Mortgage Debt Forgiveness: 10 Key Points

March 14, 2012 Category: Uncategorized [ No Comments ]

Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to homeowners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012.

The IRS would like you to know these 10 facts about Mortgage Debt Forgiveness:

1. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
2. The limit is $1 million for a married person filing a separate return.
3. You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.
4. To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.
5. Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.
6. Proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion.
7. If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.
8. Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the tax relief provision. In some cases, however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions.
9. If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.
10. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.

For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit www.irs.gov. IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments, is also an excellent resource.

You can also use the Interactive Tax Assistant available on the IRS website to determine if your cancelled debt is taxable. The ITA takes you through a series of questions and provides you with responses to tax law questions.
Finally, you may obtain copies of IRS publications and forms either by downloading them from www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Links:
Form 982 – http://www.irs.gov/pub/irs-pdf/f982.pdf
Form 1099 – C – http://www.irs.gov/pub/irs-pdf/i1099ac.pdf
Publication 4681 – http://www.irs.gov/pub/irs-prior/p4681–2009.pdf

Videos:
Mortgage Debt Forgiveness:
English – http://www.youtube.com/watch?v=aErEpRh4sHI
Spanish – http://www.youtube.com/watch?v=-iKjINSf0_Y
ASL – http://www.youtube.com/watch?v=xrz_Wjeg_0s

IRS Tax Tips – Six Important Facts about Dependents and Exemptions

February 17, 2012 Category: Uncategorized [ No Comments ]

Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.

1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return.
2. Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you’re filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.
3. Exemptions for dependents. You generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the Social Security number of any dependent for whom you claim an exemption.
4. If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status and any special taxes you owe.
5. If you are a dependent, you may not claim an exemption. If someone else – such as your parent – claims you as a dependent, you may not claim your personal exemption on your own tax return.
6. Some people cannot be claimed as your dependent. Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children. See IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for additional tests to determine who can be claimed as a dependent.

For more information on exemptions, dependents and whether you or your dependent needs to file a tax return, see IRS Publication 501. The publication is available at www.irs.gov or can be ordered by calling 800-TAX-FORM (800-829-3676). You can also use the Interactive Tax Assistant at www.irs.gov to determine who you can claim as a dependent and how much you can deduct for each exemption you claim. The ITA tool is a tax law resource on the IRS website that takes you through a series of questions and provides you with responses to tax law questions.

Links:
Exemptions, Standard Deduction, and Filing Information

White Nelson Diehl Evans Internship Program a Success

February 17, 2012 Category: Uncategorized [ No Comments ]

For a quarter century, the internship program at White Nelson Diehl Evans LLP has been going strong. The firm reaches out to accounting students at local area colleges, including Cal State Fullerton, Cal State Long Beach and Chapman University, Orange, with the opportunity to work 20-24 hours/week during the busy tax and audit season, January through April. The end goal is to hire those students for full-time positions upon their graduation.

“Our interns get to know all levels of our staff, our computer software, our way of doing business, as well as the corporate environment, its fast-pace nature and the client demands associated with public accounting,” remarked Partner Greg Coleman, who oversees the program.

“If they develop and progress within the program and market conditions allow, there is an excellent chance they will have a job offer upon their graduation.”

White Nelson Diehl Evans partners and staff meet prospective students at a variety of on and off-campus functions, and when they express an interest in working for the firm, students go through a full interview process. For 2012, many students were considered and interviewed for internship positions, and, as a result, five audit and five tax interns were hired. Other accounting firms have internship programs, but they often occur during the summer, when workloads are far lighter.

Working only part-time, students can make earning good grades a top priority, and, should they later be hired, there is little or no “learning curve.” Many students, Coleman added, “don’t know what public accounting really is until they’ve actually worked in the firm environment.”

Many of the firm’s senior staff are former interns, including Lynne Houri and Candy Huie, who are both Cal State Fullerton graduates and are both now partners with the firm. Additionally, in the current tight job market, working as an intern is a far more likely way to land a job with White Nelson Diehl Evans as opposed to merely mailing in a resume.

Coleman noted, “Our formal internship program has been our greatest success in hiring talented staff. We see every new intern as someone who has the potential to one day be a partner.”

