Akron Tax Accountant

CLEVELAND, Ohio – Skoda Minotti, a CPA, business and financial advisory firm, has been named a recipient of The Plain Dealer’s second annual Top Workplaces 2011 award, for the second year in a row. This honor was given to 132 companies, nonprofits and agencies in northeast Ohio companies this year, based strictly on survey results of their employees.

Survey results were gathered using an independent workplace consultant. Employees were asked to indicate, on a seven-point scale, how much they...

CLEVELAND – Skoda Minotti, a CPA, business and financial advisory firm with offices in Cleveland and Akron, has been named a recipient of the 2011 Leading EDGE Award. Presented by Crain’s Cleveland Business and The Entrepreneur’s EDGE, this award recognizes companies that have consistently generated value to the Northeast Ohio economy over the past three years.

Uniquely positioned to provide business and financial advisory services to companies of differing sizes and industries...

Click here to view Part 1 of our series and learn more about the stock option landscape or Part 2 to learn more about the accounting and tax ramifications of issuing stock options.

What To Do?

As discussed above, there are significant risks that a company brings upon itself if it decides to issue stock options without properly valuing the options and the equity of the company. Rather than issuing stock options, if a company wants to offer an employee the opportunity to obtain an ownership...

Accounting and Tax Ramifications of Issuing Stock Options

 Click here to view Part 1 of our series and learn more about the stock option landscape.

To give you more perspective, first let us review the accounting treatment for the issuance of stock options (rest easy - this will not be too painful). When stock options are issued, an expense must be recorded based on the value of the option. A stock option’s value is derived from a variety of factors, two of which are the value of the stock as of...

When selling your home, it is common to use an agent to list, promote and show the property. In exchange, you pay a portion of the sales price as a commission to the agent. The benefits of using an agent include: 1) the listing of your home in a database so that homebuyers can access information about it; 2) the agent acting as your middleman during the negotiation process; and 3) the incentive it gives the agent to sell your home quickly (so that her or she can earn their commission). 

Some peop...

It's like a game of hide and seek for wealthy Americans.  In 2001, the Internal Revenue Service estimated that Americans owed $345 billion more in tax than they paid, or about 14% of federal revenues from fiscal year 2001.  Where were these tax dollars hiding?  The U.S. government is betting a good portion is hiding in the Swiss Alps. 

In an unprecedented move, the Swiss Justice Department agreed to disclose the names of 4,450 UBS account-holders from 2001 to 2008 that contained more than...

In today’s economy, it is crucial to keep good tenants. The following nine points will help you maintain maximum occupancy in an uncertain environment:

1. Understand the tenant’s business. Research their industry so you can credibly talk about their business, and make them feel that you understand their concerns in today's economic conditions. 
2. Respond reasonably to rent relief or downsizing. This entails a two-step process consisting of listening to the request, and then formulating a personal...

Many of us probably remember Harvey Dent, aka “Two-Face,” from our childhoods as one of Batman’s arch enemies. He looked like a normal guy from one perspective, but from the other side, he was a bizarre-looking villain. While normalizing adjustments in business valuation may not be quite as exciting as watching Batman battle Two-Face, they bear a similarity to this comic book character.

The results of many companies as reported in financial statements or tax returns do not always reflect...

While the likely adoption International Financial Reporting Standards (IFRS) is a hot topic for accountants, many privately-held small and medium-sized business owners may not be aware of the potential changes on the horizon for financial reporting. The general consensus is that in the coming years, the U.S. will move to adopt IFRS in place of Generally Accepted Accounting Principles (GAAP) as the governing standards for financial reporting, although no official date for conversion has been set...

Many companies are unaware of their obligation to obtain a use tax account and self remit use tax on a regular basis.  Companies should review their purchases for potential risk to use tax.  Reviewing a company's use-tax exposure is a specialized service tax we are able to offer to our clients.

Who does use tax affect?

Purchasers of tangible personal property or taxable services that are consumed, used or stored in Ohio can be subject to use tax when a vendor does not charge sales tax.   However,...

