By David Ritter, CVA, MBA - Shareholder
How do goals and objectives differ? Can your team distinguish the difference between a strategy and a tactic? Does your organization differentiate its mission and its vision?
These are all fairly basic concepts on the surface, but when you ask a room of people, these terms are often misinterpreted. If you (and your team) cannot decipher the difference between these fundamental... more
Some construction companies buy and maintain large fleets of equipment. Others choose to lease these assets and, in some cases, purchase select pieces at the end of the arrangement. Still others opt to rent what they need, for only as long as they need it.
Making the right call among all of these approaches can seem overwhelming. Every contractor would love to have a diverse fleet of equipment ready to deploy at a mome... more
If international governments have their way, multinational corporations will soon be required to provide tax information to all of the jurisdictions in which they operate on a single report.
The 34-nation Organisation for Economic Cooperation and Development (OECD) and the G20 countries issued its proposed Guidance on Transfer Pricing Documentation and Country-by-Country Reporting, which is designed to constrain global... more
The Financial Accounting Standards Board recently announced that it will move forward with its Current Expected Credit Loss (CECL) standard (an expected loss model), but will push the implementation period back by one year – a huge relief for many financial institutions.
The genesis of this project was primarily due to the effects of the global economic crisis. The current incurred loss (IL) model is viewed to have fai... more
It’s not unusual for the IRS to conduct audits of qualified employee benefit plans, including 401(k)s. Plan sponsors are expected to stay in compliance with numerous, frequently changing federal laws and regulations.
For example, have you identified all employees eligible for your 401(k) plan and given them the opportunity to make deferral elections? Are employee contributions limited to the amounts allowed under tax... more
With Congress permanently extending the research and development (R&D) credit as a result of the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), more U.S. businesses may now be eligible for a significant tax savings opportunity based on qualified research expenses. While start-ups and small businesses may see a greater benefit from the changes to the credit, industries such as construction, manufacturing ... more
What effects, if any, does the value of my business have on my estate?
For many business owners, the value of their business comprises a majority of their net worth, yet they’re uncertain how much their business is really worth. Understanding the value of your business is critical when it comes to implementing your estate planning strategies.
The economy, interest rates, real estate market and even presidentia... more
Economic downturns can have a tremendous impact on people and businesses. Yet many businesses have managed to grow and prosper during times when others were going under. There are obviously ways to survive in even the worst depths of a recession. Here are some things that can strengthen your business and help ward off the worst during a business slowdown.
Strengthen relationships with customers. It costs money to attr... more
The short answer is: none. You need to hold on to all of your 2015 tax records for now. But this is a great time to take a look at your records for previous tax years and determine what you can purge.
The 3-Year Rule
At minimum, keep tax records for as long as the IRS has the ability to audit your return or assess additional taxes, which generally is three years after you file your return. This means you likely can shre... more
Doeren Mayhew has been named one of the 2017 Vault Accounting 50, a ranking of the best accounting employers to work for in North America.
Vault.com, a leading resource in career management and job search information, released its seventh annual listing which reflects the issues accounting professionals care most about. Combining quality of life rankings, such as culture, satisfaction, work/life balance, compensation, ... more