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Hi, Friend. Here are your Articles for September 17, 2008.
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M&A Welcomes New Members to the Team!

McKonly & Asbury is pleased to announce the addition of several new members to our team.  We are proud to continually attract the best and brightest minds in the industry to our firm.  Read on for a brief introduction to our newest team members! 



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New Tax Credit to Aid First-Time Homebuyers

First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.  For a limited time only, the credit applies to home purchases after April 8, 2008 and before July 1, 2009, it reduces a taxpayer's tax bill or increases the refund, and it is fully refundable.  First-time homebuyers should be aware though that the credit operates much like an interest-free loan, in that it must be repaid over a 15-year period.  Read on for more details about this new tax credit. 



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McKonly & Asbury Once Again Named an All-Star Firm by Inside Public Accounting

McKonly & Asbury is recognized for another achievement in the accounting industry.  For the third straight year, accounting industry publication – Inside Public Accounting - has named McKonly & Asbury an All-Star.  This distinction, part of the publication's annual search for the Best of the Best in the Accounting Industry, honors accounting firms for their management practices.  In 2006, McKonly & Asbury was named an All-Star for Growth, ranking the firm as one of the ten fastest growing firms in the nation.  In 2007 and again this year, the firm was honored in the category of "Leverage", measuring performance of the firm vs. number of partners.  Read on for more details. 



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Is your business feeling the effects of the current economic downturn? There might be a way to give your firm a financial boost without cutting back on expenses. It all has to do with the method your firm uses to account for its inventory -- FIFO or LIFO. Here are the details.

In the event your bank or credit union goes out of business, federal government agencies provide insurance up to certain amounts so you don't lose your savings. But the protection is limited to some accounts and not all financial institutions are covered. Click "Full Article for a rundown of the rules, including provisions involving depositors of living trusts, a popular estate planning vehicle.
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Check fraud and bounced checks are a major problem for many businesses. The best defense is a proactive approach that prevents rather than detects the crime. Here are some ways to reduce the losses suffered from bad checks.
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Make a choice: Encourage positive thinking among your employees and increase your company's profit potential or let your managers be cynical and run the risk of missing some incredible opportunities. To really understand how negative thinking a can hurt your company's strategy and bottom line, take a look at these unbelievable examples.
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation.

The drafter of the tax articles in this e-newsletter did not intend nor write the advice to be used to avoid any penalty imposed by a taxing authority, nor may any user/recipient of this document use this document's written tax advice for that purpose. This document's tax advice was written specifically to support the promotion or marketing of the transaction/matter addressed by the written tax advice. Therefore, any user/recipient of this document should seek an independent tax professional's advice regarding the user/recipient's particular circumstances.

 The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

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