Compensation and Benefits Consulting Insight

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. 500/5000 Reception as a Nine-Time Honoree

Skoda Minotti Expands its Compensation and Benefits Advisory Services Group

Skoda Minotti is pleased to announce that it has expanded its Compensation and Benefits Advisory Services Group with the addition of Ted Ginsburg, CPA, JD.

Ted joins us as principal in the Compensation and Benefits Advisory Services Group. In this role, he will be helping companies provide compensation and benefit packages for employees that are cost effective, market-driven and appropriate at each company's current stage of development.

Ginsburg joins Skoda Minotti with over 25 years of industry experience, most recently working as Senior Director for BDO Seidman's Chicago office. He has also worked with Remedy Compensation Consulting, Grant Thornton, KPMG and Buck Consultants. He earned his JD and MBA from Washington University in St. Louis, Missouri.

For more information on our compensation and benefits services, please contact Ted Ginsburg at 440-449-6800.

Own Rental Property? New Law May Affect You

The recently enacted Healthcare Reform and 2010 Small Business Jobs Act includes an assortment of changes for small businesses. It also contains two significant changes for information reporting by taxpayers. As indicated in this article, this includes individuals who own rental property as a passive investment.
 

Capital Gain Exclusion on Small Business Stock

On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the "Jobs Act"). One of the more intriguing provisions of the Jobs Act is the 100% exclusion from gross income of capital gains from the sale of certain qualified small business stock. Generally this provision will allow taxpayers to pay no federal tax on up to $10 million in gain from the sale of certain qualified small business stock.

One Last Chance to Repair Deferred Compensation Plan Issues

December 31, 2010 marks the closing of a window offered by the IRS to self-correct non-qualified deferred compensation programs (NQDC) for failure to comply with Internal Revenue Code Section 409A (409A).  Although many employers have reviewed their programs for 409A compliance, some have not and should do so.  Let's briefly look at the issue and what should be done before year end.

Common Benefits of a Business Plan

As you approach the start of another year, you need to project a positive attitude for your business. One way to get things off on the right foot is to draw up a business plan for 2011 and make sure it is properly executed.

Home-office Deductions: Terms of Tax Endearment

If you operate a business out of your home, you may be able to write off a portion of your everyday living expenses. But tax deductions for home-office expenses are not automatic.

Cutting the "Kiddie Tax" Down to Size

The "kiddie tax" is a bit of a misnomer. This tax provision may actually apply to children well into their twenties. Nevertheless, with some advance planning, you can minimize or even eliminate the tax damage.

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 October as well as a recap of the significant events influencing the markets.

Skoda Minotti Only Company Recognized at Inc. 500/5000 Reception as a Nine-Time Honoree 

Skoda Minotti was the only company to be recognized as a nine-time honoree at the recent Inc. 500/5000 Conference in Washington, D.C. The Inc. 500/5000 is an annual list that recognizes the fastest growing private companies in the United States.

Join Us for a One-Hour Ethics Update Session (Qualifies for CPE)

We will be presenting a one-hour ethics update on December 10th at 7:45am and would like to extend the invitation to our clients and contacts with a CPA designation. Skoda Minotti has been approved by the Accountancy Board of Ohio to present this session for qualifying CPE credit.

If you wish to join us for this session, please contact Teresa Conley at tconley@skodaminotti.com.
 

Skoda Minotti Partner Becomes First Person to be Re-elected to Ohio IRS Tax Liaison Panel for Second Term

Joseph F. Skoda, CPA, a partner at CPA, business and financial advisory firm Skoda Minotti, recently became the first member of the Ohio IRS Tax Liaison Panel to be re-elected for a second two-year term. Skoda is joined on the 28-member panel by fellow Skoda Minotti partner Steven C. Hartstein, CPA, JD.

The panel meets with the management of the IRS and the Ohio Department of Taxation four times per year and is responsible for helping the taxing authorities identify systemic problems and disseminating information directly from the taxing authorities to the members of their respective professional organizations, including the OSCPA, OBA, NSA, NABA, OAIA, NAEA, NATP and IMA.
 

College Planning One-on-One Advisory

In 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.
 

Join Us for Our First Audio Book Club Event

Skoda Minotti is pleased to announce that starting January 4th, 2011, we will be hosting a monthly meeting of Audio Group, "A business audio book club for time-starved people."  Each month, you can join us and other local professionals as we discuss a new book that will help you improve your business.

Our featured book for January is The Ultimate Sales Machine by Chet Holmes. This book shows you how to tune up and soup up virtually every part of your business by spending just an hour per week on each impact area you want to improve-sales, marketing, management, and more.

How Audio Group Works

1. Register for the January kick-off meeting by December 8.

2. You will receive, in the mail, an audio book and discussion questions that will be used in the January kick-off 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 January meeting.

4. Show up on January 4, 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 January meeting with a copy of the February audio book, if you wish to register to attend the next meeting.

Kick-Off Meeting Details

Date - January 4, 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

For questions, please contact David Rust of Audio Group at 440.591.5111, davidrust@roadrunner.com, or Anna Marie Ricciardi of Skoda Minotti at aricciardi@skodaminotti.com or 440.449.6800.