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Avoid these common mistakes For 2019, the lifetime gift and estate tax exemption has reached a whopping $11.40 million ($22.80 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax […]

One downside of contributing to a traditional IRA is that, once you reach age 70½, you must begin taking required minimum distributions (RMDs) — and pay taxes on those distributions — whether you need the money or not. But if you’re charitably inclined, you can use a qualified charitable distribution (QCD) to avoid taxes on […]

In a small or growing business, you most likely wear many hats. You’re the leader, you’re the HR department, you could be the entire sales team and you may also be managing the books. A study done by Wasp Barcode stated that the top accounting challenges facing small businesses today are: Accounts Receivable, Cash Flow, […]

The Wayfair case was decided by the Supreme Court in June of 2018 (South Dakota v. Wayfair). It has largely changed the landscape for sales and use tax, not only in South Dakota, but across the country. Wayfair has established a standard of what is called economic nexus.  Prior to the Wayfair case, the standard for being required to collect […]

Employee health and welfare benefit plans are established to provide medical, sickness, accident, disability, and many other benefits to employees or former employees and their dependents and beneficiaries. Plans with more than 100 participants on the first day of the plan year must file Form 5500 each year whether funded or unfunded. A funded plan […]

CLEVELAND, OH – February 9, 2019 Hobe & Lucas CPAs, a full-service certified public accounting and business consulting firm located in Independence, Ohio has acquired Flask, Kusak and Company, located in Parma, Ohio. The acquisition strengthens Hobe & Lucas’ overall service offerings and provides additional resources to increase its current levels of customer and client […]

The Tax Cuts and Jobs Act (TCJA) was signed into law at the end of 2017. These new laws and regulations could have a major impact on your individual and business tax planning. Below are some questions and answers that may be applicable to your tax situation. This is the right time to take advantage […]

As we come to the final couple of months of 2018, we, as business owners, should take a moment to reflect on what worked for us and what didn’t work for us. Especially, as budgets are prepared, it is important not only to think back but also to look forward. One thing to assess is […]

Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play. Issues, what issues? Emotions tend to run high when owners face a “triggering event” that activates the buy-sell. […]

Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as your competitors are, you could be at a disadvantage. For these reasons, it […]