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

General Business/Management Strategies

Consumer-directed health plans: Are they right for your company?
CDHPs are an attempt to make the system more rational by giving consumers a financial stake in their healthcare decision making as well as giving them tools to make good healthcare choices to stay healthier in the first place. The plans are currently most popular among large employers, but 10 percent of employees of small enterprises (those with under 200 employees) are enrolled in CDHPs, and that number is growing for all size employers.

Wealth Advice/Estate Planning

How to deal with gambling-related tax questions
With the expansion of casino gambling and the proliferation of state lotteries, it’s not surprising that many of us are occasionally tempted to lay down a little money and try our luck. Of course, most of the time, as luck would have it – we lose. When we get lucky, the tax man gets lucky, too. Gambling winnings are taxable, just like wages. The IRS even requires casinos and lottery agencies to withhold taxes from winnings in some situations. The fact that gambling winnings are taxable income doesn’t surprise most people. And most are aware that gambling losses are tax deductible – up to the amount of winnings for the year.

Family Business/Succession

When your name is your business -- Planning successful succession
If your business is closely identified with you or your partners, carefully consider the impact of transferring leadership to other family members, professional managers or new owners before making any drastic changes. This article uses the case of Ben & Jerry's ice cream company to illustrate the best approach to succession when your name is your business.

Physician Services

Engaging meetings can reinvigorate your practice
Nothing is more frustrating to a busy physician than a poorly run meeting. But regular partner meetings facilitate strategic planning, entry into new ventures and votes on key decisions. And staff meetings can help communicate and advance your practice’s mission and goals. By using common sense and some basic rules of meeting management, you can conduct effective meetings that engage partners and employees instead of putting them to sleep.

Nonprofit Organizations

Six ways to deal with difficult employees
Dealing with difficult employees is one of the most stressful aspects of a manager’s job, if not the most stressful. Here are some strategies for coping with these employees and reducing your stress.

Business Tips

Controlling Cash Flow - Sell off idle assets – unused vehicles, vacant real estate or unneeded machinery. They can derail a company’s cash flow and grind an organization to a halt.

Wealth Tips

Your Planning - Establish short-term, intermediate and long-range goals. For instance, set a long-term goal of getting out of debt and a short-term goal of reducing debt by $2,000 in the next six months.

Announcements

Christmas in July

The employees and clients of MHC&S have responded to the needs of the area food banks by collecting non-perishable food items for victims of the recent floods and tornadoes that destroyed many neighborhoods throughout Iowa. Usually, our employees do a food drive during the Christmas holidays but decided to move the event up and have a “Christmas in July” celebration. The firm collected over 800 pounds of food. In addition, a monetary contribution was made to our client, the American Red Cross. Thanks to everyone.

Congratulations to MHC&S Team Members:

Kris Burclaw, Staff Auditor, successfully completed and passed all segments of the CPA exam.

Christina Crook, Administrative Assistant and her husband, Donnie Crook are the proud parents of Sophia Karen, who was born July 29. Sophia joins her big sister, Marissa, at home.

Kristin Cleveland, Audit Department, was recently promoted to Senior Accountant.

Jim Smith, Peggy Baur, Mike Brinker, Don Smith and Barbara Hein once again participated in RAGBRAI. Congratulations to all our team members and their many accomplishments.

Welcome to Our New Employee

We wish to extend a warm welcome to our new employee, Jarren Hummel, CPA, who joined our Audit Department. We are glad to have Jarren with us.

Mid-Year Tax Planning Information

With tax laws in constant flux and 2008 quickly passing by, you need to know the latest changes that may affect your tax planning decisions. Click here for the latest information.

Tax Deadlines

September 15 - Corporations
File a 2007 calendar-year income tax return (form 1120 or 1120-A) and pay any tax due. This due date applies only if you requested an automatic six-month extension. Deposit the third installment of estimated income tax for 2008.

September 15 – S Corporations
File a 2007 calendar-year income tax return (form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic six-month extension.

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.