Insero & Company presents

Creative Financing and Tax Options for
Small Business Owners
presented by

Trina Lang
Steven Mi...
Seeking Financing
Prior to Seeking Financing
Analyze the Business First
•
•
•
•

Capital Structure – Current
Levels of Debt and Equity
Curre...
Business Discussion
• Review Historical Financial Results
• Discuss Backlog/Forecast
• Look at cash flow indicators - rece...
Proforma Financial Results

Net income per financial statement or tax return

$

0

Add-backs
Officer bonus
Staff bonus
Pr...
Purpose of Financing
• What is the financing needed for:
• Research & Development
• Equipment
• Real Estate
• Inventory on...
Balance Sheet 12/31/12
Actual
ASSETS
Cash
Accounts Receivable
Inventory

LIABILITIES
$5,000
20,000
0

Accounts Payable
Ban...
Income Statement
XYZ Company
Income Statement
For the Year Ending December 31, 2013
Acutal
Q1
Sales

$

Cost of Goods Sold...
Balance Sheet 12/31/13
Projected
ASSETS
Cash
Accounts Receivable
Inventory

LIABILITIES
$5,960
60,000
50,000

Accounts Pay...
Income Statement
XYZ Company
Income Statement
For the Year Ending December 31, 2013
Acutal
Q1
Sales

$

Cost of Goods Sold...
Debt Service Coverage Ratios
(DSCR) 12/31/13
Accrual
Net Income

Cash

$54,210

$4,210

0
4,800

0
4,800

59,010

9,010

8...
Collateral Coverage
TERM LOAN
EQUIPMENT
DEBT

Book
Value
11,000
23,250

LOAN TO VALUE

OPERATING LINE OF CREDIT
Accounts R...
Borrowing Capacity
General Rule
Cash

100%

Accounts Receivable
Eligible

75%

Ineligible

0%

Inventory
Raw Material

30 ...
Bank Financing for Businesses
• Collateral Options: Personal real estate, cash
surrender value life insurance policy, inve...
Documents Needed for Financing
1.
2.
3.
4.
5.

Personal Financial Statement
Two Years Personal and Business Tax Returns
In...
Entity Selection
Which one is right for your business?
So many choices…
Types of entities to choose from:

• Sole proprietorship
• C-Corporation

• S-Corporation
• Limited Liability Corporation ...
Sole Proprietorship

Most common type: Over 22
million filed tax returns as sole
proprietorship in 2008,
according to IRS ...
Sole Proprietorship
Advantages
• The easiest and least expensive to set up
• Owned by one person who receives all
profits
...
Sole Proprietorship

Disadvantages
• Unlimited liability ; Creditors can attach to
owner’s personal property. Possible
sol...
C-Corporation

Most recognizable type of business
Thoughts of large multi-national corporations
come to mind

Is it right ...
C-Corporation

Advantages
• Separate legal entity; investors have limited
liability if company fails. Personal liability i...
C-Corporation
Disadvantages
• Double Taxation, Double Taxation
• Can be costly to form
• Many formalities related to forma...
S-Corporation

Most prevalent type of
corporate tax return:
Over 4 million returns filed in
2010 regardless of industry,
a...
S-Corporation

Advantages
• Separate legal entity; owner has limited
liability. Personal liability is never shielded –
con...
S-Corporation

Disadvantages
•
•
•
•
•

Limited number of owners
Same formalities as c-corporations
Owners must be paid a ...
Limited Liability Company (LLC)

A hybrid form of both a
Corporation and a Partnership
Limited Liability Company (LLC)

Advantages
• Members enjoy limited liability against debts or
judgments. Personal liabili...
Limited Liability Company (LLC)

Disadvantages
• Most members subject to self-employment
taxes on profits
• Raising capita...
General/Limited Partnerships

Advantages
• Very similar to LLC
• Members may enjoy limited liability against debts
or judg...
General/Limited Partnerships

Disadvantages
• Most members subject to self-employment
taxes on profits
• Raising capital; ...
Which one will you choose…

Every business will have a different answer!
But, what about…

• Health Insurance
• Retirement Plans
• Cash or Accrual Method
• State tax filings
• Governance
Financing Options
Characteristics of Common
Types of Financing
Source

Purpose

Security

Evaluation
Criteria

Advantages

Disadvantages

Ba...
SBA

• Guarantee Programs *See handouts.
• 7A (most common program)
• SBA Guarantees up to 85%
• No SBA fees on loan <$150...
Leasing Option:
Decision to Buy or Lease
Leasing

Purchasing

100% Financing

Some leases provide 100%
financing

Down pay...
New York State Programs
• Linked Deposit Program
• Small Business Revolving Loan Fund
• Excelsior Jobs Program
http://www....
Linked Deposit Program

• Purpose to provide reduced rate loans to
promote businesses to undertake projects
that:
•
•
•
•
...
Linked Deposit Program
• Maximum loan of $2,000,000 for 4 years
• 2011 Amendment – Lifetime limit increased from
$1 Millio...
New York State Small Business
Revolving Loan Fund

• 1.5 Million allocated to our region
• Targeted for Small Businesses h...
Pathstone Enterprise Center, Inc.