WNDE Hires 16

February 17, 2012 Category: Uncategorized [ No Comments ]

White Nelson Diehl Evans LLP is pleased to announce that it has hired 16; seven are full-time accountants and nine are interns. The staff accountants include: Stephen Cahill, Damon Haroutunian, Carter Hill, Rachita Rangnath, Aaron Gonzales, Jeremy Shaw and Kyle Goetz. New interns include Odette Acosta, Bianca Arevalo, Brianne Cordwell and Sean Denney from Chapman University; Kyle Laddusaw, Shannon Lay, Christopher Turnbull and Anastasia Vorontsova from Cal State Fullerton; and Kathleen Bruins from Cal State Long Beach. “These are outstanding young men and women who we’re confident will make an important contribution to our work at White Nelson Diehl Evans,” remarked Dave Doran, managing partner. “We’re excited to have them joining us, and look forward to working with them in the future.

New hires include:

Tax Senior

Kyle Goetz – Kyle is a Cal Poly San Luis Obispo graduate. He worked three years at a San Luis Obispo CPA firm before joining WNDE. A native Southern Californian, he enjoys drinking fine wines and craft beers while watching MMA or his favorite sports teams, the Anaheim Ducks, Dallas Cowboys and Anaheim Angels.

Audit Seniors

Aaron Gonzales – Aaron is a graduate from Claremont McKenna College. He worked four years at a smaller CPA firm in Rancho Cucamonga before joining WNDE. He is originally from Santa Barbara, and enjoys sports and outdoor activities such as hiking.

Jeremy Shaw – Jeremy is a graduate of Chapman University. He worked four years at a smaller CPA firm in Costa Mesa before joining WNDE. He enjoys sports; favorite teams include the Lakers, Dodgers, Kings and Raiders.

Tax Juniors

Carter Hill – Carter attended Cal State Fullerton. He is originally from Virginia, but moved to California a decade ago. He served in the U.S. Marine Corps for four years, and completed two tours of duty in Iraq. He likes to play the drums.

Rachita Rangnath – Rachita is a recent graduate of Cal State Fullerton. She is originally from La Mirada. She enjoys playing piano, Lakers basketball and traditional Indian dance.

Damon Haroutunian – Damon graduated from Cal State Dominguez Hills and began his career in the mortgage industry, but returned to school to study accounting. He likes watching MMA, playing golf, watching the Raiders and playing in a rock ‘n roll band.

Audit Junior

Stephen Cahill – Stephen is a recent graduate of Gustavus Adolphus College in Minnesota, where he was recruited to play soccer. He likes golf and other sports and working with children.

New interns include: Odette Acosta, Bianca Arevalo, Brianne Cordwell and Sean Denney from Chapman University; Kyle Laddusaw, Shannon Lay, Christopher Turnbull and

Anastasia Vorontsova from Cal State Fullerton; and Kathleen Bruins from Cal State Long Beach.

“These are outstanding young men and women who we’re confident will make an important contribution to our work at White Nelson Diehl Evans,” remarked Dave Doran, managing partner. “We’re excited to have them joining us, and look forward to working with them in the future.”

Partner Harvey Schroder Q&A in San Diego Business Journal

February 17, 2012 Category: Uncategorized [ No Comments ]

Harvey Schroeder, a WNDE partner who manages the firm’s Carlsbad and Escondido offices, was featured in the January 16th issue of the San Diego Business Journal. He offered the following responses to questions posed by the Journal:

How have you added value to your clients’ business in this down and then slowly recovering economy? Are there any additional services that you offer now that perhaps were not offered in the past?

In this slowing economy, our clients are looking to reduce costs where they can. One way is by outsourcing some of their accounting needs. We have worked with our clients and provided services ranging from accounting to controllership duties. This allows our clients to reduce staffing levels that are not needed because of the economic slowdown but at the same time continue to receive the timely advice and accounting information needed to make decisions. We have also been engaged by our clients to review their internal controls, information technology systems and other processes and methodologies. This has enabled us to recommend cost saving options while improving efficiencies and their processes at the same time.

Have you seen a change in the way your clients monitor cash flow and what are some examples you can share?

