Professional Accounting Blog

Accounting For Your Prosperity

Online Marketplace Seller Voluntary Disclosure Initiative and Ohio Amnesty Program

Posted by Leslie Kasten on Sep 26, 2017 8:00:00 AM

Topics: Tax Planning & Strategies

State tax authorities are making progress in their quest to collect tax on online transactions, expanding their efforts to work together to elicit voluntary compliance.

Any business that qualifies as an “online marketplace seller” should take notice of an opportunity to catch up on taxes that should have been collected in the past and remitted to authorities in a number of different states. It’s a tax amnesty program operated by the Multistate Tax Commission, which is a federal agency of state tax authorities promoting uniformity in state approaches to tax law.

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3 Questions Startups Should Answer Before Seeking Out Investors

Posted by Courtney Eaton on Sep 14, 2017 1:52:10 PM

Topics: Technology

Our region is bursting with exciting high-potential technology startups. These startups spring from many types of environments: universities, laboratories, neighborhood watering holes, and even dinner tables.  Once an idea is born, the next steps are critically important to its long-term success. A solid foundation must be built for a technology startup to thrive. Due to the highly competitive and fast-paced nature of this sector, the preference of the startup may be to seek out investors to fund research and development. I would suggest that the following three questions be considered and answered before the search for investment begins:

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Tax Highlights from Ohio’s 2018–2019 Budget Bill

Posted by Leslie Kasten on Sep 6, 2017 3:30:17 PM

Topics: Tax Planning & Strategies

On June 30, 2017, Governor John Kasich signed Ohio’s 2018–2019 budget bill. The budget bill reduces Ohio personal income tax rates, adds a substantial nexus provision for sales and use tax purposes, and makes major changes to Ohio municipal income tax. An overview of these and other major tax provisions is outlined below.

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Publishing Industry Revenues Continue to Decrease Due to the Continued Growth of Digital Media

Posted by Lloyd Bell on Aug 29, 2017 11:27:21 AM

Topics: Accounting & Auditing, Corporate Finance

The following overview of publishing industry trends is part of a larger series of industry reports that will be published between August and September 2017 for the benefit of our subscribers. Data and information provided is cited from IBIS World, a global business intelligence leader specializing in Industry Market Research.

In 2016, the information industry for Meaden & Moore clients was comprised mostly of newspaper publishing companies. These clients experienced an average decrease of 4% in revenue in 2016. Although, due to a large decrease in operating expenses, Meaden & Moore clients in the information industry showed a 19% increase in net income. This decrease in revenue was experienced by the newspaper publishing industry as a whole, which has been declining at a rate of 6% for the past five years. 

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Increased Number of Household Pets Gives Veterinary Services Industry Positive Outlook

Posted by Lloyd Bell on Aug 23, 2017 8:59:14 AM

Topics: Accounting & Auditing, Corporate Finance

The following overview of veterinary industry trends is part of a larger series of industry reports that will be published between August and September 2017 for the benefit of our subscribers. Data and information provided is cited from IBIS World, a global business intelligence leader specializing in Industry Market Research.

In 2016, Meaden & Moore clients in the veterinary services industry experienced an average increase in revenue of 9.7%. The veterinary services industry as a whole has experienced strong positive revenue growth, averaging 3.4% over the last five years, a trend tied closely to unemployment decline. This growth was largely caused by an increase in the number of pets that American households have, and the increasing age of those pets.

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How Curiosity Helps Companies Solve Challenges

Posted by Guest Blogger: Dean Ilijasic on Aug 14, 2017 3:40:38 PM

Topics: Strategic Leadership

Meaden & Moore is proud to showcase informative blog posts written by guest bloggers to further educate our audience and promote thought leadership in the accounting industry. This guest blog post is courtesy of Dean Ilijasic, from Long & Short of it.

Finding solutions to client challenges is at the heart of what marketing agencies do. Every client has a problem or a challenge – otherwise, they would be content with the status quo. The problem with being comfortable with the status quo is that the rest of the world will leave you behind and your company will soon find itself being irrelevant.

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Reliance on Other Weakened Manufacturing Industries Leaves Metal Manufacturing Industry in Continued Decline – for Now

Posted by Lloyd Bell on Aug 10, 2017 3:55:28 PM

Topics: Accounting & Auditing, Corporate Finance

The following overview of metal manufacturing industry trends is part of a larger series of industry reports that will be published between August and September 2017 for the benefit of our subscribers. Data and information provided is cited from IBIS World, a global business intelligence leader specializing in Industry Market Research.

In 2016, Meaden & Moore clients in the metal manufacturing industry experienced a 16% decrease in revenue, causing a 46% decrease in net income. The metal manufacturing industry as a whole has experienced low negative growth over the past few years, largely due to decreased metal prices, decreased corporate profits, and decreased industrial production.

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3 Tests to Analyze Solvency

Posted by Meaden & Moore on Aug 7, 2017 9:29:52 AM

Topics: Investigative and Forensic Accounting

Solvency is generally defined as a business’s or individual’s ability, at a specific point in time, to meet its long-term interest and repayment obligations. A company’s solvency may come into play in fraudulent conveyance, bankruptcy alter ego and due diligence actions. This article highlights the three tests that experts apply when preparing a solvency opinion. All three of these tests must be passed for a company (or debtor) to be considered solvent.

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Steady Construction Industry Growth Expected in 2017 and Beyond, Despite Uncertainties

Posted by Lloyd Bell on Aug 3, 2017 11:36:33 AM

Topics: Construction, Corporate Finance

The following overview of construction industry trends is part of a larger series of industry reports that will be published between August and September 2017 for the benefit of our subscribers. Data and information provided is cited from IBIS World, a global business intelligence leader specializing in Industry Market Research.

In 2016, Meaden & Moore clients in the construction industry experienced a 4.8% decrease in revenue. This decrease was offset by a 6.3% decrease in cost of sales, allowing for a 17% increase in net income. The construction industry as a whole experienced unexpected revenue growth at 7% in 2016. Most of the industry growth in 2016 occurred during the fourth quarter as commercial, multifamily housing, and public work construction unexpectedly skyrocketed. In comparison, by October of 2016 the year’s growth was expected to be 1%. Revenue for the industry is expected to increase 5% in 2017 as conditions stabilize.

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Get Ready for Sales Tax Free Holidays

Posted by Leslie Kasten on Jul 28, 2017 9:43:14 AM

Topics: Accounting & Auditing

Ohio, along with approximately fifteen other states is helping businesses boost sales during the back-to-school shopping season - one of the busiest periods of the year. Passed for 2017 only, Ohio’s S.B. 9 enacts a sales tax free holiday from 12:00 a.m. Friday, August 4, 2017 through 11:59 p.m. Sunday, August 6.

According the National Retail Foundation, in 2016, the average family was expected to spend an average of $673.57 on apparel, shoes, supplies, and electronics to get ready for the school year. The sales tax-free holiday enables businesses to attract more of these customers from home and neighboring states by strengthening brands, offering additional promotions and focusing on sales, not tax reporting.

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