By Brenda K. Lowe, CPA, PFS Have you named beneficiaries on all of your assets? It is important to have a beneficiary or beneficiaries listed on all of your assets before you can no longer make the decision. This will define who the asset will be distributed to and cannot be overridden by a will or trust. Assets with beneficiary designations can include: Retirement accounts: IRA, 401 (k), etc. Life insurance contracts Annuities Payment On Death and Transfer On Death accounts Transfer On Death Deed Jointly held assets The assets with beneficiary designations will … [Read more...]
How to Build a Rock-Star Internal Accounting Team
By Andy Knutson, CPA As a business owner, you depend heavily on your internal accounting staff. These are the people, after all, who keep you up to speed on the financial side of your operations—i.e., the information you need to make critical business decisions. When this team isn't on top of its game, you feel it. Sometimes right down to your bottom line. There are countless reasons why your accounting team may not be hitting its stride. Maybe the growth of your business is outpacing its capabilities. Perhaps key team members have retired or left, causing their responsibilities to be … [Read more...]
50 Shades of Gray: The Story of Business Tax Deductions
By Christopher Bertz, CPA Every business owner has, at one point, wondered if a particular expense was deductible. Thankfully, there's a no-fail answer to this conundrum: "It depends." That's because the IRS defines business expenses as "the cost of carrying on a trade or business" and notes that they can generally be deducted by for-profit businesses. It's a fairly broad definition, meaning there is rarely a cut-and-dry answer. So, what determines an expense's deductibility? It depends on the business purpose behind it. Nearly any expense can be deductible, as long as it's … [Read more...]
Could You Benefit From a W-2 Checkup?
By Jason J. Loven, CPA, CCIFP® With tax season behind us, it's safe to say our minds are on summery pleasures like vacations, Twins games, and lakes. But now is also a good time to think back to your 2016 tax return: Were you surprised at the size of your refund, or by how much you owed? If so, it's time for a W-2 checkup. Taking a look at your W-2 can help you understand why this has happened and prevent surprises in 2017. Here are two reasons why this checkup is so important: You may need to adjust your federal and/or state withholdings. If you're getting a huge … [Read more...]
Coming Soon: Major Changes to GAAP
By Andy Knutson, CPA Like tax regulations, generally accepted accounting principles (GAAP) continue to change. The Financial Standards Accounting Board has approved two changes that will alter how companies recognize revenue and record leased assets. Although these changes aren't immediate, it's important to be aware of what's coming. Here's a summary of the changes you can expect if your company uses or issues GAAP basis financial statements: Changes to revenue recognition The changes to revenue recognition take effect for non-public entities with periods beginning on or after Dec. … [Read more...]