Our first episode of CTBK's Face Value discusses the benefits of understanding the value of your business to reach short-term and long-term goals. This episode was hosted by Eric Colca, a CTBK partner focusing on business valuation. Eric assists business owners with a distinctive CTBK service called Managing For Value. Contact Eric Colca or your CTBK contact for questions at 716-630-2400.
Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under what circumstances you’re required to file a gift tax return.
Some transfers require a return even if you don’t owe tax. And sometimes it’s desirable to file a return even if it isn’t required.
When filing is required
Generally, you’ll need to file a gift tax return for 2016 if, during the tax year, you made gifts:
On Friday, March 18th, CTBKers, friends and family bundled up to spend the evening throwing stones at Buffalo Riveworks. We were a little unsteady at first, but the instructors showed us the way and we quickly became curling champions. It's definitely harder than it looks, but a great time. It was a perfect evening to get away and unwind from the busy season hours. We can't wait to try it again next year.
The Niagara Frontier Chapter of Construction Financial Management Association hosted "The Economist Who Loved Me" presented by Anirban Basu on March 14, 2016. This interactive session provided a detailed, data-driven update of the performance of the global, national and relevant regional economy. Special attention was given to key aspects of economic life, including trends characterizing financial, real estate, energy and labor markets and their collective impact on the outlook for construction.
Click the article for additional details.
CTBK partner Kelly Besaw joined a panel of experts to discuss the topic of "Valuing Distressed/Troubled Companies: Is there more than a fire sale value?" on March 16, 2016. The event, hosted by the Upstate New York Chapter of the Turnaround Management Association, included networking and a panel discussion focusing on enterprise valuations in distressed or under-performing companies.
In addition to Mr. Besaw, the panel featured the following experienced and distinguished members of TMA: Larry Pullen, Partner at Ellin & Tucker; James Schnell, CPA/ABV, CVA, Partner and Tax Department Chair at Mengel Metzger Barr & Co. LLP; and Keith D. Smith, Managing Director at Empire Valuation Consultants. The program was moderated by Vincent J. Harper, Administrative Vice President & Regional Manager for M&T Bank's Special Assets Group.
The Society of St. Vincent de Paul seeks out people in need and helps where and when they can. Sometimes they just listen and comfort. Other times they are able to donate food, clothing and other items.
We want to help with their mission. Annually, our office collects used clothing and other items for the Society of St. Vincent de Paul. This year our office collected nearly 150 bags and boxes of donations.
Niagara Falls Boys & Girls Club is is dedicated to our youth and helping them become strong, positive, and healthy members of the community. Most of its success is due to donations and support from the local community.
During the month of December, CTBK partners and staff donated toys and clothing to children that might otherwise not have any gifts to open during the holidays.
For Halloween, our office raised $420 for The Miracle League of Grand Island & WNY by auctioning off decorated pumpkins. The pumpkins were painted and decorated by students from schools throughout Western New York.
Check out a few of the pumpkins auctioned.
On October 23rd, the 5th Annual CTBK Berber Open was held in our office. Our verson of indoor putt-putt is designed by one of our partners with some staff volunteers. Twosomes are picked at random and play an 18-hole course with some obstacles and challenges to overcome. This event is a highlight for the entire office and we get a great turnout.
Click here for more photos of our Berber Open.
On May 28, 2014, the FASB and IASB issued their long-awaited converged standard on revenue recognition. There are significant changes coming for certain industries, including construction. Some of the areas that could create challenges for the industry and your company as you transition to the new standard include performance obligations, contract modifications, determination and allocation of transaction price, stand-alone selling price, contract costs, and disclosures. The new guidance on revenue recognition affects any reporting organization that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards.