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Accounting Newsletter Articles

March 2012
Volume 3 Issue 2

  • How to Swing a Like-kind Exchange

    With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment house. To make matters worse, a sale could result in significant tax consequences for real estate property that has appreciated in value since it was acquired. Fortunately, there is a way you … Read More >

  • Take Tax Credits When They Are Due

    The income tax liability you face on your 2011 return—which must be filed by April 17, 2012—may be reduced by certain tax credits. The list of credits is extensive, but here is a quick review of several common types. Higher education credits: You may be able to take advantage of either one of two tax … Read More >

  • Middle Class Tax Relief and Job Creation Act of 2012

    The Middle Class Tax Relief and Job Creation Act of 2012 (the “Act”) was signed into law on February 22, 2012. The legislation extends, through the end of 2012, the two percentage point payroll tax cut for employees and self-employed individuals that had been in place for 2011 and the first two months of 2012. … Read More >

  • How to Maximize Estate-tax Exemptions

    The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a special federal estate-tax break for married couples. Under the recently enacted legislation, the estate-tax exemption may effectively be transferred between spouses. A new IRS notice provides some guidance on making this election. The future remains uncertain. That is good news. But … Read More >

January 2012
Volume 3 Issue 1

  • Condley and Company, L.L.P. Firm News – January 2012

    Happy New Year from Condley and Company, L.L.P.! As we begin 2012, we’d like to recognize an outstanding accomplishment by one of our employees and introduce you to our newest team members. Gary Welsh, our Loan Review and Compliance Manager, recently recived the CRCM certification. This specialty exam tests financial professionals on the application, implementation … Read More >

  • Mapping Out Business Travel in 2012

    The IRS pays extra-close attention to deductions claimed for business travel expenses. As a result, both employers and employees must meet strict recordkeeping requirements or face the consequences. Fortunately, you can obtain some relief by using IRS-approved per diem allowances in lieu of accounting for every expense. The per diems are actually the allowances approved … Read More >

  • How to Put Time on Your Side

    Frequently, business owners deal in “commodities,” such as the goods that the company might produce or sell to the general public. Yet they may pay scant attention to one of the precious commodities: time. Successful businesspeople understand this concept and treat time as one of their most valuable resources. Knowing how to use time wisely … Read More >

  • Make 2012 a “Record Year” for Taxes

    The IRS generally requires taxpayers to shoulder most of the recordkeeping responsibilities. If you have not kept the necessary tax records in the past—or if your recordkeeping has been inadequate—make it your New Year’s resolution to improve in 2012. Despite the hassle, you can make the process go a lot smoother if you organize your … Read More >

December 2011
Volume 2 Issue 4

  • What You Can Do to Report Phishing, E-mail Scams and Bogus IRS Web Sites

    In an effort to protect you, our valued clients and friends, from unsolicited email communication claiming to be from the Internal Revenue Service (IRS), we would like to provide you with the procedures for reporting these fraudulent activities to the IRS. Also, please note the following: The IRS does not initiate taxpayer communications through e-mail. … Read More >

  • New Exemption Requirement for Commercial Agriculture and Timber Operations

    House Bill 268, passed during the 82nd Regular Legislative Session (2011), requires that a person claiming an exemption from sales tax on the purchase of certain items used in the production of agricultural and timber products must provide a registration number issued by the Comptroller of Public Accounts on the exemption certificate issued to the … Read More >

  • Seven Ways to Improve Company Morale

    Are your workers stuck in a rut? Are they depressed over the uncertain state of the economy? Are you looking for ways to motivate employees to perform at a higher level? Of course, higher compensation and other tangible perks may entice workers to expend greater effort. But those measures can only go so far before … Read More >

  • Four Key Points About Bonus Depreciation

    Due to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, business owners may be able to take advantage of renewed “bonus depreciation” deductions this year. In fact, this tax break is bigger than ever. The IRS recently issued new guidelines for bonus depreciation and expanded some provisions in the law. Background: … Read More >

  • Condley and Company, L.L.P. Receives Coveted Better Business Bureau Torch Award

    Condley and Company, L.L.P. is pleased to announce we recently received the 2011 Better Business Bureau Torch Award for Market Place Ethics. “Our team is thrilled to have been chosen to receive this coveted award,” said Ray Ferguson, CPA and managing partner. “We are thankful for the support of the community, our clients and our … Read More >