A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more advantageous to inherit a home rather than receive it as a gift before the owner’s death. This article will delve …
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Payne Nickles & Company, CPAs proudly announce the Todd Spore, CPA Memorial Scholarship recipients for the 2024-25 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any first, second, third, fourth, or fifth-year accounting major in Erie, …
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Navigating the complexities of business ownership requires a keen understanding of financial planning. A comprehensive financial plan is more than just a set of documents; it’s a roadmap that guides your business through the ever-changing landscape of commerce, helping to steer day-to-day decisions and long-term strategies. Essential Components of Financial Planning Efficient cash management is …
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In the construction industry, effective record retention is not just a matter of administrative housekeeping; it is a critical component that can influence legal standing, financial health, and company reputation. Establishing a robust record retention policy is essential, ensuring all necessary documents are maintained to support business operations, comply with regulations, and prepare for potential …
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In the construction industry, where innovation and efficiency are key to success, the Research and Development (R&D) tax credit is a powerful yet underutilized tool for small to medium-sized construction companies. Often perceived as the domain of tech giants and manufacturing behemoths, the R&D tax credit holds significant potential for the construction industry, offering financial …
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Written by: Abbey Bemis, MBA The most common reason businesses report failing is their cash flow management (SCORE). At Payne Nickles we know cash flow is not just a driver of business failure, but instead a huge part of company success when properly managed, driving a company’s operational efficiency and strategic growth. Effective accounts receivable …
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Written by Jeffrey J. Rosengarten, CPA, CFE Navigating the realm of capital gains and optimizing tax outcomes require strategic thinking and informed decision-making. Understanding and employing effective capital gains tax strategies is crucial for businesses contemplating asset sales or long-term investments. However, it’s important to note that every business situation is unique, and leveraging the …
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For many business owners, taxes often represent a hurdle to clear rather than a strategic asset to leverage. However, those who look beyond mere compliance can unlock the transformative power of tax planning as a key driver for sustainable business growth. Rather than viewing tax as a static annual obligation, repositioning it as a dynamic …
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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 …
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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 …
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