Lutz Named a 2020 Top Recommended Tax and Accounting Firm by Forbes

Lutz Named a 2020 Top Recommended Tax and Accounting Firm by Forbes

 

LUTZ BUSINESS INSIGHTS

 

Lutz Named a 2020 Top Recommended Tax and Accounting Firm by Forbes

Lutz, a Nebraska-based business solutions firm, has been named a 2020 Top Recommended Tax and Accounting Firm in America by Forbes. The list identifies 227 firms across the U.S. who are most recommended for their tax and/or accounting services. Lutz is proud to have been named to both the “Best Tax Firms” and “Best Accounting Firms” lists.

To generate the Top Recommended Tax and Accounting Firms list, Forbes partnered with research company, Statista, to distribute a survey to various tax and accounting professionals including CPAs, tax lawyers, accountants, CFOs, and more. The survey asked participants to select the top ten tax and top ten accounting firms they would recommend based on their professional experience. Over 1,800 surveys were completed, and firms with the highest amount of recommendations were awarded. In total, 115 companies were named as “America’s Best Accounting Firms,” and 203 as “America’s Best Tax Firms.”

For a full list of Forbes’ 2020 Top Recommended Tax and Accounting Firms in America, please visit https://www.forbes.com/best-tax-firms/#54bd219324bd.

 

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OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Lutz adds Coleman and Underberg

Lutz adds Coleman and Underberg

 

LUTZ BUSINESS INSIGHTS

 

Lutz adds coleman and underberg

Lutz, a Nebraska-based business solutions firm, recently added Emily Coleman and Maddison Underberg to its Lincoln and Omaha offices.

Emily Coleman joins Lutz’s Lincoln office as a Receptionist. She is responsible for creating an exceptional experience for clients and visitors. In addition, she will manage all client inquiries, coordinate communication, and perform other administrative duties as needed. Coleman received her Bachelor’s degree in marketing from the University of Nebraska-Lincoln.

Maddison Underberg joins the firm’s healthcare department as a Staff Accountant. She will work in Lutz’s Omaha office. Underberg is responsible for providing accounting and consulting services to healthcare organizations with a focus on outsourced CFO services and cost reports. She graduated from Midland University with a Bachelor’s degree in accounting.

 

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We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

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All content © Lutz & Company, PC

 

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

2019 Year-End Tax Review for the Ag Industry

2019 Year-End Tax Review for the Ag Industry

 

LUTZ BUSINESS INSIGHTS

 

2019 Year-end tax review for the ag industry

 

Curtis Thompson, Lutz Tax Director, was recently featured in the Nebraska Cattleman Magazine, December 2019, Volume 75, Issue 10 on page 42, for an article about 2019 year-end tax reviews relating to the agriculture industry.

“As we near the end of the second year of the Tax Cuts and Jobs Act (TCJA) of 2017, many of the questions we had at this time last year have been answered, but there are still some questions that remain. The most extensive piece of the Tax Cuts and Jobs Act was IRC Section 199A, commonly referred to as the qualified business income (QBI) deduction. In recap, the QBI deduction is a deduction of 20 percent of the net qualified business income from taxable income for all taxpayers other than C Corporations. There are, however, phaseouts for the QBI deduction for 2019, starting with taxable income as follows: married filing jointly $321,400, married filing separately $160,725, and single/head of household $160,700.”

 

ABOUT THE AUTHOR

402.463.8987

cthompson@lutz.us

LINKEDIN

747 N BURLINGTON AVE

SUITE 401

PO BOX 1317

HASTINGS, NE 68902

CURTIS THOMPSON + TAX DIRECTOR

Curtis Thompson is a Tax Director at Lutz with over seven years of experience in public accounting. His experience includes tax planning, consulting and compliance for individuals and closely-held businesses with a focus in the agriculture industry.

AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
  • Amerian Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BSBA, Peru State College, Peru, NE
COMMUNITY SERVICE
  • Hastings Give Day, Volunteer
  • Our Lady of Assumption Catholic Church, Member

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

 

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

Direct vs. Indirect Costs in the Construction Industry

Direct vs. Indirect Costs in the Construction Industry

 

LUTZ BUSINESS INSIGHTS

 

direct vs. indirect costs in the construction industry

Ryan cook, audit & consulting shareholder
clarke beller, Audit manager

 

A new project manager at your construction company is consistently seeing margins deteriorate at the end of their construction projects. The key question when confronting this situation is to determine if project management and accounting know and understand their costs. Knowing your costs can improve the bidding process and help you determine problem projects and employees.

