Howard, LLP

Updates from the financial front

You don’t have to sit in a conference room to benefit from our team’s business and financial insights. In this section, link to the latest news from and about our firm.

The Howard Spreadsheet: 2020 Annual Update

As we reflect on 2020, there were many significant items to note.  We welcome the opportunity to be your trusted advisors, and we look forward to the conversations we may have as a result of the information shared in our annual update. Howard aims to share valuable insight that can help you prepare for the […]

Easiest way to survive an IRS audit is to get ready in advance

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely […]

Factoring fraud risk into a business valuation

Business value is a function of risk and return. This is why, when appraising companies, valuation experts are always on the lookout for fraud risks. Although valuations typically aren’t designed to unearth dishonest behavior, experts may expand the scope of their engagement if they spot something suspicious — particularly if they believe financial statements are […]

New office. Same trusted advisors.

A brand almost 40 years in the making. In our almost four decades of service we’ve grown from a one-man operation to a company of more than 70 professionals providing a full suite of financial services. To more closely reflect the value we provide our clients, we’re happy to announce we are moving to a […]

Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill.

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier […]

As Featured in Toggle…Chris Barnes, Accountable in IT and elsewhere.

Though Lean Six Sigma is more common in manufacturing than in professional services, Chris Barnes believes the collaborative effort to reduce waste and unknowns can apply at the North Texas regional accounting and advisory firm, Howard, LLP. Learn more: Chris Barnes, Howard LLP – ToggleMAG.  

Paycheck Protection Program Loan Forgiveness

Clients and Friends! Today we bring you some additional considerations surrounding the Paycheck Protection Program (PPP). In one of our previous communications, we discussed this program, where payroll, benefits, interest, and other costs, and may be forgiven.  When applying for the loan, the business were required to certify that the loan was necessary to support […]

17th Annual Economic Update hosted by Howard, LLP

On Tuesday, April 21, 2020, Dr. Mark G. Dotzour presented during the 17th Annual Economic Update hosted by Howard, LLP. He presented “The Economic Outlook for Investors and Business Decision Makers After the Storm” of which he gave his take on the many impacts of COVID-19 and economic outlook of the United States. Dr. Mark […]

CARES Act: Provisions Summary

Friends and Clients! The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), Congress’s substantial stimulus package, was signed into law on March 27, 2020.  We highlighted the Paycheck Protection Program in last week’s News update (howard-cpas.com/news/cares-act-paycheck-protection-program).  Below is a brief summary of the other provisions in the CARES Act that we believe will […]

CARES Act: Paycheck Protection Program

On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act).  Here is a brief summary of one of the provisions, Paycheck Protection Program. These loans are administered through the Small Business Administration (SBA) through June 30, 2020.  The loans may be forgiven if borrowers maintain their payroll during […]

An important update from Howard, LLP

March 23, 2020 To our valued clients and friends: We would like to take this opportunity to update you on the status of various services we provide in context to new requirements regarding COVID-19.  We hope you and your family are staying healthy and well during this unusual time in our history.  Our hearts go […]

Can business owners reduce tax by using an S corporation?

Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There may be a way to cut your tax bill by using an S corporation. Self-employment tax basics The self-employment tax is imposed on 92.35% of […]

Howard Announces Tax Partners

Howard, LLP congratulates Sarah Hancock, Leisha Gardner and Holly Watkins on their recent promotion to Tax Partner. meet our new tax partners Sarah Hancock: Sarah joined the firm in July 2014 as a member of the tax team with over 20 years of tax experience. She has worked with many types of industries and companies, ranging […]

Howard Insights: 2019 Annual Update

We welcome the opportunity to be your trusted advisors, and we look forward to the conversations we may have as a result of the information shared in our annual update. Howard aims to share valuable insight that can help you prepare for the months ahead on your personal returns, as well as in businesses. Learn […]

Which entity is most suitable for your new or existing business?

The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%. The TCJA also cut individual income tax rates, which apply to sole proprietorships and pass-through entities, […]

DOL expands retirement plan options for smaller businesses

The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution […]

Why do companies restate financial results?

Every year, research firm Audit Analytics publishes a study about financial restatement trends. Many of these amendments were due to minor technical issues, however. Any time a company restates its financial results, it raises a red flag and prompts stakeholders to dig deeper. Reasons for restatement The Financial Accounting Standards Board (FASB) defines a restatement as […]

16th Annual Economic Luncheon hosted by Howard, LLP

On Thursday, May 9, 2019 at the Royal Oaks Country Club in Dallas, Texas, Dr. Mark G. Dotzour presented his annual economic update during the 16th Annual Economic Luncheon hosted by Howard, LLP. He presented “The Economic Outlook for Investors and Business Decision Makers” of which he gave his take on the economic outlook of […]

Howard Made The List: 19th Top North Texas Accounting Firm

Howard, LLP was recently ranked as the 19th largest North Texas accounting firm in Dallas Business Journal’s Book of Lists published on April 5, 2019. The publication’s listing included 25 local accounting firms ranked according to the total number of local accounting professionals.