Nearly all of our clients have been affected by the downturn of the economy in some fashion and trying to improve cash flow has been a prime directive. To mitigate the effects of decreasing cash flows, we have seen clients revisit their contractual obligations from restructuring capital and operating leases to delaying construction and other expansion projects. We have unfortunately seen clients forced to reduce staffing levels to accommodate their lower volume of business, while at the same time making creative uses of part-time and contract labor to continue to get the work completed. Many clients have a large amount of capital tied up in accounts receivable and inventory so we have worked with them to plan for reduced inventory levels and improve their accounts receivable turnover ratio based on the lower levels of business activity. The result is the client has budgeted for their cash flows and can plan for the cash flow highs and lows instead of being surprised when there is a shortage of cash and wondering how it happened.

What Federal/ State regulations have the most significant impact on your clients’ businesses?  Why?

Small businesses are faced with regulations covering just about every aspect of their business and complying is a big burden. Unfortunately, many times they are not even aware they are out of compliance. Most recently, payroll and payroll tax regulations have impacted our clients’ businesses. The recent two-month extension of the 2% payroll tax holiday has led to confusion over withholdings, particularly with highly compensated employees. Regulations impacting our clients range from the many forms of taxes to labor standards to OSHA to EPA. California taxes and fees, such as the S-Corporation taxes and LLC Gross Receipts fees, continue to frustrate our clients. California non-compliance with taxpayer friendly federal laws, such as higher Section 179 and bonus depreciation limits and net operating loss carry backs, add to their frustrations. Small businesses continue to struggle with classifying workers as independent contractors or employees and the various reporting requirements. We also provide auditing and consulting services to municipalities, and the recent California Supreme Court rulings regarding Redevelopment Agencies has severely impacted our clients in those sectors.

As of now, the tax cut provisions announced last year will expire one year from now. How are you working with your clients to help them maximize the opportunities that have been presented to them prior to their expiration?

The difficulty with tax planning around expiring tax provisions is that their expiration may not come to fruition. A prime example of this is the AMT personal tax exemption which has been set to sunset nearly every year but continues to be extended. The year 2012 will be especially difficult in this regard. Favorable tax rates for certain dividends and capital gains are set to expire at the end of year. Do we encourage our clients to sell appreciated assets before capital gain rates increase? Similarly, favorable depreciation rules are set to expire at the end of 2012. Do we encourage our clients to invest in their infrastructure? As a firm we continually monitor actions taken in Congress and alert our clients to changes that affect them and their businesses. We find that by constantly working with our clients and keeping them informed of the ever-changing income tax situation promotes more communication between us and results in tax planning that is year-round instead of just a year-end activity.

How should companies evaluate their accounting firms?

Your accounting firm should be your partner in business. As such, companies should look for a firm with similar values to their own. An accounting firm should know your industry and be able to offer not just traditional tax, accounting and audit services, but also a variety of consulting, financial services and referrals to other services, such as legal and banking. Does the firm offer cost effective “one stop” shopping for all the services you need? An accounting firm is only as good as its personnel. Companies should inquire about staff retention rates and continuing education policies. Companies should also ask for and check references. They should also ask, what do other clients think of the accounting firm’s work, performance and reputation in the community? Fee, of course, will always be a part of the decision, but companies should be careful not to let fees be the only factor. The adage you get what you pay for can certainly be true when hiring an accounting firm.

Daphnie Munoz Becomes WNDE’s 19th Partner

January 18, 2012 Category: Uncategorized [ No Comments ]

White Nelson Diehl Evans LLP is pleased to announce that Daphnie Munoz has been named the company’s 19^th partner.  Munoz is a key figure in the firm’s government audit practice.

“Daphnie is a talented professional who does outstanding work on behalf of our clients,” observed Dave Doran, Managing Partner.  “We’re pleased she’ll be able to continue these duties as a partner of our firm.”

Munoz earned her B.S. degree in accounting from De La Salle University in Manila in 1995.  She earned her CPA designation in 2001.  Munoz passed her CPA exam on her first attempt at a time when passage rates were low.

She joined Diehl Evans (which merged with White Nelson earlier this year) in 1998.  Her most recent position was senior manager, in which she specialized in both tax and audit work.

