Nebraska Farm Bureau Announces New Health Plan

In an effort to lower health costs within the agriculture industry, the Nebraska Farm Bureau has recently announced its new large group association health plan which aims to provide personalized healthcare coverage for farmers…

Quarter Two Middle Market M&A Report

M&A transaction activity continues to be healthy. Economic growth remains robust, and businesses continue to have access to historically inexpensive debt. During Q2 2018, there were 2,768 completed transactions totaling $97.1 billion in North America (per Capital IQ)…

4 Common Reasons Why M&A Deals Fall Apart

Not all M&A deals conclude with a successful closing. During the period between signing a letter of intent (LOI) and closing, the deal may break up for a number of reasons. Sometimes the reasons are unforeseeable but many times these situations can be anticipated and potentially avoided…

Lutz Adds Mason and Sawyer

Lutz, a Nebraska-based business solutions firm, welcomes Michael Mason and Obadiah Sawyer to the Omaha office…

The Internet of Things (IoT): A Beginner’s Crash Course

You know more about the Internet of Things, or IoT, than you may think. While the term sounds futuristic, almost everyone is already using IoT on a daily basis. IoT simply refers to items that contain software, sensors, electronics, etc. that allow them to connect with computers or each other and “talk.” In the past, this type of connectivity was limited to your computer, smartphone, and tablet…

How Changes in Nebraska Sales Tax Laws May Affect You and Your Business

The rise of mobile technology and advances in digital capabilities has created a thriving e-commerce marketplace. This has made it possible for companies of every size to build relationships with buyers nationwide. Historically, state sales tax laws only impacted businesses with a physical presence in that state…

Keep Financial Data Safe: 5 Tips

When a major corporation that has data of several hundred thousand customers suffers a data breach, it’s big news. But no business is too small to get hacked. In fact, smaller companies are sometimes considered easy prey because thieves think they’re not as well-protected as industry giants…

Using Financial Ratios to Drive Manufacturing Efficiency

The goal of every manufacturer is to increase revenue by improving production efficiency. However, many manufacturers fail to take financial analytics into consideration. For instance, how efficient is your cash use? Are you using applying profitability ratios to help prioritize your inventory and production?..

5 Common Payroll Mistakes and How to Avoid Them

Make a mistake on an invoice, and you’ll displease a customer. Commit an error while you’re preparing payroll, and you may have a bigger price to pay. You’re accountable to employees and regulatory agencies, all of whom expect absolute accuracy…

4 Tips for Successful Delegation

We all know delegation is inevitable as we grow in our leadership roles; however, it’s often easier said than done. The hesitancy to delegate can occur for many reasons, such as a fear of loss of control over the work, a lack of time to devote to necessary training, or not wanting to burden someone else with additional projects…

Potential Under-Withholding of Federal Income Taxes

A recent interesting article referenced a report run by the U.S. Department of Treasury that estimates around 30 million Americans may be under-withholding due to the new tax law changes relating to withholding on employee’s paychecks…

Understanding Working Capital Targets in M&A Transactions

We have found that net working capital (“NWC”) targets are one of the most commonly misunderstood components of M&A deals. While sometimes confusing, we believe sellers need to understand the logic behind NWC targets, as it can often become one of the more heavily negotiated items in M&A deals. If sellers have a better grasp of the what, how, and why of NWC targets, we believe it should make for a smoother negotiation to help get a deal to closing.

Taxes and Divorce: What You Need to Know

If you’re in the midst of a divorce, you know how challenging it can be when it comes to separating finances and assets. But when you add taxes into the mix, it can make the situation more challenging. That’s because tax laws are complex and have the ability to change over time…

New Sales Tax Ruling Presentation Draws Local News Station’s Attention

On Thursday, July 26th, Lutz held a Lutz Learning Live presentation in Hastings and Grand Island Nebraska to discuss the new online sales tax ruling. Following the event, NTV news sat down with our presenter Stacy Watson, Lutz Tax and Consulting Shareholder, to interview her about a few of the changes…

Lutz Adds Warneke to Omaha Office

Lutz, a Nebraska-based business solutions firm, welcomes Katie Warneke to the Omaha office. Katie joins the firm as a staff accountant in both the Client Accounting Services department and Tax department…

August Retirement Plan Newsletter

August’s 401k retirement plan newsletter includes insights on collective investment trusts, including health care in your retirement plan strategy, updates on the fiduciary rule, and more!

