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LBAHS Makes the 2019 Inc. 5000 List

Inc. Magazine unveils its annual list of America’s fastest-growing private companies – the Inc. 5000. For the sixth time, LBA Haynes Strand appears on the 2019 Inc. 5000, Ranking No. 4291.

Inc. magazine today revealed that LBA Haynes Strand is No. 4291 on its annual Inc. 5000 list. This is the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

Not only have the companies on the 2019 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists. The 2019 Inc. 5000 achieved an astounding three-year average growth of 454 percent, and a median rate of 157 percent. The Inc. 5000’s aggregate revenue was $237.7 billion in 2018, accounting for 1,216,308 jobs over the past three years.

“The companies on this year’s Inc. 5000 have followed so many different paths to success,” says Inc. editor in chief James Ledbetter. “There’s no single course you can follow or investment you can take that will guarantee this kind of spectacular growth. But what they have in common is persistence and seizing opportunities.”

More about Inc. and the Inc. 5000

Methodology
The 2019 Inc. 5000 is ranked according to percentage revenue growth when comparing 2015 and 2018. To qualify, companies must have been founded and generating revenue by March 31, 2015. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2018. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2015 is $100,000; the minimum for 2018 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.

About Inc. Media
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders. Inc. took home the National Magazine Award for General Excellence in both 2014 and 2012. The total monthly audience reach for the brand has been growing significantly, from 2,000,000 in 2010 to more than 20,000,000 today. For more information, visit www.inc.com.

The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates the remarkable achievements of these companies. The event also offers informative workshops, celebrated keynote speakers, and evening functions.

IPA Top 400 Accounting

LBA Haynes Strand Named Top 400 Firm

LBA Haynes Strand is one of the Top 400 American accounting firms according to INSIDE Public Accounting. The firm appears on this list for the second year in a row. The IPA 400 ranks firms by their net revenue, which the organization compiles by analyzing more than 500 survey responses from the largest accounting firms in the nation. In addition to this recognition, LBA Haynes Strand also ranks as a Best Place to Work by the Charlotte Business Journal and a Fastest-Growing Privately Held Company by the Charlotte Business Journal and INC 5000.

About LBAHS

LBA Haynes Strand is a full service accounting, assurance, tax, and advisory firm with offices across North Carolina. LBA Haynes Strand provides value-added services throughout the service delivery process to improve operations and ensure compliance with relevant regulations. We take a strategic and holistic approach to accounting that looks at more than just your business tax situation. Our team works to understand your finances, your culture, your goals, and your aspirations. With this comprehensive understanding of your organization in place, our firm is able to provide the best possible service. We help you protect and improve your organization’s fiscal health and well-being — for now, and for the future.

INSIDE Public Accounting (IPA)

IPA’s annual rankings of the 400 largest firms in the U.S. range from the multi-billion-dollar Big 4 to firms of roughly $5.5 million in net revenue. The list includes firm headquarters, MP, net revenue, ranking in the previous year and percentage change. The rankings are compiled from data gathered in the annual IPA Survey and Analysis of Firms. The annual survey attracts participation from 550 firms.

Julie Ayers: Enterprising Women of the Year Award Honoree

Enterprising Women magazine has announced the winners for the 2019 Enterprising Women of the Year Awards. LBA Haynes Strand is excited to announce that Julie Ayers, Principal Member of LBA Haynes Strand, has been named an award honoree! The Enterprising Women of the Year Awards is an annual tribute to the world’s top women entrepreneurs. It is widely considered one of the most prestigious recognition programs for women business owners.

“The recipients of the 2019 Enterprising Women of the Year Awards represent an amazing group of women entrepreneurs from across the United States and as far away as India and South Africa,” said Monica Smiley, publisher and CEO of Enterprising Women. “We are so proud to recognize their accomplishments as CEOs of fast-growth companies, community leaders, and role models and mentors to other women and girls. We look forward to shining the spotlight on them at our 17th annual awards event in March.”

There are seven categories of award winners, based on annual sales. To see the complete list, click here.

In addition, Julie Ayers and LBA Haynes Strand want to congratulate the other women across the globe who were recognized for the Enterprising Women of the Year Awards. You can find more information or register to attend the awards celebration by clicking here.

Winston-Salem Expansion

LBA Haynes Strand, PLLC is excited to announce that we are expanding our firm’s presence into the Winston-Salem market.

