Tax Preparation Resources for 2016

by Dwayne Kolly

Business Bank of Texas

Dwayne Kolly brings a wealth of financial management and operations experience to Business Bank of Texas. Kolly has served community banks in south and central Texas for nearly 30 years, and is the bank’s CEO and Chief Financial Officer. He is a graduate of the Southwestern Graduate School of Banking at SMU (1993).

Now that the new year has begun, it’s time to start your business tax preparations for the last year. We have several articles by contributors on the Business Resource Center that may help you with this task.

Topics: Taxes

What You Need to Know About Borrowing for Your Business [SlideShare]

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

What do you need to know to apply for a commercial loan?

You know your business—its ins and outs, all the big ideas and tiny details. You may be considering the next steps to keep growing, but do you know where to begin with borrowing for your business? Do you need an advancing term loan or a permanent loan? What are the necessary forms and requirements? What is a debt service coverage ratio?

Topics: Bank Customer Tips, Accounting & Finance, Taxes, Commercial Lending

What You Need to Know to Move Your Business to 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 people are moving to Texas—for the jobs, affordable housing, low taxes, booming industries, and friendly people.

Topics: Business Operations, Legal, Strategic Planning, Taxes

Texas Legislature Reduces Taxes!

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.

The Texas Legislature reduces taxes—so what does that mean for businesses in Texas? Recent legislative tax changes are saving businesses money! 

Topics: News, Accounting & Finance, Taxes, Business Bank of Texas News

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Upcoming Changes in the Tax Law for Businesses and Individuals

by Robert Herbst

Fisher, Herbst & Kemble, P.C. CPA

Robert M. Herbst, CPA, Managing Shareholder, is a graduate of Texas A&M University and holds a Bachelor of Business Administration degree in Accounting. Mr. Herbst is a Certified Public Accountant and is a member of the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. Prior to joining the Firm in 1990, Mr. Herbst worked for the international public accounting firm of Ernst & Young for 10 years and held various positions in their tax and assurance department. Mr. Herbst directs the Firm’s tax practice which includes federal and state tax compliance and planning for individuals, partnerships (including family limited partnerships), corporations (including limited liability companies) trusts, estates, private foundations (operating and non-operating) and tax exempt organizations. In addition, Mr. Herbst works with the Firm’s assurance division to coordinate all tax matters for clients that are under audit, review and/or compilation.

As companies begin planning for the year 2013, many face uncertainties over new legislation and how it will affect their businesses. While many things are uncertain, my firm has laid out some changes to the tax code that are currently going to be enacted and that could affect many businesses. In it, we cover for small businesses issues around bonus depreciation and section 179 depreciation reduction. For the individual, we cover changes to the income tax rate and self-employement taxes. Finally, we cover the main changes under the Patient Protection and Affordable Care Act (PPACA) and what will change under it for the next few years.

Topics: Featured, Accounting & Finance, Taxes

Outlining Your Financial Plan

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 New Year upon us, I am reminded of a conversation with a client some years ago. “Bill” and “Doreen” had come in looking for what they thought would be investment advice.

Topics: Featured, Management, Blog Posts, Strategic Planning, Employee Benefits, Risk Management, Accounting & Finance, Taxes, Content Type

Protecting prior year QuickBooks data

by Lillian Aaron

Accounting Software Consultant, Porte Brown CPA

Lillian is a business adviser with more than 30 years of experience assisting small to medium businesses prosper by selecting the correct business accounting tools based on their specific needs. Her specialty is in process workflow—helping companies gain efficiency in their operations. Businesses seek her help when they have outgrown their basic accounting systems and are ready for a customized, robust solution that is still affordable. Lillian is an expert in a number of systems including Traverse ERP, Open Systems, and QuickBooks Enterprise and Method CRM. Specialties: Traverse Accounting Software, Open Systems Accounting Software (OSAS), QuickBooks Enterprise, Method CRM Her clients say, “Lillian is my go-to person when it comes to accounting software. She has a deep knowledge of available options and takes time to understand the needs of her clients,” “I found her to be of the highest integrity and extremely knowledgeable,” and “She is always willing to go the extra mile to make sure that her clients get exactly the solution they need.”

QuickBooks is one of the few accounting programs that does not require you to close your books. However, this could leave your books open for accidental changes to prior years. Even though you don't have to close your books, you can protect last year's transactions from accidental change by taking the following steps:

Topics: Featured, Business Best Practices, Blog Posts, Accounting & Finance, Taxes

Why using the IRS as an unauthorized lender is a really bad idea

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

All employers have a responsibility to collect and remit employee withholding taxes, Medicare taxes and Social Security taxes to the IRS on a regular basis. These taxes are often called “trust taxes” or 941 taxes (after the IRS form number they are reported on). The concept of trust taxes means you as an employer have a duty to hold in trust both the employee and employer’s portion of the applicable tax until it is time to remit it to the IRS.

Topics: Featured, Management, Blog Posts, Accounting & Finance, Taxes

What is fair taxation?

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.

On August 14th Warren Buffett penned an article in the New York Times stating it was time for the rich to pay more in taxes. As you can imagine, this set off a fire storm of comments both pro and con.

Topics: Featured, Blog Posts, Accounting & Finance, Taxes

Is there a tax audit in your future? Probably.

by Jan Triplett

Business Success Center

Jan Triplett, Ph.D. is the CEO of the Business Success Center (BSC), a City of Austin certified green business, that provides sales and financial growth strategies, planning, and implementation. She is also a professor in Business and Professional Skills for the online MBA program at Mary Baldwin University. Triplett is a national and international speaker, author of A Networker’s Guide to Success and co-author of Thinking Big, Staying Small and Easy to be Green. She published The Networker ” magazine for over ten years and moderated KUT radio’s nationally syndicated program, “The Next 200 Years”. She was co-creator of the award-winning “City Management Academy” and the “Owners MBA” and co-founded the Entrepreneurs’ Association Hatchery incubator and accelerator. She is a small business activist. She served as a White House Conference on Small Business and Congressional Summit delegate, served on the Mayor’s Task Force on International Infrastructure, initiated the Northcross IBIZ District and recommended portions of Austin’s Big Box Ordinance. She was a founder of the Women’s Chamber of Commerce of Texas and the Greater Austin International Coalition. The SBA honored her as Texas’ Small Business Advocate. She has also earned her CBTAC and Director credentials. Her company received a Small Business Administration (SBA) five-star national award and the Austin Business Journal named it a top 20 management consulting firm.

We are hearing from clients and accountant colleagues about the increase in sales tax audits. These are turning out not to be friendly, let's talk audits but somewhat nasty, prove you're innocent audits where the assumption is that your business is not paying what it should. Guilty before proven innocent.

Topics: Featured, Blog Posts, Taxes

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