Cost Report Corner

Annually, CAHs must ensure that they meet the CMS criteria for cost-based reimbursement, submitting the appropriate data to their Medicare Administrative Contractor (MAC) in a timely fashion. This yearly exercise of submitting annualized procedure data to the MAC and attesting to the various CRNA qualification criteria may seem mundane to do every year – and that may be the case…

Medicare Provider Enrollment

The Medicare provider and supplier enrollment process is a continuous process in which the provider community must focus their attention, lest you be impacted by an interruption in reimbursement. Here are just a couple of the more popular items that providers find themselves contending with regarding their Medicare enrollments…

Year-End Audit and Cost Report Planning, Preparation and Tips

The few months after a facilities fiscal year end are always challenging. From closing the books, to preparing for the external audit process, to providing information for and completing the Medicare cost report, there is never enough time in the day to get everything done. We have all been through the experience– at the time we have all said “next year will be better” and “we will fix the bottlenecks”…

Tis the (Flu) Season

With summer quickly winding down, a topic of conversation for many is the upcoming flu season, particularly vaccinations. The high severity of the 2017-2018 season leaves healthcare institutions wondering what is in store for the 2018-2019 season. While the proper care of these patients remains the top priority, another aspect that should be analyzed annually is proper coding and billing for immunizations such as the flu shot…

Under New Management: PCAOB Outlines Priorities for Coming Year

In early 2018, the leadership of the PCAOB changed hands. This article identifies the PCAOB’s top priorities, including the proposed changes to the audit standards on 1) accounting estimates, 2) the use of specialists, and 3) the supervision of other firms, as well as researching ways to increase use of technology in auditing…

SEC Proposes Changes to the Whistleblower Program

The SEC is proposing amendments to its guidelines for reviewing whistleblower claims and handing out awards to people who report wrongdoing. This article provides an overview of the SEC whistleblower program and proposed changes to make the program more effective and efficient…

Identifying Cyberrisks in an Audit

As the frequency and severity of cyberattacks have increased, data security should be a critical part of the audit risk assessment. This article summarizes findings from an ongoing PCAOB inspection of how public company auditors and their firms are responding to mounting cyberrisks…

FASB Simplifies Accounting Rules for Stock Compensation

The FASB has expanded the scope of its stock compensation guidance to include share-based payments to nonemployees for goods and services. As this article explains, the amendment to U.S. GAAP eliminates existing guidance that called for businesses that give stock awards to independent contractors or consultants to follow a separate standard from the one used for employee stock compensation…

Rolling Back Dodd-Frank, Piece by Piece

President Trump recently signed a bill easing supervision of small and midsize banks mandated by the Dodd-Frank Act. This article explains the new law, along with an SEC proposal that would roll back the controversial Volcker Rule. It also discusses House subcommittee debates over legislation that would scale back the financial reporting and disclosure requirements under the Dodd-Frank Act…

Are You Ready for the New Credit Losses Standard?

The new credit losses standard will require banks and other creditors to recognize losses on bad loans earlier than under the current rules. This article explains the updated standard and why several organizations have requested that the effective date be extended…

Lutz Adds Smith and Stenger

Lutz, a Nebraska-based business solutions firm, welcomes Sheana Smith and Bryce Stenger to its Central Nebraska offices…

Construction Contractors Can Benefit From Tax Reform Changes to Long-Term Contracts Exception

The 2017 Tax Cuts and Jobs Act is the most comprehensive reform to the U.S. tax code in more than 30 years. As taxpayers sort out the changes, construction company contractors should take notice of a very positive change in the tax reform package—the increase in the gross receipts limit to qualify for the small construction contract exception to the percentage of completion method (PCM) by $15 million…

How to Recruit and Retain Millennial Talent

The American workforce is currently in a state of flux. Around 10,000 baby boomers — people born from 1946-1964 — are retiring every day, resulting in labor shortages. Millennials— people born from 1981-1996 — now take up the largest portion of the labor force and, at ages 22-36, they are no longer the “next” generation…

