This webinar is hosted by McKonly & Asbury Principal and Business Valuation Leader, Eric Blocher. The webinar will focus on the following; 1) the three different approaches to valuation, 2) the importance of the Standard of Value, Level of Value, and Premise of Value, 3) the Impact of the Tax Cuts and Jobs Act on business valuation, 4) trends in the valuation industry for accounting for the Act, and 5) new topics that are affecting the business valuation industry.
Slides from a workshop presented on December 14, 2015 in San Francisco, California by MYeCFO. Covers some of the key tax issues faced by start-up executives and professionals, including maximizing deductions, setting up the right business structure, and dealing with equity based compensation (e.g. ISOs, NSOs, RSUs, Concentrated Positions).
CFO Insight For Business Owners: How to Utilize Financial StatementsChase R. Morrison
CFO Insight: This is a primer on how to use financial statements to more effectively operate a privately held business and was used to educate new entrepreneurs at the Valley Economic Development Corporation in Sherman Oaks, CA.
Financial Statements are sometimes difficult for business owners to understand. This presentation is to help business owners get a basic understanding of the different statements.
Slides from a workshop presented on December 14, 2015 in San Francisco, California by MYeCFO. Covers some of the key tax issues faced by start-up executives and professionals, including maximizing deductions, setting up the right business structure, and dealing with equity based compensation (e.g. ISOs, NSOs, RSUs, Concentrated Positions).
CFO Insight For Business Owners: How to Utilize Financial StatementsChase R. Morrison
CFO Insight: This is a primer on how to use financial statements to more effectively operate a privately held business and was used to educate new entrepreneurs at the Valley Economic Development Corporation in Sherman Oaks, CA.
Financial Statements are sometimes difficult for business owners to understand. This presentation is to help business owners get a basic understanding of the different statements.
So what’s the difference between revenue, profit and cash flow and why should you care?
This presentation will explain the difference between the these three, vital metrics that make up the foundation of your business. The slides also cover the dangers of having any of the three out of sync.
Finance for non financial personnel - part 4Quek Joo Chay
Many non-financial personnel find finance is mystical and somehow cannot comprehend financial information.
The 8 parts of the presentation are designed to help the non-financial personnel to look at finance from their own view point. Instead of learn finance from finance perspective, we learn our own perspective.
This is because your goal is to improve your current work not to become a qualified accountant. Crash courses usually can’t provide sufficient knowledge for you to understand finance.
Designed from business’s viewpoint, different from other approaches found in the market. Hopefully, we can equip non-financial personnel with business driven financial knowledge.
By end of the 8 presentation:
1. You can create your value to increase financial value
2. You can interpret financial reports to make decisions
3. You know how to work on budget
4.You can propose your ideas in terms of dollars & cents
5. You produce the financial numbers that your boss likes
6. You can communicate well with finance department
7. You make collaboration with accountant possible instead of just for the sake of formality
Finance for non finance for employee, business man and corporatete Bibek Prajapati
The ability to effectively read financial reports and data is crucial to the
processes of day-to-day management, strategic planning and
decision-making in any firm.
-The proper understanding of the various
financial concepts and instruments and their implications to the firm’s
health and performance in the market place are indispensable for
managers who typically come from various functions within the firm.
-The comprehensive program of Finance for Non-Finance Managers
has been carefully designed to meet the needs of executives and
managers who come from nonfinancial backgrounds across the
corporate landscape.
-The two-staged program provides theparticipants with a comprehensive understanding of key financial principles and practices and empowers them with the tools to effectively interpret and use financial data in the decision-making process in their respective functions of sales, marketing or planning.
