Will I Outlive My Assets?

Running out of money is often cited as the biggest fear of retirees. Most investment and financial advice has traditionally been focused on the accumulation phase (growing assets before retirement). But, with the elimination…

What is a Qualified Opportunity Fund?

A Qualified Opportunity Fund (QOF) is an entity formed to invest in qualified opportunity zone property. These “Opportunity Zones” are designated by the state with the purpose of incentivizing investment via QOFs to…

Tips for Acing Your Interview

The interview is a major part of the hiring process, which means you need to ace it if you want a good chance of getting the job. After all, this is your opportunity to bring your resume to life and show the hiring manager that…

Reporting the Effects of Tax Reform

The FASB continues to monitor how companies and their auditors are tackling the financial reporting ramifications of the major new provisions of the Tax Cuts and Jobs Act (TCJA). This article highlights major TCJA…

FASB Project to Target Performance Reporting

The FASB is in the early stages of a project to develop guidance for performance reporting. The goal is to make it easier for investors and securities analysts to understand from reading a company’s financial statements…

Global Convergence Project: U.S. GAAP is Alive and Well

SEC Chairman Jay Clayton recently announced that a consideration to require or allow U.S. public companies to use IFRS is “not a focus” for him. His lack of interest contrasts with the “high priority” former Chair Mary Jo…

Paid Family and Medical Leave Under the New Tax Law

The 2017 Tax Cuts and Jobs Act created a credit for employers when they give qualified employees paid family and medical leave. This act is currently in effect for 2018 and 2019 and applies to businesses covered…

Is Your Business Transferable?

Does your business rely on you to generate revenue? Does most of your revenue come from a few customers? Does your company lack depth of management? Do you have short term or no contracts with customers or suppliers?

The One Page Business Plan

Traditional business plans usually consist of dozens of pages of text and data tables. They can take many days or even weeks to produce. But if your small business is seeking financing, you may need one…

Private Companies Can Elect Out of the Complex VIE Guidance

In October, the FASB gave private companies long-awaited relief from the variable interest entity (VIE) guidance — one of the most complicated areas of U.S. GAAP. This article explains the consolidation rules and why private companies…

January Retirement Plan Newsletter

This month’s newsletter contains insights on records and their expiration dates, easy steps to keep your plan assets safe, hardship suspensions, and more…

Updated IRS Guidance on Entertainment Meal Deductions

In relation to our first blog, “Understanding the New Rules Regarding Business Entertainment Deductions,” the IRS has since issued a notice with updated guidance on the expenses deductibility of meals purchased for entertainment…

6 Helpful Steps to Transition to Outsourced IT

Do you find your growing business suffering from a lack of support in the technology department? Your company may benefit from outsourcing IT. Some businesses struggle to find room in the budget to add support staff…

What You Need to Know About Accounting to Use QuickBooks

Whether or not you use the word “accounting,” your business already does it. You manage accounts, pay bills, receive payments – all tasks that are a part of the process. When you use QuickBooks, though, you are following the same…

Lutz Combines Grand Island Offices + New Location

Lutz, a Nebraska-based business solutions firm, is excited to announce that our Grand Island North and Grand Island South offices are merging into one location at 3320 James Road, Suite 100, Grand Island, NE, 68803…

Lutz Financial adds Mathison

Lutz, a Nebraska-based business solutions firm, welcomes Pam Mathison to the Financial division in the Omaha office. Pam joins the Lutz Financial team as a Client Service Associate. She is responsible for working closely with clients…

What Financial Statements Can Tell You About Your Business

One of the best things about QuickBooks is its reporting options. You select one, and the software creates the report using your company’s data. Some of these are called financial statements. They are always required by financial institutions…

Lutz adds Ashley Thornton to Hastings Office

Lutz, a Nebraska-based business solutions firm, welcomes Ashley Thornton to the Hastings office.Ashley joins the team as a Staff Accountant. She is responsible for the preparation of individual and business income tax returns…

Lutz Gives Back + 12 Days of Lutzmas 2018

The Lutz Gives Back program has allowed our team to continuously return value to our local communities through volunteer work during business hours and even during free time. Notably, our “12 Days of Lutzmas” is a unique tradition…

Lutz Tech adds Steven Brabec

Lutz, a Nebraska-based business solutions firm, welcomes Steven Brabec to the Lutz Tech division in the Omaha office. Steven joins Lutz Tech as an IT Account Manager with over eight years of IT experience. Steven will be working with…

Is an Employee Stock Ownership Plan Right for Your Business?

One of the biggest reasons business owners struggle with how to exit from their business is getting a grasp of all of the options available to them. Often times, the business owner’s biggest financial asset is tied up in the value of their…

Year-End Checklist for Small Business Owners

If you’re a small business owner, being proactive is essential for growth. With the end of the year finally, upon us, there are quite a few things to consider and take inventory of before the New Year. That said; let’s take a look at the year-end…

3 Things All Investors Should Know

Market sentiment has been as volatile as stock prices in 2018 and there is an abundance of storylines impacting each. Investors spend a significant amount of time fretting over things like trade tensions, interest rates and inflation…

December Retirement Plan Newsletter

This months newsletter contains insights on exchanging old retirement solutions for new ones, budgeting tips for the holiday season, and more…

2019 Payroll Update

There are several important updates and considerations related to wages and year-end payroll duties. Please review the included topics and contact us if you have any questions…

Norby Joins Lutz Financial

Lutz, a Nebraska-based business solutions firm, welcomes Bailey Norby to the Lutz Financial division in the Omaha office. Bailey joins the team as a Client Service Associate. She is responsible for the preparation and filing of client data…

6 Things to Know About the Tax Cuts and Jobs Act

If the final couple months of 2018 snuck up on you, it’s not too late to do some tax planning for the current year. It may be time for a refresher on how the Tax Cuts and Jobs Act, passed last December, may affect you and/or your business…

4 Tips That Will Get You Hired in 2019

The new year brings new goals, resolutions, and the opportunity to start fresh with your career. Whether this means jumpstarting your job search or switching career paths entirely, you can take a few steps to make the coming year…

Updated Current Procedural Terminology Codes for 2019

The Current Procedural Terminology (CPT) code changes for 2019 are here! The American Medical Association (AMA) has announced the release of the 2019 CPT Code Set. The changes include 335 codes in the new CPT edition in an effort…

Microsoft Office 365 and Email Security

Microsoft Office 365 is a subscription-based service that features email and collaboration tools for business. Some plans include popular Office applications, all hosted on Microsoft’s Cloud so they are easily accessible anywhere with any device…

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…

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