Financial Planning Archives - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Putting Finance at the Forefront: How to Champion FP&A in Project Planning

In business, where every decision can tip the scales of success or failure, a robust financial strategy is imperative. Enter Financial Planning & Analysis (FP&A) – an often underappreciated yet pivotal function that can revolutionize how businesses plan, analyze, and project their financial future. The Essence of FP&A in Accounting What exactly is FP&A? …

Inheritance brings its own set of challenges. Within the vast world of financial legacies, inherited Individual Retirement Accounts (IRAs) stand out thanks to their annual withdrawal requirements, also known as Required Minimum Distributions (RMDs). With these RMDs comes the caveat of taxation. However, when the Secure Act of 2019 was introduced, it brought clarity and …

Cash flow is a major concern for most construction firms. When cash is low, it could mean being unable to make payroll or purchase supplies for an upcoming project. If that happens, it’s more than the immediate profit at stake; you can damage your firm’s reputation and success. These tips can help you understand how …

The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their salary …

Record levels of inflation are weighing on the construction industry when contractors are already feeling the squeeze from labor and supply shortages. Contractors are seeing staggering increases for construction inflation, according to Associated General Contractors analysis. The Producer Price Index for inputs to new nonresidential construction — a weighted average of the goods and services …

From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end of 2021, the global cryptocurrency market was worth more than $3 trillion, up from $14 billion just five years earlier. About 16% …

As Tax Day approaches, taxpayers will often rush to complete their returns by the April 15th deadline. While it’s ideal to file your return by the IRS due date, there are many instances that can prevent this. In these circumstances, it can be beneficial to extend your return. Consider, for example, K-1s from pass through …

Navigating retirement planning can be challenging but it is crucial especially as life expectancy in the U.S. steadily increases. To address the need for our wealth to finish the race with us, the House recently passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This legislation, receiving almost unanimous bipartisan support, offers the …

Did you know the LIBOR rate is ending?

The end of the London Interbank Offered Rate (LIBOR) is approaching quickly. LIBOR is to be phased out by the end of 2021 and will be replaced by another benchmark rate. LIBOR is an interest rate calculation used globally. Floating Rate Notes use the LIBOR as a reference for calculating the coupon rate. LIBOR reflects …

What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and highlights areas where it might be wise to make changes in your financial habits. If you have questions about your financial situation, we can help. Our …