Author Archives: gumstead

Starting out in a firm, new employees are inspired to stay with a single company and work their way to the top over time. How are these firms growing alongside their talented employees? Firm profitability is a major part of running a business, and this list includes important attributing factors to help increase profitability.   […]

With the ever-growing online software systems for finances, things are getting easier for customers and more difficult for the employees trying to reach them. Are financial advisors at risk with the newest advising software?   Financial advisors are often out of many people’s price range, but this new online application is free – applicable to […]

2015 has been a great year for female executives in the accounting industry, as two of the Big Four accounting firms have named female CEOs. KPMG announced its first-ever female CEO, Lynne Doughtie, on April 21. This might seem like a big milestone for the industry, but statistics have shown an increase in women in […]

In a survey by AICPA, 25% of Americans say they have been victims of cyber attacks. This number has drastically increased since last year, and consumers are getting increasingly worried. The attacks are enough to change 82% of consumers’ spending habits to cash or check. Forty percent even noted cutting online spending to avoid the […]

Think you don’t need to worry about going concern disclosures because the new FASB rules aren’t in effect yet? Well, we’re encouraging you to think again! Even for those who aren’t implementing ASU 2014-15 early, it is still relevant to discuss going concern disclosures now under existing rules.     Going concern is an area […]

Smaller, non-public entities now have that option. Through AICPA’s Financial Reporting Framework for Small and Medium Sized Entities (FRF for SMEs), small entities have a cost beneficial alternative. This special purpose framework will help dodge the ever-changing rules and regulations set by the GAAP. The FRF for SMEs became available in 2013 so the acceptance […]

Senior- level interviews are critical for candidates to demonstrate their skills and abilities. However, carrying out this task without seeming conceited can be challenging for executives with several years of experience.       According to Neil McNulty from McNulty Management Group, senior- level candidates often walk into an interview expecting the company to recruit […]

Written by Guy Schmitz J.D., LL.M. Code §183(a) generally disallows any deduction attributable to an activity “not engaged in for profit.”  The section prevents those indulging in a hobby from offsetting their hobby losses against taxable income from other sources.  See a recent case, Henry J. Metz, et ux. v. Commissioner, TC Memo 2015-54, which […]

With tax season coming to a close, millions of dollars are going unpaid in Texas. Taxpayers owing $100,000-$999,000 in unpaid taxes are going unnoticed due to the short-staffing in revenue agents, revenue officers and criminal investigators. Five thousand fewer positions that go after the millionaire tax cheats have been dissolved in the state, leaving 1,000 […]

President Obama’s 2015 budget proposal includes several items that would affect how individuals are taxed. As you’re preparing last minute taxes for individuals and families this season, take just two minutes out of your day to get ready for questions from your clients about these proposed changes.   Under the proposed budget, the following changes […]