PBMares Accounting Blog

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

Does Your Charitable Contribution Qualify for a Deduction?

Posted by Theresa Leon, CPA, MPA on Jul 7, 2017 9:00:00 AM

When it comes to preparing individual tax returns, many individuals wonder what kind of documentation they need to support their charitable contributions.  First and foremost, to qualify for a charitable contribution deduction, a contribution must have been given to a qualified charitable organization.  The Internal Revenue Service (IRS) website contains a link in to search for exempt organizations (https://www.irs.gov/charities-non-profits/search-for-charities).  Donations given to directly to an individual in need are not considered a deductible contribution but instead are considered by the IRS to be personal gifts.  Secondly, an individual can only deduct contributions if they are itemizing their individual tax return.  Generally an individual may be able to deduct up to 50 percent of their adjusted gross income, however, there are limitations.  Seek advice regarding your individual deduction limitations from a tax professional. 

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Topics: Not-for-Profits, Tax Planning

Fine-tuning your company’s compensation strategy

Posted by Michael Kennison, CPA , CIT on Jul 6, 2017 11:33:01 AM

 

As a business evolves, so must its compensation strategy. Hopefully, your company is growing — perhaps adding employees or promoting staff members who are key to your success. But other things can spur the need to fine-tune your compensation strategy as well, such as economic changes or the rise of an intense competitor. A goal for many businesses is to provide equitable compensation.

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Topics: Tax Bites, Tax Planning

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.

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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.

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Topics: Tax Bites, Tax Planning, Business Briefs

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. 

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Topics: Tax Planning, Estate Planning