Posts in category: Advisory

Reynolds, Bone & Griesbeck PLC Announces New Tax Associates

Reynolds, Bone & Griesbeck PLC (RBG) is pleased to announce the additions of Laura Powers and Lauren Ruddle, CPA to their professional team. Powers and Ruddle join the firm’s Tax Department. 

Powers joins the firm as a client services associate. A graduate of Rhodes College, Powers holds a Bachelor of Business degree. She is the Finance Manager of the Junior League of Memphis. She enjoys living in Memphis with her husband, son, and German Shorthaired Pointer, Peanut, because of the hometown feel.    

Ruddle joins the firm as a tax manager. She graduated from the University of Tennessee with a Bachelor of Science in Accounting. Ruddle continued her education and graduated with a Master of Accountancy in Taxation from the University of Memphis. She has extensive experience with pass-through entities and corporate tax. Growing up in Collierville, TN, she now resides in Germantown with her husband, son, and their rescued beagle mixes. 

“I am very pleased to welcome Laura and Lauren to our team,” said Skeet Haag, CPA, managing partner of RBG. “Their experience and talent make them great fits to our team. I look forward to seeing their careers progress at RBG.”

Keys to Successful Change Management in Family Business

This article discusses how important family businesses are to the economy of the United States. However, “70% of family businesses last just one generation before they either fail or are sold.” Succession planning can be difficult at times, but implementing strategies such as narrowing your target, taking a step back, and measuring everything can prove to be beneficial when handing down your company. Be sure to check out this article for more information and details!

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What is Business Identity Theft and How to Avoid It

This article dives deep into the concept of business identity theft, as well as preventive measures that you can take in order to reduce the potential fallout. For example, one piece of advice is to “hire forensic accountants to look at your books…and frequently.‚Äù Along with bringing on a forensic accountant, investing in security can be a potential business saver. Be sure to check out this link for more information and details!

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Things to Consider Before Applying for a PPP Loan

This article discusses and addresses the uncertain times that businesses are living through right now due to the coronavirus pandemic. With the passing of the Paycheck Protection Program, there are many things to consider when applying for this government aid. For example, knowing the guidelines are not set in stone, tax burdens, tax-deductibility, and a second draw are all things to be contemplated as you start the application process. Be sure to check out this link for more information!

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Marketing Tips for Start-ups

This article outlines and then continues to dive into detail about seven marketing tips for your start-up business. As a start-up, funds can be limited, but tips such as solidifying your brand, staying true to yourself, clearly define your goals and metrics, budgeting, and social media usage can all benefit your business. Be sure to check out this great link for more information and details on how to utilize these tips!

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Building a Lasting Family Business

This article acknowledges and discusses the portrayal that the media gives us of family businesses. Although this industry operates on the more risky side, the owners of family businesses possess a unique decision making power. Additionally, this article outlines the different types of models that you may want to incorporate inside your family business as well as the owner strategy triangle. Be sure to check out this great source for more information!

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Trends Driving Small Business in 2021

This article discusses how the COVID-19 pandemic has changed the landscape on which most small businesses operate. However, trends such as digital footprint, virtual efficiency, workplace culture, and customer reviews are all set to be significant in the new year. No matter your specific industry, these trends apply to all small business leaders. 

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Congress at Work: Prosecution for Use of Performance Enhancement Drugs, Modernizing Government Technology, and More

The Congress at Work series of articles is designed to give you a glimpse of various types of legislation currently under consideration. While either the Senate or the House of Representatives may initiate a bill proposal, be aware that many bills never become law. They may never make it out of committee, be blocked by a Senate filibuster, be delayed, lack sufficient votes, never be agreed upon by the two houses or be vetoed by the president.

Rodchenkov Anti-Doping Act of 2019 (HR 835) – This bill was introduced by Rep. Sheila Jackson Lee (D-TX) on Jan. 29, 2019. The purpose of this legislation is to give U.S. officials the power to prosecute individual athletes who used performance-enhancing drugs at international sports competitions involving American athletes. The legislation has been criticized by the World Anti-Doping Agency (WADA) as undermining the global anti-doping movement based on international cooperation and because no other nation has extra-territorial jurisdiction in this field. The bill passed in the House in October, passed in the Senate in November, and was signed into law by the president on Dec. 4.

IoT Cybersecurity Improvement Act of 2020 (HR 1668) – This bill requires the National Institute of Standards and Technology (NIST) and the Office of Management and Budget (OMB) to establish minimum security standards for Internet of Things devices owned or controlled by the Federal Government. The legislation was introduced by Rep. Robin Kelly (D-IL) on March 11, 2019, passed in both Houses, and was signed into law on Dec. 4.

Information Technology Modernization Centers of Excellence Program Act (HR 5901) – Introduced by Rep. Ro Khanna (D-CA) on Feb. 13, this bill authorizes the establishment of an Information Technology Modernization Centers of Excellence Program. The purpose of the program is to help executive agencies adopt secure modern technology in coordination with the Department of Homeland Security. The program must provide regular reports to Congress. The legislation passed in the House in September, passed in the Senate in November, and was signed into law by the president on Dec. 3.

