Download Your Free LBA Haynes Strand Smartphone App

LBA Haynes Strand has developed an app to deliver real world accounting solutions to businesses and individuals alike.  Included in the app are:

  • Office Information – addresses, directions, phone numbers, office hours
  • M&A Due Diligence Checklist – Be prepared and make sure your due diligence is done!
  • Tax Questionnaire – Stay organized with this helpful tool!
  • Free Industry Guides
  • A Printable Tax Organizer
  • Subscribe To Our Newsletter
  • Read the most recent LBA Haynes Strand Blog posts
  • Keep up with Firm News
  • Document Submission – Take a photo of your document and send it to our team of CPAs!

In an effort to become the best CPA Firm for our clients and provide them with up to the minute updates, news, and service, we have developed this App with their needs in mind.

To download our app, click the links below:

Apple App Store URL:

https://itunes.apple.com/us/app/lba-haynes-strand/id1016215236?mt=8

Google Play URL:

https://play.google.com/store/apps/details?id=com.app_haynestrand.layout

John Bly Interview – Cracking The Code To Mergers & Acquisitions

John Bly recently sat down with ExitCoachRadio.com for an interview with host Bill Black. During the interview John discusses three important aspects of the M&A marketplace:

  1. What does the current M&A environment look like?
  2. Where is the funding for deals coming from today?
  3. Why would a small business want to acquire other companies?

To listen to the interview from ExitCoachRadio.com, CLICK HERE! Do you have more questions about mergers and acquisitions? Contact John Bly today!

LBA Haynes Strand Attends NC Charter School Conference

Each year, the North Carolina Public Charter Schools Association organizes a conference for educators, administrators, parents, vendors, board members, and supporters of the NC Charter Schools System. LBA Haynes Strand has attended this event for the last several years, and we are grateful for the opportunity!

The NC Public Charter Schools Association was established in December of 2011. Their mission is to grow and sustain high quality public charter schools that nourish North Carolina’s children and enrich their families. Our Firm is proud to support the Association, and provide full-service accounting, payroll and CPA audit services for prospective and established North Carolina Public Charter Schools. We understand the unique needs of charter schools, which is why we’ve structured our Charter School Accounting Division to accommodate your most common concerns.

We look forward to attending the Charter Schools Conference each year and to furthering our knowledge so that we may better serve our clients. If you are interested in discussing our charter school accounting services, set up a no-cost consultation today! We are proud of our partnership with the NC Public Charter Schools Association and are excited to see it thrive!

How Much Should You Save For Retirement?

It’s never too early to save for retirement! While it may sound a bit cliche, it’s true! No matter how long you’ve been in the workforce, determining a retirement plan and regularly reviewing your strategies is of vital importance.

Deciding how much you should be saving for retirement each month can be confusing. Check out the savings plan below for a helpful guide on how much to set aside for retirement. Keep in mind that your plan should offer immediate tax benefits as well.

How Much Should You Save?

Number Of Years Until RetirementEstimated Monthly Savings Needed Per $1,000 Desired (assumes 10% return)
15$ 239.23
16$ 210.97
17$ 186.22
18$ 165.02
19$ 146.63
20$ 130.55
21$ 116.41
22$ 104.06
23$   98.11
24$   83.33
25$   74.74
26$   67.07
27$   60.28
28$   54.17
29$   48.73
30$   43.88
31$   39.51
32$   35.61
33$   32.10
34$   28.95
35$   26.12

The sheer number of retirement plans that are available can be overwhelming. How do you select a plan that will best provide for you at the time when you need it most? Is a combination of plans more suitable?

Are you ready to save for retirement? The partners and staff at LBA Haynes Strand are eager to help you choose the retirement plan that makes sense for you. Our team can also advise you on how changing tax laws will impact your current plans. Ready to discuss your future? Call or email us today for a FREE consultation!

What’s In a CPA Firm Name?

