Warmest greetings
Ron Barnes, CPA, PFS, Managing Partner
Dive in to our summer eletter!
We hope you are staying cool and enjoying the many activities and events that summertime inspires. This issue is packed with news and information to keep you up to date on what’s happening in our firm as well as offering tips and tidbits for the business and financial arena.It has been a great year here at McCauley, Nicolas & Company. We survived tax season and celebrated with food, fun and laughter at Kye’s on April 15th. In May, many of the partners and staff participated in an overnight firm retreat held at the lovely Wooded Glen Conference Center in Henryville. Dan Hall, President of On Course Solutions, LLC, facilitated a wonderful day and a half of team building activities and inspiring discussion. In June, employees paired with accounting students from Indiana University Southeast to form a team with Repair Affair, an annual event during which volunteers make improvements and/or repairs to area homes. Giving back to our community is a priority and part of our vision at McCauley Nicolas.
We are always on the lookout for new ways to increase our value to clients, business leaders, and our community. If you are considering a change, whether it is buying property, updating your financial or estate plan, starting a new business, or simply improving your bottom line, we believe we can help you achieve your goals and dreams. There’s no better time to make the right move!
Tax Update
Ken Coyle, CPA, Partner
Kentucky Tax Modernization Legislation
Kentucky has made sweeping changes to state tax law that are generally effective for years ending on or after December 31, 2005, unless otherwise noted. The following are some highlights of the legislation.Individuals & Businesses
- Kentucky’s tax code will conform to the Internal Revenue Code (IRC) as of December 31, 2004, with a few exceptions. Notably, depreciation will be based upon the December 31, 2001 IRC which limits Section 179 expense to $25,000 per year and does not include bonus depreciation allowed through December 31, 2004.
- Net operating losses may no longer be carried back for Kentucky purposes.
Financial Planning
Elaine Norton, CPA, CSEP
Four Hurdles on the Way to Retirement
What’s next after you have managed to help pay for your children’s college educations and weddings? For most long-time wage-earners, the answer is a safe and secure retirement. Unfortunately, that is usually easier said than done.Before you can rest on your laurels, you must overcome several hurdles along the way, including the following...
Knight Bytes
James Osborne, II, CNA, MCP, MCSA, IT Manager
That's the Way the Cookies Crumble
Your personal computers (PCs) at work and home may be serving up a fresh batch of “cookies” each day. But you can choose to keep to a stricter PC diet.Background: The identification numbers that track the activities on web sites you visit—commonly known as cookies—are generally passed to your computer. A web site that places a cookie keeps a database of all the computers visiting that particular site. While some sites track their cookies internally, others track your cookies wherever you travel on the information highway, mainly for advertising purposes.
Tax Planning
Kenny Adams, CPA, Partner
Don't Overlook These 18 Business Expense Deductions
The tax code allows you to deduct all the ordinary and necessary expenses paid or incurred in the normal course of operating a business. But which expenses are ordinary and necessary? You may be surprised to learn that some business expenses you might consider to be unusual or out-of-the-ordinary are deductible if certain conditions are met. In fact, the list of deductible business expenses is quite extensive.Keeping that in mind, here is a brief checklist of 18 business expenses that are frequently overlooked at tax return time. For your convenience, these expenses have been arranged in alphabetical order.
Tax Tips
Chris Coyle, CPA
A Tax Breakdown for Building Deductions
As a general rule, you can write off the cost of computers used in your business in just five years—perhaps even in one year if you use the Section 179 expensing deduction. Similarly, the typical recovery period for most business equipment is seven years. But it takes decades to recoup the full cost of a commercial building through depreciation deductions.Fortunately, depending on your industry, you may be entitled to faster write-offs for parts of a commercial building.
Keeping
Up 1
The facts of FACT
Thanks to The Fair and Accurate Credit Transactions Act of 2004 (FACT), which was signed into law in December 2003, consumers now have more tools at their disposal to fight identity theft...Keeping
Up 2
Indiana Amnesty
On May 12, 2005, Indiana Governor Mitch Daniels signed into law H.B. 1004, which establishes an amnesty program for taxpayers...Welcome New Employees
Amanda (Mandy) J. Smitson and Jillian Scobba (sorry, no picture) have joined MNC, and Eric Kyereme, a former summer intern, has returned to join our affiliate, Capital Asset Management. |  |  |
CongratulationsTo Waynette Scott (above right) and Holly Brand. Waynette was honored by the SICC as an outstanding volunteer, and Holly won the chocolate chess set at the U of L CPA Roundatable event in April. |  |
Promotions
Effective July 1 Vani Burns was promoted to Supervisor, Lisa Jarret to Senior, Lesley Andres to Senior, and Jennifer Vaughn to Senior. Join us in congratulating them! |  |  |  |
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