In Forbes, “Benchmarking: The Good And The Bad,” Dave McGuire explains the good and bad of benchmarking and how to properly utilize it through the lens of financial services.

Justin Gephart, Shareholder, and Tim LeMasters, Consultant, guest star in today’s episode on McGuire on the Wire. Tim discusses what territory he works in and what he enjoys about his clients and McGuire Sponsel.

Dave McGuire discusses the Biden tax policy and proposals that are currently being put out there. Combined with existing tax breaks or tax policies to help spur growth while raising taxes.

Many taxpayers are asking if they should delay deductions. This question is particularly relevant as taxpayers plan for the 2021 tax season, given a newly elected president and now Democrat-controlled Congress. These government changes could impact tax rates this year and, therefore, filing strategies. In his latest podcast, Dave McGuire outlines the risks, timing, and other important factors for taxpayers to consider while planning when to take deductions.

McGuire Sponsel welcomes former tax director Jerry Hammel as its newest Shareholder.

McGuire Sponsel, a specialty tax and consulting firm with clients throughout the United States, has promoted Ben Worrell to Alliance Network Credits and Incentives Consultant.

McGuire Sponsel, a specialty tax and consulting firm with clients throughout the United States, has hired Conner Mullin—as a Tax Consultant.

On Friday, June 5th, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020. This law updated some of the key structural elements of the Paycheck Protection Program (PPP) to allow more businesses to receive full forgiveness of the funds received from the program.

A drive to entice multinationals to move overseas manufacturing operations to the U.S. has gained traction with both parties on Capitol Hill as they frame competing plans for new tax incentives to include in possible virus relief legislation.

Many aspects of business changed over the last three months. Between shelter in place orders, a slowing economy, and regulatory changes under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), we will feel the effects for months.

Benchmarking: The Good and the Bad

In Forbes, Dave McGuire explains the good and the bad of benchmarking. To use benchmarking effectively, companies must consider their end goal. If the end goal is profitability, benchmarking must take that into consideration. If the goal is to reduce risk, it is more important for companies to understand their risk portfolio than to compare revenue between companies when assessing cyber insurance policies. As data analytics and artificial intelligence tools continue to grow, more benchmarking tools will become available. Businesses need to understand how to utilize these tools to grow bottom-line revenue.

Read the article here.

Forbes -- Dave McGuire