Meaning/ WHY
Benefits
Key Personal Responsibility
Type of business
Financial planning
Three principle of corporate Finance
Why Financial Accounting
Fundamentals of Financial Accounting
Procedural Aspects of Accounting
Objectives of accounting
Function of Accounting
Accounting – Classification
Difference between Management Accounting and Financial Accounting
Bookkeeping &Process of accounting
Steps/Phases of Accounting Cycle
User of accounting Information
BASIC ACCOUNTING TERMS
Types of Accounts
Accounting Equation
ACCRUAL BASIS AND CASH BASIS OF ACCOUNTING
CAPITAL AND REVENUE TRANSACTIONS
Cost Accounting meaning , objective
ROLE OF A COST ACCOUNTANT IN A MANUFACTURING ORGANISATION
COST CONCEPT, TYPES AND CLASSIFICATION
Cost centre and cost unit
ELEMENTS OF COST
CLASSIFICATION OF COST
TYPES / TECHNIQUES OF COSTING
METHODS OF COSTING & THEIR APPLICABILITY
COGS, INVENTRY
Capacity
Budget
Corporate objective
Cost control and variance
Standard costing
Cash flow statement
Annual Report
Ratio analysisis
Capital Budgeting
Risk and Return
Regulators
Constitutional Aspects of Taxation by the Union and States
Financial Relations between the
Union and the States
Indirect Taxes : Union and the States
Taxation by the Union and the States
REVENUE ADMINISTRATION
Gst
Existing Indirect Tax System
ACTIVE INTERFACE WITH IT SYSTEMS
INCOME TAX LAW : AN INTRODUCTION
Income-tax Act
The Finance Act
CONCEPT OF INCOME
Stapes of TOTAL INCOME AND TAX PAYABLE
Deductions from Gross Total Income
RETURN OF INCOME
For many business owners, the major source of retirement funding is the sale of their business or assets owned by the business. Fortunately, there are a number of capital gains tax (CGT) concessions available to small business that reduce or even eliminate the capital gain on the disposal of certain assets. It is important to understand the concessions available and the eligibility requirements to ensure entitlements are maximised.
This presentation was made at the Washington Area Community Investment Fund (Wacif). This presentation goes over how to use financial statements and tools to make decisions.
Accounting in Government contracting has its own unique and specialized rules, regulations, standards, problems, hurdles. Compliant accounting systems that provides meaningful information require solid foundations built on principles, regulations, and industry best practices. Government contractors are subject to a wide range of unique accounting regulations, entering into contracts for which negotiation, performance, termination, and more require following specific accounting principles and standards. And, dealing with the Federal Government can be difficult and complex. Unless a proper accounting system is in place, then a contractor can be faced with enormous difficulties, not the least of which is lost profits, lost contracts.
So what’s the difference between revenue, profit and cash flow and why should you care?
This presentation will explain the difference between the these three, vital metrics that make up the foundation of your business. The slides also cover the dangers of having any of the three out of sync.
Finance for non financial personnel - part 4Quek Joo Chay
Many non-financial personnel find finance is mystical and somehow cannot comprehend financial information.
The 8 parts of the presentation are designed to help the non-financial personnel to look at finance from their own view point. Instead of learn finance from finance perspective, we learn our own perspective.
This is because your goal is to improve your current work not to become a qualified accountant. Crash courses usually can’t provide sufficient knowledge for you to understand finance.
Designed from business’s viewpoint, different from other approaches found in the market. Hopefully, we can equip non-financial personnel with business driven financial knowledge.
By end of the 8 presentation:
1. You can create your value to increase financial value
2. You can interpret financial reports to make decisions
3. You know how to work on budget
4.You can propose your ideas in terms of dollars & cents
5. You produce the financial numbers that your boss likes
6. You can communicate well with finance department
7. You make collaboration with accountant possible instead of just for the sake of formality
Finance for non finance for employee, business man and corporatete Bibek Prajapati
The ability to effectively read financial reports and data is crucial to the
processes of day-to-day management, strategic planning and
decision-making in any firm.
-The proper understanding of the various
financial concepts and instruments and their implications to the firm’s
health and performance in the market place are indispensable for
managers who typically come from various functions within the firm.
-The comprehensive program of Finance for Non-Finance Managers
has been carefully designed to meet the needs of executives and
managers who come from nonfinancial backgrounds across the
corporate landscape.
-The two-staged program provides theparticipants with a comprehensive understanding of key financial principles and practices and empowers them with the tools to effectively interpret and use financial data in the decision-making process in their respective functions of sales, marketing or planning.
Meaning/ WHY
Benefits
Key Personal Responsibility
Type of business
Financial planning
Three principle of corporate Finance
Why Financial Accounting
Fundamentals of Financial Accounting
Procedural Aspects of Accounting
Objectives of accounting
Function of Accounting
Accounting – Classification
Difference between Management Accounting and Financial Accounting
Bookkeeping &Process of accounting
Steps/Phases of Accounting Cycle
User of accounting Information
BASIC ACCOUNTING TERMS
Types of Accounts
Accounting Equation
ACCRUAL BASIS AND CASH BASIS OF ACCOUNTING
CAPITAL AND REVENUE TRANSACTIONS
Cost Accounting meaning , objective
ROLE OF A COST ACCOUNTANT IN A MANUFACTURING ORGANISATION
COST CONCEPT, TYPES AND CLASSIFICATION
Cost centre and cost unit
ELEMENTS OF COST
CLASSIFICATION OF COST
TYPES / TECHNIQUES OF COSTING
METHODS OF COSTING & THEIR APPLICABILITY
COGS, INVENTRY
Capacity
Budget
Corporate objective
Cost control and variance
Standard costing
Cash flow statement
Annual Report
Ratio analysisis
Capital Budgeting
Risk and Return
Regulators
Constitutional Aspects of Taxation by the Union and States
Financial Relations between the
Union and the States
Indirect Taxes : Union and the States
Taxation by the Union and the States
REVENUE ADMINISTRATION
Gst
Existing Indirect Tax System
ACTIVE INTERFACE WITH IT SYSTEMS
INCOME TAX LAW : AN INTRODUCTION
Income-tax Act
The Finance Act
CONCEPT OF INCOME
Stapes of TOTAL INCOME AND TAX PAYABLE
Deductions from Gross Total Income
RETURN OF INCOME
For many business owners, the major source of retirement funding is the sale of their business or assets owned by the business. Fortunately, there are a number of capital gains tax (CGT) concessions available to small business that reduce or even eliminate the capital gain on the disposal of certain assets. It is important to understand the concessions available and the eligibility requirements to ensure entitlements are maximised.
