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| General Business/Management Strategies |
Moving money by wire transfer eliminates some of the risk of forgery and fraud schemes of using paper checks. But if you don't have proper procedures in place, it can also be a way that unscrupulous people can move enormous amounts of money out of your accounts, possibly into non-U.S. accounts.
| Wealth Advice/Estate Planning |
A recent case before the Tax Court shows how important it is to know the tax implications when it comes to cashing in an insurance policy.
| Family Business/Succession |
If you're like most parents, you probably spend a great deal trying to meet the needs and wants of your growing children. If you run your own business, you have a unique opportunity to provide your children with a sense of responsibility and gain some tax advantages at the same time. The tax law allows you to hire your children as part-time employees of your business. If you give them age-appropriate responsibilities and pay them reasonable compensation for their time and effort, you can deduct their pay as a business expense.
If you have retirement money accumulated in a traditional IRA, you may want to consider transferring some or all of those funds to a Roth IRA before the end of this year. This is a new opportunity. Prior to 2010, you were not permitted to convert funds from a traditional IRA to a Roth IRA if your adjusted gross income exceeded $100,000, not including any income caused by the conversion. But beginning this year, the income limit for a conversion is repealed. Anyone who has funds in a traditional IRA can convert those funds to a Roth IRA.
Here are two truths when it comes to fraud. Most are found by accident, and collusion and procurement fraud are common partners. This case illustrates how board disclosure statements helped a nonprofit discover that it was the victim of procurement fraud.
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.
Your Planning - Set up a household budget. Try to reduce your debts so you'll have more funds to invest.
| Latest Business Headlines |
Wall Street Journal
USA Today
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Reuters
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Announcements
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Mid-Year Tax Planning Information
Mid-year tax planning for 2010 may require an understanding of one of the most complicated tax years in recent history. Click here to learn about the recent changes to the current tax law and anticipated changes yet to come.
Business is Booming Tour
MHC&S is one of the sponsors of the "Business is Booming" event held on August 23rd at the Des Moines Marriott at 6:00 p.m. ActionCoach founder, Brad Sugars will be the speaker sharing tips on how to take your business to the next level. There is no cost to attend, but participants are asked to register.For more information go to www.businessisboomingtour.com and use our sponsor number, SDES110 to secure your complimentary ticket.
QuickBooks Training Class -- October 7
A QuickBooks Training Class, offered by McGowen Hurst Clark & Smith, P.C., will be held on Thursday, October 7 from 4 - 8 p.m. at Small Business Technology Services, 1906 Ingersoll Avenue, Suite 8, Des Moines. Our QB training class is geared for beginner to intermediate users. It is a hands-on class with each participant having access to a computer. The cost is $125 with all materials provided and dinner is included. The instructor will be MHC&S QuickBooks Proadvisor, Tara Raymond. Please call Pam Corbin at 515-288-3279 to register.
MHC&S Participates in the First Annual Lake Petockathon Games
The Bondurant Chamber of Commerce and area businesses sponsored the First Annual Lake PetockaThon Games on August 6. This event consisted of 16 teams participating in 10 very fun games. MHC&S team members who participated included Tara Raymond, Andy Elston, Drew Gosselink, Jeff Dick, Casey Klug, Joni Tonnemacher, Jarron Hummel, Kristin Cleveland, Mike McNichols and Diana Dubuisson. Congratulations to our team who took first place in the Football Throw.
Congratulations to the MHC&S team members: Jim Smith, Mike Brinker, Peggy Baur and Eric VandenHull who participated in the 38th Registers Annual Great Bike Ride Across Iowa (RAGBRAI) traveling over 450 miles across the state. Job well done!
Tax Deadlines
September 15 - Corporations
File a 2009 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 2010.
September 15 - S Corporations
File a 2009 calendar-year income tax return (form 1120-S) and pay any tax due. The due date applies only if you timely requested an automatic six-month extension.
September 15 - Partnerships
File a 2009 calendar-year income tax return (form 1065) and pay any tax due. The due date applies only if you timely requested an automatic six-month extension.
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| Contact Information |
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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
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Our firm is a member of CPAmerica International
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