Accounting Blog

Tax, Investment, & Planning Opportunities in 2018

Posted on Thu, Jul 19, 2018

For the past several years, LBA Haynes Strand has worked with our partners at HK Financial Services to provide wealth management planning strategies for our clients. Last week LBA Haynes Strand and HKFS presented an economic update webinar. We understand that life and schedules are extremely busy, so we wanted to provide a copy of the webinar for our clients and friends who may have missed the live showing.

In the video below, our speakers, John Bly, Principal and CEO at LBA Haynes Strand, Ann McCorkindale, Partner Emeritus at HKFS, and Suzanne Tudor, Director of Financial Planning at HKFS, discuss volatility and opportunities in the global synchronized expansion.

They also review financial and estate planning under the new estate tax law.

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Tags: LBA Haynes Strand, tax planning tips, wealth management, Estate planning, HKFS, webinar, investment planning

Dental Practice Lifecycle: Introduction

Posted on Tue, Jul 10, 2018

Over the next few weeks our dental team here at LBA Haynes Strand will be presenting a series of blog posts related to the lifecycle of a dental Practice. Items we will be highlighting include:

• An overview of the stages within the dental Practice lifestyle
• Key questions to ask when buying a dental Practice
• Selling your dental Practice

As we move through these topics we will strive to provide up to date, informative and helpful information for today’s dental Practice owner whether you are in the first stages of starting your Practice or looking at retirement.

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Tags: accounting firm, Mount Airy, Greensboro CPA, Matthews CPA, women dentists, dentists Charlotte, NC, Charlotte dentists

LBAHS Day 2018: Out of the Garden Project

Posted on Tue, Jul 03, 2018

“I firmly believe the greatest responsibility we have as a firm is to serve our clients, our people and our community. Working with the Out of the Garden Project is one of the most fulfilling efforts in our year.”- Dave Recchion, Office Managing Partner, LBAHS Greensboro Office.

This year, LBA Haynes Strand got the amazing opportunity to go back to the Out of the Garden Project (OOTGP) to help out for a second year. Our LBAHS Day is an annual community service day where we close our office doors and focus on giving back.

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Tags: Mount Airy, LBA Haynes Strand, accountant, Greensboro, Charlotte, Matthews, NC

Tax Implications of South Dakota v. Wayfair, Inc.

Posted on Wed, Jun 27, 2018

On Thursday June 21, 2018,  the Supreme Court issued its much anticipated opinion in the landmark case of South Dakota v. Wayfair, Inc. fundamentally changing the sales tax landscape in the United States.

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Tags: CPA, Mount Airy, Greensboro, New law, business owners, Charlotte, NC, tax policy

Free Webinar: Economic Update

Posted on Mon, Jun 18, 2018

Please join us on Thursday July 12, 2018 at 11am for an economic update webinar discussing volatility and opportunities in the global synchronized expansion! We will also review financial and estate planning under the new estate tax law. The webinar will be presented by John Bly, Principal and CEO at LBA Haynes Strand, as well as Ann McCorkindale, CFA, CFP and Suzanne Tudor, CFP, J.D. with HK Financial Services. LBA Haynes Strand works with HK Financial Services to provide wealth management strategies for our clients. 

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Tags: LBA Haynes Strand, Wealth Planning, wealth management, free webinar, webinar

The Impact of Increased Take Home Pay on Your Tax Return

Posted on Wed, Jun 13, 2018

What could increased take-home pay mean for your 2018 tax return?

The recent tax reform has instituted a variety of changes in both individual taxes and business taxes starting in 2018. Many Americans can expect a decrease in tax, and with the new federal withholding tables released earlier this year, an increase in take home pay. Less tax and more pay, what’s not to like?

The goal of this change in federal withholding tables was to adjust for the new changes that will impact individual taxpayers. Some of the major changes include a decrease in tax rates, an increase in the standard deduction, and a repeal of personal exemptions.

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Tags: tax, IRS, tax returns

When to Hire a CFO

Posted on Thu, May 10, 2018

As your company grows, both in size and revenue, it becomes necessary to have a leader who can manage and think strategically about financial decisions. While CPAs are critical to the success of the organization, they may not have the time to dive in and focus on the financial future of the company. The CFO can add value through a variety of resources and collaboration with business owners.

Here are a few indicators that it is time for you to hire a CFO:
•  The CEO is working more “in” instead of “on” the business
•  Complexity of the business begins to erodes profits
•  Business decisions are hindered by lack of timely financial data
•  An early warning system would have prepared the business for significant up or downturn
•  Cash flow is unexpectedly interrupted due to lack of planning
•  Lead bank is concerned over quality and timeliness of financial reporting
•  An acquisition strategy is included in the business growth plans
•  Company experiences higher than expected tax liabilities due to lack of tax strategy

The resources the CFO provides can only add value to and enhance the strategic direction of the company. 

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Tags: accounting services, outsourced accounting services, accounting solutions, Chief Financial Officer, CFO

Fraud Alert: Identity Theft Fraudsters Targeting Small Businesses

Posted on Tue, May 08, 2018

In recent years, we have seen a marked increase in the amount of identity theft cases due to our increased use of the internet.  Generally, as tax professionals we mainly see the impact on  individuals from these schemes. However, there is an surge of small businesses being targeted now. 

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Tags: accounting firm, Small Business, fraud alert, fraud

The Role of the CFO

Posted on Wed, Mar 28, 2018

Over time, the role of the CFO has evolved from transaction oversight to one of strategic importance. The CFO has become a true business advisor which both business owners and senior leaders rely on.

Typically, the CFO will model the owner and leader’s vision into a financial pro-forma to evaluate whether they can and will make the necessary investments (primarily financial and cultural) to achieve their goals.

Business owners need an in-house counselor, who is invested in the financial future of the company, to aid in decision making. The CFO provides resources needed to help make these decisions and “monetize” the company’s vision.

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Tags: accounting services, outsourced accounting services, accounting solutions, Chief Financial Officer, CFO

Scam Alert: QuickBooks & Intuit Phishing Emails

Posted on Thu, Mar 01, 2018

Recently there has been a rise in the number of phishing emails that appear to be sent by QuickBooks and Intuit. These messages state that the customer has a payment due on an open invoice. The balance due on the fake email is a higher amount than the typical cost of the software and any subscriptions offered by Intuit.

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Tags: accounting firm, Scam Alert, phishing scam, Quickbooks