Owners of construction companies are great at completing construction projects on time and on budget, but many struggle or fail to build a succession plan for themselves or their business. Like most construction projects, a succession plan is based on your objectives; it should accommodate your goals for yourself and your business, including considerations of wealth, family, and legacy. It’s a complex process involving a multitude of financial as well as personal considerations and the contributions of a variety of financial and other professionals. In my work with contractors spearheading th ..read more

Does your business provide training to its employees in manufacturing or technological skills? If so, TechCred could serve as a valuable program to offset these costs. May 1, 2024, marks the opening of another Ohio TechCred application period to take advantage of these opportunities. What is TechCred? In 2019, TechCred was created and funded in the state budget under House Bill 2. The bill allows employers to secure reimbursement for training-related expenses in manufacturing and technology fields of up to $30,000 per round. Furthermore, employers can choose a training provider that best fits ..read more

The Florida state sales tax rate on rentals, leases, or licenses to use real property is scheduled to decrease to 2% (from 4.5%) on June 1, 2024. This year’s tax rates reduction follows a reduction in December 2023 that reduced the rate from 5.5% to 4.5%. The tax on rentals, leases, or licenses to use real property generally applies to commercial office space, warehouses, and self-storage units. The rate reduction does not apply to storage of motor vehicles, boats, or aircraft. The sales tax rate is based on when the occupant is entitled to occupy the property, not necessarily when the rent i ..read more

In the realm of fiscal uncertainties, one glaring example stands out: the precarious state of Social Security. As workers diligently contribute to this safety net, the harsh reality revealed in the 2023 OASDI Trustees Report looms ominously: within a decade, retirement benefits could face a staggering 25 percent reduction. This sobering truth, widely acknowledged, serves as a stark reminder of the fragility of our financial systems. But amidst this well-known dilemma lies a lesser-known threat, a new contender vying for a slice of your hard-earned income: state-based long-term care programs ..read more

Highlights of the March 2024 edition of the HBK Risk Advisory Services webinar series hosted by William J. Heaven, CPA/CITP. CISA, CSCP, Senior Director, HBK Risk Advisory Services. Watch on Demand. Is your company currently managing vendor or third-party risk? Only 30 percent of companies are managing risk of at least half of their third-party relationships. 77 percent of executives say they need to overhaul their risk management program. 71 percent of this webinar’s attendees responded that they are not currently managing third-party risk. 52 to 54 percent of cyber breaches are caused by a ..read more

Manufacturers and wholesale distributors have been no strangers to supply chain crises over the past several years. Disruptions caused by pandemic-related business shutdowns, the Suez Canal blockage, and the Panama Canal drought have impacted manufacturers, distributors, and other businesses globally. Regional events, including Hurricane Idalia, also have created more localized disruptions. Yet, another recent incident could also impact some areas of the supply chain. After the Francis Scott Key Bridge tragically collapsed last week, marine traffic around the Port of Baltimore stalled. Ships ..read more

Have you worked overseas or moved to the U.S. from another country where you duly earned pension benefits or deferred compensation?  Do you also have a tax-free savings account or life insurance policy in a foreign country?  Your answer may be, “Sure, yes, but what does it have to do with foreign trusts?” That’s a valid question. After all, what do trusts have to do with pensions plans? Keep reading to find out more about U.S. taxation of foreign pensions and retirement accounts. Migration among countries and continents has never been at levels in the history of humanity as high as ..read more

HBK CPAs & Consultants (HBK) again ranks among the Top 50 U.S. accounting firms according to the latest study by Accounting Today magazine. In its 2024 study, the magazine also recognizes HBK as a “top regional firm,” eighth among firms in the magazine’s “Great Lakes” region, which includes Illinois, Indiana, Michigan, and Wisconsin as well as Ohio.   “That accounting is changing fast is something we’re all aware of on a daily basis— the sheer volume of new tools, new challenges, and new opportunities that emerge every day is a constant reminder of it,” the magazine’s editors charact ..read more

This article was featured in the Naples Daily News on March 3, 2024. If you are involved in the estate planning world or have engaged in estate planning for yourself and your family, you are likely familiar with the concept of a trust. In general, a trust holds title to property for the benefit of others (the beneficiaries). A foreign trust is a trust that a U.S. court is not able to exercise primary ·supervision over administration over the trust, and is not controlled by one or more U.S. persons. While this may seem simple in theory, determining when a foreign trust exists is not always eas ..read more

A Single Audit is required when a non-federal entity expends $750,000 or more in federal awards during its fiscal year. The awards can be direct (straight from the federal government) or indirect (from another non-federal entity). Because it is based on total grant expenses for one year (not per grant), not every company that needs to perform a Single Audit needs one every year. However, increasingly many companies have needed their first Single Audit in recent years, due to increased federal grant funding related to the COVID-19 pandemic. Following are some key facts about Single Audits, inc ..read more