Munoz looks forward to continuing her service to the firm, remarking, “I like the work environment and interacting with our clients.”

She lives with husband Joe in Fullerton.  They have two sons, Cole, 2, and Kyle, 1.

Types of Financial Statements

January 18, 2012 Category: Uncategorized [ No Comments ]

By BRIAN P. WILTERINK, CPA, Partner, White Nelson Diehl Evans LLP

When CPAs prepare or assist in preparing financial statements, they are required under professional standards to issue a report on those financial statements.  This report can be one of three types:

• Audit report
• Review report
• Compilation report

The type of report is determined by mutual agreement between the client and the CPA.  This determination usually depends on many factors, such as the needs of the client, needs of creditors or investors, the size and complexity of the business, and other factors.  Securities laws require all publicly held enterprises to provide annual audited financial statements, while privately held companies often opt for reviewed or compiled statements.  Or, credit agreements with lenders may require audited statements, even for private companies.  Additionally, audited financial statements are often beneficial in a business disposition or acquisition.

Regardless of the level of service performed by the CPA, the financial statements are the primary responsibility of the reporting entity.

WNDE is experienced in performing audits, reviews, and compilations for entities of all kinds and sizes.  This experience can be placed at your disposal.

A COMPARISON

Compiled Financial Statements represent the most basic level of service CPAs provide with respect to financial statements.  In a compilation, the CPA must comply with certain basic requirements of professional standards, such as having a knowledge of the client’s industry and applicable accounting principles, having a clear understanding with the client as to the services to be provided, and reading the financial statements to determine whether there are any obvious departures from generally accepted accounting principles (or, in some cases, another comprehensive basis of accounting used by the entity).  It may be necessary for the CPA to perform “other accounting services” – such as creating your general ledger, or assisting you with adjusting entries for your books – before the financial statements can be prepared.  Upon completion, a report on the financial statements is issued that states a compilation was performed in accordance with AICPA professional standards, but no assurance is expressed that the statements are in conformity with generally accepted accounting principles.  This is known as the expression of “no assurance.”  Compiled financial statements are often prepared for privately held entities that do not need a higher level of assurance expressed by the CPA.

Reviewed Statements require that the CPA perform inquiry and analytical procedures in addition to the procedures described above for a compilation.  Upon completion, a report is issued stating that a review has been performed in accordance with AICPA professional standards, that a review is less in scope than an audit, and that the CPA did not become aware of any material modifications that should be made in order for the statements to be in conformity with generally accepted accounting principles, or if applicable, another comprehensive basis of accounting.  This is known as the expression of “limited assurance.”  Reviewed financial statements are often prepared for entities that have bank loans, outside investors, or trade creditors, but those third parties do not require audited statements.

Audited Financial Statements are the product of a CPA’s highest level of assurance services.  In an audit, the CPA performs all of the steps indicated above regarding compiled or reviewed statements, but also performs verification and substantiation procedures.  These verification and substantiation procedures may include direct correspondence with creditors or debtors to verify details of amounts owed, physical inspection of inventories or investment securities, inspection of minutes and contracts, and other similar steps.  Also, the CPA gains a knowledge and understanding of the entity’s system of internal control.  When the audit is completed, the CPA’s standard audit report states that an audit was performed in accordance with generally accepted auditing standards, and expresses an opinion that the financial statements present fairly the entity’s financial position and results of operations.  This is known as the expression of “positive assurance.”

AUDIT VS. REVIEW

There are significant differences between the objectives of an audit of financial statements in accordance with generally accepted auditing standards and the objectives of a review in accordance with statements on standards for accounting and review services.  The objective of an audit is to provide a reasonable basis for expressing an opinion regarding the financial statements taken as a whole.  A review does not provide a basis for the expression of such an opinion because a review does not contemplate obtaining an understanding of the internal control structure or assess control risk, tests of accounting records and of responses to inquiries by obtaining corroborating evidential matter through inspection, observation or confirmation, and certain other procedures ordinarily performed during an audit.  A review may bring to the accountant’s attention significant matters affecting the financial statements, but it does not provide assurance that the accountant will become aware of all significant matters that would be disclosed in an audit.