• Mission to provide Training/Technical
Assistance and lending to small businesses
• Lo...
Excelsior Jobs Program

The Excelsior Jobs Program
is the NYS replacement to
the Empire Zone/QEZE
credit regime
For more i...
Excelsior Jobs Program

Four new Fully Refundable tax
credits exist:
1. The Excelsior Jobs Tax Credit: A
credit of 6.85% o...
Excelsior Jobs Program
3. The Excelsior Research &
Development Tax Credit: A credit of
50% of the Federal Research &
Devel...
Genesee Finger Lakes
Regional Planning Council

Regional Revolving Loan Fund
• Loans $20,000 minimum/$200,000 max
• Availa...
Economic Development Programs
• SBA 504 (previously discussed)
• Great Rate Program
•
•
•

Interest Rate Subsidy – 3%/4% i...
Who is NYSERDA?

New York State Energy Research and
Development Authority
• Public Benefit Corporation established by NYS ...
Greater Rochester Enterprise
(Regional Outreach Contractor)
Economic Development Growth Extension (EDGE)
•
•
•
•
•
•

Regi...
Excell Partners
• Venture Capital fund that invests in seed and early
stage high-tech start-ups in Upstate NY.
• Formed in...
Questions ?
Thank You
Thank you for your attendance at
today’s program.
For more information regarding the topics discussed today,
ple...
Insero & Company CPAs, P.C.
Certified Public Accountants
Business & Financial Advisors
Rochester >> 585.454.6996
Corning >...
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Creative Financing and Tax Options for Small Businesses

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  • Target = 75 – 85%
  • i.e. Healthy Food options to inner city
  • ConsultationLoan review comm.Executive Comm approvalLoans for entire project or Gap means allows bank to approve with their help
  • Creative Financing and Tax Options for Small Businesses

