Business Advisory Services

Because the people asking do not know about the changes that have been made.

On June 15, 2011, SAS 70s were broken into two different standards. A new standard (SSAE 16) and an existing standard (AT 101).

These two different standards are used for two different reasons:

Growing your business is a big job, and you can’t do it yourself.

In order to successfully grow, you need to have a dedicated team of advisors who are working together to identify the issues your business faces and develop a comprehensive plan to move it forward.

Any business executive, regardless of the age or size of the company, should make sure that an appropriate team of professionals is in place to serve on an advisory board. That includes an attorney, a CPA, a financial advisor or planner,...

Growing your company through mergers or acquisitions can provide a tremendous boost to business, but isn’t something to take lightly.

You have to consider how you want the organization to grow When you start identifying targets, consider what sort of operational challenges you will face. We call that smart growth — what should an organization look like for the short-term and the long-term.

Before considering growing your business through a merger or acquisition, what should a business owner think...

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...

This month's Special Delivery E-Newsletter includes the following articles:

• Key Provisions in the New Tax Act
• What Business Entity is Best for You?
• Tax Breakdown of Interest Expenses
• Summary of Key Tax Changes for 2011
• New Tax Relief Act Creates Dramatic Gifting Opportunities
• Many Smaller Employers Will Have to Use EFTPS for Payroll Tax Deposits
• Aurum Capital Markets Summary
• Understanding the Energy Efficient Deduction
• College Planning
• Audio Book Club

Key Provisions in the New Tax Act

The recent tax...

This month's Special Delivery E-Newsletter includes the following articles:

• Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
• Year-End Tax Planning Letter for Individuals
• Year-End Tax Planning Letter for Businesses
• What Are the Benefits of Buy-sell Agreements?
• Don't Miss Out on Above-the-line Deductions
• Keeping Records for Your Business Car
• Aurum Capital Markets Summary
• R&D Tax Credit Extended for 2010 and 2011 Calendar-year Expenses
• IRS Increases Business Mileage...

This month's Special Delivery E-Newsletter includes the following articles:

• Skoda Minotti Expands its Compensation and Benefits Advisory Services Group
• Own Rental Property? New Law May Affect You
• Capital Gain Exclusion on Small Business Stock
• One Last Chance to Repair Deferred Compensation Plan Issues
• Common Benefits of a Business Plan
• Home-office Deductions: Terms of Tax Endearment
• Cutting the "Kiddie Tax" Down to Size
• Aurum Capital Markets Summary
• Skoda Minotti Only Company Recognized at Inc....

Uncertain Tax Positions: Lessons Learned and a Look Forward

By R. Michael Sorrells, CPA

ASC 740-10, Accounting for Uncertainty in Tax Positions (formerly FIN 48) was required to be implemented by "public" non-profits, such as those with certain tax-exempt bonds for years beginning after December 15, 2006. However, the vast majority of nonprofit organizations were allowed to defer this requirement until years beginning after December 15, 2008 (generally calendar year 2009 and fiscal years...

When companies receive a request for a SAS 70 audit, their first question is often, “What is this, and why am I being asked for it?”

A SAS 70 audit (statement of auditing standards no. 70) is one function of auditing that assesses the internal controls of a service organization. When a service organization has access to important information, such as employee banking information, social security numbers, etc., it needs to be determined that the manner in which this information is stored and...

Advisor Insights

With the passage of the the Patient Protection and Affordable Care Act both businesses and individuals will be feeling major effects of this bill in the coming years. To help you better understand how this bill impacts you and your business, we have put together several resources that you should find useful.

Health Care Reform Webinar

On May 5th, our own Jim Sacher participated in a Smart Business Live webinar presentation on health care reform. You can view the outline from his...

With the passage of Health Care Reform, the big question is, "How will it affect my business?" SmartBusiness Cleveland recently hosted a webinar series which looked at this topic from five angles: tax implications, legal issues, economy, benefits, and health care.

Click here to download my segment which looked at how the accounting and tax implications of the health care reform will affect your business, and how you should react and adapt to absorb the changes.

For more information on how health...

In June 2011, the SSAE No. 16 will replace the SAS 70 as the standard for reporting on service organizations.

Statement on Standards for Attestation Engagements (SSAE) No. 16

The SSAE No. 16 was finalized by the Auditing Standards Board of the American Institute of Certified Public Acountants (AICPA) in January 2010. It was drafted to replace the SAS 70 as a more effective standard for reporting on service organizations, and to update the US service organization reporting standard so that it fits...

Overview:

Great news was recently received by university medical institutions with pending claims for a refund of FICA taxes remitted on amounts of compensation paid to medical residents. The Internal Revenue Service made an administrative determination to concede that amounts paid to medical residents for  taxable periods ending before April 1, 2005, are exempt from FICA taxes under the student exception.

Unfortunately, the refund opportunity does not apply to any payments made after the...

Although the restaurant industry is expected to show gradual improvement in 2010, according to the National Restaurant Association’s 2010 Restaurant Industry Forecast, the industry is still facing challenges including increased competition from grocery stores and warehouse clubs, increased commodity and fuel costs, and a more health-conscious society. Click here to learn how restaurants can adapt, succeed and even thrive in this economy.

For more information, post a comment below or contact...

Most adults know the importance of having at least a basic estate plan in place. This normally includes a will, living will, life insurance, and maybe even a trust.  These are all good tools but like everything in life, change happens so change will be necessary to some, if not all, of these documents.

• Mistake #1: Not regularly reviewing your will.  A will outlines how property is to pass from the decedent to his heirs. For a young family, all property is normally left to a spouse and then to the...

Although the manufacturing industry is facing challenges (three main ones, in particular), there are ways manufacturers can adapt and succeed.  Click here to learn more.

For more information, contact our Manufacturing Industry Group at 440-449-6800.

You may remember our June 9 post discussing Ohio Recovery Audit Contractors (RAC).  Now, all four RACs have now posted approved CMS issues for automated reviews on their websites. 

The only states that do nothave approved issues for automated reviews are Illinois, Kentucky, Ohio, and Wisconsin which are included in Region B.  The Recovery Audit Contractor for Region B is CGI. CGI just posted its first three issues to its website on August 26, 2009 for the target states of Indiana, Michigan and...