Final exam time: Are you a crammer or a planner?

by Mark Puzdrak

CPA

Mark Puzdrak is a Certified Public Accountant (CPA) with more than 13 years of professional experience helping small to medium-sized businesses with their tax and accounting needs including individual, corporate, and partnership income tax returns along with business and individual tax planning. Mark is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. He is licensed as a Certified Public Accountant in Texas and Pennsylvania. He earned both of his bachelor of arts degrees in accounting and finance from Lycoming College in Williamsport, PA. Mark is committed to delivering tax and planning services that meet each client's unique objectives with a focus on services for small to medium-sized businesses as well as clients in the Real Estate, Manufacturing, Entertainment, and Professional Services industries. Mark lives in Austin, Texas with his wife, Kelly. He enjoys reading biographies, visiting small Texas towns, and the occasional scotch and cigar.

As we move through December, students will start taking final exams.  Think back to your school days; were you a crammer or a planner? Imagine studying and preparing all year for an exam on material that is completely new to you. You are told you can study for twelve months and the exam will begin after a one month wait. This is the situation we find ourselves in with the new tax law. The time for studying will end this month, and after about another month to approve tax forms, update tax software, and provide tax information, the final exam will begin. Will you receive a passing grade on your tax return exam?

Protecting your money ten years after Madoff

by Dave Sather

Sather Financial Group

Dave Sather is a CERTIFIED FINANCIAL PLANNER and President of the Sather Financial Group, Inc. Sather Financial Group is a $400 million “fee-only” wealth management firm based in Victoria. Sather Financial is ranked as one of the top independent wealth management firms in the country according to Financial Advisor Magazine. Dave was raised in El Paso, received his B.A. in Business Management from Texas Lutheran University and received his M.B.A. from Texas A&M University. He has spent the past twenty years in the financial analysis, investment and banking industries. Dave is an adjunct professor in the business program at Texas Lutheran University. Additionally, Dave is a director of Business Bank of Texas as well as the Chairman of the Finance and Investments Committee for the Brownson Children’s Home and is a member of the Executive Advisory Council at Texas Lutheran University. He resides in Victoria, Texas.

Ten years ago this month, Bernie Madoff’s Ponzi scheme unraveled in front of the world. Like a bad nightmare, the swindler made $65 billion evaporate from people’s lives. With the benefit of hindsight, we can identify some legitimate questions investors should have asked of Madoff that are just as relevant today. There will always be another con-artist. You cannot prevent someone determined to commit crimes—but you can hold them at arm’s length.

Topics: Accounting & Finance

10 signs that you need to evaluate your business’ Information Technology

by Mark Johnson

President of Xtrii, and Global Technology Advisor

Mark Johnson is a global technology advisor with more than 30 years of successful business results. His experience includes roles as a global Chief Information Officer, Chief Technology Officer, and innovative, business leader for organizations ranging from $15 Billion+ and 100,000+ employees, to small, fast-paced, rapid-growth companies. Mark currently serves as President of Xtrii (www.Xtrii.com), an executive-level, technology consulting firm that works with C-level executives to provide proven technology leaders that help them address their most pressing technology challenges and risks. He has worked with companies to achieve extraordinary success that is globally recognized for technology excellence, such as the 4-time repeat winner of the national award for the best Information Technology organization, the national “Innovator of the Year” award, and Microsoft’s “Global Technology Innovation” award. Mark has been featured in Bloomberg Business Week, Computerworld Magazine, CIO Magazine, and many other national publications. He is a frequent keynote speaker and technology advisor on how companies can best leverage technology for optimal business outcomes.

Technology plays a key role in every modern business. If it’s been a while since you’ve assessed your business’ information technology practices, there’s never been a more crucial moment to get up to speed. Digital transformation continues to reshape the business landscape, meaning digital leaders will capture new market share and laggards will struggle to gain traction.

Sometimes When You Lose, You Really Win

by Mark Puzdrak

CPA

Mark Puzdrak is a Certified Public Accountant (CPA) with more than 13 years of professional experience helping small to medium-sized businesses with their tax and accounting needs including individual, corporate, and partnership income tax returns along with business and individual tax planning. Mark is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. He is licensed as a Certified Public Accountant in Texas and Pennsylvania. He earned both of his bachelor of arts degrees in accounting and finance from Lycoming College in Williamsport, PA. Mark is committed to delivering tax and planning services that meet each client's unique objectives with a focus on services for small to medium-sized businesses as well as clients in the Real Estate, Manufacturing, Entertainment, and Professional Services industries. Mark lives in Austin, Texas with his wife, Kelly. He enjoys reading biographies, visiting small Texas towns, and the occasional scotch and cigar.