The following link provides a comparison of the procedures performed in audit, review and compilation engagements:

http://www.whitenelson.com/uploads/Levels_of_Attestation.pdf

If you would like more information or would like to discuss your needs, contact us for a free consultation.

Selling Business? First Max your Value

January 18, 2012 Category: Uncategorized [ No Comments ]

When the economy went south, mergers and acquisitions went along with it, with near-record lows in 2008 and 2009.  But as the recovery sputters to life, 2010 featured a significant uptick in M&A activity, highlighted by a standout performance in the U.S. middle market, where growth in the deal count and dollar market exceeded 50 percent.  Key M&A variables remain as positive as we move forward in 2011, according to the most recent report from Robert W. Baird.  We have seen a healthy rise in local transactions.  Companies are implementing growth plans, with acquisitions a top priority for many.

The downside for sellers is that it’s a buyer’s market.

If you are like many recession-weary companies, you may be highly motivated to sell.  That motivation can sometimes lead to hasty sales decisions that prevent you from realizing your organization’s full value.  As you watch the uptick in the sale of companies this year, remember your goal must be to maximize proceeds.

Too many companies are unprepared for the complexities of this process.  A successful transaction requires careful preparation and due diligence from both sides.  For sellers, it also requires active involvement in the process from day one to help drive the deal and ensure successful integration.

PREPARING YOUR COMPANY FOR SALE

As you enter the selling process, remember: The time you invest in the sale usually equates to greater returns at closing.  Before you begin fielding offers, get your company in the best shape possible.  It’s a valuable exercise that attracts buyers and yields higher returns.

• Get your house in order.  Begin by taking a close look at your business — the way a potential buyer would.  This can be more challenging than it sounds.  A thorough self-assessment should help you articulate the positive aspects your company brings to the table besides cash flow.
• A good place to start is looking for cost-cutting opportunities.  It’s to your advantage to operate a lean organization, so improve efficiencies and eliminate waste.
• Clean up your financial statements and consider conducting an audit.  Collect old receivables and write off any uncollectible accounts.  As you review financials, spend time creating a realistic valuation of your company.  While you should aim for the highest possible price, research what comparable companies have sold for.
• Today’s buyers are sophisticated, and they require complete and detailed documentation about your business.  Preparing it from the buyer’s perspective can help create a foundation for your company’s value, which will help you get a better price.
• Get a good adviser.  Because selling can be the most important event in the life of your company, it’s critical to have an experienced M&A adviser in your corner — before it is up for sale.  The right professional can help you navigate complexities and identify a buyer who represents the best fit and the highest price.
• An experienced adviser can help negotiate the deal’s nonfinancial terms, such as your employees’ future, your ongoing role in the business, non-competes and earn-outs. They can help develop an exit plan and determine the best timing and implications for your sale, which are key in an uncertain marketplace.
• Determine the right type of buyer.  The best buyers for your company may be unknown to you. They must have both the means to pay what your business is worth and the motivation to see the deal through.  They also should have some strategic goal for acquiring your company, such as tapping into a new market or eliminating a competitor.  Understand the buyer’s motives, and you will be at an advantage when it comes to maximizing proceeds from the sale.
• Have alternative buyers.  With only one, you run the risk of weakening your negotiating position and giving up control over the transaction.  More than one buyer in the process broadens your options and creates a more competitive environment.  A buyer that bears consideration is a financial buyer, such as a private equity group.  It will likely offer less money than a company seeking a strategic acquisition, but is often ready to move more quickly.  Depending on the seller’s situation, a financial buyer may be the only option.  If you have not worked with this type of investor, bringing in an adviser who is experienced in negotiating with private equity firms is imperative.
• Demonstrate your value.  Avoid the temptation to set a price for your business too early.  Focus on what the buyer values most about your business, whether it’s a new product or service, geographic expansion or human capital.  This approach puts you in a better position to document value and negotiate a higher price.

If buyers are focused too much on past performance, they may undervalue your business.  Help them see the future value of your business with analysis and documentation of your earning potential.  Align this documentation with the strategic goals your buyer has in mind.

DRIVING THE INTEGRATION PROCESS

You’ve agreed to sell your company.  The deal has been struck, and due diligence is underway.  Your buyers have likely been putting together an integration plan since they first identified you as a target.