    1. 1. Insero & Company presents Creative Financing and Tax Options for Small Business Owners presented by Trina Lang Steven Mills, CPA Nancy Catarisano, CPA Insero & Company CPAs, P.C. November 13, 2013
    2. 2. Seeking Financing
    3. 3. Prior to Seeking Financing Analyze the Business First • • • • Capital Structure – Current Levels of Debt and Equity Current Earnings and Cash Flows Company Goals, Plans, and Expectations Current Owners Objectives and Needs
    4. 4. Business Discussion • Review Historical Financial Results • Discuss Backlog/Forecast • Look at cash flow indicators - receivables and payables • Review for unusual or discretionary items: - one time expenses bonus owner’s benefits - tax planning effects
    5. 5. Proforma Financial Results Net income per financial statement or tax return $ 0 Add-backs Officer bonus Staff bonus Profit sharing contributions Consultants Website Discretionary income before one-time only and tax planning initiatives 20,000 5,000 10,000 5,000 10,000 $ 50,000
    6. 6. Purpose of Financing • What is the financing needed for: • Research & Development • Equipment • Real Estate • Inventory on a Purchase Order • Acquisition • Refinancing or restructuring existing debt • To fund operating losses • To fund normal operating fluctuations • How much financing is needed: • Budget converted to forecasted cash flow • Make sure its enough
    7. 7. Balance Sheet 12/31/12 Actual ASSETS Cash Accounts Receivable Inventory LIABILITIES $5,000 20,000 0 Accounts Payable Bank Debt Total Liabilities $10,000 23,250 33,250 Fixed Assets Car Copier Equipment Total Fixed Assets Less: Accum. Depreciation Net Fixed Assets TOTAL ASSETS 15,000 6,000 10,000 31,000 (20,000) 11,000 $36,000 Common Stock Retained Earnings Net Income - Current Year 500 2,250 Total Owners' Equity 2,750 0 TOTAL LIABILITIES AND OWNERS' EQUITY $36,000
    8. 8. Income Statement XYZ Company Income Statement For the Year Ending December 31, 2013 Acutal Q1 Sales $ Cost of Goods Sold Gross Profit 142,000 Actual Q2 $ 99,400 $ 42,600 180,000 Budgeted Q3 $ 126,000 $ 54,000 190,000 Budgeted Q4 $ 133,000 $ 57,000 189,750 Total 2012 $ 130,900 $ 58,850 701,750 489,300 $ 212,450 Expenses: Advertising Automobile Insurance Interest Expense Office Supplies Payroll Payroll Taxes Rent Telephone Untilities 750 3,000 1,500 1,200 1,050 18,000 1,800 7,500 1,875 1,290 750 3,000 1,500 1,200 1,050 19,000 1,900 7,500 1,875 1,290 750 3,000 1,500 1,200 1,050 20,400 2,040 7,500 1,875 1,290 750 3,000 1,500 1,200 1,050 20,400 2,040 7,500 1,875 1,290 3,000 12,000 6,000 4,800 4,200 77,800 7,780 30,000 7,500 5,160 Total Expenses 37,965 39,065 40,605 40,605 158,240 Net Income $ 4,635 $ 14,935 $ 16,395 $ 18,245 $ 54,210
    9. 9. Balance Sheet 12/31/13 Projected ASSETS Cash Accounts Receivable Inventory LIABILITIES $5,960 60,000 50,000 Accounts Payable Bank Debt Total Liabilities $50,000 20,000 70,000 Fixed Assets Car Copier Equipment Total Fixed Assets Less: Accum. Depreciation Net Fixed Assets TOTAL ASSETS 15,000 6,000 10,000 31,000 (20,000) 11,000 $126,960 Common Stock Retained Earnings Net Income - Current Year 500 2,250 54,210 Total Owners' Equity 56,960 TOTAL LIABILITIES AND OWNERS' EQUITY $126,960
    10. 10. Income Statement XYZ Company Income Statement For the Year Ending December 31, 2013 Acutal Q1 Sales $ Cost of Goods Sold Gross Profit 142,000 Actual Q2 $ 99,400 $ 42,600 180,000 Budgeted Q3 $ 126,000 $ 54,000 190,000 Budgeted Q4 $ 133,000 $ 57,000 189,750 Accrual Total 2013 $ 130,900 $ 58,850 T/R Cash Total 2013 701,750 $ 212,450 $ 661,750 (40,000) (539,300) 489,300 $ Cash Difference (50,000) 122,450 Expenses: Advertising Automobile Insurance Interest Expense Office Supplies Payroll Payroll Taxes Rent Telephone Untilities 750 3,000 1,500 1,200 1,050 18,000 1,800 7,500 1,875 1,290 750 3,000 1,500 1,200 1,050 19,000 1,900 7,500 1,875 1,290 750 3,000 1,500 1,200 1,050 20,400 2,040 7,500 1,875 1,290 750 3,000 1,500 1,200 1,050 20,400 2,040 7,500 1,875 1,290 3,000 12,000 6,000 4,800 4,200 77,800 7,780 30,000 7,500 5,160 Total Expenses 37,965 39,065 40,605 40,605 158,240 Net Income $ 4,635 $ 14,935 $ 16,395 $ 18,245 $ 118,240 54,210 $ Debt $ 40,000 4,210 (3,250) 960 (50,000)
    11. 11. Debt Service Coverage Ratios (DSCR) 12/31/13 Accrual Net Income Cash $54,210 $4,210 0 4,800 0 4,800 59,010 9,010 8,050 2,250 10,300 8,050 2,250 10,300 DSCR 5.70 0.87 GOAL 1.20 1.20 Add Back: Depreciation Interest Expense Cash Flow Available for Debt Service DEBT Annual Principal and Interest Payments - existing Line of Credit - $50,000
    12. 12. Collateral Coverage TERM LOAN EQUIPMENT DEBT Book Value 11,000 23,250 LOAN TO VALUE OPERATING LINE OF CREDIT Accounts Receivable Approved borrowing rate Accounts Receivable borrowing limit Inventory Approved borrowing rate Inventory borrowing limit Total collateral value FMV 28,000 23,250 83% Year 1 20,000 75% Year 2 60,000 75% $15,000 $45,000 0.00 $50,000 50% 50% $0 $25,000 $15,000 $70,000