Winston-Salem is a continually developing city in the heart of the Piedmont-Triad and is currently experiencing the largest renovations and development the city has seen in over 15 years. According to Journal Now, recent estimates show the growth in Winston will continue to rise over the next few years and is expected to hit a population of 250,000 by the next census in 2020. We are excited about this expansion and believe our firm will fit in well with the Winston-Salem community.

If you are an individual or business owner in the Winston-Salem region and would like to schedule a no-cost consultation with an established certified public accounting firm, contact us. Our team is ready to work with you.

Courtney Ageon

Courtney Ageon: Promoted To Principal

LBA Haynes Strand is pleased to announce that effective January 1st, 2019, Courtney Ageon has been promoted to Principal. As a result, Courtney joins the principal leadership team. Courtney will remain focused on serving the tax, accounting, and audit needs of our clients across the southeast.

Dave Recchion, Greensboro Office Managing Partner, states, “Courtney is a natural leader and doesn’t need permission to lead. She has broken an extremely male dominated leadership barrier and proven that a woman is able to successfully achieve a healthy work-life balance. Consistently doing the right thing for the Firm and our clients, she effortlessly leads our team to success. LBA Haynes Strand would not be the same without her talent.”

After 20 years of service, this promotion is a result of Courtney’s hard work, loyalty to the Firm, commitment to our team, and dedication to providing quality tax services to her clients. She transitioned from an intern to a full-time staff member while attending graduate school and studying for the CPA exam. This was a true test of her time management skills. When LBAHS made the transition to paperless, Courtney lead the team with the development of internal best practices and training procedures.

Please join us in congratulating Courtney Ageon on this exciting promotion! Connect with Courtney on LinkedIn.

NCACPA Day of Service 2018

LBA Haynes Strand, PLLC participated in the North Carolina Association of Certified Public Accountants (NCACPA) Annual CPA Day of Service on September 21, 2018. Our employees volunteered their time with various organizations throughout North Carolina and focused on giving back to our local communities.

Our Mount Airy office focused on collecting canned food in order to support Yokefellow Ministry. Yokefellow assists others in need during times of crisis. One way they provide assistance is with food. There were collection boxes set up in the Mount Airy office for collections throughout the week and our team collected additional donations at Lowes Foods on Friday, September 21st.

The Matthews office of LBA Haynes Strand held a collection drive for pet food and supplies to donate to the Humane Society of Charlotte. Our team set up a table at Lucky Dog Bark & Brew on September 21st to collect remaining donations from those who were not able to stop by our office during the week. We had great participation from both our internal staff, clients, and members of the local community.

Our Greensboro office volunteered their time at BackPack Beginnings on September 21st by packing bookbags. BackPack Beginnings’ mission is to deliver child-centric services to feed, comfort, and clothe children in need.

Not only did some of our Greensboro team volunteer at Backpack Beginnings on Friday September 21st. We also had a few of our employees give back at the Out of the Garden Project the day before. You can read more about their efforts on the NCACPA blog!

The NCACPA Day of Service is one of the many ways our team gives back throughout the year. We have an annual LBAHS Day of Service and are always looking for new ways to become more involved in the community.

NC Sales and Use Collections on Remote Sales

The North Carolina Department of Revenue issued directive SD-18-6 on 8/7/18 to interpret the North Carolina sales and use tax law as a result of the United States Supreme Court decision in South Dakota v Wayfair.

Remote Sales Subject to Tax

The rules are effective prospectively to sales after October 31, 2018 by remote sellers that do not have a physical presence in North Carolina.  This prospective treatment does not apply to sellers that have a physical presence or other obligation to collect and remit North Carolina sales and use tax.

Remote sellers having gross sales in excess of $100,000 sourced to North Carolina or 200 or more separate transactions in the previous or current calendar year are required to register, collect, and remit sales and use tax effective the later of November 1, 2018 or 60 days after the remote seller meets the threshold.  Remote sellers that do not meet the threshold may voluntarily register with the NCDOR and collect and remit sales and use tax.  Remote sellers may voluntarily begin collecting and remitting sales and use tax any time prior to November 1, 2018.

Engaged in business is defined, in part, as making a remote sale if one of the conditions in G,S, 105-164.8(b) is met, basically if they advertise or solicit business in NC in any way through the media, internet, or distribution of catalogs.

Remote sale is defined as “(a) sale of tangible personal property or digital property ordered by mail, by telephone, via the internet, or by another similar method to a purchaser who is in the State at the time the order is remitted, from a retailer who receives the order in another state and delivers the property or causes it to be delivered to a person in this state.  It is presumed that a resident of this State who remits an order was in this State at the time the order was remitted.”

