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...]
5 Critical Questions To Ask Before Selling Your Business
By Jason J. Loven, CPA, CCIFP® If you're planning to hand over the reins to your business, there's a lot to think about. And it can be hard to know where to start. A good first step is to visualize how you would like it all to happen. Then, ask yourself the following five questions to gauge the feasibility of your vision. How much is your company really worth? This can be a tough question, especially if you've put a lot of sweat equity into your business. But having a realistic idea of your company's value is critical to sorting out other aspects of the sale. This could require a … [Read more...]
What Could the R&D Tax Credit Do For You?
By John Ammann, CPA You may have heard about the research and development (R&D) tax credit. After all, it's been around for quite some time. But with the "Protecting Americans from Tax Hikes Act of 2015" (i.e., the PATH Act) now in place, it's a good idea to learn more about this potentially game-changing benefit, especially if you are a smaller business. Why does the R&D credit exist, and how is it calculated? Generally speaking, the R&D tax credit provides cash incentives for companies performing R&D in the U.S. The credit is meant to encourage businesses to invest … [Read more...]
New Corporate Deadlines for the 2016 Tax Year
By Christopher Bertz, CPA With the holidays safely behind us, it's time to focus on 2017. In doing so, business owners should be keeping three new tax deadlines on their radar. Read on to find out what these business tax deadlines could mean for you. Owners of the following entity types should be aware of new business tax deadlines: Partnership returns are now due March 15, 2017—a month earlier than last year. Calendar-year C Corporation returns have a later due date of April 15, 2017. While pushing the deadline up a month for partnerships may not seem like a significant … [Read more...]