    13. 13. Borrowing Capacity General Rule Cash 100% Accounts Receivable Eligible 75% Ineligible 0% Inventory Raw Material 30 – 60% Work-In-Process 0% Finished Goods 50% Other Assets Property 0% 75 – 80% Equipment Existing New 50% 75 – 85% Talk with your lender and ask how they are computing for your business.
    14. 14. Bank Financing for Businesses • Collateral Options: Personal real estate, cash surrender value life insurance policy, investment accounts • Home equity loans 85% loan to property value • Banks will typically loan even if 1st mortgage is with another lender • Loans under $100k not as much paperwork required; however if lower credit score, more involved financing package necessary • Expect to personally guarantee any loan until the Balance Sheet of the business is strong • May require covenants, typical DSCR of 1.2
    15. 15. Documents Needed for Financing 1. 2. 3. 4. 5. Personal Financial Statement Two Years Personal and Business Tax Returns Interim Financial Statements Budget – 2 to 5 years If Tax Returns show losses include a Quarterly Summary Recap 6. Accounts Receivable and Accounts Payable Aging Reports 7. Backlog report/Significant New Customers etc. 8. Business Plan – if available
    16. 16. Entity Selection Which one is right for your business?
    17. 17. So many choices…
    18. 18. Types of entities to choose from: • Sole proprietorship • C-Corporation • S-Corporation • Limited Liability Corporation (LLC) • General/Limited Partnerships
    19. 19. Sole Proprietorship Most common type: Over 22 million filed tax returns as sole proprietorship in 2008, according to IRS “Statistics of Income Bulletin.”
    20. 20. Sole Proprietorship Advantages • The easiest and least expensive to set up • Owned by one person who receives all profits • Easy tax form to file each year (Schedule C) • Examples: Consultants, Contractors, Sales
    21. 21. Sole Proprietorship Disadvantages • Unlimited liability ; Creditors can attach to owner’s personal property. Possible solution: create a Single Member LLC. • All profit is subject to self-employment tax. • Business succession is difficult. • Hard to raise capital. Financing is directly linked to personal assets.
    22. 22. C-Corporation Most recognizable type of business Thoughts of large multi-national corporations come to mind Is it right for a small business?
    23. 23. C-Corporation Advantages • Separate legal entity; investors have limited liability if company fails. Personal liability is never shielded – consult your attorney. • Unlimited longevity regardless of health or even death of investors • Ability to raise capital by selling stock • Easy to transfer ownership • Various small tax benefits, such as possible lower tax brackets, fringe benefits, etc.
    24. 24. C-Corporation Disadvantages • Double Taxation, Double Taxation • Can be costly to form • Many formalities related to formation
    25. 25. S-Corporation Most prevalent type of corporate tax return: Over 4 million returns filed in 2010 regardless of industry, according to IRS, “Statistics of Income Tax Bulletin.”
    26. 26. S-Corporation Advantages • Separate legal entity; owner has limited liability. Personal liability is never shielded – consult your attorney. • Profits taxed once, to owners. Sometimes at a lower rate (some exceptions apply). • Elimination of double taxation • Profits not subject to employment taxes (but see next page…)
    27. 27. S-Corporation Disadvantages • • • • • Limited number of owners Same formalities as c-corporations Owners must be paid a “reasonable” salary Owners must be U.S Citizens or residents Deductible losses (for owners) limited to cash actually contributed to the company (basis).
    28. 28. Limited Liability Company (LLC) A hybrid form of both a Corporation and a Partnership
    29. 29. Limited Liability Company (LLC) Advantages • Members enjoy limited liability against debts or judgments. Personal liability is not shielded – always consult attorney. • Profits taxed to owners once, much like scorporations • Fewer formalities and compliance issues • Unlimited longevity • Flexibility in creating operating structure • Owners can deduct losses if financed by debt and they are responsible for paying back.
    30. 30. Limited Liability Company (LLC) Disadvantages • Most members subject to self-employment taxes on profits • Raising capital; hard to find outsiders willing to invest • Fees charged by states • Can be difficult to understand tax allocation to members if operating agreement is complicated.
    31. 31. General/Limited Partnerships Advantages • Very similar to LLC • Members may enjoy limited liability against debts or judgments. Personal liability is not shielded – always consult attorney. • Profits taxed to owners once, much like scorporations • Fewer formalities and compliance issues • Flexibility in creating operating structure • Owners can deduct losses if financed by debt they are responsible for paying back.
    32. 32. General/Limited Partnerships Disadvantages • Most members subject to self-employment taxes on profits • Raising capital; members left to finance • Can be difficult to understand tax allocation to members if operating agreement is complicated.
