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| General Business/Management Strategies |
If you're considering changing your workplace from a traditional business dress code to business casual, it might be wise to try "casual Fridays" first. Whether you call it a pilot program, a gradual transition, or getting your feet wet before you decide whether to take the plunge, a trial run might save you some big headaches.
| Wealth Advice/Estate Planning |
With the stock market seemingly engaged in an endless cycle of ups and downs, you may be tempted to try to capture an occasional tax loss in your investment portfolio. The tax advantage of selling securities at a loss may offer a bit of a silver lining in an otherwise dark cloud on your investment horizon. But, be careful that you don't run afoul of the tax law's wash sale rules.
| Family Business/Succession |
In each of the next three years, 2,000 business taxpayers will be randomly selected by the IRS for comprehensive examinations to collect data on employment tax filers. The IRS says the results will allow it to gauge more accurately the extent to which businesses properly comply with employment tax law and related reporting requirements.
As the debate over national healthcare reform wages on, another topic has started to receive attention. Healthcare fraud is running rampant. The National Health Care Anti-Fraud Association estimates 3-10 percent of the nation's annual healthcare outlay is lost to fraud and abuse. Healthcare costs have become one of the fastest growing costs to organizations.
While most nonprofits post information about their missions and programs on their Web sites, significantly fewer disclose other key information on the Internet, according to a transparency review conducted by GuideStar, a watchdog group for nonprofit associations.
Improving Business Operations - Think of every product or service that your company sells as if it were a separate business. Does each one contribute to profitability? Identify profit centers. Keep the winners and lose the losers.
Your Savings - Always try to contribute the maximum amount allowed to your 401(k) or other company retirement plan, especially if there is a company matching program. It's one of the best investments you have.
| Latest Business Headlines |
USA Today
Wall Street Journal
New York Times
Kiplinger
Fox Business
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Announcements
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MHC&S Receives Highest Rating on Peer Review
We are pleased to announce that McGowen, Hurst, Clark & Smith, P.C., has successfully completed an independent peer review of their accounting and auditing practice. Receiving a rating of "Pass," the highest rating possible, indicates MHC&S continues to meet the accounting industry's high standards of quality and professionalism.
The peer review was conducted under professional standards, by the American Institute of CPAs (AICPA). The AICPA mandates that participating certified public accounting firms undergo a quality review of their practice every three years. The independent CPA team that performed the review concluded that MHC&S complies with the stringent quality control standards set forth by the AICPA.
Bob McGowen, Managing Partner, said, "This is our ninth Peer Review, and each time our firm has received the highest rating possible. I am very proud of our team, their drive for excellence, and the quality service we provide our clients."
MHC&S Serves as Sponsor of the American Red Cross -- Heroes of the Heartland
MHC&S is proud to be a "Friend" sponsor of our client, the American Red Cross, Central Iowa Chapter, at their upcoming fundraiser, Heroes of the Heartland breakfast, scheduled for Thursday, March 4. All proceeds of the event benefit the programs and services provided by the American Red Cross.
Halfway Through Tax and Audit Season
On February 25, MHC&S team members will enjoy a catered breakfast as we mark the halfway point of our tax and audit season. Preparing tax returns and audits tends to create big appetites!
2009 Tax Filing Deadlines
March 1 - Businesses
File information returns (form 1099) for certain payments you made during 2009. Use a separate form 1096 to summarize and transmit the forms for each type of payment.
March 1 - Farmers
File your 2009 income tax return (form 1040) and pay any tax due. However, you have until April 15 to file if you paid your 2009 estimated tax by January 15, 2010.
March 15 - C Corporations
File a 2009 calendar-year income tax return (form 1120) and pay any tax due. If you want an automatic six-month extension of time to file the return, file form 7004 and deposit what you estimate you owe.
March 15 - S Corporations
File a 2009 calendar-year income tax return (form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (form 1120S). For a six-month extension, file form 7004.
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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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