As the calendar turns to November, it’s important to take a look at what you’re winning and losing with the 2018 tax law changes. You may want to know what your situation will look like compared to 2017 using the 2018 tax changes. Some business owners feel like they are losing a lot, because that’s what they hear— from the news, media, their friends, and maybe even their family. However, they may not lose at all. In fact, by losing deductions, business owners may win.  

Let’s look at a comparison. Our comparison is designed to determine what’s lost with the new tax law changes, using the same financial information for each year.

Topics: Taxes

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The Strategy Behind Selling Your Business, part one

by Kathy Tremmel

Tremmel Law

Kathy Tremmel has significant experience both as a business attorney and corporate executive. Her career spans both legal practice and business management and she opened her own solo law practice in January 2010. In additional to running her own practice, she also is of Counsel with Selman, Munser & Lerner, which is a business transaction law firm in Austin, Texas. Ms. Tremmel has more than 10 years’ experience as a business attorney, providing transactional legal services to a diverse client base, from start-up ventures to well established companies. She helps companies with all their contracts, including customer agreements, non-compete agreements, employment agreements, buy-sell agreements, loans, and leases, helps people set up new businesses, and represents buyers and sellers of businesses. In addition, Ms. Tremmel has 10 years of management experience working with start-up companies. As VP of Operations at Tusker Group, an international litigation support company, Ms. Tremmel led international teams, managed production and quality issues, handled price negotiations, worked closely with clients to determine the scope of their projects, provided project management services, and developed, implemented and documented best practices for processing and training. Ms. Tremmel earned a Doctor of Jurisprudence from the University of Colorado School of Law and a Bachelor of Arts from Dartmouth College. She is a Texas licensed attorney and a certified Project Management Professional.

This article is part one of a two-part series focusing on selling your business.

A record number of small businesses continue to be sold in the United States. Fifty percent of all small business owners are over 50 years old, and it is estimated that over 70% of baby-boomer entrepreneurs will either close or sell their businesses in the next 10 years. Since millennials are looking for business opportunities, and interest rates are still relatively low, now is a good time to start strategizing about how to sell.

12 tax strategies to consider before the end of the year

by Dave Sather

Sather Financial Group

Dave Sather is a CERTIFIED FINANCIAL PLANNER and President of the Sather Financial Group, Inc. Sather Financial Group is a $400 million “fee-only” wealth management firm based in Victoria. Sather Financial is ranked as one of the top independent wealth management firms in the country according to Financial Advisor Magazine. Dave was raised in El Paso, received his B.A. in Business Management from Texas Lutheran University and received his M.B.A. from Texas A&M University. He has spent the past twenty years in the financial analysis, investment and banking industries. Dave is an adjunct professor in the business program at Texas Lutheran University. Additionally, Dave is a director of Business Bank of Texas as well as the Chairman of the Finance and Investments Committee for the Brownson Children’s Home and is a member of the Executive Advisory Council at Texas Lutheran University. He resides in Victoria, Texas.

With the Tax Cuts and Job Act (TCJA) signed into law late last year, many people have questions about what strategies they should employ. With the end of the year rapidly approaching, now is the time to make plans. Here are a dozen strategies that can optimize end-of-year planning:

Your Profitability Improvement Plan

by Philip Campbell

Consultant, Author

Philip Campbell is a CPA, consultant, and author of the book A Quick Start Guide to Financial Forecasting: Discover the Secret to Driving Growth, Profitability, and Cash Flow Higher. This new book provides a straightforward, easy-to-understand guide to one of the most powerful financial tools in business: a reliable financial forecast. He is also the author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can’t Afford to Ignore. The book is a step-by-step guide for business owners and managers who want to better understand and manage their cash flow. Since 1990, Philip has served as a financial officer in a number of growing companies with revenues ranging from $5,000,000 million to over $1,000,000,000. He has been involved in the acquisition or sale of 33 companies (and counting) as well as an IPO on the New York Stock Exchange. Philip loves helping entrepreneurs and business owners think strategically about the financial side of their business. His consulting work is focused on providing the financial insights that leaders need to increase profits, improve cash flow, and enjoy the fruits of financial success in business. What really sets Philip apart from the average financial person you meet is his passion and excitement about helping entrepreneurs and CEOs take control of their cash flow. In fact, early on in his career, he focused and “preached” so much about the importance of cash flow that people now call him CASH. Philip is the founder of Financial Rhythm, a website devoted to people who are serious about creating financial health, wealth, and freedom in their business. If you're an entrepreneur or business owner, Financial Rhythm is a place to get simple, actionable strategies for creating a financial future that is bigger and brighter than your past. Philip lives in Austin, Texas. You can email Philip at pcampbell@pdq.net.