Remote sellers can register completing an online application through the Streamlined Sales Tax Registration System.

5-Time Inc. 5000 Honoree

Coming in at #3267 on the list with a 120% 3 year growth rate, LBA Haynes Strand has made the Inc. 5000 list for fastest-growing private companies in America for the 5th time in a row! We are proud of our team and this great accomplishment.

List Details

The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

“Making the Inc. 5000 for the fifth year in a row demonstrates the forward thinking ideas and growth strategies our firm continues to implement year after year,” says John Bly, Principal and CEO at LBA Haynes Strand.  “Our team continues to focus on our growth oriented core value and it can be seen through this accomplishment. We know how hard it is to be recognized on this list and are proud to be a 5-time honoree.”

Not only have the companies on the 2018 Inc. 5000  been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists. The 2018 Inc. 5000 achieved an astounding three-year average growth of 538.2 percent, and a median rate of 171.8 percent. The Inc. 5000’s aggregate revenue was $206.1 billion in 2017, accounting for 664,095 jobs over the past three years. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found on INC.

“If your company is on the Inc. 5000, it’s unparalleled recognition of your years of hard work and sacrifice,” says Inc. editor in chief James Ledbetter. “The lines of business may come and go, or come and stay. What doesn’t change is the way entrepreneurs create and accelerate the forces that shape our lives.”

Methodology

The 2018 Inc. 5000 is ranked according to percentage revenue growth when comparing 2014 and 2018. To qualify, companies must have been founded and generating revenue by March 31, 2014. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2017. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2014 is $100,000; the minimum for 2017 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found on INC’s website.

Tax, Investment, & Planning Opportunities in 2018

LBA Haynes Strand works 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, 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.

Tax, Investment, and Planning Opportunities in 2018

We hope you found this video helpful. Please feel free to contact us with any follow-up questions that you may have. Our partners and financial advisors are ready to meet with you!

LBAHS Day 2018: Out of the Garden Project

“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.

Why Out of the Garden?

The Greensboro and High Point area is ranked #9 in the nation for food insecurity. Over 48,000 students in this area receive reduced price or free breakfast and lunches at school. Many do not know where their next meal is coming from after school and on the weekends. This is how founders, Kristy and Don Milholin, got the idea to start the Out of the Garden Project. They noticed children experiencing food insecurity at their children’s elementary school and felt called to make a difference.

OOTGP started as a small weekend initiative supplying 10 bags to families in the Piedmont Triad area. It has grown into a program now supplying over 1250 bags of food each weekend and operating 22 mobile food pantries.

The LBAHS staff jumped right in – cleaning the warehouse, sorting donated food, and packing bags for families. The atmosphere was filled with love and support as each team member realized the impact they were making in this community.

We are fortunate to have played a small part in this company’s great mission, “to provide tangible signs of love so that no child goes to bed hungry.”- OOTGP

To learn more about Out of The Garden Project and how you can help, CLICK HERE! We were featured in News & Record– “Day of service project helps food program

NC Tax Law Updates – NCACPA in Action

In 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!

If you have any questions on the law changes and how they may affect you, click the button below for a no-cost consultation.

5 Tips to Prepare for a General Contractor’s License Audit

Tip 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 required to be performed by an independent CPA.

Tip 2: Possess the Necessary Working Capital:

Even though you may want a certain license type (i.e. unlimited), you may not meet the eligibility criteria for one, so be sure to review all of the eligibility requirements before submitting your application.

Tip 3: Engage an Independent CPA:

Please know that not all CPAs can perform audits.  Make sure you are working with a firm who has prior experience performing audits of general contractors.

Tip 4: Assemble all Documents Necessary for an Independent Audit:

Typical documents requested as part of an audit or review engagement include: a) access to QuickBooks or other accounting system used by the contractor; b) bank statements; c) access to source documents (checks received or paid); d) organizational documents including articles of incorporation.

Tip 5: Submit Audited Balance Sheet along with Completed License Application to your State Board of General Contractors:

Ensure that all of the necessary documents are attached to the State application form and the proper reports prepared by the independent CPA are attached.  States will not process your application without an attached audited balance sheet (if necessary).  Failure to include the audited balance sheet will result in costly delays in processing of your application.

For a quick outline of the requirements and thresholds for a GC licensure audit, CLICK HERE.