    33. 33. Which one will you choose… Every business will have a different answer!
    34. 34. But, what about… • Health Insurance • Retirement Plans • Cash or Accrual Method • State tax filings • Governance
    35. 35. Financing Options
    36. 36. Characteristics of Common Types of Financing Source Purpose Security Evaluation Criteria Advantages Disadvantages Banks/Credit Unions/Financial Institutions Working capital, term loans, mortgages A/R, Inventory, equipment, real estate, etc. Credit analysis, collateral coverage and cash flow Lower interest rates, no ownership dilution Difficult to fund future growth without proven results, restrictive covenants Asset-based loans Working capital, term loans A/R, Inventory, equipment Value of collateral Easier to obtain than traditional bank loans Expensive Leasing Facilities and equipment Facilities and equipment Value of collateral Various financial, accounting, and income tax benefits Higher implicit interest rates, no benefit from asset residual values Factoring Working capital A/R Value of receivables Easier to obtain than traditional bank loans, reduces collection efforts Expensive Government financing Varies by Program Varies by Program Varies by Program Favorable rates and terms, financing opportunities for businesses that might not qualify for other financing Complex paperwork, lengthy time delays, contractual and legal requirements Venture capital Start-up and growth Equity in company Potential market leaders, high growth potential Access to large dollar amounts and management advice Difficult to obtain, dilutes ownership Friends and Family/Angel investors Start-up and growth Equity in company Higher-risk, start-up businesses Often flexible and informal Difficult to find, dilutes ownership
    37. 37. SBA • Guarantee Programs *See handouts. • 7A (most common program) • SBA Guarantees up to 85% • No SBA fees on loan <$150K • SBA Express- may be used for revolving line of credit – 50% guaranty • 504 Program(long-term, fixed-asset loans) Bank 50%/NYBDC/SBA 40%/Borrower 10%
    38. 38. Leasing Option: Decision to Buy or Lease Leasing Purchasing 100% Financing Some leases provide 100% financing Down payments are usually required Cash Flow Lower initial cash outlays Larger initial cash outlays Cancellation Option Some grant the option to cancel. Risk of obsolescence to lessor. Not cancellable Fixed Payments Typically fixed Variable if floating interest rates Covenants Usually none Operating restrictions & covenants may exist Interest Rates Usually higher Usually lower Residual Value Lessor conservatively Retain any salvage value estimates to retain residual
    39. 39. New York State Programs • Linked Deposit Program • Small Business Revolving Loan Fund • Excelsior Jobs Program http://www.empire.state.ny.us/BusinessProgra ms.html
    40. 40. Linked Deposit Program • Purpose to provide reduced rate loans to promote businesses to undertake projects that: • • • • Improve their competitiveness Gain market access Modernize equipment Expand facilities • Apply through your bank • 2 – 3% interest rate savings
    41. 41. Linked Deposit Program • Maximum loan of $2,000,000 for 4 years • 2011 Amendment – Lifetime limit increased from $1 Million to $2 Million and extended another 4 years. • 2% Reduction • To manufacturers with 500 or less employees • Service Companies with 100 or less employees • 3% Reduction • Distressed area located businesses • Certified Minority or Women-Owned businesses to fulfill NYS or Federal Contract
    42. 42. New York State Small Business Revolving Loan Fund • 1.5 Million allocated to our region • Targeted for Small Businesses having difficulty accessing regular credit markets • Information on state website is for statewide. • Administered by Pathstone Enterprise Center, Inc. for Finger Lakes and Western New York Regions
    43. 43. Pathstone Enterprise Center, Inc. • Mission to provide Training/Technical Assistance and lending to small businesses • Loans range between $1,000 - $500,000 • Businesses with impact to the community • Approximately $10 Million in total funding available including state allocated money • Al Hartsig – (585) 340-3304
    44. 44. Excelsior Jobs Program The Excelsior Jobs Program is the NYS replacement to the Empire Zone/QEZE credit regime For more information: http://nyworks.ny.gov
    45. 45. Excelsior Jobs Program Four new Fully Refundable tax credits exist: 1. The Excelsior Jobs Tax Credit: A credit of 6.85% of wages per new job to cover portion of the associated payroll cost. 2. The Excelsior Investment Tax Credit: Valued at 2% of qualified investments.
    46. 46. Excelsior Jobs Program 3. The Excelsior Research & Development Tax Credit: A credit of 50% of the Federal Research & Development credit up to 3% of research expenditures in NYS. 4. The Excelsior Real Property Tax Credit: Available to firms located in certain distressed areas (See Investment Zone list) and to firms in targeted industries that meet higher employment and investment thresholds (Regionally Significant Project).
