Lutz M&A adds Greteman as a Financial Analyst

Lutz, a Nebraska-based business solutions firm, recently added Michael Greteman to its Omaha office. Greteman joins the M&A division as a Financial Analyst. His primary responsibilities include performing business valuation analyses…

2019 Retirement Plan Limit Updates

2019 is the perfect time to boost your retirement plan since the IRS has announced new plan limits. These changes include increases for the 401(k), 403(b) and most government plans. In addition, it will produce benefits for many traditional…

Quarter Three Middle Market M&A Report

On the heels of a robust Q2, the M&A market in Q3 continued to be resilient. General economic growth remains strong as strong labor markets have helped boost consumer spending and put upward pressure on prices. In Q3 2018, there were…

Lutz Talent Adds Steve Guenther

Lutz, a Nebraska-based business solutions firm, welcomes Steve Guenther to the Lutz Talent division in the Omaha office. Steve joins the team as a Talent Acquisition Lead. He brings over 20 years of experience in a hiring and managerial…

5 Reasons Why Reference Checking Is Important

It’s tempting to feel due diligence has been accomplished, when you’re ready to say, “You’re hired”.With the screening, background checks, social media vetting, and interviews that are part and parcel of the hiring manager’s domain…

Paving the Way to Surety Bonds for Construction Projects

Surety bonds are commonly needed by construction companies. Often confused with insurance, these bonds work more like a form a credit—a guarantee that the construction company will carry out a contract within all applicable laws…

November Retirement Plan Newsletter

This months newsletter includes insights on how and when to pay plan expenses with plan assets, mistakes that can turn your retirement plans from an attractive benefit into a liability, and more…

Lutz Adds Kahre and McCarthy to Omaha Office

Lutz, a Nebraska-based business solutions firm, recently added Jennifer Kahre and Devin McCarthy to its Omaha office. As an Administrative Assistant, Jennifer is responsible for providing administrative support…

5 Ways to Make Your Budgets Work

There are numerous reasons why a lot of small businesses don’t create budgets. They are time-consuming and difficult to create. And perhaps the most universal reason: It’s too challenging to predict what your income and expenses might be…

Lutz Tech Adds Neil Wardyn to Grand Island Office

Lutz, a Nebraska-based business solutions firm, welcomes Neil Wardyn to the Lutz Tech division in the Grand Island office. Neil joins the firm as a Virtual Chief Technology Officer. He is responsible for architecting short-term and long-term…

How ESOPs Can Benefit Companies and Their Owners

As the business owner of a profitable business, you may want to take some risk out of the picture but you’re not ready to sell the company to a third party. What are some other options? One often overlooked and underutilized…

Lutz Financial Adds Josh Jenkins

Lutz, a Nebraska-based business solutions firm, welcomes Josh Jenkins to the Lutz Financial division. Josh joins the firm as a Senior Portfolio Manager & Head of Research…

5 Ways to Maximize Your Chances of Employment

Job-hunting can be a tedious and terrifying event. Whether you’ve suddenly found yourself without a job, or you’ve made the decision to leave your current place of employment. Here are five ways you can maximize success when…

Lutz Adds Eight Staff Accountants

Lutz, a Nebraska-based business solutions firm, welcomes Bizzy Boulay, Reid Hammitt, Ben McQuiston, and Mike Tichenor to the Omaha office, Tom Doctor and Karli Toft to the Lincoln office, Sam Kuhter to the Grand Island office, and Jen Schardt to the Hastings office…

Lutz Financial: Market Update

After recently hitting an all-time high, the U.S. stock market has experienced a return to volatility. While it’s perfectly natural to be uncomfortable watching the prices trend lower the way they have, it’s important to remember gyrations in a given…

Implementing the New Standards of Lease Accounting

During the first quarter of 2016, the Financial Accounting Standards Board (FASB) issued a new standard on leases. This move was intended to improve financial reporting, transparency and accountability. The new standards go into effect…

Have You Started Implementing the New Lease Standard?

Many companies are running behind schedule in terms of implementing the updated accounting standard on leases. It goes into effect in 2019 for public companies and 2020 for private ones. This article explains why many companies are feeling flustered by 1) the unexpected volume of information needed to comply with the changes, 2) the lack of automated software options, and 3) ongoing revisions by the FASB…

Reporting for Business Segments

The FASB is looking for public companies to participate in its study about the prospects of improving the guidance for aggregating business segments and the reportable segments process. This article explains investors’ concerns about the existing guidance and highlights two possible alternatives the FASB is considering to address these concerns…

Loan Losses: It’s Time to Sync the FASB and SEC Guidance

SEC officials plan to update the interpretive guidance for estimating loan loss allowances to reflect the FASB’s updated credit loss standard, which goes into effect in 2020. The credit loss standard overhauls how banks and other financial businesses estimate the losses they expect to feel on souring loans and other financial products. This article explains what’s changing…

M&A Corporate Sale Transaction: Asset vs. Stock Deal

In an M&A corporate sale, transactions can be structured in one of two categories: as an asset sale, or a stock sale. However, each category can be negotiated and structured in different ways which have varied tax results to the buyer and seller…

Lutz Tech Adds Hickman and Michl

Lutz, a Nebraska-based business solutions firm, welcomes Alina Hickman and Nate Michl to the Lutz Tech division. Alina joins Lutz Tech at the…

5 Criteria for Revenue Recognition

A contract with a customer has several elements, but the most overlooked element may be that the contract does not have to be in writing. It does need to have…

Conceptual Framework: Clarifying the Disclosure Rules

The FASB recently updated its Conceptual Framework to facilitate more consistent, effective footnote disclosure requirements in new accounting standards. This article explains the need for change and the scope of the changes to the framework…

Billing for Time: How QuickBooks Does It

Are you still using paper timecards to create paychecks and paper invoices to bill customers for time-based services? If so, you’re doing unnecessary data entry and risking the loss of billable time…

October Retirement Plan Newsletter

October’s 401k Retirement Plan Newsletter includes insights on cash equivalent funds, Form 5500 red flags, employer matching, and more!…

3 Reasons Why Technology Is An Investment

Technology is necessary to succeed in today’s workplace. You invest in the right people and equipment for your business, so why wouldn’t you invest in technology? You might think it’s an unnecessary cost, but the truth is: technology is an investment. Here are three reasons why…

How Would a Robotics Tax Affect Manufacturing Businesses?

These days, manufacturing businesses of all sizes and scopes utilize robots in a variety of ways. Doing so helps these companies save time and money and ultimately improve their bottom lines. However, are there underlying issues with the robotics “revolution” that could lead to potential future taxes?

September Retirement Plan Newsletter

September’s 401k Retirement Plan Newsletter includes insights on retirement plan analytics, how health modification can help increase your retirement dollars, average annual out-of-pocket healthcare costs, and more.

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!..

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