The Exuberant Accountant - Scott Heintzelman: February 2010

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February 2010

February 28, 2010

Finance for Non-Financial Managers Workshop

In partnership with the S. Dale High Center for Family Business, McKonly & Asbury will be presenting a four-phase course titled, “Finance for Non-Financial Managers.” The training will be two separate days: Friday, May 7^th and Friday, May 28^thand will include such topics as:

1. Differentiating profit and cash flow

2. Understanding transactions

3. Using financials to measure performance

4. Developing performance measurements

5. Creating value through financial management

6. Valuation of your business

7. Cost of Capital

8. Debt/Equity mix

9. Budgeting/forecasting

10. Reading financial statements

This course will be lead by Kurt Trimarchi and me, partners at McKonly & Asbury. This will be a great workshop for all business leaders, but especially for next generation leaders, non-active shareholders, and business & family members in non-finance roles.

If you would like more information please click here for specific details or feel free to contact me.

Posted at 03:22 PM in Family Business, Speaking | Permalink | Comments (0) | TrackBack (0)

February 24, 2010

Senate Passes Jobs Bill Offering Tax Breaks for New Hires

Today, the Senate passed a $35 billion jobs bill designed to get people back to work and to spur spending on public works projects. The bill has two components. First, when a company hires an unemployed individual, the business would be exempt from paying the 6.2 percent Social Security payroll tax through December 2010. It would also give that company an additional $1,000 tax credit if the new worker stays employed with the company for a full year.

The second component would extend highway and mass transit programs through the end of this year and put $20 billion into these projects. This infusion of tax money is intended to make up for less than expected gas tax receipts.

Many expect this bill to pass the House quickly and then Obama to sign the bill into law shortly thereafter. More details on how to get the credit are expected later.

Posted at 01:39 PM in Economy/Stimulus, Tax | Permalink | Comments (0) | TrackBack (0)

February 21, 2010

Credit CARD Act of 2009: Provisions Start February 22, 2010

A new federal credit card law that takes effect this week could have changes that impact you and your business. On May 22, 2009, President Barack Obama signed the Credit Card Accountability, Responsibility and Disclosure, or Credit CARD, Act of 2009 into law. The legislation is intended to improve consumer disclosures and end some aggressive fee practices in the credit card industry. Most of the provisions related to the act go into effect on Monday, February 22, 2010.

I will highlight the key changes below, but basically the law bans many of the hidden profitable tactics that credit card companies and banks use to make money. The law does not limit the amount of fees or the interest rates that banks charge (but they must disclose these fees). The act also does not apply to business or corporate credit cards.

Continue reading "Credit CARD Act of 2009: Provisions Start February 22, 2010" »

Posted at 09:42 PM in Economy/Stimulus | Permalink | Comments (1) | TrackBack (0)

February 17, 2010

No Estate Tax is a Good Thing...Right?

A recent blog post on our firm's McKonomics Website was very interesting and I thought it may be of value to my readers as it relates to some tax planning.

Generally speaking, the fact that we currently have no federal estate tax is a good thing. However, the unprecedented temporary repeal may cause problems for some estates.

Most advisors assumed the Senate would extend the 2009 estate tax exemption and rate structure through 2010. Little did we know, the healthcare reform battle would be at the forefront of our legislator's minds and the looming estate tax repeal would go unchanged. Here we are, roughly a month into 2010 and no word on if and how Congress will fix this mess. Will new legislation be passed during 2010? Will it be retroactive? How do we deal with basis step-up? We will save those debates for another time. For now, we want to focus on a simple, yet BIG issue that the current repeal may cause for many estates.

Continue reading "No Estate Tax is a Good Thing...Right?" »

Posted at 11:33 AM in Tax | Permalink | Comments (1) | TrackBack (0)

February 14, 2010

Video of Recent Financial Freedom Seminar

Due to reader demand J I am adding a new section on my blog titled Scott’s Presentations. Obviously, not everyone can attend the various speaking engagements and presentations that I make and several have requested video to view (thanks for asking Mom and Dad…I can always count on your support!).

