PBMares Accounting Blog

Keeping Your Estate Plan Current

Posted by Louise Clayton-Kastenholz on Dec 12, 2017 3:15:14 PM

 

There is a great scene in the first "Back to the Future" movie in which Michael J. Fox, as Marty McFly, takes over for an injured band member and introduces the tune "Johnny B Goode" to the audience, just a little before it is supposed to show up on the music scene. He tells the rest of the band "This is a blues riff in B, watch me for the changes and try to keep up."

Sometimes that is how life feels; we're watching for the changes and trying to keep up. In the movie, the band keeps up beautifully and the music is well received, until Marty gets a little too futuristic for them, and they drop out and leave Marty to go it alone.  That also feels like life; sometimes the changes get ahead of us and we drop out, wondering what's happening.

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Topics: Tax Planning, Estate Planning

Planning a Future to Look Forward To

Posted by Louise Clayton-Kastenholz on Dec 5, 2017 4:06:11 PM

http://blog.pbmares.com/blog/six-strategies-tax-playbook

Back in the spring, I wrote about ways to look forward to tax filing by making positive changes in our planning and small adjustments to our behavior. Those strategies can really help our mindset when we think about our financial and tax planning each year. Applied to the longer term, they can make a big difference in the way that we look toward our futures.

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Topics: Tax Planning, Estate Planning

Congressional Tax Reform Bill Full of Changes

Posted by Daniel L. Chenoweth, MPA, CPA on Nov 3, 2017 4:03:28 PM

Tax Cuts and Jobs Act Impacts Businesses and Individuals

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Topics: Tax Planning

Eliminating the Concept of Extraordinary Items

Posted by Theresa Leon, CPA, MPA on Oct 5, 2017 9:12:08 AM

Determining whether an event or an item was an extraordinary item has been a confusing and often burdensome determination for accountants and entities alike.  Over the years, an item could be argued for and against the consideration to be treated as an extraordinary item.  For example, Hurricane Katrina caused terrible damage and one might consider such an event would be an extraordinary item.  However, a hurricane in and of itself is not considered to be unusual or infrequent in nature as hurricanes are a likely event.  Although the damage was by the hurricane was catastrophic, it was not deemed and did not meet the requirements to be considered extraordinary.  An extraordinary item was previously considered to be an item that was unusual and infrequent in nature.  The gain or loss on these items was to be shown segregated from the results of ordinary operations on the statement of activities, net of any tax.  In addition, the extraordinary item was to be disclosed in the accompanying notes to the financial statements describing the origin, nature and the amount.

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Topics: Not-for-Profits, Tax Planning

Trump Tax Reform Plan: How It May Affect You and Your Company

Posted by Daniel L. Chenoweth, MPA, CPA on Sep 29, 2017 3:56:45 PM

One of the topics talked about all year is how our tax system needs to be greatly improved and just this week, President Trump and Republican Leaders released how they think it could be fixed.  

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Topics: Tax Planning

The Equifax Data Breach: Protect You and Your Company from Identity Theft

Posted by Harvey Johnson, CPA, CGMA on Sep 13, 2017 2:17:34 PM

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Topics: Tax Planning, Cybersecurity Threat

Now Is the Time to Pay Back Taxes to Virginia!

Posted by Lori Roberts, CPA on Sep 6, 2017 4:47:13 PM

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Topics: Tax Planning, SALT

Look-Back Interest on Long-Term Construction Contracts

Posted by Daniel L. Chenoweth, MPA, CPA on Aug 29, 2017 8:59:45 AM

If you are a construction contractor reporting long-term contracts on the percentage of completion method (§460(b)(1)) you may be required to calculate look-back interest (§460(b)(2)) on your long term contracts.

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Topics: Tax Planning, Construction

Changes to Virginia Sales Tax effective as of July 1, 2017

Posted by Lori Roberts, CPA on Jul 17, 2017 8:00:00 AM

Each year the Virginia Legislature passes changes to the Virginia Tax Code that impacts residents and those doing business in Virginia. While many of the changes can seem mundane or minor, there are two that will have a significant impact on two segments of Virginia Business, automotive service centers and retailers and contractors selling and installing tangible personal property. Both will likely require changes to POS retail and accounting systems in order to administer properly.

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Topics: Tax Planning, Construction

You don’t have to take business insurance costs sitting down

Posted by J. Denise Short on Jul 13, 2017 1:42:53 PM

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down.

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Topics: Tax Bites, Tax Planning