Most recent issue of Knight Moves eletter

Your Source for News, Tips and Strategies to Help You Make the Right Moves

Welcome to Knight Moves

Ken Coyle, CPA,
Managing Partner

A Time for Change

From new audit standards to new form requirements for tax exempt organizations to property tax reform, change is in the air. And I'm not even referring to the weather, which moves from ice and snow, to sunny and warm, to flooding rain, to snow again! And how can one possibly predict with any accuracy what the markets are going to do today, much less tomorrow? Should you even try?

Speaking of change, if your relationship with your business advisors and/or auditors has been less than you hoped and you are ready for a fresh perspective, please give us a call. We?d love the opportunity to exceed your expectations!

We've filled this issue with great information, resources, and as always, lots of firm news and photos. I hope you enjoy it! We welcome your feedback.

Ken_Coyle@mnccpa.com

Visit our website.

Business Planning

Ryan Blaney,
CPA, Audit Manager

Impact of New Audit Standards

The trickle-down effect of the Enron scandal and related Sarbanes-Oxley legislation has inevitably made its way to the world of privately-held companies, non-profits, and government audits. As a result, the American Institute of Certified Public Accountants has issued eight new auditing standards effective for fiscal years beginning after December 15, 2006. These standards are the most comprehensive set of new audit standards released in the last 20 years. Although less in scope than the rules impacting public company audits, these new standards parallel many of the key themes of the Sarbanes-Oxley Act.

MNC staff have invested a significant amount of time in understanding the standards and their impact on our procedures and, more importantly, what it will mean to our clients. Our objective in redesigning our audits to comply with these new standards is to provide you with the highest quality audit, while adding value through operational and financial suggestions and implementing the standards efficiently through a planned approach.
continue reading...

Our thanks to
all who helped us
get a jump start
on April 15
during our
Early Bird Days
in mid-February

Records Retention

Diane Kilner, CPA,
Manager

Retain This!

When it comes to deciding which documents to keep and which to toss, there aren?t many hard and fast guidelines, but here are some basic rules of thumb to help you.

With the problem of identity theft increasing every day, our first suggestion is to be very cognizant of any records that contain information that needs protecting, such as your social security number, bank account/credit card numbers, etc. These should either be destroyed (preferably with an inexpensive shredder which you can purchase for as little as $25 for a machine that shreds five sheets at a time), or kept in a safe place such as a safe-deposit box.

continue reading...

Congratulations to our prize drawing winners:
$100 Travel Authority voucher: Charles and Carol Cissell
$25 Longhorn Steakhouse gift care: John Kerton
Leather portfolio and t-shirt: Susan Knaebel

Keeping Up

Indiana Property Tax Reform

After months of debate, disagreement and compromise, Gov. Mitch Daniels signed into law on March 19th a property tax reform plan (HB 1001) he said would ?inaugurate a new era of taxpayer protection in Indiana.?

continue reading...

Tax Related

Karen Basham
CPA, Manager

New for Tax-Exempt Organizations

e-Postcard
Beginning in 2008, small (gross receipts < $25,000) tax-exempt organizations may be required to file an annual electronic notice, Form 990-N, also referred to as the "e-Postcard." This threshold will increase to $50,000 in 2010. The e-Postcard will be due each year by the 15th day of the fifth month after the close of the organization?s tax period. The Pension Protection Act of 2006 requires the IRS to revoke the tax-exempt status of any organization which fails to meet the annual filing requirement for three consecutive years.

continue reading...

Handy Resources

All Employers

The U.S. Dept. of Labor offers interactive e-tools that provide easy to understand information about a number of federal employment laws. For example, the FLSA Overtime Calculator Advisor helps employers and employees understand overtime pay principles and allows them to calculate overtime pay based on their own data for a sample pay period. For information, visit www.dol.gov/elaws

continue reading...

For Important
Tax Dates,
What's New in
Technology, Financial
Calculators
and much more...
See News You Can Use

Financial Advice

Jay Conner
Investment Advisor

How Markets Really Work

There are interesting analogies between sports wagering and the stock market. In many sporting events, it is easy to identify the better team. Therefore, while even a novice sports fan might be able to predict 60% of the winners, a knowledgeable fan might forecast 75% correctly. However, fans could selectively limit their betting to games where the outcome appears highly certain (a great team is playing a poor one). In this scenario, a knowledgeable fan might correctly forecast 90% of the games. This logic can also apply when investing in equities ? it is not necessary to buy every stock, instead buy only the stocks of great companies.
continue reading...

People and Events

Chesscapades

Welcome New Employees and Promotions...
Visit our People Page!
Congratulations...
to Dan McCauley, CPA, ABV, appointed to the PKF Legal Services/Business Valuation Committee
to Ron Barnes, CPA, PFS, appointed to PKF?s Strategic Planning Committee
to Mike Grinnan, CPA, CITP, appointed to PKF?s Technology Committee
to Brett Huett and Diana Lindauer, passed the CPA exam
More News on Events | People | Firm

Chocolate
Passion
See the show!
The many winners
of the MNC
Chocolate Chess Set
are featured
on our website.
Click to see!

This is an advertisement

We at McCauley, Nicolas are eager to assist you with your business and personal accounting and consulting needs. Give us a call at 812-288-6621 or contact Delene Taylor, 288-6621.