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Valuation often affects succession plans in hard-to-see ways

Any business owner developing a succession plan should rightfully assume that regular business valuations are a must. When envisioning the valuation process, you’re likely to focus on its end result: a reasonable, defensible value estimate of your business as of a certain date. But lurking beneath this number is a variety of often hard-to-see issues. […]

Valuing and reporting gifts in kind and donated services

Nonprofit organizations don’t receive only cash donations. Your support also likely comes in the form of gifts in kind and donated services. But even when such gifts are welcome, it can be challenging to determine how to recognize and assign value to them for financial reporting purposes. Recording gifts in kind Gifts in kind generally […]

Bridging the divide with a mezzanine loan

In their efforts to grow and succeed, many companies eventually reach the edge of a precipice. Across the divide lies a big step forward — perhaps the acquisition of a competitor or the purchase of a new property — but, financially, there’s no way across. The money is just not there. One way to bridge […]

Mastering the art of charitable giving

Charitable giving is a key part of estate planning for many people. If you’re among them and own valuable works of art, they may be ideal candidates for charitable donations during your life. Generally, it’s advantageous to donate appreciated property because, in addition to gaining a valuable tax deduction, you can avoid capital gains taxes. […]

Paul Russo Named to Center for Teen Empowerment Board of Directors

Paul Russo, Tax Manager at tonneson + co, has been named to the Board of Directors of The Center for Teen Empowerment, Inc. Teen Empowerment empowers youth and adults as agents of positive individual, institutional, and social change. Each year, they employ 125 urban youth who plan and implement initiatives that involve more than 6,000 […]

Trump’s Unified Framework: Proposed Tax Changes

Last week, the Trump administration and select members of Congress released a “Unified Framework for Fixing Our Broken Tax Code,” outlining proposed tax reform targets. We wanted to highlight just a few of the proposed changes that could have particular relevance for our clients. For individuals: • The number of tax brackets would be reduced from […]

Supplement your financial statements with timely flash reports

Most companies prepare financial statements on a monthly or quarterly basis. Unfortunately, it usually takes between two and six weeks for management to finalize reports that comply with U.S. Generally Accepted Accounting Principles (GAAP). The process takes even longer if an outside accountant reviews or audits your financial statements. Decision-making based solely on this stale […]

5 Tips for Getting the Most Value from QuickBooks

  Written by Christine Howard, a Certified QuickBooks ProAdvisor at tonneson + co   QuickBooks is one of the most popular accounting programs available today. Both user-friendly and flexible, the program can be a valuable resource for small businesses in almost every industry when used properly. Though users appreciate the convenience QuickBooks offers, they sometimes […]

Introducing our new Columbia, Maryland Office

tonneson + co is pleased to announce the launch of a new office in Columbia, Maryland. This office will serve the needs of clients in Maryland, Virginia, Washington, DC and surrounding areas. tonneson + co’s reputation for quality service is built on decades of experience providing privately-held businesses, nonprofits, multi-family offices, and high net worth […]

Use a giving day to raise money and awareness for your nonprofit

What are you doing November 28? If that date doesn’t ring a bell, your nonprofit probably hasn’t made plans to participate in National Giving Tuesday. Considering the opportunities it can provide, it’s worth a closer look.. What is Giving Tuesday? Giving Tuesday, or National Day of Giving, was created to encourage Americans to contribute to […]