Direct costs

Construction costs that are specifically allocable to construction contracts are typically referred to as direct costs. Common direct costs are often made up of materials, direct labor and subcontractor costs. There is little ambiguity with these costs, and they are typically easy to apply or assign to a specific construction contract.

indirect costs

In contrast, construction costs that are not specifically allocable to construction contracts are typically referred to as indirect costs. The three most common types of indirect costs include:

  • Overhead – Job site costs, home office costs and general conditions
    • Project Managers, Superintendents and other Support Staff
    • Office Trailers, Equipment and Supplies
    • Insurance, Office Salaries and other Miscellaneous Costs
  • Equipment – Owned equipment and small tools
    • Depreciation
    • Repairs and Maintenance
    • Taxes and Insurance
  • Labor Burden
    • FICA Taxes
    • Workers Compensation
    • Federal and State Unemployment
    • Vacation and other Fringe Benefits

common methods to allocate indirect costs

Below are a few examples of popular methods used to allocate indirect costs.

Allocate indirect costs based on direct labor:

Allocate indirect costs based on direct labor

Allocate indirect costs based on material costs:

Allocate indirect costs based on material costs

Allocate indirect equipment costs based on equipment hours:

Allocate indirect equipment costs based on equipment hours

common pitfalls while allocating indirect costs

However, when allocating indirect costs, be aware of the common mistakes people often make. A few of these common pitfalls include:

  • Not considering indirect costs in your bidding process.
  • Not allocating indirect costs on a timely basis (i.e. annually instead of monthly).

Maintaining timely records and being sure to include all costs during the entire project will help you avoid any potential errors.

Keeping track of your construction project costs can be tricky and time consuming. Being able to understand the difference between the two different types of costs will not only help you improve your margins but will give you a better estimate of your project spend. If you have any questions, or would like more information on this topic, please contact us today.

ABOUT THE AUTHOR

Ryan Cook

402.827.2085

rcook@lutz.us

LINKEDIN

RYAN COOK + AUDIT & CONSULTING SHAREHOLDER 

Ryan Cook is an Audit and Consulting Shareholder at Lutz with over 11 years of experience in accounting and assurance and five years in business valuation. He provides accounting, auditing, and consulting services to privately-held companies, with in-depth experience in the construction industry.

AREAS OF FOCUS
AFFILIATIONS AND CREDENTIALS
  • American Institute of Certified Public Accountants, Member
  • Nebraska Society of Certified Public Accountants, Member
  • Certified Public Accountant
  • Accredited in Business Valuation
EDUCATIONAL BACKGROUND
  • BSBA in Finance and Accounting, University of Nebraska, Lincoln, NE
COMMUNITY SERVICE
  • The University of Nebraska at Lincoln School of Accountancy, Advisory Board
  • Boys and Girls Club of Lincoln, Board Member
  • Habitat for Humanity's Annual Fundraiser (Brew Haha), Past Committee Member

402.778.7964

cbeller@lutz.us

CLARKE BELLER + AUDIT MANAGER

Clarke Beller is an Audit Manager at Lutz with over four years of experience. He focuses on providing auditing and consulting services to privately-held companies as well as for employee benefit plans.

AFFILIATIONS AND CREDENTIALS
  • Nebraska Society of Certified Public Accountants, Member
  • American Institute of Certified Public Accountants, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BSBA in Accounting, University of Nebraska, Lincoln, NE
  • MBA, University of Nebraska, Omaha, NE

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

 

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

What’s New With Wayfair? + Sales and Use Tax Update

What’s New With Wayfair? + Sales and Use Tax Update

 

LUTZ BUSINESS INSIGHTS

 

WHAT’S NEW WITH WAYFAIR? + SALES AND USE TAX UPDATE

With 7,500 different tax jurisdictions in the United States alone, it’s easy to understand why our sales & use tax laws are considered among the most complicated in the world. In this presentation, Stacy Watson and Lindsay Rouse discuss sales tax collection and reporting requirements, as well as cover the changes in 2019.

 

RECENT POSTS

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

 

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850

4 Ways You Save Money When Working With an Accountant

4 Ways You Save Money When Working With an Accountant

 

LUTZ BUSINESS INSIGHTS

 

4 ways you save money when working with an accountant

kayla schulte, accounting manager

 

Profitability is one of your primary business objectives. It not only gives your company a lifeline but also helps it to multiply. You might be doing all you can to cut down on your expenses, including maintaining a small labor force to include only the exact number of employees that your business needs. However, one key area that you may have overlooked is the accounting.

professional accountant is a must for your business to succeed. Modern-day accountants do more than just filing taxes and preparing business reports. They help you stop the leaks in your business so you can save more money in the long run. They do so in the following ways:

Tax Advice

The average tax rate for most small businesses is 19.8%. However, your tax position depends on the structure of your business. For example, your business can be structured as either a sole proprietorship, partnership, or corporation, and your tax liabilities differ significantly between each. You must pay taxes appropriately or get fined heftily.

Also, understanding the tax laws can be difficult for non-accountants. Without the appropriate knowledge, you could end up paying excessive amounts in taxes. Accountants understand how such tax laws work and help you to follow them.

For example, the US Congress recently introduced the Qualified Business Income Deduction. This deduction allows small businesses to get a tax reprieve on up to 20% of their income. An accountant can help you to properly structure your business to take advantage of all potential tax breaks such as this one. 

Your tax liabilities also shift as your business evolves from one stage to the other. The taxation laws change from time to time, depending on the amendments effected by the government. As such, your tax position might change significantly over time. An accountant monitors the changes and advises you accordingly.

Outsourced Accounting

Hiring a new employee costs a great deal of money and requires a lot of time with training. For this reason, you might fear to hire an accountant because of the potential requirements needed to onboard them. To you, it may appear less costly to handle all the accounting work personally. This seems like a great strategy, but it could come at a cost; more work and stress, less accuracy, underutilized tax breaks, etc.

The best alternative is to outsource a professional accountant. They have the combined skill-set of an entire accounting team, which one full-time employee may lack. They are paid on a project basis, and you only need them for a few hours each week. They enable you to cut down your expenses but still benefit from their top-notch accounting skills.

Your small business may not require a full-time accountant. However, this does not mean that the accounting work should be put on hold. Outsourcing an accountant ensures that the work is done well, but at a lower cost.

Consulting

Most accountants work with numerous businesses in different sectors, which makes their business knowledge go unmatched. Such expertise bolsters your business performance when it is applied. Accountants can assist you in identifying your most profitable clients and help you manage them sensibly. They have proven tips on how you can cut down business costs and set realistic targets.

Overall, accountants work as a coach to help you boost your success. They can help you to plan for growth by advising on better internal controls or processes. Also, they can offer advice on business practices and investments that can curtail your company’s profitability. 

Free Up Your Time

As a business owner, you never started your business to do the tasks you know nothing about. However, that is what you might find yourself doing as you wear out your calculator every two weeks. If you are not doing the accounting work, then you probably have one of your employees handling it. If they do not have the right expertise, then it means their time is better spent elsewhere.

It wastes precious business time to have you or your employees handle duties they are unqualified for. Not only does it lead to inefficiency, but it also limits the time spent on other essential business functions. Eventually, this causes business lags and losses that lower your profitability.

Is your time not better spent handling the core aspects of your business? This mainly implies bettering your product or services and understanding the market. It allows you to serve your customers well and even attract more revenue as you stabilize your business. This sets up a platform for your business to grow rapidly and prosperously.

Please get in touch with us if you are ready to cut down your company’s business costs. We have a team of highly-experienced accountants who have worked at some of the nation’s largest firms. We can help you bridge your accounting functions with your business goals to experience more profitability.

ABOUT THE AUTHOR

308.398.1549

kschulte@lutz.us

KAYLA SCHULTE + ACCOUNTING MANAGER

Kayla Schulte is an Accounting Manager at Lutz with over four years of experience in accounting. She is responsible for performing audits, reviews and compilations for clients with a focus on the retail, nonprofit, governmental and employee benefit plan industries. In addition, Schulte assists with business income tax return preparation and bookkeeping.

AREAS OF FOCUS
  • Audit
  • Tax
  • Bookkeeping
  • Retail Industry
  • Nonprofit Industry
  • Governmental Industry
  • Employee Benefit Plans
AFFILIATIONS AND CREDENTIALS
  • Nebraska Society of Certified Public Accountants, Member
  • American Institute of Certified Public Accountants, Member
  • Certified Public Accountant
EDUCATIONAL BACKGROUND
  • BS in Accounting and Economics, Hastings College, Hastings, NE
COMMUNITY SERVICE
  • Junior Achievement, Volunteer

SIGN UP FOR OUR NEWSLETTERS!

We tap into the vast knowledge and experience within our organization to provide you with monthly content on topics and ideas that drive and challenge your company every day.

Toll-Free: 866.577.0780  |  Privacy Policy

All content © Lutz & Company, PC

 

OMAHA

13616 California Street, Suite 300

Omaha, NE 68154

P: 402.496.8800

HASTINGS

747 N Burlington Avenue, Suite 401

Hastings, NE 68901

P: 402.462.4154

LINCOLN 

601 P Street, Suite 103

Lincoln, NE 68508

P: 531.500.2000

GRAND ISLAND

3320 James Road, Suite 100

Grand Island, NE 68803

P: 308.382.7850