This presentation was made at the Washington Area Community Investment Fund (Wacif). This presentation goes over how to use financial statements and tools to make decisions.
Accounting in Government contracting has its own unique and specialized rules, regulations, standards, problems, hurdles. Compliant accounting systems that provides meaningful information require solid foundations built on principles, regulations, and industry best practices. Government contractors are subject to a wide range of unique accounting regulations, entering into contracts for which negotiation, performance, termination, and more require following specific accounting principles and standards. And, dealing with the Federal Government can be difficult and complex. Unless a proper accounting system is in place, then a contractor can be faced with enormous difficulties, not the least of which is lost profits, lost contracts.
A great paper penned by my colleague Ian Smith that addresses common concerns of business owners with respect to a sale of their business. If you are currently considering your options, or have a client that is currently considering an exit, please feel free to reach out to us directly and we'd be happy to have a chat.
Issues in Reinventing Your Insurance Agency Network | Iroquois Insurance GroupCapresults
Sometimes Independent Insurance agencies develop one small problem after another over a period of years and those problems go unchecked. This can continue until their cumulative effect severely damages profit, growth and agency value. At that point, the problems can no longer be ignored and the insurance agencies need to be sold, or totally reinvented to turn things around. In this article we will discuss how owners can detect and address small, common problems early and, in doing so, gradually reinvent their Independent Insurance agencies.
myCPE Webinar: Lay the Foundation of Government Contract AccountingRobert E Jones
Accounting in Government contracting has its own unique and specialized rules, regulations, standards, problems, hurdles. Compliant accounting systems that provides meaningful information require solid foundations built on principles, regulations, and industry best practices. Government contractors are subject to a wide range of unique accounting regulations, entering into contracts for which negotiation, performance, termination, and more require following specific accounting principles and standards. And, dealing with the Federal Government can be difficult and complex. Unless a proper accounting system is in place, then a contractor can be faced with enormous difficulties, not the least of which is lost profits, lost contracts.
Mercer Capital's Value Matters™ | Issue 1 2018Mercer Capital
Mercer Capital's Value Matters™ addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.
This webinar is hosted by Michael Hoffner, Partner and Leader of McKonly & Asbury’s Systems and Organization Controls (SOC) practice and Co-Director of the Assurance practice, and Janice Snyder, Partner and Co-Director of the Assurance practice.
This ethics webinar focuses on the 7 threats that could compromise a CPA’s compliance with the AICPA code of professional conduct. Many threats fall into one or more of the following seven broad categories: adverse interest, advocacy, familiarity, management participation, self-interest, self-review, and undue influence.
Ratio Analysis and Business Performance – Why Should I Care – Part 2?McKonly & Asbury, LLP
The webinar is hosted by David Blain, Partner and Director of McKonly & Asbury’s Entrepreneurial Services Group, and Eric Fischer, Benefits Advisor at American Family Life Assurance Company of Columbus (Aflac).
This webinar is a continuation of the first webinar hosted on May 30, 2019. This webinar focuses on debt covenant and leverage ratios most used and reviewed by banks and other lending institutions. The webinar also focuses on how banks and lending institutions view these ratios and how to best prepare and present your business for compliance with these ratios.
Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...McKonly & Asbury, LLP
McKonly & Asbury’s July webinar entitled, “Not-For-Profit Organizations: Lessons Learned from Implementation of the New Financial Reporting Standard” took place on Thursday, July 25, 2019. The webinar was hosted by Gary Dubas, Partner and Director of McKonly & Asbury’s Nonprofit Practice, Janice Snyder, Partner and Co-Director of the Assurance Practice, and Jim Shellenberger, Principal and Leader in the Nonprofit Practice.
