Blogging Beyond the Numbers

Is your accounting department prepared for the recent changes to meals and entertainment deductions?  Have they been trained to code invoices and track expense reports according to the new rules?  Are you looking for a better understanding of the new rules? The Tax Cuts and Jobs Act of 2017 made significant changes to the meals and entertainment rules that most have grown accustom to.  To date, the IR...

You’ve all heard the saying “failing to plan is planning to fail.” As a business owner, one of the most important and beneficial actions you can take is establishing a plan for the continuation of your business when you retire or in the event of an emergency such as an unexpected death or disability. Planning ahead for business succession allows the advantages of peace of mind, adequate train...

At Wegner CPAs, our goal is to offer relationship-driven service and go the extra mile for our clients.  We give you the capabilities of a large firm with the personalized attention of our senior staff, so you get the advantage of being served by CPAs who have hands-on experience.  Our knowledgeable team is eager to work with you to ensure your satisfaction through every step of your engagement. We are in...

In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). Since then, there have also been several amendments to the ASU that provide clarification to the original guidance. The update will be effective for all nonpublic entities for reporting periods beginning January 1, 2019.  The core principle is that an entity should recognize revenue ba...

The 2017 Wisconsin Tax Act 59 gave all Wisconsin commercial businesses some property tax relief. There’s been some questions around the changes so let’s dive right in. The exemptions in this bill are effective with the property tax assessments as of January 1, 2018.  All commercial and manufacturing taxpayers with property in the state must self-report taxable personal property with the assessor by M...

Some of the latest trends in the food and beverage industry that may qualify for the Federal research and development credit are: Reducing the number of ingredients Sustainability Reducing sugars Use of local ingredients Eco-friendly packaging Let’s say you are a food manufacturer with all production and activities taking place in the United States. Following is an example of the steps...

It’s a safe bet that state tax authorities will let you know if you haven’t paid enough sales and use taxes, but what are the odds that you’ll be notified if you’ve paid too much? The chances are slim — so slim that many businesses use reverse audits to find overpayments so they can seek refunds. Take all of your exemptions In most states, businesses are exempt from sales tax on equipment used i...

As you read the title to this article, you may have scoffed thinking that reducing your prices to increase profits is a ridiculous concept.  However, in certain situations, it’s absolutely true. The technique is called incremental pricing and if your supply chain business is in a cyclical industry or otherwise has times when operations are at less than normal capacity, it may help you increase y...

Wisconsin is a great place for manufacturers to do business. Why? Wisconsin manufacturers can take advantage of generous property tax exclusions, income tax credits, and save money on their sales & use tax exposure. In a competitive market, Wisconsin holds its own when competing with other states for sales & use tax purposes. Let’s talk sales tax first If the manufacturer is selling tangible per...

As a business, do you hate meeting with your tax accountant?  Remember – they aren’t always the bearer of bad news. Here’s something you should want to talk with your tax planner about. The Business Development Credit (BTC) provides incentives for job creation, capital investment, training, and corporate headquarters location or retention, for new and current businesses located in Wisconsin....