LGT's Profit Sense

First and foremost, I need to introduce myself. My name is Lee Ann Collins, managing partner of an accounting and advising firm in Dallas called Lane Gorman Trubitt, LLC (LGT), and this job is keeping me up at night.

Topics: small business, employee retention, managing sleepless nights, benefits, consulting, ACS

In response to the Supreme Court decision in South Dakota v. Wayfair (click here for our previous article on this subject), the Texas Comptroller has adopted amendments to Rule 3.286 regarding “remote sellers” (vendors with no physical presence in Texas).  These amendments go into effect on January 1, 2019.

Summary

Topics: SALT, Wayfair, State and local taxes, LGT

"Blue skies smiling at me"

Topics: Auto, dealer services, GAAP

The term “artificial intelligence” or “AI” may conjure up sci-fi images of robots and futuristic machines. But many businesses today are using AI to obtain more accurate data and help owners and managers make better decisions.

Topics: dealer services, Auto, AI, Artificial Intelligence, used cars

No part of the country is immune from disaster. Whether your construction company operates near water or in a desert, in the city or the suburbs, a natural calamity could stop you in your tracks and even put you out of business. For this reason, it’s a good idea for every contractor to at least consider business interruption insurance.

Topics: Construction, insurance

Your wage structure can vary widely depending on whether your practice is new, with freshly hired staff, or is older, with staff that have been with the practice for many years. For instance, you may find your office in the awkward position of having a long-term medical receptionist who makes more money than newly hired registered nurses. These apparent inequities can create resentment among staff. Your practice can generally handle this, though, via a smart wage structure and policy.

Topics: wages

As many of you may already know, there was a significant increase in the lifetime exclusion for Estate and Gift taxes. Lets break it down.

Topics: gift tax, estate tax, TCJA, Tax

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next.

Topics: Tax, accounting, TCJA, consulting, IRS, Financial, Accounting Tips