The straight line

Dow Jones and Portfolio Declines

As I write this article on Tuesday morning, September 30th, the stock market is in turmoil. Coming off of the single day largest loss in the Dow Jones history, I am fielding calls from nervous and anxious clients asking for tax advice, mostly dealing with investment losses and portfolio declines.

keep reading

In Loving Memory of Mary Gardiner 1932-2008

We would like to thank all of you for your kind words, thoughts and prayers regarding the passing of Mary Gardiner, Dan’s wife and mother to Mark, Dennis and Darcy. We find comfort in your support and appreciate you for keeping us in your hearts.

keep reading

What are we going to accept as service in the future?

Although I like to think I am not that old, I remember when we went to lumberyards, hardware stores and meat markets for our specific needs, and we received personal service from individuals who knew their merchandise. It’s unfortunate that we don’t have many shops like that anymore. I feel bad for my kids because a ‘lack of personal service’ is what they are going to experience as a norm as they mature– all because it has been run out of town by the big box stores. It’s time to raise our standards.

keep reading

Work Opportunity Tax Credit

The employer must hire designated community residents. A designated community resident is a new employee who is at least 18 and has not reached the age of 40, and who lives in a designated county. 30 counties in Iowa qualify and 35 counties in Nebraska qualify as a designated county - as well as many counties in surrounding states. Please note that it is the employee that must reside in a designated county. It is not relevant where the employer is located.

keep reading

Accounting Standards Codification

The Codification reorganizes the 1000’s of U.S. generally accepted accounting principles (GAAP) pronouncements into 90 accounting topics, and displays them all using a consistent structure. Pronouncements from multiple standard setters and related literature are covered. It is intended to reflect GAAP for non-governmental entities.

keep reading

Operating Leases Vs. Capital Leases

Based on questions that we have received lately, it appears that leasing is a favorable way of acquiring assets for some of our clients. The decision to lease is based on specifics such as: better financial terms, necessity, the lack of available financing, or just the desire to keep assets off the balance sheet. In any case, whether the lease is treated as an operating lease, the decision should be dependent upon the terms of each individual lease agreement.

keep reading