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Huth Thompson LLP Lands November Small Business of the Month Award

Near Thanksgiving Day each November, the staff of Huth Thompson LLP gather in its conference room for a traditional meal of ham, turkey and trimmings.

Ronald T. Huth, a member of the firm from 1957 to 1999 and now retired, sits at the head of the table. And today’s co-owner and managing partner, Lincoln Perkins, gives a brief history of the firm, thanking Huth for his tenure and contributions.

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Indiana Employers Be Advised: Indiana Is A Credit Reduction State & What That Means To You

Matt Robertson

Indiana has been classified as a credit reduction state for federal unemployment tax purposes. The federal government has allowed states to borrow funds from the federal government to pay their unemployment benefits.

The amount of state unemployment tax credits that employers are allowed to claim are reduced when the state defaults on its repayment of the loan. Employers pay a rate of...

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Tax Benefits When You Save for College: The 529 Plan

Matt Robertson

Summer is over, schools are open and back-to-school shopping has not only taken up our weekends but has also emptied our wallets.

You may be wondering how you can pay for high-school expenses and still have money left over to save for your child’s college? Or maybe time has gotten away from you, and suddenly you have a high-school senior—is it too late to save for college...

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3 Key Responsibilities of an Audit Committee

Kimberley Morisette

Soon it’ll be the time of year when your auditor will want to meet with your audit or finance committees to discuss various aspects of your annual audit. If your organization is like most small companies and nonprofits, you may only have one committee that oversees all audit and financial functions.

My clients often ask me what are the typical responsibilities of an...

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Myth Buster: CPAs Are Only Busy in Tax Season

Kimberley Morisette

At least once a week from May to December, someone comments to me, “Oh, you must not be busy. This is your slow time of the year!” No, actually, contrary to public opinion, some CPAs don’t have a traditional busy period of the year, but are busy all year-round.

When people think of CPAs, they automatically equate the CPA designation with tax work. While this may be...

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Social Security Planning-Part 2

Bob Sabolich

What is your most significant asset? Your home—Perhaps your IRA?

What about your Social Security benefits? In today's dollars, these may be worth several hundred thousand dollars—double that if you're married. Still, the average person spends little time planning for these benefits.

We recently chatted about the advantages of a married couple waiting to draw on...

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Life Insurance for Business Owners-What Is and What Is Not Deductible

Debra Hoppes

These days, there are so many companies incorrectly deducting the costs of “key-man” and other life insurance premiums for owners and many business owners do not consider this erroneous accounting issue to be a big concern.

But to echo my mother, “Before you jump off the bridge with the others, please consider the consequences."

It’s no wonder that...

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2013 Tax Act - It Affects You

Bob Sabolich

Congress passed and the President signed the “American Taxpayer Relief Act” (the Act). The Act will prevent many from the tax hikes that were scheduled to go into effect today and retain many favorable tax breaks that were scheduled to expire, but it will also increase income taxes for some high-income individuals and slightly increase transfer tax rates.

There are plenty...

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2012 50% Bonus Depreciation Opportunity – Tiling and Wells/Irrigation Systems

Matt Robertson

In December of 2010, Congress passed the 2010 Tax Relief Act. The Act contains a provision that will be of particular interest to farmers and farm landlords. Bonus deprecation is a great opportunity for 2012 that can be taken advantage of by not only operating farmers, but landlords as well.

Section 179 expensing has long been a tool that can be used by active farmers to immediately...

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The Outlook for Leasing - A Bean Counter's Perspective

Matt Robertson

The entire dynamic of leasing has always puzzled me as a CPA.

Webster's Dictionary defines a lease as "to grant the temporary possession or use of (lands, tenements, etc.) to another, usually for compensation at a fixed rate;" The key word in the definition is "temporary." In my mind, a lease is for something I only need for a short time: a tent for a party, a tractor because mine is...

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Social Security Retirement Benefits

Bob Sabolich

Here’s the deal. There are too many variables in play regarding when a couple should plan to collect Social Security. But after my last client left my office, I had to get this message out . . .

But What if You are Married?

Many couples have a spouse (let’s assume the wife) who will rely on her husband’s earnings history for purposes of...

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This Just In. Paying Taxes Is Optional.

John Heller

I gave him my standard response: “Paying taxes in a self-assessment, bail-out levered and stimulus-incentivized economy is a choice and philanthropic. It is not a requirement.”

Then, after the guy picked his jaw up, I gave him the simpler, but no less profound answer: “Yes.”

Depending on a person’s willingness to spend the effort and make...

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Did You Really Say, “We Need an Audit?”

Kimberley Morisette

I commonly receive phone calls where people say, “We need an audit.” But the definition of the word “audit” is used loosely, and many people don’t understand the implication of the word. Often, you aren’t really looking for an audit, but for a different level of service.

To the lay person, an audit means someone performs a review of the statements,...

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