    47. 47. Genesee Finger Lakes Regional Planning Council Regional Revolving Loan Fund • Loans $20,000 minimum/$200,000 max • Available for fixed assets/working capital • Must be turned down by traditional lender or used for gap funding • Service/Industrial/Manufacturing Industries, Nonretail • Job growth and retention must be proven • Application process-contact Finger Lakes Regional Planning Council (David Zorn – (585) 454-0190, X14 for initial meeting ) or local IDA where project is located
    48. 48. Economic Development Programs • SBA 504 (previously discussed) • Great Rate Program • • • Interest Rate Subsidy – 3%/4% if local Non-retail, for profit business Loan must create one job for every $75,000 or increase employment by 10% whichever is less • Great Rebate Program • • Rebates on equipment purchases of at least $50,000 and purchased without borrowed funds; meets job creation requirement $4,000 rebate or $5,000 if purchased locally • Monroe Manufacturing Rewards Program • Provides manufacturing businesses with a rebate on mfg equipment purchases of $25K - $49,999; $1,000 rebate upon proof
    49. 49. Who is NYSERDA? New York State Energy Research and Development Authority • Public Benefit Corporation established by NYS law in 1975 • Works through 26 Regional Outreach Contractors (ROCs) • Helping NYS reach its energy goals: reducing energy consumption, promoting renewables, protecting the environment • NYSERDA has partnered with Greater Rochester Enterprise (GRE)
    50. 50. Greater Rochester Enterprise (Regional Outreach Contractor) Economic Development Growth Extension (EDGE) • • • • • • Regionally-based access to NYSERDA’s energy efficiency, renewable energy and R+D programs Matching project needs w/ the appropriate programs Creating partnerships to encourage projects that spur investment and job growth Supporting efforts of the FLREDC Assisting with the Consolidated Funding Application (CFA) Educating business owners, community leaders and homeowners on the benefits of energy efficient and renewable technologies Haley Rotter Greater Rochester Enterprise (GRE) Haley@RochesterBiz.com (585) 530-6205
    51. 51. Excell Partners • Venture Capital fund that invests in seed and early stage high-tech start-ups in Upstate NY. • Formed in partnership with University of Rochester and the State of New York • Helps to launch and grow high tech start-ups by providing critical funding and business building expertise • Bridges the seed stage funding gap • www.excellny.com • (585) 458-SEED (7333)
    52. 52. Questions ?
    53. 53. Thank You Thank you for your attendance at today’s program. For more information regarding the topics discussed today, please feel free to contact: Trina Lang trina.lang@inserocpa.com 585.697.9686 Steven Mills, CPA steven.mills@inserocpa.com 585.697.9629 Nancy Catarisano, CPA nancy.catarisano@inserocpa.com 585.697.9661 Insero & Company CPAs, P.C. www.inserocpa.com
    54. 54. Insero & Company CPAs, P.C. Certified Public Accountants Business & Financial Advisors Rochester >> 585.454.6996 Corning >> 607.973.2075 Disclaimer These materials were prepared solely for the purpose of continuing professional education. They are distributed with the understanding that Insero & Company CPAs, P.C. and its employees are not engaged in rendering legal, accounting, or other professional service as part of this CPE presentation. If advice or other expert assistance is required, the services of a competent professional person should be sought. Please contact an Insero & Company team member with any questions. The information contained herein is general in nature and based on authorities that are subject to change. Insero & Company CPAs, P.C. guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omission, or for results obtained by others as a result of reliance upon such information. Insero & Company CPAs, P.C. assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein. This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situation. Circular 230 Disclosure: Any information contained herein, or on any website or email link associated with this document is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Insero & Company CPAs, P.C. is an integral part of the McGladrey Alliance, a premiere affiliation of independent accounting and consulting firms in the United States, with more than 90 members in 42 states and Puerto Rico. McGladrey Alliance member firms maintain their name, autonomy and independence and are responsible for their own client fee arrangements, delivery of services and maintenance of client relationships. McGladrey Alliance is a business of McGladrey LLP which operates under the McGladrey brand as the fifth largest U.S. provider of assurance, tax and consulting services. McGladrey, the McGladrey logo and the McGladrey Alliance signatures are used under license by McGladrey LLP. McGladrey, the McGladrey logo, the McGladrey Alliance signatures and The McGladrey Classic logo are used under license by McGladrey LLP. Correspondent of the RSM International network of independent accounting, tax and consulting firms.
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