2019 State Taxes: Pennsylvania Update and The Multistate Tax ClimateMcKonly & Asbury, LLP
McKonly & Asbury’s June webinar entitled, “2019 State Taxes: Pennsylvania Update and the Multistate Tax Climate” is hosted by Mark Heath, Partner and Director of Tax Services at McKonly & Asbury, and Lindsey Waltemyer, Tax Supervisor. During this webinar, attendees will gain an understanding of the budget provisions and recent tax updates specific to Pennsylvania; receive updates on how various states are reacting to federal tax changes and national trends in sales tax nexus; and receive updates from Harbor Compliance on foreign entity qualification and annual report requirements.
McKonly & Asbury’s April webinar entitled, “Leasing: A New Standard is Finally Here” is hosted by Dan Sturm, Partner; Brett Bauer, Senior Manager; and Tim Showers, Supervisor. During this webinar, attendees will learn how ASC 842 differs from ASC 840; will see illustrative financial statements which highlight exactly what changes as a result of the new standard; and will gain an understanding of what they should be doing now to prepare.
This webinar will provide you with all of the information you need to know in order to understand and implement the changes made by the Tax Cut and Jobs Act, signed into law in December of 2017. McKonly & Asbury presenters, Mark Heath – Partner, and Charlie Eisenhart – Manager, will be covering corporate tax reform including rate changes, new depreciation rules, and limitations on deductions; flow-through tax reform with a special focus on the new 199A deduction; as well as the changes affecting individuals, including new rate brackets and limits on itemized deductions.
Elaine Nissley, Principal with McKonly & Asbury, will provide an overview of ethical style and perspectives. During the webinar, she will present ethics from a macro, corporate, and individual level and discuss social contracts within organizations. She will also discuss how our personal ethical perspective, the ethical perspective of others, and the organization’s ethical perspective influence social contracts and behavior in the workplace. Elaine will then look at a self-assessment tool which you can use to assess your ethical leadership style and a balanced scorecard to measure and track the corporate ethical environment, as well as some frameworks to help you to make balanced ethical decisions. The webinar will conclude with a review of the state of ethics in the workplace in 2017 and a summary of the Federal Sentencing Guidelines related to the key components of an effective ethics program to protect both the organization and their employees.
McKonly & Asbury’s October webinar is brought to you by Bridgeford Trust Company! Modern trust laws, including directed trust, trust protector, and the newly created family advisor, have revolutionized the trust industry in the United States. During this webinar, David Warren, Chairman of the Board/Co-Founder of Bridgeford Trust Company and President/CEO of Bridgeford Advisors, will highlight how these modern progressive trust laws, found only in a handful of states including South Dakota, have drastically changed how trusts are created and administered, delivering far more control and direction to settlors of trusts, beneficiaries, and their advisors than ever before.
In today’s business environment, organizations have a responsibility to their employees, clients, and customers to ensure the confidentiality, integrity and availability of the critical data that is entrusted to them. Every network is vulnerable to some form of attack. However it is not enough to simply confirm that a technical vulnerability exists and implement countermeasures; it is critical to repeatedly verify that the countermeasures are in place and working properly throughout the secured network. During this webinar, David Hammarberg, Principal, IT Director, and leader of McKonly & Asbury’s Cybersecurity Practice will be joined by Partner, Michael Hoffner and they will lead a discussion on a Cybersecurity Risk Management Program including what it is and how it can prepare your organization for the future.
Professional Ethics for CPAs - What the Rules Say and How to Interpret ThemMcKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Partners, Janice Snyder and Michael Hoffner and reviewed the structure of the current AICPA Code of Professional Conduct as well as provided an overview of how CPAs in both Public Practice and serving in Industry should interpret the requirements therein. The presenters went through the outline of the Code, explaining where to find various components of the regulations and providing a series of examples to illustrate the application of the framework.
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Senior Tax Manager and SALT Leader, Michael Eby, and Tax Supervisor, Lindsey Waltemyer.
It provides an overview of the enacted 2017-2018 Pennsylvania State Budget; a brief update on recently passed Pennsylvania tax legislation and court decisions of interest; and discusses how states, including Pennsylvania, are addressing these changes at the Federal level in their own respective tax structure.
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...McKonly & Asbury, LLP
This webinar was hosted by McKonly & Asbury Partner, Janice Snyder, and Principal, Jim Shellenberger, and addressed the requirements of Accounting Standard Update 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The presenters reviewed the new requirements under this standard and converted a full set of not-for-profit financial statements from the previous requirements to the new requirements. This was a step-by-step, page-by-page review of not-for-profit financial statements.
