LGT's Profit Sense

The COVID-19 pandemic has created an economic downturn of a severity seldom experienced in our nation. Many businesses, including dealerships, have turned to government and business loans to help keep them up and running. But there may be other sources of cash, right in your own business, that also should be explored.  

We made it to mid-September of a year uniquely defined in just about every facet of life. From a personal well-being standpoint, the COVID-19 pandemic has claimed the lives of over 193,000 individuals in the US in just over 200 days. With hope of a vaccine on the horizon, individuals are keeping a close eye on development and action plans for administration once approved by the Food and Drug Administration (FDA).

In today’s climate of uncertainty, it is never too late to build a plan for success. Surprisingly, you do not need to be at the top of your career to seek financial advice. Anyone can work with a financial professional at any age or season of life. The most important element is to find an advisor that speaks to your needs and financial goals.

When taxpayers are faced with an audit, they naturally feel some anxiety and concern. See below 10 general tips of what to do and what not to do when dealing with a sales tax audit.

Every year Accounting Today releases a list of the year’s managing partner elite. Lane Gorman Trubitt is excited to announce that Lee Ann Collins, managing partner at LGT, made the list.

On August 8, 2020, President Trump issued a memorandum authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. On August 28^th, the IRS released Notice 2020-65 providing guidance to employers about how to implement the deferral. While helpful, the guidance still leaves many open questions about the practical implementation of the deferral and the risks to employers participating in this program.

Lane Gorman Trubitt is excited to announce that it has been recently named as one of the 2020 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees.

On August 8, 2020, President Trump issued a memorandum to the Secretary of the Treasury authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. Unfortunately, the memorandum leaves many more questions than answers for employers, making participation in the program an uncertain endeavor. The below discussion highlights what we know so far and what we need to learn before September 1^st.

The broad market has been under extreme pressure over the past year, which has led to the Federal Reserve board and the Federal Open Market Committee deciding to lower the target federal funds rate. There are many different tools that are affected by the rising and falling of the target federal funds rate.

In my desire to be more philanthropic I began serving on a finance committee for a foundation. During this time, I was introduced to one of the most impactful giving tools—the donor advised fund. We were not independently wealthy individuals when my husband and I started our fund; for the record, we’re still not.