Evaluating your audit committee

Under the Sarbanes-Oxley Act, the audit committee — not management or the full board of directors — is directly responsible for appointing, compensating and overseeing external auditors. Periodically, it’s a good idea to assess the effectiveness of your audit committee by performing a self-evaluation. Here are reasons to conduct a self-evaluation, along with some common […]

2019 Tax Calendar

To help you make sure you don’t miss any important 2019 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them.

IRS provides QBI deduction guidance in the nick of time

When President Trump signed into law the Tax Cuts and Jobs Act (TCJA) in December 2017, much was made of the dramatic cut in corporate tax rates. But the TCJA also includes a generous deduction for smaller businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual […]

Howard Insights: Partnership Representatives to Replace Tax Matters Partners

The IRS has continuously had its budget cut and is struggling to keep up with public demand.  It’s not uncommon to be on hold for over an hour when trying to speak with a live person at the IRS.  Thus, the Centralized Partnership Audit Regime was enacted to assess and collect tax at the partnership […]

Federal Government Shutdown Creates Tax Filing Uncertainty

The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump administration has stated that the IRS will pay refunds during […]

Howard Insights: 2018 Annual Update

We welcome the opportunity to be your trusted advisors, and we look forward to the conversations we may have as a result of the information shared in our annual update. Howard aims to share valuable insight that can help you prepare for the months ahead on your personal returns, as well as in businesses so […]

What do the 2019 cost-of-living adjustments mean for you?

Dallas, Texas, November 2018 – The IRS has announced its 2019 cost-of-living adjustments to tax items that might affect you. Many of the amounts increased to account for inflation, but some remained at 2018 levels. As you implement 2018 year-end tax planning strategies, be sure to take these 2019 adjustments into account in your planning. Bear […]

Howard Insights: Issuing 1099-Misc Forms

Dallas, Texas, November 2018 – Virtually every business will make payments to a non-employee that requires a 1099-Misc form be issued after year end.  Has your business made payments for legal services, consulting, accounting, design, rent, maintenance or cleaning to name a few?  These payments may very well require 1099-Misc forms and information return reporting […]

Act Now to Cut Your 2018 Tax Bill

The Tax Cuts and Jobs Act (TCJA) created more than 100 new tax provisions — a staggering thought as you begin to prepare for the next filing season. The good news is that these and some of the surviving provisions create a wealth of year-end planning opportunities. Choose the right approach to deductions Many taxpayers […]

Year-End Tax Planning for Businesses in the New Tax Environment

The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax planning strategies are emerging. Meanwhile, some of the old tried-and-true strategies have changed and others remain viable. Fresh Opportunities The […]

Cash vs. Accrual Reporting: Which is Right for your Business?

Small businesses often use the cash-basis method of accounting. As businesses grow, they usually convert to accrual-basis reporting for federal tax purposes and to conform with U.S. Generally Accepted Accounting Principles (GAAP). Starting this tax year, the Tax Cuts and Jobs Act (TCJA) has increased the threshold for businesses that qualify for the simpler cash […]

Tax and Regulations Alert: 3 bills form Tax Reform 2.0

On September 13, 2018, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote […]

Howard Insights: Qualified Opportunity Zones

Dallas, Texas, August 2018 – The 2017 Tax Cuts and Jobs Act created Qualified Opportunity Zones in order to spur investment in distressed communities throughout the country.  New investments in these Opportunity Zones through Opportunity Funds can receive preferential tax treatment.  For most of the year, we have been awaiting for the State Governors to submit nominations […]

Howard Insights: New U.S. Supreme Court Decision is a Game Changer

Dallas, Texas, July 2018 – On June 21, 2018, the Supreme Court issued its opinion in South Dakota v. Wayfair (a landmark sales and use tax nexus case).  The Court ruled 5 to 4 that states can require an out-of-state seller to collect and submit sales or use tax on sales to customers even if the seller […]

15th Annual Economic Luncheon hosted by Howard, LLP

Dallas, Texas, May 2018 – On Thursday, April 5, 2018 at the Royal Oaks Country Club in Dallas, Texas, Dr. Dotzour presented his annual economic update during the 15th Economic Luncheon hosted by Howard, LLP. He presented “The Economic Outlook for Investors and Business Decision Makers” of which he gave his take on the economic outlook of […]

Howard Insights: Don’t Forget to Plan for State Tax

Dallas, Texas, March 2018 – With all the noise about federal income tax right now, it is easy to forget to plan for state income tax.  We are federally taxed with income tax, payroll tax, sales tax, and excise tax.  States want their piece of the pie too!  States tax businesses with income tax, sales tax, property […]

Howard Insights: Carried Interest

Dallas, Texas, March 2018 – The “Tax Cuts and Jobs Act” includes a provision dealing with the treatment of carried interest. Carried interest is defined as a share of the profits on an investment paid to a “manager/partner” in excess of the amount that the “manager/partner” contributes to the partnership.  It is a performance fee […]