Integration is the key to success or failure of any acquisition for the buyer.  As the seller, if you have a stake in the deal afterward, jump in now.  Buyers are interested in speed — getting integration completed so they can begin to enjoy the acquisition’s expected benefits.  If the sale has an earn-out for the seller, speed is important for you as well, because you likely won’t hit the targets if integration fails.  Moreover, your and your employees’ future roles can be dramatically impacted by the integration plan.

One of the keys to success is assembling an integration team that mirrors the buyer’s team; operations, information technology, accounting representatives from both organizations need to assess processes for a smooth transition.  Insist on this involvement, and if the buyer balks, think about why they don’t want you playing a role in the process.

Taking an active role in the merger stretches resources, but it enables you to watch out for others with a stake in your transaction: employees, customers, suppliers and shareholders.  If these groups are important to the new company’s future, understand the buyer’s plans and be able to communicate them to these stakeholders.  Watch how the buyer handles the human aspects of integration, including communication and compensation.

If the time has come for you to sell, take the time to do it right.  It’s a process that can be fraught with pitfalls.  Before you proceed, think about how to best prepare your company and find the right buyer.  Your success depends on your ability to be proactive.

Get the right advice, beginning early in the process and carrying on throughout.  Remain in control of the process, and be ready to take action when the time is right.  With an intelligent, yet measured, approach to selling, you can ensure a smooth transaction and come out on top in a volatile buyer’s market.

-       Reprinted with permission of Tatum LLC Austin

WNDE 2011-12 Tax Planning Guide Available Online

January 18, 2012 Category: Uncategorized [ No Comments ]

There have not been many changes in Washington this year in terms of politics.  Political gridlock continues and because of this there have been few changes to the tax system itself.  There has been talk of raising income tax rates, but no action as of now.  The U.S. economic outlook for growth is modest at best, depending to whom you listen.  The stock market continues its unpredictable nature – good one day, bad the next.

With this said, proactive tax planning is more important than ever.   At White Nelson Diehl Evans, we pride ourselves on our ability to work collaboratively with our clients to achieve their desired goals.  Our services are based on our firm principles of quality, integrity, and balance.

As always, our commitment to our clients, friends, and business partners is steadfast.  We will commit our resources to providing you with effective tax planning and solutions in an expeditious manner.  We encourage you to look through our planning guide and make notes on deductions, credits and other tax-saving strategies you believe could benefit you or your enterprise.

An electronic version of this Tax Guide can be found at the following link:

http://www.webtaxguide.net/WhiteNelson

White Nelson’s Managing Partner Participates in Business Growth Conference Panel Discussion

May 31, 2011 Category: Uncategorized [ No Comments ]

White, Nelson & Co. LLP’s Managing Partner Dave Doran participated in the “All in the Family,” panel discussion relating to issues in family businesses, at the 27th annual Business Growth Conference on Monday, May 9 at the Anaheim Marriott. The conference was presented by the USC Marshall School of Business and Harvard Business School Alumni Associations of Orange County. www.bgc2011.org

Running a family business is rewarding, challenging, and potentially divisive. It can bring a family together or pull it apart. The panel discussion was titled “All In The Family: Family Legacy or Epitaph?” and addressed issues such as:

• Can you clearly separate your business role from your family role?
• How about making sure that family time is kept focused and not mixed with business issues?
• Have you ever wondered how to bring a spouse, child, or even a parent into our business? Or maybe more importantly, how to keep them out (or even kick them out) if they don’t have what it takes to get the job done?
• Do you have an exit strategy that includes succession planning as well as estate and tax planning?
• How and when do you bring in non-family members as part of the management team?

“Dave has a wealth of experience working with successful family owned businesses and he enjoyed sharing his insights,” remarked Scott Jones, Director of Practice Development. Jones served as moderator for “Business Plans that Get Funded,” another panel discussion at the conference.

Dave Doran is a Cal State Fullerton graduate and CPA with over 35 years of public accounting experience. He works with clients in a variety of industries, including manufacturing, distribution, financial services and health services. He’s active in a variety of professional and civic organizations, and serves on the Board of the Irvine Chamber of Commerce.