And just like that, we’re in the home stretch of 2021. The year seemed to fly by, and along the way your trusted tax professionals at Barton, Walter & Krier provided valuable information on the industry and ways to look out for or further your financial ventures. Recapping the year in business, we’ll look back at the topics we discussed and give a brief overview of each, in case you missed it.
The team at BWK provides Transaction Advisory Services (TAS) to help clients make the best and most informed business decisions, be it a buy-side or sell-side transaction. We comb through all aspects of a potential deal – financial, operational, and strategic – to make you aware of the risks and rewards associated with the agreement before determining whether to follow through.
When you’re ready to sell your company, you want to have someone in your corner looking out for your best (financial) interest. That’s where BWK’s Sell-Side Advisors come into play. Our experts will help you prepare for the sale by answering questions about the selling process, evaluating your business’s worth, finding a buyer, and more. Our dedicated advisors help you get the most from the deal through diligent preparation and steadfast negotiation.
At the start of July 2021, Governor Tim Walz signed into law a tax conformity bill. Included in the bill were tax changes regarding unemployment insurance compensation and Paycheck Protection Program loan forgiveness. Much of the bill was centered around K-12 education and COVID-19 relief but also provided benefits for the state’s small business community.
Whether starting a business from the ground up or buying into an established franchise, you want to be prepared as a business owner. What are your objectives and how do you plan to attain them? Knowing the advantages and disadvantages of a new business venture will help you determine which road to travel and how to avoid or handle obstacles along the way. Our accounting professionals can offer guidance to help you navigate all the tax and legal aspects of starting your own business.
For all business owners, it is inevitable that you will need to plan for the day you’re no longer running the show. Where do you start? And when? And how do you decide who will take over? Knowing the ins and outs of succession planning is helpful when determining where, when, and to whom ownership will transfer. The team of experienced legal, financial, and tax specialists at BWK can help you understand the process. We’ll also determine which type of succession plan is right for you and your business and help you get started.
Last fall, one of BWK’s very own discussed the daily responsibilities of a Certified Public Accountant (CPA). Then a Senior Manager, Anna-Liisa Lampi has since been promoted to Director. She outlined the problem-solving and multitasking elements to a CPA’s job as well as the reward of helping others achieve their financial goals.
Your business success starts with having a solid financial plan that details where you are, where you want to be, and how you plan to get there. Your plan should also include information on your budget and things to watch for, track, or update on a regular basis, including balance sheets, income statements, and cash flow statements. The professionals at BWK can help you develop and monitor your financial strategies and business plan.
For private companies, financial statements for fiscal years beginning after December 15 of this year must now include the Accounting Standards Codification (ASC) 842. This new lease standard requires companies under Generally Accepted Account Principles (GAAP) to now recognize assets and liabilities for all leases on their balance sheets.
Does this affect how you do business? Our tax professionals can help you understand the new rules and ensure that you are in compliance.
After recapping the year in business, we hope you have a firm grasp on the policies, tax rules, and ideas to plan for success in 2022. As always, Barton, Walter & Krier provides all the accounting, tax, and consulting services you need to build your business and thrive. Contact us today with questions and tips for making this next year a successful one for your company.