Accounting firm names are usually long names… lots of names… lots of letters! Why are our firm names made up of all these names and letters? Accounting firms, like other professional service firms, face many challenges in naming their company – including state regulations that require the use of the the name or initials of any partner or shareholder in the firm name. A CPA firm may also use the name or initials of a retired or deceased partner or shareholder in the firm name as long as the name is not deceptive. It is up to the CPA firm to decide the order of the names and come up with the brand that will best serve the firm going forward.

How did LBA Haynes Strand, PLLC come to be?

In 2014, when LB&A, Certified Public Accountants merged with Haynes Strand and Company, PLLC, we knew one certainty of the name… the “PLLC” would remain.  PLLC stands for Professional Limited Liability Company, which both firms were operating as already. We checked that part off the list and then moved towards the task of combining the names to retain market share and the brand in our established markets. With LB&A serving the Charlotte market, we saw this as an important must in the name. We removed the “&” to make it a more streamlined LBA. What does the LBA stand for you might ask? Firm Members last names: LaLone, Bly, Ayers. Now that we simplified one of the firm names, we moved to preserving the market share that Haynes Strand and Company had created in Mount Airy, Greensboro, and the rest of the Triad.  Haynes Strand had a large presence in the Triad, so we focused on honoring the history and the brand that had been created. We simplified and agreed to use  “Haynes Strand” from the previous firm name. “Haynes” in remembrance of John B. Haynes, who was a founder of the firm in Mount Airy and “Strand” in remembrance of Austin Strand who was also a founder of the firm and led the firm’s efforts in Greensboro.

So now we knew we were going to use “LBA”, “Haynes Strand”, and “PLLC” in the name…but the order was unclear.  We did extensive research and asked peers which name sounded best.  Our options were basically “LBA Haynes Strand, PLLC” or “Haynes Strand LBA, PLLC” – both choices properly honored our firm founders, and both created a memorable name.  During the great name debate, one of our principal members pointed out that, “Haynes Strand LBA, PLLC looks like alphabet soup!”  At that point we decided to move forward as LBA Haynes Strand, PLLC.  We honored the history and tradition of Haynes Strand and Company who had served the Triad since 1987, and we honored the culture of growth and forward thinking that LB&A had created as a firm in Charlotte.

So what’s in a name? History. Tradition. Excellence. Culture.

At this point if we have not been properly introduced, we welcome you to LBA Haynes Strand, PLLC.  We are a CPA firm that is proactively growing our practice to offer our clients a one-stop shop for all their accounting needs. With 3 full-service offices in Charlotte/Matthews, Greensboro, and Mount Airy, we are centrally located in the state of North Carolina and are looking to cement our firm as the go-to Accounting Firm for middle market companies. To learn more contact us for a no-cost consultation.

Stock vs. Asset Purchase: How About The Best Of Both?

Most buyers want to buy assets and most sellers want to sell stock. However for our buyers, sometimes the internal contracts of customers and vendors and the ease of buying stock is something they prefer. So, how do we get the accelerated tax benefits of an asset purchase?  Here’s one option called a 338(h)(10) election:

According to the IRS, Section 338(h)(10) permits the buyer and seller of corporations to elect jointly to treat the target corporation as deemed to sell all of its assets and distribute the proceeds in complete liquidation.

To qualify for the 338(h)(10) election, the seller must be either:
  1. A US corporate subsidiary of a selling consolidated group or a parent company.
  2. An S corporation on the acquisition date

When buying a corporation, one of the very first issues that needs to be addressed is whether a section 338(h)(10) election will be made.  This election is made to step-up the tax basis in all of the seller’s assets when the benefit of the step-up to the buyer exceeds the tax cost to the seller.  When the tax cost to the seller exceeds the tax benefit to the buyer, the election is not made.

So what benefits come from a 338(h)(10) election?
  • The taxable gain on the deemed sale of the target subsidiary’s assets may be offset by any losses in or tax attributes of other subsidiaries of the selling group.
  • The proceeds from the liquidation of a subsidiary are tax-free to the subsidiary’s shareholders under IRC Section 332, resulting in a single level of tax.
  • Advantageous in the acquisition of S Corporations because S-Corps are not subject to corporate level tax.

To learn more about this election and other tax benefits that could assist in an M&A transaction contact us for a no-cost consultation!

Celebrate July 4th In The Piedmont Triad

We are giving you some new and exciting ways to spend the 4th of July holiday in Greensboro and around the Piedmont Triad area! Check out the events below for suggestions on how you can make the most of your holiday weekend!

Friday July 3rd & Saturday July 4th
Fun Fourth Festival

Where: Downtown Greensboro – S. Green, S. Elm, Washington, & McGee Streets (click here for a PDF map)

Time:

  •  Friday: Kickoff Block Party: 7-11pm
  •  Saturday: Freedom Run & Walk: 8am
  •  Parade & Street Festival: 9:30am – 6:30pm
  •  Pops Concert & Fireworks: 7:30pm – 10pm

Description: The Fun Fourth Festival has been presented annually since 1975 as a community celebration of Independence Day for Guilford County and the greater Piedmont Triad Area. This year, over 90,000 people are expected to attend! Fun Fourth events include a Freedom Run, a Kickoff Block Party, a Parade and Street Festival, a Pops Concert, and of course, Fun Fourth Fireworks Finale. Fun Fourth maintains all of the favorite American Independence Day traditions and offers great entertainment and exhibits, many of which are free! For more information, click here.

Saturday July 4th
Uncle Sam Jam

Where: High Point; Oak Hollow Festival Park

Time: 4:30pm – Gates Open; 9:45pm – Fireworks

Description: Celebrate the 4th of July with outdoor live music, food vendors, children’s crafts, entertainment, activities, and fireworks! Parking will be available at the park and in surrounding lots. Come out and enjoy an event that is great for the whole family! **Fee is $10 per car load.

Independence Day Celebration

Where: Winston-Salem; Old Salem Historic District

Time: 9:30am – 4:30pm

Description: Join Old Salem Museum & Gardens for a special Independence Day celebration! Enjoy hands-on activities, demonstrations, music, games and more, including a moving naturalization ceremony at 10am, throughout the historic district. Historic Buildings will close at 4pm for all guests to join together in the Square for a 4:15pm re-enactment of the 1783 celebration of July 4th by the Moravians in Salem! Click here to find out more about this spectacular event!

Winston-Salem Dash Baseball Game & Fireworks

Where: Winston-Salem; BB&T Ballpark

Time: 6:30pm

Description: Spend your Saturday evening at the BB&T Ballpark cheering on the Winston-Salem Dash as they take on the Wilmington Blue Rocks! Youngsters can run the bases after the game, and be sure to sick around for the postgame fireworks show! Click here to purchase tickets.

Stars and Stripes Spectacular

Where: Greensboro; Newbridge Bank Park

Time: 6:30pm

Description: Cheer on the Greensboro Grasshoppers as they take on the Hickory Crawdads! Celebrate July 4th after the game with the Stars and Stripes Spectacular fireworks show, presented by Tanger Outlets. Get your tickets here!

These are some of the most popular events in the surrounding Piedmont Triad area:
  • Greensboro, NC: Wet ‘n Wild Emerald Pointe’s Sky Scream Fireworks Show – Extended park hours are 10am – 9pm, Fireworks at 9:15pm – emeraldpointe.com
  • Kernersville, NC: 4th of July Fireworks and Splash B4 the Blast – Swimming & Giveaways at the Kernersville YMCA, Live Music & Fireworks starting at 6:30 pm at the Kernersville Raiders football field – toknc.com
  • Lexington, NC: Fantastic Fourth Celebration – A great family event for children & kids of all ages; Fireworks begin between 9pm and 9:30pm – visitlexingtonnc.com/fantastic-fourth-of-july-festival

We hope you enjoy your 4th of July! Remember to stay safe! If you’re going to be handling fireworks, please click HERE  for important safety tips! Happy Independence Day!