PBMares Accounting Blog

Seasonal business? Optimize your operating cycle

Posted by Donald Knotts, CPA on Jun 23, 2017 9:37:10 AM

Every business has some degree of ups and downs during the year. But cash flow fluctuations are much more intense for seasonal businesses. So, if your company defines itself as such, it’s important to optimize your operating cycle to anticipate and minimize shortfalls.

Read More

Topics: Business Briefs

Subcontracting Primer – Team Work and Due Diligence Pays Off

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Jun 21, 2017 3:25:32 PM

 

FAR 44.101 defines a subcontractor as “Any supplier, distributor, vendor, or firm that furnishes supplies or services to, or for, a prime contractor or another subcontractor.”

As a prime contractor or a subcontractor with subcontractors you have certain responsibilities that will help to ensure an efficient and productive relationship that, in the end, provides the desired results (FAR 42.202)e)(2).

Read More

Topics: Government Contracts

When are activities of a nonprofit subject to income taxes?

Posted by Edward T. Yoder, CPA, MSA on Jun 19, 2017 2:41:58 PM

A nonprofit will not ordinarily be taxed on its revenues.  However, income from unrelated business income is subject to tax (UBIT).  UBIT is based on gross income derived by any nonprofit from any unrelated business activity it regularly conducts less the expenses directly connected with the activity.

Read More

Topics: Not-for-Profits

How A Polo Shirt Can Help Drive Your Club’s Bottom Line

Posted by Christin Butler, CPA on Jun 7, 2017 1:25:16 PM

Everyone knows that the bottom line rules the day.  It has become hard to balance member expectations against the realities of payroll and other costs associated with maintaining a club so providing opportunities for members to spend more money inside the club is more important than ever. Merchandise bearing your club’s logo is one way to do this has and it has an extra benefit of free advertising.

Read More

Topics: Club Industry, hospitality

Does Your Gov Con Have a Policies and Procedures Road Map?

Posted by Neena Shukla, CPA, CFE, CGMA, FCPA on Jun 6, 2017 10:25:37 AM

To emphasize the need for compliant policies and procedures we need to refer to a quote from the great Yogi Berra, “If you don’t know where you’re going, you might not get there.”  Over the years we have seen organizations doing everything right but without compliant policies and procedures as a road map to ensure consistent compliance, they have failed government audits.  Other organizations that have compliant policies and procedures but have not shared them with the people who need them (i.e. they have them but they are gathering dust on the shelf and are probably obsolete), have also failed, because people did not know what the organization’s goals were or how to respond to compliance situations.

Read More

Topics: Government Contracts

Public Student Loan Forgiveness - A Great Way to Attract Employees to a Not-For-Profit

Posted by Nick Preusch, JD, LLM, MSA, CPA on Jun 5, 2017 1:44:38 PM

In 2007, President George Bush signed into law the Public Student Loan Forgiveness Program. This program allows people working in certain industries to have their student loans forgiven, tax-free, after 10 years. Usually people believe this program only applies to governmental employees. However, the law allows for employees of a 501(c)(3) not-for-profit to also qualify for student loan forgiveness. This is a great way to attract employees who may otherwise require a larger salary and a great way to keep employees at your not-for-profit.

Read More

Topics: Not-for-Profits, Tax Planning

Could stronger governance benefit your business?

Posted by Kevin F. Reilly, J.D., CPA, CGMA on May 25, 2017 11:45:10 AM

Every company has at least one owner. And, in many cases, there exists leadership down through the organizational chart. But not every business has strong governance.

Read More

Topics: Tax Bites, Tax Planning, Business Briefs

President Trump’s Proposed Budget Could Impact Your Nonprofit

Posted by Edward T. Yoder, CPA, MSA on May 23, 2017 3:43:11 PM

On Tuesday May 23, President Trump released his budget request for 2018 entitled “A New Foundation for American Greatness.”

The U.S. Government suffered budget deficits every year from 1970 through 1997.  There were surpluses recorded in 1998 through 2001, but deficits returned from 2002 through today. 

Read More

Topics: Not-for-Profits

Six Strategies For Your Tax Playbook

Posted by Louise Clayton-Kastenholz on May 23, 2017 10:59:42 AM

I’m looking forward to tax day. No, I’m not in a time warp.  I do know that April 15th is behind us, and most people I talk to are relieved that they don’t have to think about taxes for another year (or in the case of those who extended their returns, until that last piece of paperwork shows up).  Often that sense of relief is due not just to the sense of getting through the process of the paperwork, but the whole thought process of dealing with the topic. 

But right now, now that it’s all over, is the best time to think about taxes, while the effects of this last filing season are fresh in the mind.  In sports, the coach looks at the team’s performance after each game and studies the strategies for weaknesses while the results are still fresh and the team has time to prepare for the next game.  Here we are with almost eight months left in 2017 to improve our game. 

Read More

Topics: Tax Planning, Estate Planning

Turning next year’s tax refund into cash in your pocket now

Posted by Nick Preusch, JD, LLM, MSA, CPA on May 19, 2017 10:19:56 AM

Each year, millions of taxpayers claim an income tax refund. To be sure, receiving a payment from the IRS for a few thousand dollars can be a pleasant influx of cash. But it means you were essentially giving the government an interest-free loan for close to a year, which isn’t the best use of your money.

Fortunately, there is a way to begin collecting your 2017 refund now: You can review the amounts you’re having withheld and/or what estimated tax payments you’re making, and adjust them to keep more money in your pocket during the year.

Read More

Topics: Tax Bites, Tax Planning