LBL promotions and new hires

Lurie Besikof Lapidus & Company, LLP (LBL) is proud to announce the following recent promotions and new hires:

Clare Chisholm, CPA, CMA, joined the firm January 21 as a Director/Controller in the Internal Auditing department. Chisholm has several years of progressive accounting experience at national law firms. She specializes in strategic planning and management, financial and analytical reporting, and budgeting and forecasting. Chisholm earned a Bachelor of Science degree in Accounting from George Mason University in Fairfax, Virginia.

Andrew Reckard, CPA, was promoted to a Manager in the Tax Department. Reckard joined LBL as an intern six years ago and specializes in small business taxes.

Accounting Today names LBL to 2014 Best Accounting Firms to Work For

UPDATE: LBL ranked 19th on the list of Accounting Today’s 2014 Best Accounting Firms to Work For in the medium size firm category. There were 44 companies in total in the medium size firm group.

LBL was recently named as one of Accounting Today’s Best Accounting Firms to Work for 2014.

This is the first time LBL has been recognized on this national list. In November, Accounting Today will release the specific firm rankings. Over the past year, LBL has participated in two local and one national best places to work surveys and have been named to all three lists. This could not have been accomplished without the hard work and dedication of our passionate, energetic and fun-loving employees.

Kimpa Moss is honored as SVP Partner of the Year

Lurie Besikof Lapidus & Company, LLP is proud to announce that Kimpa Moss is the recipient of the Social Ventures Partners (SVP) Partner of the Year award. The Partner of the Year award recognizes an SVP Partner who truly exemplifies what it means to be a Partner with SVP. From dedication towards work with investees to being a leading voice for all SVP Partners, the partner of the year is somebody indispensable to the work they do.

“Kimpa has made a significant difference in the impact that our organization makes on the organizations we support, our investees as well as the individuals who support them, our SVP partners,” said SVP Executive Director, Pam Langseth.

End of year gifting rules and reminders

Are you considering making gifts this year?

The annual gift exclusion for 2014 is $14,000. This annual gift tax exclusion can be given away by an individual in any given year to an unlimited number of people free from any federal gift tax consequences. Any amounts gifted over the annual exclusion will be applied against your lifetime gift tax exemption, which is $5,340,000 in 2014. In 2013 Minnesota passed a gift tax, but it was later repealed.

If you plan to write a check for gifts at the end of the year, be sure the check is cashed before January 1.

Year-end tax tips for businesses

There is still time to take advantage of end-of-the-year tax tips that can save you money.

Accelerate deductions and defer income
There are many income items and expenses in your control. Consider deferring bonuses, consulting income or self-employment income. To accelerate deductions, look at the timing of state and local income tax payments, interest payments and real estate taxes.

Make-up a tax shortfall with increased withholding
Don’t forget that taxes are due throughout the year. Check your withholding and estimated tax payments now while you have time to fix a problem. If you’re in danger of an underpayment penalty, try to make up the shortfall through increased withholding on your salary or bonuses.