Hoyman Dobson
E-ssentials Bulletin
Our newest profitability and wealth accumulation tips for our clients and contacts. Click on items of interest for more details on each topic.
Building Construction
 
 
Many contractors regularly lay off construction workers during the winter, only to rehire - often the very same workers - when construction work picks up in the spring. Some of these new hires should qualify for a new tax credit, available only for 2010. Since the credit is available for employees hired earlier in the year, employers should review all employees hired since early February to determine eligibility.
 
Family Business
 
 
A father dies leaving 25 percent of his contracting business to each of his four adult children. The two sons are active in the business. The two daughters are not. The company's CPA informally values the business for federal estate tax purposes, determining the value to be only modestly in excess of net book value. Relationships among the four shareholders become increasingly strained. The sisters sell their shares to their brothers at the price determined for estate tax purposes. Again, a formal valuation of the business is not considered to be necessary. But a business valuation is usually not simple.
 
General Business
 
 
There are many different kinds of feedback and performance reviews that your company could use. The best is regular, honest feedback that gives employees the chance to grow and learn. Here's a look at the good, the bad and the ugly of performance reviews.
 
Manufacturing
 
 
Frank Weiner was watching his favorite newscast in June 2009 when a particular headline made his stomach sink. The story focused on Paybooks Inc., a Rochester, N.Y., payroll company that had defrauded hundreds of area businesses. According to the New York attorney general, Paybooks had kept the money intended for taxes and used it for the owner's personal expenses.
 
Nonprofit Organizations
 
 
Planning a large conference can be a challenge for a nonprofit that normally works with local donors. When considering an expansion to the regional or national level, you may benefit from the following ideas.
 
Physician Services
 
 
All physicians have had patients who receive care but cannot afford to pay for services. How do physicians decide how much fee-less care they can afford to provide?
 
Wealth Advice and Financial Planning
 
 
You are probably aware that you can deduct as an itemized deduction the interest you pay on a mortgage used to acquire a home. But the deduction is limited to the interest paid on the first $1 million of mortgage debt. What does the IRS do when there are multiple owners?
 
Valuations
 
 
When managing a law firm in a recovering economy, remember that the bottom line is at your fingertips. Pinpoint and track 10 management indicators of fiscal health, while identifying exceptions that need further review.
 
Washington Tax Update
 
 
 
 
 
 
Business Tips
 
Planning for Success - Seek input from outside your organization. The cost of professional advice is not material when dreams become realities.
 
Wealth Tips
 
Your Savings - Learn to live on 90 percent of your income. Develop an active program of saving at least 10 percent of your gross income.
 
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Smart Planet
 
Fox Small Business Center
 
New York Times
 
MSN Money
 
USA Today
 

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Chas Hoyman to Serve as United Way 2010 Campaign Chair to Raise $6,800,000

United Way of Brevard is pleased to announce members of its 2010 Campaign Cabinet. Chas Hoyman, Managing Director at Hoyman Dobson, will serve as 2010 Campaign Chair, leading a powerful group of community leaders to achieve a campaign goal of $6,800,000 this fall. "We're grateful to Chas for his leadership," stated Rob Rains, President of United Way of Brevard. "He has a genuine heart for this community and is dedicated to helping us make the greatest difference possible this year." 

Hoyman will be supported by United Way staff and a campaign cabinet that has been meeting since March in an effort to energize people to LIVE UNITED by giving, advocating and volunteering this year. The campaign, which will officially begin on September 14 will run through the end of the year.
Click here to read the rest of the article.

For more information about United Way of Brevard and how to LIVE UNITED during the 2010 Campaign, visit online at www.uwbrevard.org.

Karen Kirkland to Speak at the Florida Institute of Technology Women's Business Center Business Roundtable Series 
 

Karen Kirkland, CPA and Director at Hoyman Dobson will speak at the 2010: The Year to Grow Your Business Roundtable Series -- Business Set-up and Structure training event. The event is organized by Women's Business Center at Florida Institute of Technology. The training session will take place on Friday, September 24, from 8:30am to 11:30am at the Advancement Large Conference Room, Allen S. Henry Building, Florida Institute of Technology in Melbourne, FL.

 

"Depending on your current business situation and future aspirations, one business structure might meet your needs better than another," shares Ms. Kirkland. "One error regarding your company's structure could have serious consequences down the road. I am looking forward to talking to the attendees about the different forms of business ownership and what that means to them," continues Karen. During this training session Ms. Kirkland will also provide an overview on taxes and which accounting systems are best for a business.

 

The admission to the training event is free. However, seating is limited. The attendees must register in advance by calling Women's Business Center at 321-674-7007.

 

Laura Chiesman Appointed Vice President of American Business Women's Association, Oceanside Charter Chapter

Laura Chiesman of CPA Wealth Management Services accepted her appointment as the new Vice President of American Business Women's Association (ABWA) Oceanside Charter Chapter.

"We welcome Laura as a valuable addition to our Executive Board and offer our gratitude to her for stepping in to fill this Board vacancy," reveals Barbara Cheney, the Chapter President. Mrs. Chiesman joined the ABWA in January 2010, immediately taking an active role in Chapter activities. Laura's first major responsibility will be assisting with The Tabletop Tour with Champagne & Chocolate, a networking event taking place on Sept. 28, from 6 to 9 p.m. at the Eau Gallie Yacht Club in Indian Harbour Beach. To purchase your $25 ticket or sign up for a table top ($20 for ABWA Oceanside Charter Chapter Member, $25 Non-ABWA Oceanside Charter Chapter), visit the website  or contact Laura at 321- 426-3016. Click here to read more.
Business Tips
 
Planning for Success - Seek input from outside your organization. The cost of professional advice is not material when dreams become realities.
 
Wealth Tips
 
Your Savings - Learn to live on 90 percent of your income. Develop an active program of saving at least 10 percent of your gross income.

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The technical information in E-ssentials is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS.
 
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