Collin Lohnes

The Financial Accounting Standards Board (FASB) has unanimously approved new rules requiring public companies to disclose specific expense line items on the income statement. These disclosures will include details such as inventory purchases, employee compensation, depreciation, and intangible asset amortization, detailed in the notes to the financial statements. This change signifies a substantial shift in financial reporting, aiming for greater transparency but also demanding more comprehensive data collection. #FASB #accounting #disclosures #Capitalmarkets https://lnkd.in/gNf33F8P

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📢 Attention manufacturers and distributors: If you haven’t started preparing for your 2025 tax filing, you’re already behind the curve. Early tax planning is essential to maximize deductions and stay compliant with current regulations. Here are a few areas for privately-held M&D companies to explore during tax planning season: 📌 Prepare for R&D Expenditure Amortization: With the new requirement to amortize R&D expenditures over five or fifteen years (depending on type of expense), you’ll need to reassess your income projections and tax payments to ensure proper planning. Reviewing state nexus activities and FDIC protection is also crucial to maintain compliance and safeguard assets. 📌 Leverage Depreciation and Retirement Plan Benefits: Capitalize on the 60% federal bonus depreciation for 2024 by investing in new equipment and facilities before year-end and adopt qualified retirement plans under the SECURE 2.0 Act to benefit both your company and employees. 📌 Optimize Charitable Contributions and Estate Planning: Evaluate charitable contributions and consider making qualified charitable distributions from IRAs if over age 70.5. Updating estate plans before the potential reduction in the lifetime exemption in 2026 is also essential to take full advantage of gifting opportunities. Don’t leave money on the table this year! Use our Mid-Year Tax Planning Checklist to ensure you’re investing in the right areas of your business now to increase your return next year. https://ow.ly/OXZv50Sxwx9 #Manufacturing #TaxPlanning #ResearchAndDevelopment #TaxCredits

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What do accountants think about the upcoming election? Accounting Today and our parent company Arizent Research surveyed accountants and other financial professionals. Accountants’ current voting intentions for the 2024 presidential election more or less mirror how they voted in 2020 — allowing for those who are still undecided, they’re relatively evenly split between the two major parties — but they are agreed that fiscal, economic and tax issues are the biggest priorities for whoever wins. Find out the survey results and links to recent articles on our special Election 2024 page: https://bit.ly/3WvjSPE

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The first 90 days after a private equity transaction are critical. How should a PE CFO handle this time? Bridgepoint’s latest blog offers insights into everything that should happen during the first 90 days of a private equity transaction and how portfolio company CFOs can make or break deal success, efficiency, and value. Read on for more. #privateequity #privateequityCFO #CFOinsights #CFOperspective #dealsuccess

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Even though we are accountants, we sometimes don't take the time to really dig into our firms' revenue analysis. We typically see 80% of revenue derived from 30-40% of clients. Very rarely to firms extend this analysis to determine which clients are profitable. Most accounting firms are simply revenue focused. Renew Group provides an in depth analysis into your client base along with step by step recommendations on how to transition towards fewer clients, but more profits. When you are beholden to the wrong clients, you sacrifice the freedom you sought when you became a partner in a CPA firm. Learn more about joining our Renew Group Community today, and take the first step towards transforming your firm. https://lnkd.in/gjCtgCTF #accounting #accountingandaccountants #cpas #cpafirms

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Proper planning is critical when performing a full scale SOX audit and a robust risk assessment is the cornerstone. By primarily taking a top down risk based approach you will not only ensure you identify the areas with the most significant risk but also help you gain efficiency by identifying areas of low risk that may not merit a significant amount of your time or resources allowing you to focus on what matters most. #sox #internalcontrols #internalaudit

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An episode for my CAS, Accounting & Technical Accountants. Really tested my technical talk on this episode with Shana Cooper, CPA and expert in the reconciliation process who is helping accountants improve their reconciliation quality.

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Join Andrews & Cole, LLC and Northern Virginia Technology Council (NVTC) on May 21 for an insightful discussion on the evolving landscape of capital raising and exits in 2024! Email ksonstein@andrewscole.com to register. Our speakers will delve into the current challenges and opportunities, providing valuable insights into achieving high-value exit events and navigating the complexities of capital raising. Key Points of Discussion: 🔍 Market overview, expectations, and predictions 💰2024 exit events 📈 Challenges and opportunities in capital raising 🔄 Contradictions in the deal landscape Don't miss out on this dynamic conversation! Position your company for growth and success in the year ahead. Register now to secure your spot: https://ow.ly/PMtC50RxC3x #CapitalRaising #ExitStrategies #MarketDynamics #BusinessGrowth #2024Outlook #WhereTechThrives

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Chris T. was featured on Andy Root's Academy Live Podcast earlier this week. Check out the video below for some great insights: #AcademyLive #MergersAndAcquisitions #RightExit #BusinessTransition #DealMarket #StrategicPlanning #FirmOwners #BusinessLeadership #Accountants #Mergers #BusinessConsulting #FirmGrowth

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Taking the time to dive deep into complex accounting issues can make all the difference. Precision and thoroughness are key to maintaining trust and transparency in our financial reporting. #AttentionToDetail #FinancialIntegrity

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With fewer young professionals choosing careers in public accounting, it's time for a strategic shift. ↪ Our CEO Tim Brackney recently addressed this crisis head-on in his article for CFO.com, "4 Ways to Save the CPA." Tim offers a roadmap for revitalizing the profession by reinventing how firms can attract the next generation of talent through innovative ways such as: 💰 Creative & competitive comp plans 🧠 Continuous learning & career development 💻 Investing in cutting-edge technologies (providing new tools for efficiency while becoming a magnet for top talent) ⏰ The urgency for change is here - and the time is now - for the accounting industry to undergo a radical transformation to avoid becoming outdated and understaffed. 🗣 Tell us what solutions your firm is implementing to tackle today's CPA shortage. Read the article: https://lnkd.in/e2rayZbn #accountingservices #CFO #innovation #talent #CPA #ScaleWithSoul

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The accounting profession is facing a slowdown in their hiring pipeline as graduation rates for accounting majors have declined recently. The rate of new hires is not keeping up with the rate of retirement for existing accountants. Some firms are turning to employee ownership to solve the problem. In our blog, we examine the factors at play and look at two major firms, BDO USA and Grassi who are embracing ESOPs to expand the pool of accountants. Read the blog here: https://lnkd.in/d-sRjEH3 #ESOP #employeeownership #ownershipculture #accounting

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Agriculture is a cornerstone of our economy that benefits uniquely from targeted tax incentives such as bonus depreciation. From 2023 to 2026, this game-changing incentive extends to all sectors within agriculture, including those previously excluded, offering accelerated depreciation benefits to diverse farming industries. #Agriculture #TaxIncentives #BonusDepreciation

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