Accounting & Business Advisory Blog

Reduced Taxes for Exporters Extended: Are You Taking Advantage of the IC-DISC?

Does your Company export goods to Canada, Mexico, or other countries?  Do you provide engineering, architecture, or design for property constructed outside the United States?  If so, you may be eligible for a Federal income tax incentive known as an Interest Charge Domestic International Sales Corporation (the "IC-DISC").  The IC-DISC could potentially save you a significant amount of US income taxes.

Click here to read more about the advantages of the IC-DISC.

New Law Repeals Tough 1099 Reporting Rules

Responding to a loud public outcry, Congress has repealed tough new 1099 reporting requirements for businesses that were supposed to take effect in 2012. The new federal legislation, called the "Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011," was signed into law by the president on April 14, 2011.

Click here to read more about the tough 1099 reporting rules.

What to Do When an Employee Resigns

Typical scenario: One of your valued employees informs you, completely out of the blue, that he or she is leaving for greener pastures. The employee has accepted a job offer from out of state and will be leaving in a short time. It is left to you and the rest of your staff to pick up the pieces.

Click here to read more about what to do when an employee resigns.

IRS Provides Some Relief to Tax Debtors

The IRS is initiating a new program that may provide relief to struggling taxpayers. The stated goal: To help individuals and small businesses meet their tax obligations without adding unnecessary burdens.

Click here to read more about the IRS providng relief to tax debtors.

Aurum Capital Markets Summary

Please click here for a summary from Aurum Wealth Management Group on the performance of the major market indices through the end of April as well as a recap of the significant events influencing the markets.

11th Annual Northern Ohio Labor & Employment Law Conference

Our own Ted Ginsburg will be covering Executive Compensation at the upcoming Northern Ohio Employment and Labor Law Conference on June 16th and 17th.

The conference will also touch on a wide variety of additional topics, including:

• Wage and Hour
• Substance Abuse
• Diversity
• Ethics
• Social Media
• Labor Arbitration
• Professionalism
• Worker's Compensation
• Ohio Senate Bill 5
• Health Care Law for Employers
• What Makes a Good Plaintiff
• Regulatory Update, including EEOC Guidance on ADA Amendments
• FMLA
• U.S. Supreme Court and 6th Circuit Case Law Update

Click here to download a registration form for the Northern Ohio Labor & Employment Law Conference.

July Audio Book Club Discussion Series

Join area business professionals at the Skoda Minotti office as we continue our monthly audio book discussion with the help of David B. Rust, President of Audio Group, A business audio book club for time-starved people.

July's featured audio book: Getting Things Done, by David Allen

Click here to register.

Meeting Details

July 5, 2011

Time - 7:30-9:00 a.m. - A light breakfast will be provided

Location - Skoda Minotti Office, Mayfield Village, Ohio

Cost - $45 per session

Meeting Facilitator - David B. Rust, Audio Group President, Biography

How it works:

1. Register for the July meeting by June 17.
2. You will receive, in the mail, an audio book and discussion questions that will be used in the June meeting.
3. Listen to the book while driving, working out or relaxing at home. Take some time to think through the discussion questions before the April meeting.
4. Show up on July 5, 2011 at the Skoda Minotti office, ready to network with like-minded professionals, to discuss the book and to take away meaningful ideas and lessons of ways you can improve your business.
5. Leave the July meeting with a copy of the August audio book, if you wish to register to attend the next meeting.

College Planning One-on-One AdvisoryIn case you have not had an opportunity to attend one of our recent college planning seminars, we'd like to extend the opportunity to attend a no-cost, one-on-one college planning advisory session to discuss your specific college planning needs.

For more information on these one-on-one advisory sessions, please contact Lou Trivisonno or Michael Van Himbergen at 440-449-6800. Or, you can visit our web site to learn more about our College Planning Services.

Free Not-for-Profit Seminar - June 21

Skoda Minotti will be hosting an educational not-for-profit seminar, featuring nationally recognized not-for-profit expert Dick Larkin, as well as other industry experts, on June 21, from 7:45-11:30 a.m. at 700 Beta Banquet and Conference Center in Mayfield Village. The seminar is free-of-charge.

Joining Larkin will be Brian Broadbent from Business Volunteers Unlimited, Frances Post and Mary Ogden from The OgdenPost Consulting Group LLC and the professionals from Skoda Minotti's not-for-profit practice , as they present on the following topics:

• Regulations affecting not-for-profits
• Current state of not-for-profits in Northeast Ohio
• How not-for-profits should gauge themselves as economic challenges continue and the environment continues to shift around them
• How to safeguard a not-for-profit's assets

To register for the seminar online, click here.

Event Schedule:

7:45 - Breakfast and Networking
8:15 - Welcome
8:30 - Dick Larkin, BDO, Not-for-Profit Industry Update
9:30 - Brian Broadbent, Business Volunteers Unlimited, Current State of Not-for-Profits in NEO
10:00 - Break
10:15 - Frances Post & Mary Ogden, The OgdenPost Consulting Group LLC, Survive and Thrive: Round Two
10:45 - Herzl Ginsburg, Skoda Minotti, Safeguarding your Not-for-Profit's Assets
11:15 - Closing Comments

Feel free to contact us at 440-449-6800 with any questions. We look forward to seeing you there.

Skoda Minotti Community Connection

We're pleased to announce the recipients of the innaugural Skoda Minotti Community Connection. After deciding among the many worthy finalists, the following two organizations were selected: 

• The Beck Center
• The Boys and Girls Clubs of Ohio

These two organizations will receive the following considerations from Skoda Minotti:

• Substantial cost savings. A total of 100% savings of one year's fees, over a three-year period.
• Volunteer help. Skoda Minotti employees will perform a "Done-in-a-Day" volunteer project at each organization. 
• Publicity. Feature articles highlighting the organizations will appear in upcoming issues of Special Delivery.
• Monetary donations. Funds will be donated from Skoda Minotti's monthly charity drives.

Keep an eye on this space for more information on each of these great organizations in the coming months, as well as information on some of the great finalists that applied for the program.

For more information on these topics, please contact a professional at Skoda Minotti by calling 440.449.6800, or visit us online at www.skodaminotti.com.