This webinar was hosted by McKonly & Asbury Partner, Michael Hoffner and Senior Managers, Josh Bantz and Samuel BowerCraft.
The webinar reviewed he new Trust Services Criteria that will be effective for SOC 2 and SOC 3 reports issued after December 15, 2018. The emphasis of this webinar was on evaluating the changes to the criteria, impacts on the report, and processes and procedures for transitioning from the 2016 Criteria to the 2017 Criteria. The presenters looked in-depth at how clients should map their controls from the 2016 Trust Services Criteria to the 2017 Trust Services Criteria including challenges with the new criteria.
The webinar was hosted by McKonly & Asbury Senior Tax Manager, Mike Eby and Senior Audit Manager, Dan Kern, along with special guest, Bonnie Mark, Principal at Delta Development Group, Inc.
The presentation gave an overview of the Federal and Pennsylvania historic preservation tax credit programs for income-producing properties. Specific discussions included: 1) requirements that need to be met for a project to be eligible for the programs, 2) the application process, 3) accounting and cost certifications, 4) tax benefits of participating in the programs, 5) and recent changes to the Federal program due to Tax Reform.
Throughout the presentation, the hosts reviewed case study examples of local and national projects that they have participated in over the years. Developers, contractors, investors, and even businesses outside the real estate industry will find that there may be opportunities for them to participate in the incentives of these programs.
This webinar focused on the ins and outs of purchasing a business. The objectives of this webinar were to provide the attendees with tips and tools to use as a buy side party in a transaction. More specifically, the participants came away with a basic knowledge of how to approach and communicate with targets, how to analyze a target, the due diligence process, and what to expect at close and post-closing of a transaction.
The presenters discussed the process from start to finish with a focus on the following areas:
- What do you want to be and where do you want to go? – First step is to identify the type of business that best fits your overall business plan and strategy (culture, size, business lines, etc.).
- Preliminary process – How to identify targets, use of professionals, development of a professional, and internal advisory team.
- Transaction process – Initial discussions, development of an LOI, transaction type, and due diligence.
- Closing process – Purchase document, delivery of assets or working capital, and final adjustments.
- Post-closing – Now What?
This webinar discussed the purpose of data analytics and how it can be a light in the darkness for your organization to make better decisions for the future. The webinar covered the purpose of data analysis and its definition, the fundamental steps to take to perform data analysis to problem solve, and closed with next steps that attendees can take to further develop data analysis and business intelligence within their organizations.
During this webinar, attendees learned about the following:
- How data analytics functions to help your organization improve.
- The process for using data analytics to solve problems.
- Next steps to take to build data analysis within your organization.
As a follow up to the webinar we did in December, this webinar will dig in a little deeper into what we believe are the most impactful and relevant aspects of the Tax Cuts and Jobs Act of 2017 for both individuals and businesses. We will also identify planning opportunities for businesses to ensure that opportunities for tax minimization are realized and pitfalls are avoided.
During the webinar, participants will understand how the potential tax legislation will affect themselves individually, their families, their businesses, and how to plan for future tax liabilities.
This webinar presented a broad overview of pending tax legislation and provided details on how the current Federal tax legislation proposals will affect individuals, families, and small and large businesses. The presenters also identiied planning opportunities for businesses to ensure that opportunities for tax minimization are realized and pitfalls are avoided.
Participants will understand how the potential tax legislation will affect themselves individually, their families, their businesses, and how to plan for future tax liabilities.
Preparing to Buy or Sell? Topics and Tips for a Successful TransitionMcKonly & Asbury, LLP
This webinar was geared to those in the process of business transition. Whether looking to sell your business, transition your business to a future generation, or expand your business through acquisition, this webinar focused on key concepts from a financial and tax structure that all business owners should consider in advance of any business related transition. The webinar discussed matters of preliminary planning and preparation for transition, understanding business value, tax consequences and tax structuring matters, pitfalls to avoid, and other unintended consequences.
Ethics: Real Life Application of the AICPA Code of Professional ConductMcKonly & Asbury, LLP
This webinar focuses on specific ethical examples related to both public accounting and industry. There is also a discussion on key points in the AICPA Code of Professional Conduct and their application to our daily responsibilities.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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The key differences between the MDR and IVDR in the EUAllensmith572606
In the European Union (EU), two significant regulations have been introduced to enhance the safety and effectiveness of medical devices – the In Vitro Diagnostic Regulation (IVDR) and the Medical Device Regulation (MDR).
https://mavenprofserv.com/comparison-and-highlighting-of-the-key-differences-between-the-mdr-and-ivdr-in-the-eu/
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
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Kseniya Leshchenko: Shared development support service model as the way to ma...