Howard Insights: Like-Kind Exchange

Dallas, Texas, February 2018 – With the passage of the “Tax Cuts and Jobs Acts”, property once considered for a like-kind exchange could no longer qualify. Generally, when a taxpayer sells business or investment property and has a gain, it is considered a taxable transaction at the time of sale. Internal Revenue Code (“IRC”) Section 1031 provides the […]

Howard Made The List: 22nd Top North Texas Accounting Firm

Dallas, Texas, February 2018 – Howard, LLP was recently ranked as the 22nd largest North Texas accounting firm in Dallas Business Journal’s Book of Lists. The publication’s listing included 25 local accounting firms ranked according to the total number of local accounting professionals. “Howard is honored to again be named among the top accounting firms in the […]

Howard Insights: Key International Tax Provisions

Dallas, Texas, January 2018 – The “Tax Cuts and Jobs Act” (the “Act”) makes significant changes to the U.S. regime for the taxation of international business structures and cross-border transactions.   Key aspects of these changes are: Deemed repatriation of off-shore earnings. S. shareholders owning at least 10% of a foreign subsidiary must include in income for […]

Congrats to Leadership Development Academy Graduates 2017-18 Class

Dallas, Texas, January 2018 – The Howard, LLP team congratulates Kelly Fisher and Julia Koonsman who graduated from the 2017-2018 Class of the Dallas CPA Society Leadership Development Academy (LDA) on January 11, 2018. The Dallas CPA Society’s Leadership Development Academy was created to assist emerging leaders in the accounting and financial services industries in developing the skills […]

Howard Insights: Individual Tax Updates

Dallas, Texas, January 2018– With the passage of the “Tax Cuts and Jobs Act”, clients are asking how these changes will impact them personally. Below are a few of the items we believe could impact you. The majority of the provisions take effect for tax years starting after December 31, 2017. Standard deduction: Increased from $13,000 […]

Howard Insights: Pass-Through Entity Tax

Dallas, Texas, January 2018– With the passage of the “Tax Cuts and Jobs Act”, we now have major tax changes for the first since the Bush era tax cuts in 2003.  Several provisions will help both large and small businesses.  The largest benefit results in a new deduction for Qualified Business Income (QBI). For years, a […]

Howard Insights: Corporate Tax Changes

Dallas, Texas, December 2017– With the passage of the “Tax Cuts and Jobs Act”, there are significant changes for corporations and businesses in the way tax is calculated, expenses/deductions are allowed, and tax credits are available. Below are the main items we believe will impact our clients. Tax Rates: Corporations will have a flat 21% tax […]

Howard Insights: 2017 Annual Update

Dallas, Texas, December 2017– We welcome the opportunity to be your trusted advisors, and we look forward to the conversations we may have as a result of the information shared in our annual update. Howard aims to share valuable insight that can help you prepare for the months ahead on your personal returns, as well as […]

Howard Insights: Tax Reform Could Provide Year End Opportunities

Dallas, Texas, December 2017– As the vote on H.R. 1, the “Tax Cuts and Jobs Act” nears, we are highlighting tax planning opportunities available before year end, along with proposed changes related to depreciation and business interest expense. Opportunities before year end Any (new or used) property placed in service before year end is eligible for […]

Howard Team Members Presented at 64th Annual Texas CPA Tax Institute

Dallas, Texas, November 2017– Chris Barnes, IT Director of Howard IT Solutions, and Duncan Campbell, Tax Partner of Howard, LLP, gave a presentation entitled, “Not Again! Another Breach…Is it Your Business?” to CPAs in both San Antonio and Dallas as part of the Texas Society of CPA’s  annual “Texas CPA Tax Institute” conference held during November […]

2018 Howard Leadership Conference

Dallas, Texas, October 2017– Howard, LLPis proud to announce the 2018 Howard Leadership Conference (HLC) to be held in June 2018.  The HLC is an engaging and targeted learning experience tailored to help accounting students develop their career in the accounting industry.  The best candidates are students who want to learn more about the industry, […]

Howard Insights: Business Restructuring

Dallas, Texas, September 2017– When you start a new business, a lot of time is spent before formation determining what entity structure is right for this business.  Some of the topics addressed are: How many owners will there be? What kind of flexibility do you want for income allocation? Distributions? Do you intend to take the company […]

Howard Insights: IRS Gives Tax Relief to Victims of Hurricane Harvey

Dallas, Texas, August 2017– Hurricane Harvey victims in parts of Texas have until Jan. 31, 2018, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced Aug. 28, 2017. To learn more, please visit https://www.irs.gov/newsroom/irs-gives-tax-relief-to-victims-of-hurricane-harvey-parts-of-texas-now-eligible-extension-filers-have-until-jan-31-to-file. If you have any questions or need assistance, we encourage you to contact […]

14th Annual Economic Luncheon hosted by Howard, LLP

Dallas, Texas, June 2017 – On Thursday, May 11, 2017 at the Royal Oaks Country Club in Dallas, Texas, Dr. Dotzour presented his annual economic update during the 14th Economic Luncheon hosted by Howard, LLP. He presented “The Economic Outlook for Investors and Business Decision Makers” of which he gave his take on the economic outlook of the […]