This article discusses 30 family business truths that may be hard to swallow but can change the way your business operates on a day to day basis. For example, a high trust culture can be imperative when dealing with sticky situations in the workplace. In addition, focusing on what different members of the family have in common can build a positive work environment and create more efficiency.
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This article offers seven different tips that small business owners should be aware of as we enter the new year. From using data to shape your strategies to playing around with different content, these insights could be the difference between you and your competition. Little things can go a long way, and this small business is no exception.
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This article discusses how family business owners have to decide whether to sell their business or hand it down when they want to retire. Both sides have their advantages such as retirement funding and ensuring family well-being for a specific amount of time. However, there is no doubt this is a hard decision for many folks to make. 
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The passionate people at RBG have always impressed Skeet Haag. Having a good group of people to work with was what drew him to become part of the firm. In fact, he has worked at RBG his entire career; he knows what it’s like to work your way up from an associate position. A driven worker, Skeet’s persistence, work ethic, proactiveness, and passion for helping people have been the keys to his success. A success that allowed him to become the new Managing Partner of RBG at the beginning of the firm’s second century of existence.
As the new Managing Partner in a brand new decade, Skeet answered some questions regarding his new role.
Q: At the beginning of your career, what inspired you to choose accounting?
A: Accounting just clicked with me. I liked math, but accounting seemed much more logical. Also, both of my brothers had gone into accounting to start their business careers.
Q: Looking back at your career, knowing what you know now, is there anything that you would do differently?
A: Accounting is just one aspect of the CPA profession. In school, you are not taught that communication and people skills are just as, or even more, important to be extremely successful in this profession. Looking back, I would have taken many more writing and speech classes in college, as well as putting more focus on developing these skill sets earlier in my career.
Q: What do you consider the biggest challenge that RBG faces in the future, and how do you intend to confront it?
A: No doubt, attracting and retaining good people are the biggest challenges. While we’ve been very successful at recruiting interns from college campuses, we continually search for experienced staff who fit with our culture. 
Q: What are you most excited for, as you step into the role of Managing Partner?
A: We’ve had so many great RBG team members over the years, but I don’t remember RBG being so well positioned for the future with the talent level we have now. That’s very exciting. John [Griesbeck] has really teed it quite nicely for me going into RBG’s second century and I cannot thank him enough.
Q: What are your big-picture goals for your time at the helm of RBG?
A: People and quality growth. I have witnessed firsthand that getting the right people in the right seats working for a common goal builds a great culture; then quality growth naturally occurs. We have developed definitive people and growth goals through 2025 and processes by which to achieve those goals. RBG’s partners are true entrepreneurs committed to remaining independent – getting the right people in the right seats will ensure that destiny.
Q: How would you describe your leadership style?
A: I’d use the words teamwork and collaborative. Teamwork is a core value by which everyone at RBG is judged, and it starts with our partner group – it is non-negotiable. Much can be accomplished with everyone working together towards one goal. As John C. Maxwell said, “The truth is that teamwork is the heart of great achievement”.
The firm is excited to watch what will unfold with Skeet at the helm. John Griesbeck remains a partner at the firm, focusing on building great client relationships.
It’s January, so if you are reading this article, you probably recently returned to work from the holidays. How well would you say your transition back to the office went? Was it smooth? Or did you struggle to find your way back to your normal routines? If you answered the latter, you are not alone.
Don’t get us wrong, it is certainly a privilege to get to take time off work for vacation. That said, the post-holidays adjustment can be a difficult one. When you disrupt your physical and mental routines, it can be hard to transition back into them. Today we want to offer some tips for successfully transitioning between vacation mode and office mode.
Before You Leave on Vacation
In order to make your post-holidays return to work as smooth as possible, you should start preparing before you even leave on vacation.
Before You Return To Work
As your time off from work starts to come to a close, take these steps to prepare for your transition back to the office:
Once You’re Back At Work
Finally, on your first day or two back to work after vacation, take care of the following:
Last of all, don’t forget to take things slowly. Like we mentioned above, the transition back to the office after the holidays or a long vacation can be very jarring. By following the tips outlined here, you can make the process easier. However, that does not mean that it will be entirely pain free. The best you can do is be mentally prepared and flexible as you exit vacation mode and head back to the office. 