Business Valuation Update & Impact of the Tax Cuts and Jobs Act
1. Business Valuation and the Impact
of the Tax Cuts and Jobs Act
Presented by:
T. Eric Blocher, CPA, ASA, CVA
Principal and Valuation Practice Leader
at McKonly & Asbury
2. WHO ARE WE?
▰ More than 20 years of business consulting experience including valuation and litigation
engagements.
▰ Valued hundreds of closely held businesses in various industries including: professional
services, real estate, manufacturing, construction, retail, and others.
▰ Public accounting for over 28 years. Conducted audits, reviews, and compilations for a wide
range of service providers.
▰ Qualified multiple times as an expert witness in the field of Business Valuations.
T. Eric Blocher, CPA, ASA, CVA
Principal & Director of Business Valuation Services at McKonly & Asbury
3. WHO ARE WE?
▰ Diverse background with experience in both private industry and public accounting offering
business and accounting solutions to our clients.
▰ Demonstrated history of providing Transaction Advisory and Business Valuation services.
▰ Serves as a Relationship Manager for a number of our key clients in industries such as
construction, manufacturing and distribution, and retail.
▰ Director of our Entrepreneurial Services Group which provides accounting and tax services
to entrepreneurs and small businesses.
David Blain, CPA, CVA
Partner & Director of Entrepreneurial Services at McKonly & Asbury
4. OBJECTIVES FOR TODAY
▰ To obtain a better understanding of the Business Valuation process and its underlying
principles.
▰ Review the Valuation impact of the Tax Cuts and Jobs Act.
▰ Learn how the Industry is accounting for the impact of The Act.
▰ Learn about new topics affecting the business valuation industry.
▰ Learn about issues with Buy-Sell and Operating agreements.
▰ Questions and comments are welcome!
6. INTRODUCTION TO BUSINESS VALUATION (BV)
▰ There are 3 Approaches – Asset, Income, and Market.
▰ BV is NO different than any other investment decision.
▰ Three factors are considered in EVERY investment decision:
▻ The amount of Return (cash flow) you receive from the investment,
▻ The Risk of not getting that return (the discount rate or cost of capital), and
▻ The Time period over which you will receive your return.
▰ BV analyzes and addresses these 3 factors.
▰ Every BV is a FORWARD looking exercise (expectation of future returns).
▰ The Time Value of Money is always considered (present value).
7. INTRODUCTION TO BUSINESS VALUATION (BV)
▰ The Asset Approach considers the fair value of the assets (both tangible and intangible) and liabilities of a Company
and uses the difference between the two as the value. The Asset Approach typically values a controlling interest.
▰ The Income Approach considers the cash flow an investor will receive from ownership.
▻ The cash flow should be “normalized” future cash flow.
▻ Working capital needs, capital expenditures, debt service requirements and taxes must be considered.
▻ The discount rate (required rate of return) used to convert the cash flow to a value must consider the risks of the cash flow.
▰ The Market Approach uses the value of comparable companies from either a Public Market or recent transactions to
develop pricing multiples to apply to a subject business.
▰ Both the Income and Market Approach can be applied to a minority or controlling ownership interest.
9. STANDARD OF VALUE AND LEVEL OF VALUE
▰ Standard of Value – should answer the question “value to whom” and under what conditions and
circumstances.
▰ Gives direction for the entire valuation and each one results in a different value.
▰ Different Standards of Value
▻ Fair Market Value – hypothetical willing buyer and seller and is typically used for all IRS related BV’s and
many litigation related BV’s and all appropriate discounts are considered (lack of marketability and lack of
control are the primary discounts).
▻ Investment Value – particular investor with unique motives and opportunities (synergies, financing, required
rates of return).
▻ Fair Value – standard of value for Financial Reporting and dissenting shareholder litigation and does NOT
typically consider discounts.
10. STANDARD OF VALUE AND LEVEL OF VALUE
Level of Value
▰ Depending on the valuation Method applied, a different Level of Value is produced.
▰ The Adjusted Net Asset Value Method assumes a controlling position.
▰ The Guideline Private Transaction Method produces a controlling value.
11. STANDARD OF VALUE AND LEVEL OF VALUE
Level of Value
The important fact to understand is that there is not
just one value for an entity….there are many. Each
level of value will have a different value. It is critical
that the appropriate level of value is used.
12. Premise of Value
There are two main Premises of Value which also need to be defined because they too
will result in different values. The premise specifies the highest and best use of the assets
of the business entity.
▰ Going Concern Premise - value of a Company as part of a going concern. It will
continue doing what it has done.
▰ Liquidation Value - value as part of an orderly or forced liquidation. The best use is to
sell the assets and liquidate.
