McGowen Hurst Clark & Smith, Tax, Audit, Consulting, Financial Services, Des Moines, CPA

General Business/Management Strategies

Coaching for managers is worth the cost
Executive coaching isn’t cheap. But neither is having to replace managers because they didn’t work out. The workplace today requires more complex skills of managers than ever before. Most notably, they need highly developed “people skills.” Yet many managers rise through the ranks based on their technical expertise. They are good at their pre-managerial jobs but often lack the higher-level skills needed by a manager – and this deficit does not become apparent until they are promoted.

Wealth Advice/Estate Planning

Value Investing vs. Growth Investing: Investing approaches come with no guarantees
Growth investing and value investing are two contrasting investment approaches. Which is best? If there was an answer to that question, different types of stocks would not be considered when deciding how to invest in the market. Each approach has its risks and involves speculation about the future. A particular philosophy or approach to investing doesn’t guarantee that specific companies chosen using that approach will be winners.

Family Business/Succession

Dealing with tangled interpersonal relationships in the family business
Your family has a business. Some family members are not an official part of it. They’re not owners or employees, but they’re connected to someone who is – a husband, a wife, a brother or sister. They’re close enough to the business to see some of what goes on, but they don’t have a defined role. Many family members find themselves in this position. Though they have no direct financial interest in the business, they often have an indirect one. They most assuredly have an emotional interest in the business if it is connected to their family in some way.

Physician Services

Increase your practice's bottom line
Here are some common-sense tips that can help you increase your bottom line.

Nonprofit Organizations

Save or toss? A look at nonprofit record retention
Some organizations discard records they should keep, risking a wide range of potential problems. Others keep too many records, wasting precious space and resources. A smart approach to record retention provides the right balance between the two.

Business Tips

Controlling Cash Flow - Receive your bank statements unopened and review the checks. This simple internal control procedure will help minimize misappropriations and monitor payments to specific vendors.

Wealth Tips

Your Estate - Develop a cohesive strategy to protect your assets from liability.

Announcements

MHC&S Welcomes New Employees

Zach Blome has joined the firm as a staff auditor. Zach is a graduate of Iowa State University with a degree in accounting. Prior to coming to work at MHC&S, Zach worked at Ernst and Young.

Casey Klug, a graduate of the University of Northern Iowa, has recently joined our firm in the Audit Department. Casey also worked at Ernst and Young prior to joining our firm.

New Arrival

Congratulations to Drew Gosselink, Audit Department, and his wife, Molly on the safe and healthy arrival of Dane Jackson born April 3rd and weighing in at 6lbs. 3oz.

Newly Designed Web Site

MHC&S is proud to announce our newly designed Web site will be going live the first week in May. We invite you to visit our Web site to stay current with new tax legislation, check on tax deadline dates, sign up for our many newsletters, read about our new services to help you succeed, link to important sites like the IRS or Social Security Administration and more. Visit us soon at

2008 Federal Tax Deadline Dates

May 15 – Non-profit organizations are required to file their informational tax returns. File Form 990 and 990-T if applicable.

Maximizing Deductions

Are you wondering what business expenses you can deduct? MHC&S is happy to provide you with a complimentary brochure, “2008 Maximizing Deductions,” indicating types of business travel, customer entertainment, dues, employer/employee expenses that are deductible. To obtain your brochure, call 515-288-3279 or e-mail rchambers @mhcscpa.com. and ask for a free copy of “2008 Maximizing Deductions.”

Conferences

Brian Newton, Senior Manager will be attending the “Tax Planning for the Highly Compensated” conference held in Las Vegas, May 7-9. This conference, sponsored by the American Institute of CPAs, will have representation of more than 1,000 CPA firms nationwide.

Mike McNichols, Joni Tonnemacher and Rose Breuss will be attending the annual CPAmerica International Combined Conference, June 25-27 in Pittsburgh, PA. This three track conference addresses technology, accounting and auditing, and marketing for CPA firms.

Contact Information

McGowen Hurst Clark & Smith, P.C.
1601 West Lakes Parkway Suite 300
West Des Moines, IA 50266
Phone: (515) 288-3279

106 E. Jefferson, P.O. Box 312
Winterset, IA 50273-0312
Phone: (515) 462-1882

E-mail: info@mhcscpa.com
Web:

Our firm is a network member of CPAmerica International

The technical information in E-ssentials is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.