Lease Options

Posted by Shea Kracheck, CPA, Partner, Tax Services on Aug 22, 2019

A few years ago, I wrote an article regarding lease options, and it caused quite a bit of fanfare. Due to numerous hits, we feel it’s time for a refresher as well as to dive into a little more detail. The structuring of lease options needs to be scrutinized to ensure that the IRS does not arrive and re-characterize the lease option as a sale.

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Topics: Real Estate, Lease

The Importance of Buy-Sell Agreements

Posted by Briana Frost, Staff II, Tax Services on Jul 30, 2019

Well-crafted and legally-binding buy-sell agreements can reduce the risk of unexpected circumstances for construction companies.

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Topics: Construction, Buy Sell

What did TCJA do for my pass-through?

The Tax Cuts and Jobs Act (TCJA) made permanent and temporary changes to the tax rates for all entities and individuals. Among the permanent changes was the shift in the C corporation tax rate to a flat 21% beginning in 2018. For manufacturing entities that operate as a “pass-through” (i.e., sole proprietorship, partnership, and S corporations) their income is still passed down to the individual business owners. This means that the “tax-cut” did not cut the tax rate of pass-through entities directly. To help balance the scale, TCJA created a “qualified business income” (QBI) deduction through 2025. There are many hurdles to clear to enable you to take advantage of the QBI deduction, but if you meet all of the qualifications, you could take the full 20% deduction.

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Topics: Manufacturing & Distribution, Tax Cuts and Jobs Act, QBI, pass-through

Creating Cyber-Warriors From Employees

Posted by Lee Ann Collins, CPA, Managing Partner on Jul 30, 2019

My name is Lee Ann Collins, managing partner of Lane Gorman Trubitt (LGT), a public accounting firm in Dallas, and this job is keeping me up at night.

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Topics: cybersecurity, managing sleepless nights, managing partner

Employee theft: Don’t take chances with your practice

Posted by Scott Gorby, Staff II, ACS on Jul 29, 2019

At a time when reimbursement rates are being squeezed, what you don’t need is someone surreptitiously removing money from your practice. Yet, that’s exactly what some staff members are doing to the practices that employ them.

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Topics: Healthcare, fraud prevention, Internal Controls

City of Dallas' New Paid Sick Leave

Posted by Candice King Principal, Human Resources on Jul 29, 2019

Do you have part-time employees working in Dallas? According to a new Dallas city ordinance, employees will be entitled to paid sick leave regardless of employment status. The City of Dallas is currently enforcing the Paid Sick Leave Ordinance, effective August 1, 2019. This ordinance grants paid sick leave to any employees working in the City of Dallas at a rate of 1 hour of leave for every 30 hours worked (see table below for details) and applies to all private employers.

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Topics: human resources, paid sick leave, HR, dallas

Cybersecurity: Are you at risk? Yes!

Posted by Lee Ann Collins, CPA, Managing Partner on Jul 10, 2019

My name is Lee Ann Collins, managing partner of Lane Gorman Trubitt, (LGT), a public accounting firm in Dallas, and this job is keeping me up at night.

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Recognizing Revenue in Not-for-Profits: The Effects of ASU 2018-08

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU affected predominantly all revenue streams for all industries except for recognition of revenue from contributions to not-for-profit (NFP) organizations. The FASB vowed to return one day and finish what they started by addressing how NFPs should account for contributions, and four years later they did. ASU 2018-08, Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, was issued in June 2018 to tackle diversity in practice regarding recording contributions, to clarify the steps a NFP organization should consider in determining whether a transaction is a contribution or an exchange, and to refocus attention on what constitutes a donor restriction and a donor condition.

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Topics: Not-for-Profit, Revenue Recognition

Attracting and Retaining Talent with Equity-based Compensation

Construction is a competitive industry!  In today’s business world, contractors aren’t just competing for projects; they’re also competing for a dwindling supply of new management talent and other skilled workers. Salary, bonuses, incentives, and other fringe benefits options may get individuals in the door, but the problem remains:  How to retain your talented employees as they move up the ranks?

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Topics: Construction, compensation

The Importance of Insurance Policy Retention

Obtaining appropriate insurance coverage may be the first and only step dealerships take when it comes to their company's insurance policy.  As policies expire, deleting or shredding the old policy may be practice out of habit, and the dealership may never think of that policy timeframe or documentation again until it may be too late.  This article addresses the importance of retaining expired policies and the types of situations that dealerships would need to produce the expired policy if an unfortunate circumstance was ever to arise.

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Topics: Auto, dealer services, insurance

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