If your business is feeling the impact of the slump in oil prices, it may be hard to find a silver lining, but there is a spot of good news: You can significantly reduce your estate taxes by taking steps to preserve family wealth now before the outlook improves.
Transferring wealth to family members now, when the value of your business may be lower, versus gifting upon sale of business, when value is likely up, can sig... more
The Social Security Administration and the IRS have announced the cost-of-living adjustments (COLAs) that will apply to the Social Security tax and retirement plan contribution limits for 2016. Due to the minimal increase in the Consumer Price Index the past year, few adjustments were made from the 2015 for the upcoming 2016 year.
Remaining at the previous year’s level is the below:
Social Security wage base — ... more
For 2015, under the Affordable Care Act (ACA) applicable large employers (ALEs), as well as small employers that provide self-insured health coverage, will be required to file additional tax forms to provide information to the IRS and plan participants regarding their health care benefits. These additional tax forms need to be filed in early 2016.
The applicable forms consisting of 1095-C and 1095-B (including their t... more
Since its introduction, anticipation amongst financial institutions has been growing about the who, what, when and how of the proposed current expected credit loss model (CECL). While the final accounting standards update (ASU) on accounting for measuring expected credit losses isn’t expected until the first quarter of 2016, FASB’s board members voted on November 11, 2015 to set the effective dates for the planned gu... more
Featuring a buy-side transaction, the latest M&A video from our investment bank, Doeren Mayhew Capital Advisors, features Westport Marine Holdings’ acquisition of Signal International near the Texas-Louisiana border. Acting as exclusive financial advisor, our licensed investment bankers assisted Westport in securing a target, completing the acquisition and obtaining financing, resulting in a new 88-acre, fully opera... more
How do I make my audit more efficient?
Prior to the start of any audit, you’ll receive a list of required items and due dates. Pay close attention to these dates and let your auditor know if you’re unable to meet them.
Bring company records to date through the end of the period covered by the audit. Reports such as your general ledger, journal entry support and sub ledgers are just a few documents you may ne... more
Doeren Mayhew, a top 100 U.S. CPA and business advisory firm, has announced the promotion of three of its staff within its Houston office.
Promoted staff assumed new positions of managers or senior associates. Each staff member is being promoted within their designated service area and will take on added responsibilities, including increased engagement oversight and interaction with clients.
Accounting, Audit and Assu... more
Anyone can fall victim to identity theft, but there are ways to help minimize its likelihood. Doeren Mayhew shares 10 best practices to help safeguard your personal data:
Secure your personal information both at home and in the workplace. Shred documents as necessary.
Keep firewalls and security software up-to-date on your personal computers.
Avoid using unsecured wireless networks.
Create strong passwords and f... more
In a video from the investment bankers at Doeren Mayhew Capital Advisors, client Gary Warwick discusses his successful earnout, selling 85 percent of his business, staying on board for a few years to foster growth, and receiving nearly as much for the remaining 15 percent at earnout end as he received for the first portion sold. Hear his perspective on a successful transaction as he shares insight into his selling experie... more
In recent years the volume of identity theft incidents has grown at an alarming rate. In 2014, more than 9.9 million Americans were victims. Although often less talked about, tax-related identity theft crimes have risen drastically in recent years too. In 2013 alone, more than 2.4 million taxpayers were affected according to the Treasury Inspector General for Tax Administration – a number which has continued to grow ye... more