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

General Business/Management Strategies

How do your employees really treat your customers?
When was the last time you did business with you? Did you try to place an order? Call about a problem with a shipment? Request information on new products? Sit through a sales presentation? It's not often that we get to be our own customer. And that's not a good thing. We don't see our business from the same side of the desk (or phone) that our customers do. Because of that, we can lose touch with how customers are really treated by our company. It's important to find ways to evaluate this part of our business. Here are some suggestions.

Wealth Advice/Estate Planning

How to protect reckless heirs from themselves
It’s one thing to safeguard a portfolio from potentially damaging estate taxes and penalties. But for families who plan to leave a respectable amount of money to their heirs, the key issue isn’t simply asset preservation – but ensuring that the inheritance doesn’t fall into the wrong hands. When making future plans for current wealth, estate owners should consider ways to minimize loss of inheritance caused by acts of carelessness on the part of the heirs.

Family Business/Succession

Use nonqualified plans to offer employee incentives
Do you want to encourage employees to stay with your company – or perhaps to take early retirement? Nonqualified deferred compensation packages may help you achieve your goals.

Physician Services

Confidentiality assessment checklist
Confidentiality is a big issue that medical providers face all the time. Here is a checklist that provides a method for determining which confidentiality areas you may need to address.

Nonprofit Organizations

Partner with a like-minded agency for mutual gain
Certain special events may call for tasks outside your agency’s skill set. The influence to attract corporate sponsors, the savvy to manage caterers and vendors and the ability to market to the mass public are not necessarily part of your mission. But you may know of another agency that has assets yours is missing. By working together, the event becomes practical and profitable.

Business Tips

Managing Your Company - Instill a sense of urgency throughout your business.

Wealth Tips

Your Planning - Most people spend more time planning a party than they spend planning their retirement. Start planning now and reap the rewards.

Announcements

2007 Tax Deadline Dates

April 15 - Roth/Traditional IRAs
Make contributions to your Roth or Traditional IRA as an eligible deduction for your 2007 tax return.

April 15 – Federal Tax Deadline

Corporations – Deposit the first installment of estimated income tax for 2008.

Individuals – File an income tax return for 2007 (Form 1040, 1040A, 1040EZ) and pay any tax due. For an automatic six-month extension, file form 4868. If you are not paying your 2008 income tax through withholding, pay the first installment of your 2008 estimated tax (form 1040-ES.)

Partnerships - File a 2007 calendar-return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Schedule K-1. For an automatic six-month extension, file Form 7004.

Big Brothers/Big Sisters Bowl-for-Kids Sake event

On March 8, MHC&S team members participated in the Big Brothers/Big Sisters of Central Iowa’s fundraiser, Bowl-for-Kids Sake, held at Plaza Lanes in Des Moines. This was the 18th year our firm has participated in this event and collected a record amount of $2,115 in donations. We are proud to have Big Brothers/Big Sisters as our client and privileged to help the children in Central Iowa.

Money Smart Week 2008 Spreads Throughout Iowa

Money Smart Week will be held April 5-12. Hundreds of banks, financial institutions, schools, non-profit organizations and government agencies are joining together to provide a week of classes and events aimed at helping consumers make informed choices. For more information contact Kellie Masters, Wealth Advisors of Iowa, LLC (515) 288-3279 or visit http://www.moneysmartweek.org/.

New Team Member

We want to extend a welcome to our new MHC&S firm member, Zachary Blome. Zach is from the Dallas Center area and will be working in our Audit Department.

Half-way Through the Tax and Audit Season

While most everyone knows that February 22 is the birthday of our first president, George Washington, it also marked the halfway point through our tax and audit season ending April 15. To commemorate this day and thank our MHC&S team members, a delicious catered breakfast complete with eggs, bacon, potatoes waffles-to-order and mile-high cinnamon rolls was served to our team members. After all, doing all those tax calculations can certainly increase an appetite!

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: http://www.mhcscpa.com/

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.