Business Valuation & Litigation Support E-Newsletter: November 2011

Wednesday, November 30, 2011 by Sean Saari, CPA/ABV, CVA, MBA

This month's issue of Valuation & Litigation Advisory Insights includes the following articles:

  • Growth rate becomes critical to lost profits calculation
  • In the battle of experts, one weapon simply isn't enouth
  • Tax Court to valuators: Explain yourself!

Growth rate becomes critical to lost profits calculation

In commercial cases involving lost profits, selecting an appropriate growth rate is a critical step in calculating damages. It’s also one of the most challenging. Depending on the amount at stake...

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Not-for-Profit Update - Summer 2011

Friday, September 9, 2011 by Herzl Ginsburg, CPA

This quarterly Not-For-Profit Standard includes the following articles:

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Skoda Minotti Named to Top Workplaces 2011 List

Friday, August 26, 2011 by Anna Marie Ricciardi

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...

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Ohio Creates Two New Tax Amnesty Programs

Friday, July 15, 2011 by Keri Boergert

Ohio recently enacted legislation creating two tax amnesty programs that may affect you or your business. 

 

Use Tax Amnesty Program

 

The first program is a change to the Ohio Use Tax Education Program. In case you are unaware, here is a quick refresher on Ohio use tax.

 

Use tax is a tax on the storage, use or other consumption of tangible personal property and certain taxable services in Ohio. The use tax is a complement to the sales tax.   In general, if you have paid Ohio sales tax on an item,...

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Skoda Minotti Recognized at 2011 World Class Customer Service Awards

Thursday, June 23, 2011 by Anna Marie Ricciardi

CLEVELAND – Skoda Minotti, a CPA, business and financial advisory firm, has once again been named a World Class Customer Service award winner, as presented by Smart Business Magazine. With this year’s award, Skoda Minotti became one of only four companies to have won this award in each of the five years since its inception.

“At Skoda Minotti, a key component of our firm’s vision is to create a culture of continually improving client service,” says Skoda Minotti partner, Mike Trabert, CPA. “This...

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Skoda Minotti and Clients Recognized for Value Created in Northeast Ohio

Monday, June 6, 2011 by Anna Marie Ricciardi

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...

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Special Delivery E-Newsletter: May 2011

Tuesday, May 31, 2011 by Ken Haffey, CPA, CVA

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...

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How to Navigate the Challenges of Exit Planning

Tuesday, May 31, 2011 by Dan Golish, CPA/ABV, CVA, CFF

Nearly 90% of owners of family-run businesses believe that the same family (or families) will control the business in five years.  Unfortunately, if history provides any indication, only about two-thirds of those businesses will survive to the second generation.  The statistics deteriorate when it comes to the third and fourth generations, with only 5% of family-owned businesses surviving to the fourth generation.  These statistics illustrate a key challenge that today’s business owner faces:...

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Skoda Minotti Professional Staffing Group Announces Job Opening: Tax Analyst - International in Cleveland, Ohio

Monday, May 16, 2011 by Andrew Devore

Tax Analyst Job Description:

  • Prepare and file international tax compliance forms and disclosures within the US federal income tax return, such as forms 5471, 8858, 1118, etc.. including calculations of Subpart F, foreign E&P, foreign tax credit and Section 987 within the required time limit established by the taxing authority.
  • Assist as needed in the preparation and filing of foreign, federal, state and local income tax returns, and property tax returns within the required time limit established...
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Skoda Minotti Small Business Services Group Announces New Hire

Thursday, May 12, 2011 by Anna Marie Ricciardi

CLEVELAND – Skoda Minotti is pleased to announce one new hire to its Small Business Services Group:

Alexandra Goodrich – Goodrich joins the firm as paraprofessional in Skoda Minotti’s Small Business Services Group. In this role, she will provide outsourced bookkeeping support for the Kidney Foundation and Epilepsy Association in Cleveland, Ohio. Goodrich also currently works as bookkeeper for the Lake Humane Society.

Skoda Minotti’s Small Business Services Group assists small- to mid-size...

