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October 2015

A Savings Resource for CPA Firms - Part I

McGuire Sponsel would like to take a moment to share a cost-saving resource that CPA firms can impart to their clients. After meeting with Adam Vandoski, Partner at Vantage Cost, we decided to have him as a guest author to provide insight regarding annual spends and possible savings opportunities. He will present a three-part series that discusses the importance of controlling indirect spend, how to close the gap, and initiating conversations with clients

The Aberdeen Group estimates that a lack of procurement competency is costing midsize firms in the United States $134 billion a year in missed supply savings opportunities. If we break it down to a more granular level it looks like this:

The average company spends 10-20 percent of their revenue on "indirect spend" or goods and services that do not end up in a finished product. Since 1998 at Vantage Cost, we’ve seen an average 5 percent reduction when deploying our four-phase process for procurement optimization. That translates to 0.5-1 percent of revenue falling straight to the bottom line – a huge impact for any size company.

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Conceived out of the need to provide tested and proven specialty advisory solutions, McGuire Sponsel partners with accounting firms to offer cost segregation studies, research and development studies, IC-DISC studies, and financing & economic incentive opportunities.

Seven Actions That Can Trigger Economic Incentives

Doug Dalton

The "economic turnaround" continues to take shape. As many different asset classes continue to grow with talent and capital expenditures, many companies think that their business is too small, not growing quickly enough, or is not making a big enough investment to qualify for economic incentives. 

Governments are interested in attracting new businesses, retaining existing businesses, and discovering new investment opportunities that create jobs, promote economic growth, and help maintain an area's economic vitality and quality of life. Additionally, the resulting economic activity helps maintain governmental tax revenues used to support schools, infrastructure and community resources. State and local governments will offer incentives to assist business growth in their state or community and not in another. Since state and local incentives are offered separately, many states will offer incentives to businesses that create as little as 10 new jobs over a five year period. Local authorities can offer incentives with capital expenditures as little as a million dollars. 

Can CPAs Breathe a Sigh of Relief When it Comes to Repair Regulations?

Dave McGuire

The repair regulations brought a large amount of confusion and stress to the 2014 tax filing season. Now that the Oct. 15 deadline has passed, many CPA firms and taxpayers are breathing a sigh of relief. The biggest issues have been addressed and most companies requiring a 3115 have filed the necessary forms. So where does that leave us now? Do we just go back to the way things were done in the past?

The short answer is no, we can't return to the old ways of doing things. Most taxpayers made a change to comply with the new regulations going forward, and even if they did not make a change, the new regulations are the standards that the IRS now requires. This means that going forward, all taxpayers need to utilize these rules when capitalizing or expensing new expenditures.

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