Lutz Named a Top 100 Firm by INSIDE Public Accounting

INSIDE Public Accounting (IPA) recently announced their annual financial performance analysis and ranking of the nation’s largest public accounting firms. This year, Lutz made its first debut on the IPA Top 100 list, coming in at #92…

The Dark Web

Have you heard of the Dark Web? If not, you aren’t alone. It’s a collection of thousands of different websites that use various anonymity tools, such as I2P (Invisible Internet Project) and Tor (The Onion Router) to hide their IP address…

Lutz Tech Promotes Four

Lutz, a Nebraska-based business solutions firm, has promoted four professionals in the Lutz Tech division. Congratulations to Matt Hendrock, John May, Dan Mendoza, and Jessica Murray…

Considering QuickBooks? 10 Reasons Why You Should

You may have a manual accounting system that seems to work fine. You understand it. You’re able to send invoices and pay bills, record expenses, and analyze management information. You don’t know, though, how much more efficient and productive you could be by using QuickBooks until you’ve tried it…

Reporting Initial Franchise Fees: How the Changes May Affect You

The Financial Accounting Standards Board (FASB) and Internal Accounting Standards Board (IASB) have recently issued a new rule, ASC 606, which has been generating some buzz. The new rule will have an impact on the revenue recognition reporting for franchisors. This article discusses the speculations of the new rule and how its adoption could affect franchisors, franchisees and their future profitability…

3 Misconceptions of Selling to Private Equity Firms

Many feel that PE firms will pursue layoffs and cost-cutting in order to boost profits and quickly sell the company at a higher price. While the end goal is ultimately to sell companies at a higher price, most PE firms place their bets on businesses with strong growth prospects in attractive markets in order to boost their returns…

Auditor Independence: How the SEC Wants to Amend the Rules

The Securities and Exchange Commission (SEC) recently proposed changes to its auditor independence rules. The proposal targets situations in which auditors are borrowing funds or issuing debt to accumulate working capital. Here’s why auditor independence is important and how the SEC plans to alleviate some of the recordkeeping challenges associated with the existing rules…

FASB Clarifies Guidance on Collaborative Arrangements

In April 2018, the Financial Accounting Standards Board (FASB) released for public comment a proposed amendment intended to clarify the scope of its standard for collaborative arrangements. If finalized, the proposed amendment to U.S. Generally Accepted Accounting Principles (GAAP) will help partners in a collaborative arrangement determine when a transaction should be treated as revenue…

Are You Ready for the New Not-For-Profit Reporting Standard?

Starting in 2018, a new accounting standard will significantly change the accounting rules for not-for-profits. This article explains how the changes will provide more helpful information to users of the statements by reducing the number of net asset classes from three to two, modifying the treatment of “underwater” endowments, and providing greater insight into liquidity, expenses and investment returns…

Is Your Business Wi-Fi Secure?

The convenience, flexibility, and agility that a business Wi-Fi network delivers make it an essential networking solution for most organizations today. However, these features can come at a price if the network is not secure…

Lutz Promotes Six to Manager

Lutz, a Nebraska-based business solutions firm, has promoted six professionals to a Manager position. Congratulations to Katie Byrd, Mary Keslar, Bob Loewens, Steve Nebbia, Jonathan Patent, and Colin Walker…

5 Money Management Tips for Independent Contractors

It’s nice to get a steady paycheck; you know how much money is coming in, and when. You left that behind when you became self-employed, knowing that you’d probably face some financial unpredictability. But there are steps you can take to avoid being in a constant state of uncertainty. Here are five of them…

Lutz Announces Director Promotions

Lutz, a Nebraska-based business solutions firm, has promoted five to Director roles. Congratulations to Erin Baas, Joe Hefflinger, Aaron Hoffman, Julianne Kipple, and Pam Riley…

July Retirement Plan Newsletter

July’s 401k retirement plan newsletter includes insights on exchanging your old retirement solutions for new ones, tips for preventing uncashed retirement checks, and more!..

Does Your Business Need a Merchant Account?