The most recent clip is from my Financial Freedom Seminar that I presented a few weeks ago. You can click on this link to watch a 5 minute clip of that presentation. As always, I do appreciate feedback and suggestions. Thank you.

Posted at 08:17 AM in Speaking | Permalink | Comments (0) | TrackBack (0)

February 09, 2010

Save the Date for an ESOP (Employee Stock Ownership Plan) Webinar

Have concerns about how to sell your business? Not sure how to maximize the business value when you sell your company? Looking for a way to minimize your tax on a transaction? Want to put a succession plan in place? If you answered yes to any of these questions, you will want to join me for a Webinar training session with Attorney Steve Greenapple of Steiker, Fischer, Edwards & Greenapple, P.C.

Steve and his firm are one of the premier authorities on ESOP’s and during our one hour presentation we will share the many benefits. The seminar will be held on Wednesday, March 24th at 12:00 noon EST. During the webinar, Steve will share insights and he will also field questions.

To read more about ESOP’s check out this link or check out SFE&G’s website.

This webinar will be live and all participants can join in by simply dialing into the session and, if they desire, to follow along online. If you are interested, please contact me for more details.

Posted at 05:49 PM in Family Business | Permalink | Comments (0) | TrackBack (0)

February 07, 2010

Ford CEO Alan Mulally: LB Smith Ford Lincoln Mercury Second Mile Celebration of Leadership

This past Friday evening I had the privilege of meeting and listening to the man credited with turning around both Boeing and now Ford Motor Company – Alan Mulally. Alan came to Hershey to headline The Second Mile’s flagship fundraiser, The Celebration of Leadership dinner, and I came away very impressed with his down-to-earth nature and his humble servant leadership attitude. Numerous times during the evening he mentioned how he was “honored to serve such an American and global icon.”

There were many leadership and management lessons in what Alan shared (especially as it related to turning around a struggling global company). When Alan came to Ford three years ago, the company and the automotive industry had many challenges. The company was hemorrhaging cash, had well over 100 makes and models competing against each other, and lacked a global corporate strategy. Early on he knew the company needed to streamline the product line, give the consumers safe and efficient transportation and cars they want to buy, and focus on being “best in class” for each make and model they produced. This required new product development, retooling factories and most importantly, this required CASH, something Ford did not have.

Continue reading "Ford CEO Alan Mulally: LB Smith Ford Lincoln Mercury Second Mile Celebration of Leadership" »

Posted at 08:45 AM in Leadership, Management | Permalink | Comments (0) | TrackBack (0)

February 04, 2010

McKinley Economic Forecast by Dr. Jay Bryson

Today I attended the Harrisburg Regional Chamber’s annual economic forecast luncheon. Dr. Jay Bryson, Director and Global Economist at Wells Fargo Bank (and a Central PA boy), was the keynote presenter. Unlike most economists, he has an amazing gift to speak in lay terms and help people understand what the numbers are saying. Here are a few of his key points:

While the fourth quarter showed a 5.7% increase in Real GDP, a large chunk of that increase came from Government Stimulus.

Continue reading "McKinley Economic Forecast by Dr. Jay Bryson" »

Posted at 04:48 PM in Economy/Stimulus | Permalink | Comments (1) | TrackBack (0)

February 03, 2010

Speaking at Stewardship University

I have written many times about stewardship and servant leadership and really value the idea of giving back. So, I was excited and honored when I was invited to speak at the Stewardship University. Mennonite Mutual Aid is hosting a one day stewardship education session on March 6^th in Lancaster. Numerous community leaders will be presenting on various topics, such as: Retirement 101, Freed-Up Financially, Missionvesting and Innovative Philanthropy. All these sessions are geared toward helping people understand the responsibility and importance of giving (time, talents, health, money…) back to others.

I will be presenting a session titled - Differing Gifts in the Body: Managing People in Organizational Settings from a Strength-Based Perspective.

For more information on this event, speakers and topics you can check out the Stewardship University website or contact me.

Posted at 11:24 AM in Speaking | Permalink | Comments (0) | TrackBack (0)

The Exuberant Accountant - Scott Heintzelman

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