Newsletter

Winter 2016 Issue

November 14, 2016
  • M&S managing partner, Jeff Mowery, has been selected by Accounting Today as a member of its 2016 Class of the Managing Partner Elite! According to the article released by Accounting Today, this award honors innovative, forward- thinking, and unusually successful leaders. Among other attributes, Jeff's focus on firm culture, growth and succession strategies, and technology helped him to stand...
  • If you haven’t yet created a business plan for 2017, it’s not too late to catch the proverbial worm. The start of a new year is a great time to meet with your management team and analyze how your company performed in 2016 relative to the goals and objectives set forth in your 2016 plan. Based on this analysis, you can then set new goals and objectives for 2017. Start With Your Financials There...
  • There are two accounting methods used by businesses to keep track of income and expenses, and it’s critical to understand the differences between the two. Cash-basis accounting is the simpler method. It’s generally available to businesses with no more than $10 million in annual sales and to professional services firms of any size. There is a lower $5 million threshold for C corps, and for...
  • Making gifts to children and grandchildren is a strategy sometimes used to reduce taxes. Doing so may shift some of your income into a lower tax bracket and remove assets from your taxable estate. But if you employ this strategy, beware of a hidden tax sometimes called the “kiddie tax.” The kiddie tax isn’t a separate tax. Rather, it’s an income threshold above which a minor’s unearned income (...
  • At least 70% of people over the age of 65 will require some level of long-term care service, according to insurance company Genworth Financial’s 2016 Cost of Care Survey. And that care can be very expensive. For example, on average per month, it costs $3,628 for care in an assisted-living facility, $3,861 for a home health aide and $7,698 for a private room in a nursing home, according to...