Your company’s cash flow isn’t the only element of your accounting that helps you gauge your financial status, but it’s certainly one of the top five. There are numerous things you can do to improve it, like…

No Response? Tips for Creating an Engaging LinkedIn Message

Every day a position stays open means lost productivity for your business. Unfortunately, highly-qualified candidates don’t always apply to your job postings. In many cases, they are already employed and are not actively seeking a new opportunity…

4 Ways QuickBooks Minimizes Accounting Errors

QuickBooks never calculates incorrectly, transposes numbers, or loses critical sales and purchase transaction forms. Its design helps prevent the kinds of mistakes that human accounting employees sometimes make…

5 Tips for Reducing Your Company’s Expenses

The cliché is true: You do have to spend money to make money. But is your company spending too much? How do you know? The easiest, fastest way to answer this question is by running expense-related reports in your accounting software…

Onboarding Your First Employee? Your New Tax Responsibilities

Your first hire represents a real milestone in your company’s status: You’re about to become an employer. You probably feel proud about your new role, but you may also be apprehensive about staying compliant with state and federal employment policies governing critical issues like payroll…

Types of M&A Buyers: Strategic vs. Financial

In the world of M&A, buyers tend to fall into two distinct categories: strategic and financial.  We believe it is important to understand the differences among these buyer groups so you know what to expect and who to approach about a potential sale…

Start Planning Now for 2018 Income Taxes

Probably the last thing you want to do in the summer is to start thinking about the current year’s taxes that aren’t due for many months. But it’s actually the perfect time to start planning. It’s a good idea every year, but especially this year, considering the changes initiated by the Tax Cuts and Jobs Act passed and signed in December of 2017…

4 Tips for Improving Your Tax Preparation Experience

Since April is over, you have probably finished your business taxes for the year. If so, you have earned a moment to take a big sigh of relief, but don’t wait until next year to prepare for 2018’s filing…

June Retirement Plan Newsletter

June’s 401k retirement plan newsletter includes insights on what you should do to prepare for an IRS audit, how to save early to reach your retirement goals, and more!

Reporting for Income Taxes

Companies that issue financial statements under U.S. GAAP are required to follow Accounting Standards Codification (ASC) Topic 740, Income Taxes. This article explains the FASB’s work on income tax projects in recent years, including plans to revisit the financial reporting effects from the new tax law in 2018. Specifically, the FASB will evaluate whether it should retain its prohibition on backwards tracing and whether it should add more disclosures to help satisfy investor demands…

Materiality and Disclosures: FASB Decides to Maintain the Status Quo

On March 21, the FASB abandoned plans to 1) amend the definition of “materiality” and 2) give businesses more discretion when determining what to include in their financial statement footnotes. This article explains why these projects have officially been removed from the FASB’s active agenda ― for now. A sidebar highlights a recent FASB decision to simplify the lease guidance for lessors…

How Does Your Company’s Pay Measure Up?

Under the Dodd-Frank Act, public companies must calculate and disclose a ratio comparing CEO compensation to the median compensation for other employees. Pay ratios will first be required in proxy statements, annual reports and registration statements in 2018 (using 2017 compensation data). This article explains the requirement and why the first wave of ratios appear to vary widely within and across sectors…

Finance Basics For First-Time Business Owners

When starting a business from home, you need to know a few finance basics that will help you grow your business. The finance basics you need to know include paying taxes every quarter and keeping separate accounts for business and personal funds. Here’s a look at these essentials and two more…

Quarter One Middle Market M&A Report

Quarter one middle market update is in! Our M&A team has provided a detailed analysis of the middle market activity relating to mergers and acquisitions for quarter one of 2018. This report includes insights on…

Additive Manufacturing Has Many Tax and Accounting Implications

Many businesses and firms think 3D printing is too expensive to integrate into their operations. Yet today, there are many reasonably priced, consumer-grade 3D printers available, and the applications for this additive manufacturing process are seemingly endless…

7 Strategies to Help Your Company Solve the Talent Shortage Puzzle

Running a business is tough enough these days. But with unemployment in Nebraska at 2.7 percent* (and 4.1 percent* throughout the U.S.), job growth on the rise and a smaller worker pool replacing retiring baby boomers, employers are facing a dire shortage of available talent—and that’s proving to be among their toughest challenges in 2018…

Attention Kansas CAHs – Upcoming DSH Surveys

For all Kansas Critical Access Hospitals (CAH), the SFY 2019 Disproportionate Share (DSH) and Uncompensated Care (UCC) payment survey is expected to be sent by the end of May. If a CAH has not completed this survey in the past, this is an opportunity for hospitals to receive a DSH payment for…