A business valuation is a just a business valuation – isn’t it? This would be akin to saying that a steak is just a steak when, in fact, there are ribeyes, strips, sirloins, and filets (just to name a few). Likewise, business valuations come in two distinct “flavors” – conclusions of value and calculations of value.

As of January 1, 2008, valuation analysts who hold either the Certified Valuation Analyst (CVA) credential supported by the National Association of Certified Valuation Analysts or...

That’s right. State officials now say that California’s financial situation is so serious that many taxpayers may receive IOUs instead of refunds for state taxes. Warnings of delayed tax refunds and warrants started as early as January, 2009. 

The State of California is planning on issuing warrants instead of refund checks. A warrant is issued by a government agency when they are unable to pay currently and are redeemable at some point in the future, usually with interest. Only once since the...

This week is our final update in our series on the changing rules and regulations and their impact on employee benefit plan audits.

This week’s topic:

2009 Cost of Living Adjustments for Qualified Retirement Plans

The Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009.

Click here for more of this article.

For more information on employee benefit plan audits, please leave a comment below, or contact Dani...

Looking for a low-cost construction financing option? The American Recovery and Reinvestment Act of 2009 created a new category of bonds - Recovery Zone Bonds (RZB). These bonds are intended to stimulate economic recovery in designated “recovery zones”. There are two categories of RZBs – Recovery Economic Development Bonds ($10 billion allocated) and Recovery Zone Facility Bonds ($15 billion allocated).

Recovery Zone Economic Development Bonds – These are governmental bonds to be used for...

The CPAs, business and financial advisors in Skoda Minotti's Real Estate and Construction Group recently authored an article for Builders Exchange Magazine.

The article summarizes some important accounting and tax provisions that construction professionals need to keep in mind. The article highlights the American Recovery and Reinvestment Act, the Energy Policy Act of 2005, qualified rehabilitation and low income housing tax credits.

To view this helpful article, click here.

Looking for a...

Hello, and welcome to the first blog entry from the Skoda Minotti Real Estate and Construction Group!  We are excited to roll-out our new website, and will periodically bring you up-to-date on recent events, changes in market conditions, educational opportunities, tax-savings tips… anything that can help you in your real estate or construction business.  We strive to connect you and your business contacts to our real estate and construction world.

We encourage you to browse through our Real...

When forming an entity, do you know the pros and cons of a C corporation versus an S corporation? What about the advantages and disadvantages of a partnership, LLC or sole proprietorship?

These classifications may not seem important now, but they can have significant tax and liability consequences depending on your future plans for your business, especially if you are looking to sell.

For an overview of how entity type can affect your business, we invite you to view the August issue of Smart...

Please note that Ohio’s sales tax filing requirements have changed. Starting with January 2009 sales tax (due 2/23/09), the state will no longer accept paper monthly sales tax forms. You will now need to file electronically using Ohio Business Gateway. To view the complete notice, click here.

You can find more information about electronic filing methods at www.tax.ohio.gov.

Looking for Cleveland or Akron tax accountant? Contact Skoda Minotti at 440-449-6800.

On October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008. Along with the much publicized financial markets rescue plan, the bill also contains $150 billion in tax relief. 

Other highlights of the Act include:

• Over 290 Changes to the Tax Code
• 2008 AMT Patch
• Tax Extenders
• Disaster Relief
• Energy Incentives
• Revised Preparer Penalty Standard
• Enhanced Child Tax Credit
• Broker Basis Reporting 

For a complete summary of all of these highlights, we recommend that you...

As you may have heard, the American Housing Rescue and Foreclosure Prevention Act of 2008 became law on July 30, 2008. What does this mean to you?

The three changes most likely to affect taxpayers include:

• Temporary tax credits for first-time homebuyers

• Temporary property tax deductions for non-itemizers

• Unfavorable new rule for properties converted into principal residences

There were also a number of other important changes, including:

• Corporations can use R&D and MTC carryovers instead of claiming...