Keep up with the latest news from Huberty by following our blogs! Here we will post news about our organization, key figures, our services, industry news, and more. Be sure to check back often!
02/03/2021 | Read Time: 5 Minutes
Likely you have heard of regulatory changes that could/will affect businesses this year as the Federal Government administration changes over. An unprecedented number of executive orders have already been signed by President Biden and likely we will see more. This is a list of the top regulatory issues on the horizon according to Paychex.
12/16/2020 | Read Time: 7-10 Minutes
This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the resulting fallout is likely to have a significant impact on year-end tax planning for both individuals and small businesses. This is the time to paint your overall tax picture for 2020. By developing a year-end plan, you can maximize the tax breaks currently on the books and avoid potential pitfalls. The following three sections outline important considerations
09/08/2020 | Read Time: 3-5 minutes
Steve Leaman, Danielle Schraufnagel, and Grace Bruins of Horicon Bank discuss how you can make sure your loved ones can handle your banking if something were to happen to you and what they can expect when the time comes.
07/28/2020 | Read Time: 1-2 minutes
Accountants are boring, hermit math nerds who come out but once a year file taxes. I’m pretty sure that one sentence summed up just about every accountant stereotype out there. Just like most stereotypes, the over-generalized belief about who an accountant is and what they do is completely wrong!
07/14/2020 | Read Time: 2 minutes
As a business owner what is your biggest challenge? Most business owners will more than likely say one of two things - wanting more customers or wanting more profits. So how do you get those? That seems about as difficult of a question as “what is the meaning of life.” But believe it or not, the answer lies in one word – DATA!
Read Time: 4 minutes
Joshua TeBeest was one of only 30 CPA’s honored by the American Institute of CPA’s (AICPA) as a member of the Leadership Academy’s 12th graduating class. Josh was selected based on his exceptional leadership skills and professional experience for the four-day Leadership Academy program, which will be held October 5-8
June 17, 2020 | Read Time: 1 Minute
COVID-19 has tested every facet of small businesses - employees were told to work from home, storefronts closed, and business owners lost income and the ability to stay connected with their customers. Even the best strategic plans for 2020 did not account for all of these changes happening overnight. What could you possibly have done to plan for this?
May 22, 2020 | Read Time: 3 Minutes
Recently, a client told us about their procrastination. As easy as it is to laugh at or shrug off procrastination, we are all guilty of it. But why do we procrastinate? Is it because we have other more important things to do? Is it because we really don’t like the task at hand and secretly hope it will just go away? Or, is it because we don’t 100% understand what we are looking at? Perhaps it is a combination of all of the above. Thrive by Huberty, an easy to use outsourced bookkeeping service provides a solution to these tough questions.
May 14, 2020 | Read Time: 3 Minutes
A new business owner will learn quickly that accurate up to date financial records provide a numbers-based picture of their business. Knowing those numbers takes years, knowing how to maintain these records efficiently seems to be a low priority of most business owners. There are five good reasons to consider outsourced bookkeeping services to help you get your weekends back.
April 23, 2020 | Read Time: 4 Minutes
President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act on March 27, 2020. The House passed the bill by voice vote earlier that day, and the Senate unanimously passed it on March 25. The $2.2 trillion bipartisan bill, the most expensive legislation ever enacted, resulted from negotiations between Treasury Secretary Steven Mnuchin and Congressional leaders on both sides of the aisle. Tucked in the CARES Act was a provision that suspended the Required Minimum Distributions (RMD’s) for 2020.
April 14, 2020 | Read Time: 1 Minute
Employer Payroll Tax Deferral: Under CARES Act section 2302, an employer may defer the employer portion of Social Security taxes due between March 27 and December 31, 2020, provided at least 50% of the deferred taxes are paid by the end of 2021 and the remainder is paid by the end of 2022. However, employers that have their indebtedness forgiven under the Paycheck Protection Program are not eligible to defer these taxes.
April 9, 2020 | Read Time: 3 Minutes
Over the past weeks, the IRS and its Criminal Investigation Division have seen a wave of new and evolving phishing schemes against taxpayers, especially targeted towards retirees. With a vast array of information out there, the Huberty COVID-19 Planning Team assembled what you should know about your economic impact payments and how you can avoid falling victim to these scams.
March 4, 2020 | Read Time: 3 Minutes
Technology as a whole has evolved considerably over the last 20 years. What once was data we had to spend hours analyzing to come up with a meaningful number (only to have it be outdated by the time we receive it) is now just a click away. Even more, since the smartphone boom in the late 2000s that data is now available at our fingertips any time we want it.
February 20, 2020 | Read Time: 3 Minutes
Last tax filing season, several changes were written into legislation as part of the Tax Cuts and Jobs Act. This extremely robust change in regulations not only affected individuals, but also businesses, nonprofits, and even government entities. Full clarification on this new law didn’t get distributed until as late as fall of 2019, well past tax time! Imagine if a CPA took the Apple 2e/lobotomy approach and didn’t get educated on the new tax law…scary, right?
February 5, 2020 | Read Time: 5 Minutes
In a world where we receive constant pressure to buy this or that, we often find ourselves lost in a maze of choices and misinformation, not knowing if the purchase is something we truly need. We spend countless hours researching products and reading reviews, bouncing from website to website to find the best deal. Ask yourself this…how much thought and research do you put into the CPA and financial advisors you choose?
January 23, 2020 | Read Time: 5 Minutes
Business coaching has roots that go back to the Greek philosopher Socrates. The “Socratic Method” of using questions to help others think clearly remains a staple of modern-day coaching. As business became more mechanized and complex in the 20th century, interest grew in learning the “secrets” of business success.
