Our COVID-19 Response Team is also available to help.
Life Insurance: Key to Financial Planning
Posted by Clayton & McKervey on May 19, 2020
Clayton & McKervey
The fact that life insurance pays money to cover your bills and burial after you die is not a secret. Aside from that, there are many other reasons to have life insurance, but most people are woefully unaware of the benefits of doing so and the process of obtaining it in the first place.
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Loan Assistance Support
Posted by Clayton & McKervey on May 13, 2020
Clayton & McKervey has prepared a workbook for businesses to use when calculating loan forgiveness. This tool is available for organizational use.
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PPP Forgiveness & Full Time Equivalents
Posted by Tim Hilligoss on May 5, 2020
Another day, another number. The number 40, to be specific. FAQ # 40 addresses one of the many PPP loan forgiveness questions: what happens if a laid off employee declines to come back to work? Will this affect your forgiven amount? The answer: no.
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Financial Analysis – Days Cash On Hand
Posted by David Van Damme on April 6, 2020
In light of COVID-19, business owners, CFOs and operations managers are spending a lot of time thinking about cash flow. Now, more than ever, cash is king and understanding how to plan over the next few months and beyond is vital.
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Be On the Lookout for Tax Fraud
Posted by Ruben Ramirez on April 6, 2020
Tax filing season is a particularly fertile time for scammers to take advantage of taxpayers. With the stimulus payments that most American’s will receive as a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act added to the mix, it is critical that taxpayers are on alert for scammers.
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Business Survival: Protecting Cash
Posted by Julie Killian on April 3, 2020
As the world faces, and attempts to absorb, the realities presented by the Covid-19 health crisis, businesses and in particular small businesses, need to be focused on survival.
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Paycheck Protection Program and Other Financing Options
Posted by Sarah Russell on March 27, 2020
The CARES Act provides many benefits, including the Paycheck Protection Program. As promised, here is our detailed analysis of what the program entails.
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CARES Act: Largest Stimulus Package in U.S. History!
Posted by Sarah Russell on March 27, 2020
After days of Congressional negotiations, the President signed the CARES Act, the largest stimulus package in U.S. history. Below is an overview of the provisions included in the package...
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New COVID-19 Stimulus Package Results in 5 Key Action Steps
Posted by Sarah Russell on March 27, 2020
To help navigate the myriad business disruptions caused by COVID-19, Congress has been busy working on a Stimulus package to help taxpayers. For a deep dive into those topics, please see our article on the Summary of Cares Act.
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International Investment Filing Date: BE-10
Posted by Sue Tuson on March 27, 2020
Every five years, the U.S. Department of Commerce Bureau of Economic Analysis (BEA) requires that people with certain investments abroad file a survey. The mandatory survey is based on investments held at the end of the 2019 fiscal year.
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COVID-19: 5 Key Accounting Considerations
Posted by Beth Butchart on March 25, 2020
Businesses face unprecedented challenges due to the COVID-19 health crisis. Business owners must be proactive to analyze their current situation, seek resources, and prioritize a plan of action to protect their cash position and workforce.
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Financial Analysis – Utilization
Posted by David Van Damme on March 3, 2020
Senior Manager Dave Van Damme shares insights on a handful of key performance metrics to help business owners track financial performance.
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Demystifying the Financial Statement
Posted by Jim Biehl on February 12, 2020
Owners spend years amassing the knowledge and experience necessary to become masters at their craft. Passion for the work and the satisfaction of helping clients is what drives them – not necessarily administrative tasks like financial accounting and reporting.
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Slowdown Predicted for System Integrators
Posted by Tim Finerty on February 6, 2020
The concern about an economic slowdown has permeated the news in the past few months. This has been punctuated by the Federal Reserve Bank’s recent decision to cut interest rates for the third time in 2019.
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Important Changes to W4 Exemptions
Posted by Margaret Amsden on February 2, 2020
How many exemptions to claim on a W-4 is an age-old question. Unfortunately, the way withholding is computed has changed and there is now a bit more to consider.
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Financial Analysis – Revenue By Employee
Posted by David Van Damme on January 23, 2020
Senior Manager Dave Van Damme shares insights on a handful of key metrics to help business owners track financial performance. Here, he discusses revenue per employee so that business owners can better understand the relationship between revenues and costs.
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Deadlines Extended for Energy-Related Tax Credits
Posted by Margaret Amsden on January 13, 2020
Alternative Fuel Tax Credit (IRC 6427(d)) and Nonbusiness Energy Property (IRC 25C) are two key “extenders” which could impact your 2018 tax return. While further guidance still needs to be published, you should be aware of the implications of these extenders.
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5 Considerations for Finding the Right CPA
Posted by Denise Asker on January 3, 2020
Whether you are handling business or personal finances, having a Certified Public Accountant (CPA) as your advocate is priceless. The right CPA can help you and your business move toward financial success and uncover areas of financial improvement.
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Be on the Lookout for R&D Tax Credit Changes
Posted by Bryan Powrozek on December 29, 2019
As the end of another calendar year approaches many companies are beginning to shift their focus to year-end planning. As the dust continues to settle on the changes implemented under the Tax Cuts and Jobs Act (TCJA) most taxpayers have familiarized themselves with the new tax landscape.
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Planning for Retirement: Just When You thought You Knew the Rules!
Posted by Margaret Amsden on December 27, 2019
As 2019 winds to a close, Congress gets busy and passes a law that changes much of what we all thought we knew about planning for retirement, and how Individual Retirement Accounts (IRAs) and 401k Plans work.
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Tips for a Smooth Audit
Posted by Julie Killian on December 19, 2019
Whether preparing for a first-year audit or looking to simplify the existing audit process, there are proactive steps a company can take to have a smooth and relatively painless corporate financial statement audit.
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Industry 4.0 is Driving Transformation in Finance and Accounting
Posted by Clayton & McKervey on December 4, 2019
“The term Industry 4.0 conjures up images of high-tech factories filled with connected robots performing work previously done by people, but the technologies enabling this transformation are not just confined to the plant floor,”
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Maximizing the Tax Benefit of Charitable Giving
Posted by Margaret Amsden on December 3, 2019
With the tax law changes that became effective in 2018, the average person has potentially lost the benefit of their charitable contributions. However, there are several very straightforward options that you may be able to take advantage of.
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Considering Expanding to Mexico? Learn the Impacts of Taxes and Personnel Expenses
Posted by Carlos Calderon on November 26, 2019
It is true that Mexico has a highly qualified and competitive labor market, and a young population; however, it is mandatory -- and extremely important -- to factor in the personnel-related requirements below when expanding or operating in Mexico.
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Industry 4.0: It’s Not Just for Manufacturers!
Posted by Bryan Powrozek on November 21, 2019
The term Industry 4.0 conjures up images of the high tech factories filled with connected robots performing work previously performed by people. However, the technologies …
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Debt Restructuring: How Does it Impact Your Taxes?
Posted by Margaret Amsden on November 18, 2019
Throughout the ordinary course of business, you could very well find yourself in a position of insolvency which leads to the restructuring of your debt. Dealing with cash flow issues or insolvency can be very stressful and time-sensitive, and many business owners and taxpayers alike shudder at the thought of finding themselves in this state.
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Getting Ready for Year-End Planning
Posted by Margaret Amsden on October 28, 2019
Every year brings a list of information filing requirements necessary to make sure that payees have the information needed to file their taxes. To assist with year-end business reporting, Clayton & McKervey has identified some items for you to consider.
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Revenue Recognition Changes for Professional Service Companies
Posted by Julie Killian on October 11, 2019
While many professional service companies have completed their analyses and made updates to track data in accordance with the new standard, some are still in the process and playing catch-up. For those that still need to implement the standard, consider these key areas that are likely to impact professional service companies.
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‘Your Company’s Financial Health in an Industry 4.0 World’
Posted by Clayton & McKervey on September 26, 2019
Clayton & McKervey will present a Tech Takeover on ‘Your Company’s Financial Health in an Industry 4.0 World’ on Wednesday, October 16, 2019, at Automation Alley in Troy. The presentation will help manufacturers and system integrators better understand the financial health of their businesses in an era of advanced manufacturing and emerging Industry 4.0 technologies.
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I Bought the Building, So Now What?
Posted by Jim Biehl on August 15, 2019
Many business owners “do the math” and determine that it makes financial sense to buy the building(s) in which they operate the business, instead of continuing to rent. Generally the analysis they perform to make this decision is focused on real estate prices, current rental and interest rates, and the desire to build equity in the investment.
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Turns on Inventory – Systems and Processes to Monitor Inventory Levels
Posted by David Van Damme and Jim Biehl on July 30, 2019
You’re in the wholesale or distribution space and have a huge asset, called inventory, which needs to be converted to cash, but you aren’t great at tracking or counting it and you are not really sure which items are sitting. So what do you do?
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Thinking of Expanding your Business Overseas?
Posted by Sue Tuson on July 18, 2019
Thinking of expanding your business overseas? The first question is usually, “What’s the best way to start? Should I set up an office immediately or use an independent contractor familiar with the country?”
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Using the R&E Tax Credit to Improve Profitability
Posted by Tim Finerty and Bryan Powrozek on June 26, 2019
Most system integrators have heard that the R&E tax credit can have an immediate impact on a company’s cash position as it frees up money...
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Do You have to Adopt the FASB Revenue and Lease Standards?
Posted by Julie Killian on June 11, 2019
Do you provide monthly or quarterly financial statements to your bank or other stakeholders? Are those financial statements required to be prepared using US GAAP standards?
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Common GAAP Violations for Manufacturers
Posted by Kevin Johns on May 16, 2019
Across the manufacturing sector, there is a great amount of diverse strategies, footprints, and segment approaches as they deal with artificial intelligence augmented reality and the ever-increasing spread of robotics. From an accounting standpoint, the one thing that often unites these companies together is GAAP (Generally Accepted Accounting Principles) which provides...
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Now is the Time to Prepare for Next Year’s Taxes
Posted by Clayton & McKervey on May 8, 2019
This year marked the first of many under the new tax regime set in motion by the Tax Cuts and Jobs Act. Now that you have one year of experience under your belt, you can pivot your strategies to optimize your tax positions under the new legislation. Let’s walk through four easy steps you can take to ensure that next year’s tax season goes smoothly.
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Estate Planning 101
Posted by Margaret Amsden on May 2, 2019
Estate planning can be done at any time but “now” is always the best time if it has been a few years since reviewing your estate plan, or if one needs to be created.
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Recognizing our Clients’ Success
Posted by Robert Dutkiewicz on February 20, 2019
One of the greatest pleasures a professional can experience is to see your client blossom from a small start-up operation to a thriving business. It …
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Private Company Reporting Options – “FRF for SMEs” vs. “Private Company Council GAAP”
Posted by Tim Finerty and Catherine Faysal on August 4, 2015
The private company financial reporting landscape has changed. With new acronyms like “FRF for SMEs” and “PCC,” it can be hard for companies to decide …
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