Believe it or not, it’s 2020. You’re not just starting a new year—you’re entering a new decade. With this in mind, you might want to make some resolutions that focus on your finances. According to  Psychology Today, 80 percent of resolutions fail by February. If you’re thinking about dieting or eating better, this isn’t very encouraging. However, when it comes to your money, there are some changes you can implement now that will have staying power and won’t be forgotten by spring.
Review Your Credit Report
This is important for your financial future in many ways, particularly if you want to buy a house or a car (and that’s just for starters). If you need to make some repairs to your score, the new year is the best time to do this. Better still, you’re entitled to three free reports each year. Check it out. See how you’re doing. You’ve got nothing to lose and everything to gain.
Get Out of Debt
This might be easier said than done, but it’s absolutely possible. One very helpful tool is Unbury.Me. It’s free and easy to use. Just create an account and map out a payment plan that works for you. If you want to wipe away your debt quickly, there’s the avalanche method, which attacks the highest interest rate debts first, then moves to the second highest and so on. But this isn’t the only solution. There’s another tool that actually uses your purchases to help you pay down debt: Qoins. Here’s how it works. You round your purchases to the nearest dollar, then apply the cash to your debt, i.e. student loans or credit cards. So, in essence, you can go on living your life while shrinking your debt.
Evaluate Your Insurance and Disability Insurance Needs
As you age, your insurance needs change. Think about how much protection you really need. For example, would you be better served by term or permanent life insurance? What about disability insurance? For the latter, make sure you have enough coverage. Life happens. It’s always best to be prepared.
Refresh Your Retirement Savings
If you work for a company that offers 401(k), 403(k) or 457 plans, consider asking your employer to withhold enough through salary deferrals to make sure you reach the maximum limit each year. If you’re over 50, you can raise the amount to make catch-up contributions. If you’re self-employed, you can contribute to a SEP IRA, profit-sharing plan or independent 401(k) plan. Making retirement deductions from your paychecks, especially when they’re maxed out, might take a bit of getting used to. But once you’ve retired, you’ll be very glad you had the foresight to act now. 
The truth is that the above resolutions are just the tip of the “money-berg”. You can go deeper into each area. If you want further assistance, consult a financial planner or your accountant. The biggest takeaway from all these suggestions is simple: begin now, or as soon as you can. When you’re making the most of your money today, you’re working toward a more secure tomorrow.
Sources
https://www.investopedia.com/articles/pf/06/newyear.asp
https://www.psychologytoday.com/us/blog/modern-mentality/201812/why-new-years-resolutions-fail
https://www.investopedia.com/terms/c/catchupcontribution.asp
https://www.nbcnews.com/better/business/4-tech-tools-help-you-get-out-debt-faster-ncna828351
https://www.transunion.com/article/3-free-credit-reports
https://www.investopedia.com/terms/t/termlife.asp
https://www.investopedia.com/terms/p/permanentlife.asp
https://www.investopedia.com/terms/d/disability-insurance.asp
Beginning on Jan. 1, 2020, the Internal Revenue Service (IRS) has new annual inflation adjustments for tax rates, brackets, deductions and retirement contribution limits. Note, the amounts below do not impact tax filing in 2020 for the tax year 2019. These amounts apply to 2020 taxes that will be filed in 2021.
Tax Rates and Brackets
Below are the new 2020 tables for personal income tax rates. There are separate tables each for individuals, married filing jointly couples and surviving spouses, heads of household and married filing separate; all with seven tax brackets for 2020.
Trusts and Estates have four brackets in 2020, each with different rates.
Standard Deduction Amounts
Amounts for standard deductions see a slight increase from 2019 to 2020, based on indexing for inflation. Note that again as in 2019, there are no personal exemption amounts for 2020.