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Small Business Tax Credit: Employer Provided Health Insurance Coverage

Wednesday, February 16, 2011 by Roger Gingerich, CPA/ABV, CVA

The Patient Protection Act, as amended by the Health Care and Education Reconciliation Act, provides a sliding-scale small employer tax credit to help offset the cost of employer-provided health insurance coverage. Generally, a small employer is one with fewer than 25 full time equivalent (FTE) employees and average annual wages per employee of less than $50,000. The credit is phased out between 10 and 25 employees and average annual wages per employee between $25,000 and $50,000. 


FTE employees...

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Many Smaller Employers Will Have to Use EFTPS for Payroll Tax Deposits

Thursday, January 20, 2011 by Deb Herr

Per the American Payroll Association, the Treasury Department has announced that, as part of a three-pronged initiative to reduce the amount of paper transactions it handles, most employers that now are allowed to use paper Federal Tax Deposit Coupons and checks to make payroll tax deposits will have to make those deposits electronically through the Electronic Federal Tax Payment System (EFTPS) beginning in 2011. The primary exemption will be for employers that have $2,500 or less in quarterly...

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Frequently Asked Questions about Tax Law Changes

Thursday, January 6, 2011 by Jim Forbes, CPA
Between recently enacted tax legislation and changes made earlier in 2010, there are a number of changes that will impact business tax filings in 2010. Some of the major recent changes involve cost recovery and utilization of tax credits. After much debate, the bill was signed into law by President Obama on December 17, 2010.

Many of these recent changes are very taxpayer friendly.

What are some recent changes in tax law regarding depreciation and cost recovery?

First, as a result of the most...Read More >>

Special Delivery E-Newsletter: December 2010

Friday, December 31, 2010 by Mike Trabert, CPA, CVA, CMAP

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

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Skoda Minotti partner becomes first person to be re-elected to Ohio IRS Tax Liaison Panel for second term

Monday, December 6, 2010 by Anna Marie Ricciardi

CLEVELAND - 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...

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Special Delivery E-Newsletter: October 2010

Friday, December 3, 2010 by Ted Ginsburg, CPA, JD

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

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62 Ohio Biomedical Companies Receive Therapeutic Discovery Project Grants

Monday, November 15, 2010 by Diane Thompson, CPA

The IRS granted around $15 million to 62 Ohio biomedical companies for qualified Therapeutic Discovery Projects that take place during 2009 and 2010. 

 

The Patient Protection and Affordable Care Act  enacted in March 2010 allowed for $1 billion dollars in tax credits or grants (for not yet profitable companies) for companies with projects that show potential to:

·          Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and...

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Proposed Business Tax Breaks

Tuesday, September 7, 2010 by Jim Forbes, CPA

President Obama’s latest proposal would allow companies to write off 100% of their new investment in plant and equipment as “bonus” depreciation -- in previous years, companies could deduct up to 50% of their new investment in plant and equipment.  Also included in this proposal is expansion of the R&D tax credit.  Details on the proposal will be laid out in a speech in Cleveland tomorrow. 

Click here to learn more and contact our Tax Planning & Preparation Group at 440-449-6800 with...

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Special Delivery E-Newsletter: July 2010

Friday, July 30, 2010 by Steve Gross, CPA

Seven Steps for Delegating Work
 
Do you own a small business? You may feel that the success-or the failure-of the business rests entirely on your shoulders. So you try to be in all places at all times. However, in most cases, this will result in problems for the operation and decreased productivity by other workers.

Solution: Practice the fine art of delegation. (It is an art, not a science.) If you parcel out certain jobs among other staff members, you can devote more of your time to areas with...

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Real Estate Monitor: Spring 2010

Friday, May 7, 2010 by Roger Gingerich, CPA/ABV, CVA

2010 Real Estate and Construction Survey

Skoda Minotti is conducting our 3rd annual survey of the Northeast Ohio real estate and construction industries. Every participant who completes the questionnaire will receive a free copy of the survey results and analysis and have a chance to win a $50 gift card to Dick's Sporting Goods.

 

The goal of the survey is to provide professionals in the real estate and construction industries in Northeast Ohio with the invaluable insight into their industries.

As...

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