One of the biggest mistakes business owners make when they need to improve their profitability and cash flow is to dive right into the details of how to either increase sales or how to identify specific expenses to cut.

They start with tactics rather than strategy.

It is a natural tendency to dive into the details, but in my experience, it usually leads to very little—if any— improvement in profitability. The wiser approach is to take the time up front to consider what you are really trying to accomplish when you are thinking about improving your profitability.

The Cleanup is About to Begin

by Mark Puzdrak

CPA

Mark Puzdrak is a Certified Public Accountant (CPA) with more than 13 years of professional experience helping small to medium-sized businesses with their tax and accounting needs including individual, corporate, and partnership income tax returns along with business and individual tax planning. Mark is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. He is licensed as a Certified Public Accountant in Texas and Pennsylvania. He earned both of his bachelor of arts degrees in accounting and finance from Lycoming College in Williamsport, PA. Mark is committed to delivering tax and planning services that meet each client's unique objectives with a focus on services for small to medium-sized businesses as well as clients in the Real Estate, Manufacturing, Entertainment, and Professional Services industries. Mark lives in Austin, Texas with his wife, Kelly. He enjoys reading biographies, visiting small Texas towns, and the occasional scotch and cigar.

As the rain slows down, it's time to start cleaning up. If your business was affected by the recent rains, that cleanup will take on a different meaning. It’s easy to determine what kind of cleanup effort has to take place if you’re standing in several inches or feet of water.  But if you’re a business owner and you’re trying to determine how to clean up with the new 20% deduction for qualified business income (QBI), you may need to look a little harder.

Assumed Business Names in Texas

by Kathy Tremmel

Tremmel Law

Kathy Tremmel has significant experience both as a business attorney and corporate executive. Her career spans both legal practice and business management and she opened her own solo law practice in January 2010. In additional to running her own practice, she also is of Counsel with Selman, Munser & Lerner, which is a business transaction law firm in Austin, Texas. Ms. Tremmel has more than 10 years’ experience as a business attorney, providing transactional legal services to a diverse client base, from start-up ventures to well established companies. She helps companies with all their contracts, including customer agreements, non-compete agreements, employment agreements, buy-sell agreements, loans, and leases, helps people set up new businesses, and represents buyers and sellers of businesses. In addition, Ms. Tremmel has 10 years of management experience working with start-up companies. As VP of Operations at Tusker Group, an international litigation support company, Ms. Tremmel led international teams, managed production and quality issues, handled price negotiations, worked closely with clients to determine the scope of their projects, provided project management services, and developed, implemented and documented best practices for processing and training. Ms. Tremmel earned a Doctor of Jurisprudence from the University of Colorado School of Law and a Bachelor of Arts from Dartmouth College. She is a Texas licensed attorney and a certified Project Management Professional.

Many businesses choose to operate under an assumed name or a DBA, which is short for “doing business as.” This happens whenever a business operates under a name which is not identical to the official name of the entity filed with the Texas Secretary of State’s Office.

Secure Your Digital Life with Two-Factor Authentication

by Mark Johnson

President of Xtrii, and Global Technology Advisor

Mark Johnson is a global technology advisor with more than 30 years of successful business results. His experience includes roles as a global Chief Information Officer, Chief Technology Officer, and innovative, business leader for organizations ranging from $15 Billion+ and 100,000+ employees, to small, fast-paced, rapid-growth companies. Mark currently serves as President of Xtrii (www.Xtrii.com), an executive-level, technology consulting firm that works with C-level executives to provide proven technology leaders that help them address their most pressing technology challenges and risks. He has worked with companies to achieve extraordinary success that is globally recognized for technology excellence, such as the 4-time repeat winner of the national award for the best Information Technology organization, the national “Innovator of the Year” award, and Microsoft’s “Global Technology Innovation” award. Mark has been featured in Bloomberg Business Week, Computerworld Magazine, CIO Magazine, and many other national publications. He is a frequent keynote speaker and technology advisor on how companies can best leverage technology for optimal business outcomes.

Much of our lives happen on mobile devices, laptops, websites, and an ever-increasing array of online services. So it’s no wonder that our digital accounts and data have become a prime target for hackers and criminals. We frequently see headlines about another website or company getting hacked and the personal data of their users being stolen. As cybercrime continues to get more sophisticated, old security approaches are no match for modern threats and tactics. To address these threats, you can greatly improve your cyber security and better protect your sensitive information by using two-factor authentication.

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