Stephanie Crow, Author at Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Building Resilience: Navigating Economic Uncertainty for Construction Businesses

Navigating economic fluctuations successfully requires strategic foresight and planning. In this article, we’ll delve into industry best practices specifically curated for construction companies. Our goal is to arm you with strategies not only to withstand potential recessionary periods but also to emerge more robust and resilient. Let’s explore how construction businesses can fortify themselves against …

With lease accounting standards ASC 842 and IFRS 16 in place for several years, private businesses have navigated a significant shift in how lease obligations are reported on the balance sheet. Now is an opportune moment to assess the practical impacts of these changes on companies and explore the latest updates to these standards. The …

The construction industry stands at a pivotal crossroads, influenced by technological advancements, evolving economic conditions, and a pressing need for sustainability and inclusivity. This in-depth exploration addresses how small to mid-size construction companies can navigate and thrive amidst these transformative trends. Financial Dynamics: Navigating Through Economic Uncertainties In today’s economic landscape, construction companies grapple with …

Understanding and implementing the proper accounting method is a cornerstone for financial clarity and operational success. As a business owner, choosing between cash-basis and accrual accounting methods affects how you report financial transactions. This article delves into the essence of these accounting methods, their significance, and how to discern which is most conducive to your …

In the landscape of financial planning and tax optimization, Qualified Charitable Distributions (QCDs) stand out as a powerful mechanism for individuals looking to enhance their philanthropic impact while optimizing their tax situation. This article delves into the core of QCDs, providing insights into how they can serve as a strategic tool in your charitable giving …

In light of the IRS’s recent announcement regarding tax inflation adjustments for the 2024 tax year, business owners must understand and adapt to these changes. As your experienced accounting advisors, we’re here to guide you through this complex landscape. Our goal is to help you comply with these new regulations and seize opportunities for growth …

Understanding the Tax Relief for American Families and Workers Act of 2024 The Tax Relief for American Families and Workers Act of 2024, once passed, will symbolize a legislative victory for taxpayers, especially small business owners and professionals, and deserves a detailed look due to its retroactive provisions and potential to affect the upcoming tax …

A new year brings new opportunities and challenges, particularly for business owners aiming to streamline their financial management. In the fast-paced business world, effective management of finances is not just a necessity but a cornerstone of success. Here are essential tips for leveraging QuickBooks and other accounting software to enhance financial oversight and operational efficiency …

Ohio’s Commercial Activity Tax (CAT) will undergo significant changes in 2024 and 2025, representing a substantial shift in the state’s approach to business taxation, with far-reaching implications for Ohio residents and the business community. The commercial activity tax (CAT) is an annual tax imposed on the privilege of doing business in Ohio, measured by gross …

Owning a business is an exciting journey filled with highs and lows. Establishing a clear, profit-driven strategy is one key factor that can tilt the scales toward success. The recent tax court case, Gregory v. Commissioner, highlighted how blurring the lines between hobbies and genuine business ventures can have significant financial implications. Not only did …