January 8, 2020 | Read Time: 4 Minutes
Many entrepreneurs feel that business ownership gives them independence, control, and leadership opportunities that may not exist for them as an employee of someone else. As good as these benefits are, there is some caution to be advised about taking these benefits too far.
December 23, 2019 | Read Time: 4 Minutes
You’ve created a budget and stuck to it for months, but an unforeseen expense threw a wrench in your plan. What do you do now? We’ve all heard of broken budgets that get thrown aside the instant they get off track. Even though all hope may seem lost, it is possible to revise and refocus your budget! Budgets are a work in process, so you shouldn’t be afraid to adjust as you go.
December 11, 2019 | Read Time: 3 Minutes
What do most people think of when they consider the word audit? In our experience, the word primarily induces fear. After all, who wants to hear that they are being audited? At Huberty, we understand the fear that comes with auditing. We know that audits can often feel like a punishment, much like a fine, a reprimand, or worse. (Oh my!)
November 20, 2019 | Read Time: 4 Minutes
When it comes to accounting, farming is EXACTLY like nonprofits — highly specialized! As Liam Neeson would say in the movie Taken, “I have a very particular set of skills, skills acquired over a very long career…” The accountant you choose to handle your farm’s accounting should be the Neeson of farm accounting.
November 6, 2019 | Read Time: 5 Minutes
Nothing stays the same in life, or in business for that matter. Businesses are seldom at a steady state. They are growing or declining, starting up, or being exited or transitioned to others. All business phases have their challenges, but we’ve found that businesses in transition are especially challenging. This is where Huberty’s Advisory services focused on Analysis, Strategy, and Planning are especially helpful.
October 23, 2019 | Read Time: 3 Minutes
As tax season approaches, Huberty can sense your fears starting to build - the sweat on your brow starts to take shape and you begin to have flashbacks to high school sitting across the desk from Mr. Strickland’s crisp bowtie! As you sit waiting for your turn to head in and learn your fate for the year, you begin to wonder what you could have done to avoid the F5 tornado in which you feel you are about to be sucked into.
October 9, 2019 | Read Time: 3 Minutes
Tax laws are a continuously changing facet of accounting. New rules and regulations happen frequently. New clients sometimes remark that “my former accountant never told me that.” In those cases, they probably just didn’t realize the new regulations changed and may have offered taxpayers new opportunities.
September 25, 2019 | Read Time: 7 Minutes
We know you love your family and there’s nothing you wouldn’t do to help them. One of the best things you can do to secure their future financial safety is to tackle estate-planning! Your loved ones (heirs) will thank you for not having a legal mess to sort out!
September 11, 2019 | Read Time: 4 Minutes
When discussing estate planning for individuals, most have heard the terms “will” and “trust,” but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan. Both legal documents allow you to provide for the ultimate disposition of your assets upon your death.
August 21, 2019 | Read Time: 4 Minutes
The Tax Cuts and Jobs Act of 2017 (the TCJA) included a substantial increase in the federal estate tax exclusion. The relatively new tax law is even more reason to review any estate planning you have done. However, it is important not to simply undo prior planning, as many aspects of these new laws are set to return to pre-2018 laws at the end of 2025.
August 7, 2019 | Read Time: 3 Minutes
An estate consists of everything a person owns, including a home, vehicle(s), additional real estate, bank accounts, stocks, and life insurance. It also accounts for valuable personal possessions like furniture, jewelry, and artwork. Almost every individual has an estate. However, no matter how large or how small your estate is, you can’t take it with you when you die.
July 24, 2019 | Read Time: 4 Minutes
The word “accountability” carries the burden of a negative connotation. It is often interpreted as a form of punishment or as an increase in expectations and responsibilities. When most people are told they will be “held accountable,” they cringe in fear! However, when it comes to small business management, accountability is embraced as an opportunity for progress.
July 10, 2019 | Read Time: 4 Minutes
Business is more complex today than ever, with lots of moving parts and pieces that require management attention. In small and mid-sized businesses, owners or leaders don’t often have experts in all the functional areas, so they are forced to wear all the hats. Yet, no one can be knowledgeable in every area, so the weight of those responsibilities can make success feel very elusive.
June 19, 2019 | Read Time: 3 Minutes
In 2011, a small and medium-sized business survey was conducted by E-Myth and Synotac that revealed fascinating statistics concerning how growth and development of a business are related to Planning. The results of this investigation led to what E-Myth dubbed the “Success Recipe” for businesses.
June 5, 2019 | Read Time: 3 Minutes
If you are a small business owner, a time will come when you’ll find yourself ready to exit or sell your business. You’ve probably thought about the possibility in some capacity already. But there are a few questions you need to ask yourself before you start fielding offers from potential business buyers.
May 22, 2019 | Read Time: 4 Minutes
At Huberty, we work side-by-side with numerous small and medium-sized business owners. As business coaches, our consulting experts try to express the importance of a particularly desirable goal – build a business that serves your life rather than spending your life serving your business.
May 1, 2019 | Read Time: 2 Minutes
One of the administrative requirements of Employee Benefit Plans (EBP) that is not widely discussed is the necessity of annual audits for plans with more than 100 participants. Though mandatory, these audits can actually produce important benefits for the plan and its sponsor or administrator.
April 17, 2019 | Read Time: 3 Minutes
At Huberty, our accounting firm puts a strong emphasis on the importance and benefits of Strategic Planning. Our expertise has proven time and time again that developing Strategic Plans leads to prosperity in a lot more than just profits, but in the overall financial health and longevity of a business. However, even the most detailed Strategic Plans provide no benefit without putting the plan into action.
February 20, 2019 | Read Time: 5 Minutes
Huberty clients hear our advisors use the term “Key Performance Indicators” or see the acronym “KPI” written in the service descriptions on our website. However, not everyone is a CPA, so what exactly is a Key Performance Indicator and how does it relate to your financial outlook?