Accounting, Tax and Business Consulting FAQs

Tax Consulting

What are some common tax breaks for small businesses?

Business travel expenses, depreciation, home office expenses, education costs, business meals, and business insurance are some of the places small businesses owners can find tax savings. The deductions and credits available to your business will vary based on how you file, among other factors.

Read this article to learn more about tax breaks for small businesses.

What is the tax impact of my collectibles?

Many collectibles are more sought after, and more valuable, than ever. But that value has tax consequences when collectibles are sold at a profit, donated to charity or transferred to the next generation.

The IRS views most collectibles as capital assets. As a result, any gain on the sale of a collectible that you’ve had for more than one year generally is treated as a long-term capital gain.

But while long-term capital gains on most types of assets are taxed at either 15% or 20% (or 0% for taxpayers in the 10% or 15% ordinary-income tax bracket), capital gains on collectibles are taxed at 28% (or your ordinary-income rate, if lower).

Read this article to learn more about the tax impact of collectibles.

What is the penalty for S Corp failure-to-file?

Failing to file a timely S Corp federal tax return results in a penalty of $195 per shareholder, per month. That penalty can continue to accumulate for up to 12 months.

Read this article to learn more about failure-to-file penalties for S Corps.

What are S Corporation compensation requirements?

S Corporations are required to pay a reasonable salary to employees and shareholders. The standard of what is “reasonable” is set by what would normally be paid by businesses in similar circumstances.

Read this article to learn more about evaluating compensation levels.

What deductions can I take from my new business start-up costs?

Money spent to launch a new business is often deductible, including research costs, advertising expenses, training salaries, consultant fees, and equipment purchases. Organizational costs to formally establish your business may be deductible, as well.

Read this article to learn more about deducting business start-up expenses.

Where's my tax refund?

If you have filed your federal or state tax return, you can track the status online.

Accounting & Assurance

Where do I account for hedging transactions?

Transactions designated as hedges are recognized on the balance sheet at fair value. Unrealized gains or losses connected to these arrangements are deferred on the financial statements.

Read this article to learn more about hedging transactions.

How should a business asset purchase be structured?

The appropriate structure for a business asset purchase will depend on the specifics of each transaction. Reach out to our team for direct assistance.

Read this article to learn more about how to structure a business asset purchase with taxes in mind.

Do I need a reserve report?

A reserve report is a valuable tool when trying to secure funding from a bank or outside investors. Maintaining an accurate, current reserve report is well worth the expense required to have it produced.

Read this article to learn more about why you need a reserve report.

How can I estimate accrued revenue and related expenses?

There are a few methods available to estimate accrued revenue and related expenses. One option is to use previous year data to estimate revenues based on current pricing. If the data is available, using detailed production reports can lead to more accurate estimates, although this is a more time-consuming approach.

Read this article to learn more about estimating accrued revenue.

Business Valuations

What events generally trigger a business valuation?

Business valuations are necessary in many circumstances including buying or selling the company, going through a divorce, sorting out shareholder disputes, the death of the owner, and more.

Download this white paper to learn more about business valuations.

What is discounting and how will that affect the valuation?

Discounting is the process of effectively reducing the value of money expected to be received in the future. The discount rate used for future cash flows will have an inverse impact on valuation – the discount rate goes up, the valuation of the business goes down.

Download this white paper to learn more about business valuations.

Why is my valuation higher or lower than expected?

Many internal and external factors can impact a business valuation. For example, excessive liabilities may suppress a valuation, while strong market conditions could lead to an elevated result.

Download this white paper to learn more about business valuations.

What documents are needed to perform a valuation?

Five years of financial information from tax returns of financial statements will allow for an accurate valuation. Other necessary documents include buy/sell agreements, fixed asset listings, and operating agreements.

Download this white paper to learn more about business valuations.


Do you work with individuals as well as businesses?

We are a public accounting firm serving businesses in a range of industries. We also serve individuals who are business owners or who are interested in managing and/or growing their personal wealth. Learn more about who we are and who we serve.

What services does Hall Kistler provide?

Whether it’s problem solving, minimizing costs or maximizing resources (or all three), we’ll help position you for success. Explore our services and let us know how we can help.

Do you have experience in my industry?

We have worked with clients across a range of industries including professional services, manufacturing, non-profit, oil and gas, and more. Contact us today to inquire about our experience in your specific industry or to discuss your needs.

Have additional questions?

Contact the Hall, Kistler team today to get answers or to set up a consultation.