Alternative Minimum Tax (AMT) Exemptions
Like the above, the AMT exemption amounts are increased based on adjustments for inflation, with the 2020 exemption amounts as follows.
Capital Gains Rates
Capital gains rates remain unchanged for 2020; however, the brackets for the rates are changing. Taxpayers will pay a maximum 15 percent rate unless their taxable income exceeds the 37 percent threshold (see the personal tax brackets and rates above for your individual situation). If a taxpayer hits this threshold, then their capital gains rate increases to 20 percent.
Itemized Deductions
Below are the 2020 details on the major itemized deductions many taxpayers take on Schedule A of their returns.
Retirement Account Contribution Limits
Finally, we look at the various retirement account contribution limits for 2020.
Conclusion
There are no dramatic changes in the rates, brackets, deductions or retirement account contribution limits that the vast majority taxpayers tend to encounter for 2020 versus 2019. Most changes are simply adjustments for inflation. Enjoy the stability – as history has shown, it likely won’t last long.
This article discusses some of the top things that you can do as a business owner in order to protect your business against fraud. From learning basic definitions to what a forensic accountant could do for you, different methods are outlined in this article. Be sure to better educate yourself in order to put your business in the best position possible in the new year!
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We are pleased to announce that Ben Alexander, CPA and Austen Myers, CPA, CFE have both been promoted to Audit Manager.
Alexander established his career with RBG in 2014, shortly after graduating from college. He currently works in the firm’s niche area of Manufacturing & Distribution. Meyers joined the RBG team in 2017 after spending two years with Dixon Hughes Goodman. He currently serves in the firm’s Financial Institutions niche.
“I am thrilled to congratulate Ben and Austen on their recent promotions,” said Skeet Haag, CPA, managing partner of RBG. “Their hard work and dedication are evident in their daily work. It is a pleasure to watch them take this next step in their careers with RBG.”
A graduate of the University of Notre Dame, Alexander holds a Bachelor of Business Administration. He is a member of the American Institute of Certified Public Accountants (AICPA) and the Tennessee Society of Certified Public Accountants (TSCPA). Alexander is a life-long resident of Memphis.
Myers studied at both the University of Mississippi and Mississippi State University. He is a member of the AICPA, the TSCPA, and the Association of Certified Fraud Examiners. He is also an active member of the University of Mississippi Alumni Association and the Christian Brothers Alumni Board. Myers currently lives in Memphis with his wife, Bramlett.
 
The Memphis accounting firm Reynolds, Bone & Griesbeck (RBG) has named Skeet Haag, CPA as its new managing partner. Haag succeeds John Griesbeck, CPA, who has served as the firm’s managing partner since 2004. 
“Having spent my entire career with RBG, it is truly an honor to be handed the reins of managing partner—a responsibility that I don’t take lightly. I look forward to upholding both our key traditions and our status as a respected member of the local community. I’m also excited to keep moving the firm forward as we continue to grow,” said Haag. “I’m thankful to John for his strong leadership of the firm over the past 15 years. He fostered a culture that promotes an enduring commitment to both client service and each other. His legacy will certainly live on.”
Griesbeck held the position of managing partner for 15 years, and under his leadership, the firm experienced significant growth and success. “I’m happy to see Skeet take on this new role,” says Griesbeck. “I value his experience and energy. I know he will promote excellence by continuing our firm’s focus on superior service and strong client relationships.”
Haag joined RBG in 1981 after graduating from Christian Brothers University with a Bachelor of Science in Accounting. He served as the firm’s assurance partner for many years, leading its niche practice areas for manufacturing, distribution, dealerships, and employee benefit plan audits. He is a member of the American Institute of Certified Public Accountants (AICPA), the Tennessee Society of CPAs (TSCPA), and Allinial Global’s Manufacturing and Distribution Committee. Additionally, he has served many organizations within his local community, including the Wolf River Conservancy, the Kiwanis Club of Memphis, Kiwanis Charities, Inc., and Ave Maria Nursing Home. Raised in Vincennes, Indiana, Haag currently resides in Memphis with his wife, Beth. 
