article discusses how the coronavirus pandemic has shifted the way many industries are conducted on a day-to-day basis. Specifically, teleworking has become the new norm, and it is important to have proper procedures in place in order to promote efficiency for your business. A few tips include communicating and being transparent with your employees, real estate agreements, and technology utilization. Be sure to check out this link for more information and details! To view this...
The Benefits of Work Management
This article discusses the definition of work management and how it differs from project management. Specifically, work management “is the oversight and supervision of all individual and team tasks and task lists within one project or across a company’s operations.” The concept of work management can include pieces of time, resource, process, and client relationship management. No matter your industry, being both efficient and effective in the workplace can prove to be very beneficial. Be...
New Tax Credit Covers Paid Leave for COVID-19 Vaccinations and Recovery
On April 21, 2021, President Biden announced a tax credit for employers that would reimburse them for providing paid time off to employees to cover both getting vaccinated and any recovery time required due to vaccine side effects. The IRS followed up the President’s announcement with a new release offering details about the credit. Under the authority of the American Rescue Plan Act of 2021 (ARP), employers that meet eligibility requirements can claim a refundable tax...
Maximizing Tax Incentives Before You Build
This article discusses how many projects within the construction industry qualify for tax incentives that can save millions. By utilizing tax strategies such as cost segregation, bonus depreciation, and 45L energy-efficient tax credit, these projects can become a lot more affordable. Taking the time to look over your liability insurance coverage, federal incentives, and accelerated depreciation can prove to be beneficial. Be sure to check out this link for more information and details! To view this...
Tech Trends for Small Business to Watch in 2021
This article discusses and outlines seven different technology trends to watch within the small business industry. Specifically, these trends are designed to improve software, automation, and machinery functionality. Artificial intelligence-powered chatbots and CRM, streamlining HR work, 5G, and voice-activated payments are all expected to have a significant impact. Be sure to check out this link for the full list and more information! To view this article, click HERE to access the original content. ...
Daniel Russell Participates in Cross-Border Cannabis Discussion
Daniel Russell recently lead a discussion around unique tax code opportunities available within the cannabis industry. He also spoke with cannabis dispensary owner Michael Tese of Gold Leaf Dispensary to discuss merger and acquisition activity on the East Coast. Click here to watch the video, which was apart of a larger webinar presented by GreenspoonMarder. To watch the full webinar, Cross-Border Cannabis Issues, please click here.
Many Contractors Are Not Interested in Getting the COVID Vaccine
This article discusses the results of a recent survey organized by construction dive. The results revealed that “46% of readers responding to last week’s survey who have not yet gotten the vaccine said they have no plans to.” Additionally, the article offers data on the reasons contractors are hesitant to get the vaccine as well as the numbers surrounding respondents who have received at least one dose. No matter your standpoint, this survey could point...
Credit and Debt Collection Strategies Your Business Can Implement
This article discusses and emphasizes the importance of having and implementing the most efficient debt collection process possible. Providing services to your client before payment is often a risky but necessary part of doing business. Implementing strategies such as invoice date, contact information, and obvious total invoice values can help ensure that your business gets paid. Be sure to check out this link for more information and details on some of the best practices for...
Estate Planning Techniques During COVID
This article discusses how the COVID-19 pandemic has resulted in low interest rates and depressed asset values, creating a very unique opportunity for estate planners. Specifically, this article outlines five different strategies to consider utilizing during this time. For example, annual gift tax exclusion, gifting interest, annuity trusts, and intra-family loans are all topics that should be considered. Be sure to check out this link for more information and details! To view this article, click HERE...
Keeping Your Company Grounded During a Crisis
This article discusses and emphasizes the need for all businesses to be able to adapt and pivot in the right direction, especially during a crisis like the Coronavirus pandemic. Some tips that are outlined are the ability to strategize quickly, supporting company morale, staying grounded, and preparing for a future crisis through risk management. No matter your industry, these tips can be very beneficial if implemented in the proper format. Be sure to check out...