STANDARD OF VALUE AND LEVEL OF VALUE
13. POLLING QUESTION #1
Have you had a business valuation performed previously?
A = Yes
B = No
C = What the heck is a business valuation?
15. THE TAX CUT AND JOBS ACT
▰ The Tax Cuts and Jobs Act (TCJA) was passed on December 22, 2017 and became effective
January 1, 2018 and impacts BOTH C corporations and pass-through entities (PTEs).
▰ Highlights include:
▻ A new C corporation 21% flat tax rate.
▻ Temporary changes in individual income tax rates (lower rates and changed income limits).
▻ New limitations on the deductibility of interest expense.
▻ One hundred percent expensing of certain capital expenditures.
▻ A 20% Pass-through income deduction for “qualified business income” (QBI) for certain PTEs.
16. NEW C CORPORATION 21% FLAT TAX RATE
▰ C Corporations are taxed twice…on net income and on dividends.
▰ This was a reason for so many PTEs…. avoiding double taxation…there is now a more level playing
field.
▰ All things being equal….lower tax rates result in more cash flow and a higher value.
▰ I believe we must question How Much value will increase.
▰ The TCJA was designed to help increase wages and prompt new hiring. Will the cash be used for that,
or as a return to the owners?
▰ Could the increased cash flow result in more capital expenditures?
▰ Is there a possibility that cash flow could remain the same as before the TCJA? Could it be less?
17. TEMPORARY CHANGES IN INDIVIDUAL INCOME
TAX RATES
▰ Both Individual and Married Filing Joint tax rates have been reduced and the thresholds for those
rates have been increased.
▰ This results in tax savings for owners of PTEs, and in general, an increase in value for PTEs.
▰ However, there are sunset provisions which must be considered. The reduction in Individual and
Married Filing Joint tax rates runs from 2018 to 2025.
▰ A sunset provision is a clause that provides that a provision of the law is automatically repealed on
a specific date, unless legislators reenact the law.
▰ What happens after 2025? Tax rates will go back to the previous levels.
▰ How do you account for this?........more later on this.
18. LIMITATIONS ON THE DEDUCTIBILITY OF
INTEREST EXPENSE
▰ The TCJA placed limitations on the deductibility of net business interest expense.
▰ Beginning in 2018, the net business interest expense deduction is limited to 30% of “adjusted
taxable income.”
▰ Generally, “adjusted taxable income” is equal to EBITDA (without any QBI deduction) through
2021, and EBIT (a lower number) in 2022 and beyond.
▰ This limitation can increase the tax liability and reduce cash flow and value of a business.
▰ The effective tax rate can be different than the new statutory rates.
19. 100% EXPENSING OF CERTAIN CAPITAL
EXPENDITURES
▰ The TCJA changed the “Bonus” depreciation percentage to 100% allowing full expensing for qualifying
assets purchased from September 30, 2017 through December 31, 2022.
▰ The percentage drops to 80% in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and 0% thereafter.
▰ This “bonus” depreciation results in real tax $ savings.
▰ The advantaged expensing of capital expenditures reverses itself over time (less depreciation in later years)
so the present value of the tax savings (cost) each year needs to be calculated.
▰ We believe a Discounted Future Benefits approach is the best way to account for the value of the tax
savings.
▰ All things being equal………..this results in higher values.
20. 100% EXPENSING OF CERTAIN CAPITAL
EXPENDITURES
▰ However………..all things are rarely equal!
▰ What happens if you are an investor in a Company and miss out on a big year of Bonus
depreciation tax savings?
▰ You must consider not only the Bonus depreciation tax savings of future capital expenditures,
but also the book / tax depreciation differences of past expenditures (the reversing of the
impact from earlier years).
▰ The examples on the following pages help illustrate the possible impact.
24. 100% EXPENSING OF CERTAIN CAPITAL
EXPENDITURES
▰ The 1st Example shows the impact of 2018 Capital Expenditures.
▰ The 2nd Example only shows the impact on value from future Capital Expenditures (2019 on).
▰ The 3rd Example shows the impact of future Capital Expenditures but also accounts for the
differences from previous Capital Expenditures.
▰ If you were an investor buying into the Company in 2019, which example do you think you
should consider?
▰ The impact of book / tax depreciation differences from past Capital Expenditures could be
material to the value.
25. POLLING QUESTION #2
All three are in the freezer….which do you grab?
A = Hershey Bar
B = Snickers
C = Reese’s Peanut Butter Cup
26. QUALIFIED BUSINESS INCOME (QBI) DEDUCTION
▰ In order to level the playing field for PTEs with the C Corp tax rate reduction the TCJA
established a 20% QBI deduction.
