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October 2015 
In This Issue
Your BRC Team

BRC in the Community for CPA Day of Service

On Friday, September 18, 2015, as part of the North Carolina Association of Certified Public Accountants (NCACPA) CPA Day of Service, Bernard Robinson and Company, LLP closed its doors at all three office locations (Greensboro, Winston-Salem, and Raleigh) in order for employees to spend the day volunteering, showing our support for the communities where we live and work. 

Check out more pictures on our Facebook page!

Noteworthy Links
Consider This Before Treating Your 401(K) Like an ATM
The Stay Interview: What Can I Do to Keep You?
Old Trusts Create Tax Issues for Heirs 
Four Mistakes These Entrepreneurs Made When Opening a New Office 
Halloween Tips

Halloween is next week! Here are a few reminders for a safe and healthy holiday from the CDC and the American Heart Association!
 
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Symposium Spotlight
Efficiencies and Trends in Financial Departments of Privately Held Companies
By Courtney Coker, CPA, Senior Manager

As a Certified Public Accounting firm, we offer a variety of services, ranging from audits, reviews and compilations of Company financial statements to tax planning and preparation as well as consulting arrangements. One of the most common and detailed services we provide is an audit of a Company's financial statements in accordance with Generally Accepted Accounting Principles (GAAP). These principles require us to access the risk that the financial statements may contain material misstatements and develop a detailed audit plan to address those risks.

In order to meet our professional standards, we ask our clients to provide us with an array of supporting documentation. We understand that the process of pulling together this information can be overwhelming and requires significant time from Company employees. This session will focus on the most effective ways to prepare for an audit, which can also apply to most other professional services provided. It will also focus on current trends in well managed accounting departments that will help make the process more timely and efficient.
Tax Update
Looking Ahead to Tax Changes
By Tim Hooks, CPA,
Partner

With the US Department of the Treasury estimating the outstanding public debt in the United States at just over $18 trillion and the US Census Bureau estimating that the population of the United States is approximately 321 million, each citizen's share of this debt is approximately $56 thousand and increasing daily. What is happening on the federal and state tax fronts to reverse this trend? Have changes to date yielded the intended results? What will it mean to your 2015 business and personal income tax returns and beyond?  These are complicated questions that deserve direct answers.  Join us for our upcoming BRC Symposium where we will review the limited federal tax changes and the NC state tax overhaul and evaluate who are the beneficiaries and losers?

Federal highlights will include a review of the 2014 tangible property regulations, application of the Affordable Care Act as it relates to 2015, 2016 filing deadlines, and the latest from Congress on the 2015 extenders package.

Looking closer to home in NC, we will discuss the continually declining corporate tax rate, the single sales factor phase-in, replacement of the franchise tax capital stock base along with the increased minimum franchise tax, and lastly, North Carolina restoration of the medical expense deduction.
Estate Planning Series
I'll NEVER die, but if I do . . . (A series on what to do to now to help your loved ones after you are gone)
By Amanda Patty, JD, CPA, Consultant

Many of us are convinced we will live forever; and none of us want to consider our own passing. However, as Benjamin Franklin said in a letter in 1789, "In this world nothing can be said to be certain, except death and taxes." Another certainty is the intertwining of the two.

Most everyone has heard they should have estate planning documents, yet often these, and other important documents, are done once and forgotten.  The reality is that documents which speak after you are unable, e.g., wills, living wills, beneficiary designations, should be reviewed routinely, if not annually, for changes in circumstances, changes in the law, and changes in desired outcomes.

Among the items to be reviewed are wills, all trusts, living wills, powers of attorney (springing and durable), beneficiary designations on retirement accounts and life insurance, the terms of disability insurance and long-term care policies, title and nature of real estate and bank accounts (transfer on death, joint ownership with rights of survivorship).

Once you have reviewed all relevant documents and accounts, consider keeping a list of all of them in a safe place known to your spouse, children, or other trusted people, e.g., your accountant, which can be easily and quickly accessed should it be needed.  The list should include: type of document, date executed/purchased, location of document (will, trust, living will) or assets (marketable securities, stock certificates, bank account), and contact person if applicable.

Remember, the goal should be two-fold: 1) to ensure that everything passes the way you intended and 2) to help your loved ones do it efficiently.  Should you have any questions, be sure to contact advisors with experience in estate planning.
Please Join Us for the 2015 Financial Symposiums!

FINANCIAL EXECUTIVES - Concerned about IRS audits? Looking for tax planning tips? Interested in learning more about financial department trends for privately held companies or keeping your closely-held business compliant? Want to know the economic outlook for your local area?
 
Click on the location of your preference to register.

Only $45 for 8 hours of CPE, breakfast and lunch will be provided.

Starmount Forest Country Club, 1 Sam Snead Drive, Greensboro, NC 27410

Raleigh - Thursday, October 29, 2015
North Ridge Country Club, 6612 Falls of Neuse Rd., Raleigh, NC 27615

Forsyth Country Club, 3101 Country Club Rd., Winston-Salem, NC 27104


Bernard Robinson & Company | (336) 294-4494 | [email protected] |
1501 Highwoods Blvd, Ste 300
Greensboro, NC 27410
BRC Strategy is designed to provide information of a general nature and is not intended as a substitute for professional consultation and advice.  The opinions and interpretations expressed should not be construed or used as legal or tax advice, written or otherwise, and cannot be used for the purpose of avoiding any penalties that may be imposed under federal, state or local law.