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…
DetailsRecently 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…
DetailsThe IRS has reported that the number of potential victims impacted by a tax scam has increased from a few hundred to several thousand in just a few days. Putting a new twist on an old scam, criminals are taking taxpayer information, filing fraudulent returns, and depositing erroneous refunds into real taxpayers’ bank accounts. The…
DetailsAs of January 1, 2018, SBA has changed the Business Acquisition Equity Requirements. This requirement is commonly referred to as the “Goodwill Rule.” Updates are as follows: They eliminated the $500,000 benchmark all together. They now require that the buyer puts down a minimum of 10% of the Project Costs. (NOTE: This is 10% of the…
DetailsBitcoin has been all over the news recently. Although we hear a lot about it, we are left with numerous questions. What is it, how does it work, and how we deal with it from a tax reporting perspective? Now, other cryptocurrencies are hitting the mainstream. All of this makes us wonder, will these cryptocurrencies…
DetailsTaxpayers that are age 70 and a half may direct their IRA to make a direct contribution to a qualified charity of up to $100,000. This contribution counts toward the required minimum distribution. The advantage to this is that the distribution to the charity is not included in the taxpayer’s adjusted gross income (AGI). This…
DetailsThe Internal Revenue Service (IRS) recently released cost of living (COLA) changes for 2018. From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you’re an employee or business owner, senior management or nonexempt staff, these changes may affect how you…
DetailsA recently resurfaced banking Trojan is now being used in a malware/phishing campaign targeting users of accounting services provider Xero. Similar attacks have also been used against users of Intuit and QuickBooks. The goal of these attacks is to gather login details for banking and financial accounts. Here’s how it works, what it looks like,…
DetailsIt’s almost that time again… Tax Season! We want to make sure that you are taking advantage of all the tax deductions that are available to you when you are traveling for charity. There are a few things that you want to make sure you are doing to make sure the deductions qualify. A few tips to…
DetailsIn North Carolina, the NCACPA is working to modernize and improve our state tax code. LBA Haynes Strand is proud to be a member of the NCACPA. This year they have made a few changes and have recently announced those changes. Take a look at what the NCACPA has been working on by CLICKING HERE!…
DetailsTip 1: Know Which Type of License you are Seeking: The dollar amount of the project you are bidding on will likely be the determining factor of which license type is right for your company. See the chart at the bottom of the post for the license thresholds, financial requirements and whether an audit is…
DetailsEvery year LBA Haynes Strand closes it’s doors for one day while the entire firm goes out into the community to help with a worthy cause. This year we were fortunate enough to team with Out of The Garden Project in Greensboro, NC. Out of The Garden Project is a food assistance program for families primarily…
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