▰ The calculation can be complex and there are flow charts to assist with the determination and
impact of the QBI deduction.
▰ The QBI deduction comes into play when calculating the appropriate tax rate to consider for
PTEs…..and ultimately…their $ flow.
▰ Certain service businesses (generally…accountants, appraisers, consultants, lawyers, and
doctors) with income over certain limits don’t get the 20% deduction….sorry…their lobbyists
didn’t do their Job!
▰ The QBI deduction will also Sunset on December 31, 2025.
27. HOW CAN WE HANDLE SUNSET PROVISIONS?
▰ To address issues arising from Sunset Provisions of bonus depreciation, interest expense limitations,
personal/individual tax rates, and Qualified Business Income (QBI) deductions, the profession is
focusing on modeling out the impact.
▰ The approach to modeling can vary based on the facts and circumstances specific to each engagement.
▰ We believe the easiest way to model the impact is through the use of the Discounted Future Benefits
method.
▰ This method is an Income Approach to valuation which can allow different assumptions to be made,
including ones addressing the Sunset Provisions included in the TCJA. The 3 Examples earlier show
how different assumptions can be modeled.
29. DETERMINING THE COST OF CAPITAL
▰ Within the Build-up Method of determining the Cost of Capital, valuators have traditionally used data
from 2 sources.
▰ Both of the these sources are now owned by Duff & Phelps (D&P). The 1st source follows the
formatting originally established by Ibbotson Associates and presents cost of capital data (based on
historical equity risk premiums from 1928 to present day) and size premiums broken into deciles.
▰ The 2nd source is the D&P Risk Premium report which presents cost of capital data broken out into 25
size “portfolios” based on eight different factors. Each of the 8 factors yields an equity risk premium
estimate (based on historical equity risk premiums from 1963 to present day).
▰ Both sources use Center for Research in Security Prices (CRSP) market return data from the University
of Chicago.
30. DETERMINING THE COST OF CAPITAL
▰ BVResources Cost of Capital Professional platform was introduced in late 2018. It develops equity risk premiums and
size premiums from the same CRSP data the as the other two sources.
▰ This platform gives the ability to control the beginning period from which you can develop the historical returns.
▰ Potential issues that should be addressed:
▻ Possible elimination the size premium depending on starting period selected. This is contrary to most valuators
application of the Build-up Method.
▻ Considers data sources other than CRSP which is not traditionally included in the Build-up Method.
▻ The method of calculating the historical equity risk premiums is different than the other two sources. Even using
the same starting point arrives at different estimates from the other two sources.
32. LLC CONCERNS – PA ACT 170
Act 170 became effective in 2017.
▰ New LLC law requires “Default Rules” to govern the management of the LLC where the
Operating Agreement is silent on an issue.
▰ Default Rules under Section 8847(b)(2) provide that matters before the members will be
decided by reference to the number of members (per capita) and not by reference to the
governance interests (pro-rata) held by the members.
33. LLC CONCERNS – PA ACT 170 - EXAMPLE
▰ Assume that an Operating Agreement is silent on the voting percentage required to approve a
sale of Company assets.
▰ Assume that the Company has 3 owners, a 90% owner and two 5% owners.
▰ Under PA Act 170, the sale of the Company’s assets could be approved by the approval of the
two 5% owners and not the 90% majority owner.
▰ We recommend that all PA LLC’s review their Operating Agreements very carefully.
36. ISSUES WITH BUY-SELL AGREEMENTS
▰ Agreements become dated.
▰ Valuation language is not clear…..ambiguity can result in litigation!
▰ Critical elements of the Agreement have been overlooked and left out.
▰ Change happens in every business…but Buy-Sell agreements rarely change.
▰ Ownership interests diverge over time, especially at “trigger events.”
▰ I can’t stress this enough…………..have all Buy-Sell agreements reviewed from a Valuation
perspective.
▰ I have reviewed hundreds of Buy-Sell Agreements in my career; I can probably count the ones
with no Valuation issues on one hand.
37. CRITICAL ELEMENTS OF VALUATION PROVISIONS MISSING
IN BUY-SELL AGREEMENTS
▰ Standard of Value
▰ Level of Value
▰ The “Effective” Date
▰ Qualifications of Appraiser
▰ Funding Mechanisms
38. QUESTIONS AND THANK YOU!
T. Eric Blocher, CPA, ASA, CVA
Principal & Director of Business Valuation Services
eblocher@macpas.com
(717) 972-5730
David Blain, CPA, CVA
Partner & Director of Entrepreneurial Services
dblain@macpas.com
(717) 972-5722