Trends in Physician Compensation

Physician compensation is changing as hospitals rapidly acquire physician practices and reimbursement levels decline.  Hospitals are looking for new methods of compensation that tie their pay to productivity, on-call coverage and quality measures. Below are trends affecting the physician compensation today…

Risk Tolerance + Payor Contract Reviews/Audits

There are certain things in life and in the healthcare industry that we can trust: (1) the sun will rise in the east and set in the west, and (2) as a hospital or clinic, your primary source of income is the payment you receive from third party payors…

Medicare Cost Report Electronic Filing

CMS recently introduced the new Medicare Cost Report e-Filing system (MCReF). In an effort to standardize, automate, and streamline the cost report process, providers now have the option as of 5/1/2018 to electronically submit the Medicare cost report packet through an online portal…

Notice: New Medicare Numbers & Cards

Social Security Numbers are being removed from Medicare cards, including Railroad Retirement, to prevent fraud, fight identity theft, and keep taxpayer dollars safe. Medicare patients in the Midwest (Nebraska, Iowa, Kansas North and South Dakota) will receive new Medicare Beneficiary Identifier (MBI) numbers…

4 Benefits of Hiring an M&A Advisor

As a business owner, selling your company may be one of the biggest financial decisions you ever make. It is also no small undertaking. With those two things in mind it is best to do it right the first time. That means reaching out to as many potential buyers as possible to find the best fit. In other words, hiring an advisor to run a competitive process is the best way to go in most cases…

The Importance of EBITDA

Mike Brown, a Research Analyst at LendEDUTheir, sat down to interview Brad Lehl, Mergers & Acquisitions Manager at Lutz M&A, for a podcast hosted by Recalculating Radio. In the interview, Brad discussed the importance of EBITDA (earnings before interest, taxes, depreciation and amortization) and helped provide listeners with a basic understanding of the topic…

May Retirement Plan Newsletter

May’s 401k retirement newsletter includes insights on fee equalization/levelization, evaluating plan fees, fiduciary hot topics, tips on rebalancing your portfolio, and more!..

The 5-Minute Financial Overview: QuickBooks’ Company Snapshot

If you’re a business owner or manager, you’re constantly juggling numerous ongoing projects. You need to know the status of each as you start your workday, so you probably consult notes and files, a spreadsheet, or maybe a project management application…

Shonsey & Associates Joins Lutz!

Lutz, a Nebraska-based business solutions firm with offices in Omaha, Lincoln, Hastings and Grand Island, has officially acquired Shonsey, Placke, Maruska & Stava, P.C. (d/b/a Shonsey & Associates), a leading accounting firm in Central Nebraska, located in Grand Island…

Disclosure Relief: SEC Redefines “Smaller Reporting Company”

The SEC is “very close” to adopting rules that will revise the definition of “smaller reporting company” and let more companies file reports with a lighter load of disclosures. This article explains how the changes will promote capital formation and reduce the compliance costs for smaller companies…

FASB Proposes Updated Standard for Cloud Computing

The FASB recently issued a proposal to clarify how to account for the costs of setting up business software packages that are managed in the cloud. This article explains how the proposal, if finalized, would let more of the costs of implementing a cloud computing contract be spread over the contract’s life. A sidebar explains why inquiring about cloud computing risks is an integral part of the financial statement auditing process…

Fair Value Returns to the Spotlight

In December 2015, the FASB released a proposal intended to improve financial statement disclosures about the estimates used to determine the fair values of assets and liabilities. After an almost two-year lull, the FASB resumed its deliberations on this project and, in March 2018, voted to approve its 2015 proposal. This article answers some common questions about fair value and how the reporting requirements for fair value will change under the updated standard…

5 Retirement Strategies for Small Business Owners

We work with small business owners all the time. The entrepreneurial spirit runs through them all, and their passion for their businesses is evident each time we meet.  Most spend the waking hours of their day working on their business and trying to improve their craft in order to help their customers, their employees and their business succeed…

The 5 Emotional Stages of Selling Your Business

Less than one-third of family-owned businesses survive the transition of ownership from the first generation to the second. Selling your business is an emotional process not all owners are prepared for. Our mergers and acquisitions team outlines the common stages business owners go through in the process of selling their company…

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