Veterans COMPACT Act of 2020 (HR 8247) – Short for Veterans Comprehensive Prevention, Access to Care and Treatment, this bill authorizes a variety of programs, policies, and reports that fall under the Department of Veterans Affairs (VA). Components of the legislation address transition assistance, suicide care, mental health education and treatment, healthcare, and female veteran care. It includes a program to provide education and training for caregivers and family members of veterans with mental health disorders. The bill also establishes a Task Force on Outdoor Recreation for Veterans to recommend public lands or other outdoor spaces to be used for medical treatment and therapy. The bill was introduced by Rep. Mark Takano (D-CA) on Sept. 14. It passed in the House in September, the Senate in November, and was signed by the president on Dec. 5.

Wounded Veterans Recreation Act (S 327) – This bill offers a free lifetime pass to National Parks and Federal Recreational Lands to any U.S. resident who has been medically determined to be permanently disabled (must furnish adequate proof of disability and citizenship or residency), as well as to any veteran with a service-connected disability. It was introduced by Sen. Jeanne Shaheen (D-NH) on Feb. 4, 2019, passed in the Senate in June, passed in the House in November, and was signed into law by the president on Dec. 3.

Transparency and Effective Accountability Measures (TEAM) for Veteran Caregivers Act (S 2216) – Designed to upgrade VA caregiver programs by identifying and formally recognizing caregivers of veterans and notifying them of assistance available under the Program of Comprehensive Assistance for Family Caregivers. The bill also temporarily extends benefits for veterans who are determined to be ineligible for the family caregiver program, including a monthly personal caregiver stipend. This bill was introduced by Sen. Gary Peters (D-MI) on July 23, 2019. It passed in the Senate in November, passed in the House in December, and is currently waiting for enactment by the president.

Looking Ahead to 2021: Hope is Not Canceled

Despite the fresh start that a new year promises, our world has not changed much since last March. We are still living in a new normal. We are masking up, working (and schooling) from home, and maintaining social distance. Furthermore, scores of community events and activities have been canceled. However, there is something that has never been canceled: hope. Here are a few considerations to embrace to lift your spirits and help you navigate all the uncertainty.

Be Happy: The COVID-19 Vaccine is Here

This is incredible news. To date, there are two vaccines: Pfizer-BioNTech and Moderna. Those who receive the Pfizer-BioNTech shot will be given two injections, 21 days apart. Those who receive the Moderna shot also will be given two injections, one month (28 days) apart. Both are given in the muscle of the upper arm and can cause mild side effects. However, clinical trials for both have shown a high level of efficacy. Learn more about each one here. The vaccine will be rolled out in phases. Healthcare personnel and residents of long-term care facilities will be offered the first doses. Learn more about who will get it and when here. The fact that we even have a vaccine available might well be the very definition of hope.

Feel Refreshed: Take a News Break

Since most of us are isolated to some degree, it is only natural to turn to our devices. Games and social media both have the potential to take your mind off of the pain in our world. However, if you tend to veer toward newsfeeds that feature nothing but bad news (which can be addicting), perhaps it is time to take a break. According to Verywell.com, a constant stream of sensational or disaster reporting, whether you are exposed actively or passively, can elevate stress levels and trigger symptoms like anxiety and sleep troubles, robbing you of your well-being. So, unplug. Step away from your laptop. Give your phone to a family member, partner, or friend. Get outside and soak in some vitamin D. Re-claim that part of yourself that sees the glass half full.

Ditch the Guilt: Plan Your Cheat Meals

If you have been looking to food for some much-needed comfort over the past year, you are not alone. Being at home just a few feet away from a fully stocked kitchen is tempting every minute! Perhaps some of you have banished any guilt about indulging, but for those who just cannot seem to shake it, choose your moments to indulge. Satisfy your cravings a few times a week or just on the weekends. The less you do this, the more you will enjoy it. And when you want to splurge, why not support a local restaurant by ordering takeout? You’ll feel better in no time.

Chill Out: Spend Time Doing Nothing

With everything going on and all the responsibilities of living life and crossing things off our lists, stopping to do nothing might seem counter-intuitive; but often, it’s the best remedy for eliminating stress and restoring your sanity. Carving out time to sit with the feelings you are experiencing – whether irritation, anxiety, or sadness – can help dissipate them. Take some advice from Winnie the Pooh who said, “Doing nothing often leads to the very best of something.” When you give yourself permission to let go and empty your mind, you’ll be rejuvenated and ready to begin again.

Even though the happenings of 2020 were unprecedented, the truth is you do have a new year ahead. One that can be anything you want it to be. Just grab hold of something that has always been there and will never be canceled: hope.

 

Sources 

https://www.cdc.gov/coronavirus/2019-ncov/vaccines/different-vaccines.html

https://stephanieyounger.com/blog/love-hope-kindness-and-community-have-not-been-canceled

https://www.verywellmind.com/is-watching-the-news-bad-for-mental-health-4802320#:~:text=A%20constant%20stream%20of%20sensational,like%20anxiety%20and%20trouble%20sleeping.

https://theweekendfox.com/9-quotes-from-christopher-robin-that-are-good-for-the-soul/#:~:text=%E2%80%9CDoing%20nothing%20often%20leads%20to,best%20of%20something.%E2%80%9D%20%E2%80%93%20Pooh

Succession Planning Trends to Watch

This article discusses some of the basics that you can capitalize on to ensure that the succession of your business is as easy and efficient as possible. For example, tips such as communicating early, defining goals, and establishing a talent development program are all important things to consider when handing your business over. Be sure to check out this link for more details!

To view this article, click HERE to access the original content.