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| General Business/Management Strategies |
Horror stories abound of employers being sued by disgruntled workers or former employees. These lawsuits can be extremely costly to defend, both in time and money. You can, however, reduce the chances of being sued by following certain guidelines.
| Wealth Advice/Estate Planning |
If your income is considered high, you probably do not qualify for many of the new tax breaks. But with planning and the help of your CPA, you may be able to control the amount of your 2009 adjusted gross income.
| Family Business/Succession |
Leasing assets to your corporation is a tax strategy that can save you money. You can deduct depreciation, property taxes, repairs, insurance and acquisition interest.
A retirement plan is a valuable tool for employee recruitment and retention, as well as a way to reap business and personal income tax advantages. Learn more about the pros and cons of the various options available.
An accounting standard that becomes fully effective this year may mean your organization needs to take a hard look at your books and how you report the value of your assets. The major change is a requirement that you disclose more information about your assets and liabilities and describe the methods you use to measure their fair values.
Controlling Cash Flow - Thoroughly review the audit of your workers' compensation insurance. Make sure you are not paying extra on overtime wages. Verify that employees are classified in the proper risk categories.
Your Planning - Consider a second mortgage to consolidate existing debt. You'll lower your monthly payment and your interest may be tax-deductible.
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Announcements
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Holmes Murphy Transition
McGowen, Hurst, Clark & Smith is pleased to announce our new strategic alliance with Holmes Murphy Financial Services (HMFS). In an effort to provide our clients with comprehensive financial opportunities and investment services, MHC&S and HMFS have joined forces.
Nearly 10 years ago, Wealth Advisors of Iowa, LLC, was created to provide our clients with investment strategies and products. However, as today's investment marketplace becomes more complex and the needs of our clients continue to grow, we feel it is important for Wealth Advisors of Iowa, LLC, to team with a strong financial firm. After a thorough search, we identified such a partner with HMFS. To read more about our Alliance click here.
Promotions/Certifications
Congratulations is extended to the following MHC&S team members on their recent promotions.
Promoted to Senior Accountant:
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Jay Henrich
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Ashley Hill
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Casey Klug
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Kevin Yeager
Promoted to Supervisor:
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Karen Behrens
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Drew Gosselink
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Tara Raymond
Promoted to Senior Manager:
MHC&S team member, Deb Perkins has successfully completed the following certifications as an Advanced QuickBooks Pro Advisor:
- QuickBooks 2006, 2007, 2008 and 2009
- Enterprise Solutions 2007 and 2009
- Point of Sale 2005, 2006, 2007 and 2008
If we can assist you with QuickBooks/Enterprise Solutions software, please contact Deb Perkins at 515-462-1882.
CPAmerica International, Inc. Region 3 Meeting
Three MHC&S partners Bob McGowen, Jim Smith and Mike Brinker will attend the CPAmerica International, Inc., regional meeting held July 30 and 31. This is a meeting for all partners with CPAmerica member firms located in the Midwest.
Tax Deadlines
July 31 - Employers
If you maintain an employee benefit plan, such as a pension, profit sharing or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2008. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.
September 15 - Corporations
File a 2008 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 2009.
September 15 - S Corporations
File a 2008 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 2008 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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