The Exuberant Accountant
by Scott Heintzelman - Scott is a CPA, CMA and CFE living in Pennsylvania. Scott is a partner serving on the executive team at McKonly & Asbury LLP, a regional accounting firm with multiple offices in the Mid-Atlantic. The firm has been an IPA ALL-STAR as well as winning Best Places to Work in Pennsylvania for numerous years.
Latest posts
Sep
20
One of the biggest challenges of a family business is the issue of entitlement. We have seen it many times. Junior is given the title of vice president without ever paying his dues. Members of the cousin generation (third generation) have only known the business as successful and expect it to continue and for the business to just be handed over to them. During a recent session at the S. Dale High Center for Family Business, a great presentation was made about escaping a culture of entitlement.
Sep
16
I am excited to share that another one of my great family business clients is getting featured on a major TV network. First, the fine folks at Seltzer’s Smokehouse Meats (maker of Seltzer’s Lebanon Bologna) had a visit from Mike Rowe and Dirty Jobs and now The Warrell Corporation is getting a visit from the Food Network.
Sep
15
As an eighth-generation, family-owned potato farming company, Masser Potato Farms has become one of the most well-known potato companies in the area, packing and distributing over 70 million pounds of potatoes each year from its operations located in Sacramento, PA. Masser’s is a successful organization with rich history in serving the community and their employees – a perfect example for the next posting in my continuing series of Organizations that “Get It.”
Sep
13
In my first post Family Business Owners and the Estate Tax - Part 1, I discussed the not-so-probable repeal of the estate tax in 2010. As a recap, the administration has proposed that the 2009 rates and exemption amount be extended through 2010 (top rate of 45% and exemption amount of $3.5 million). This means it is likely that the estate tax will not have a vacation in 2010, as originally legislated. In addition to the "repeal of the repeal," the current administration has also proposed some significant changes to certain aspects of estate planning tools used very frequently by family owned business owners.
Sep
08
I recently had the privilege of attending the swearing in ceremony for a family member as he was joining the Marines (The Few, The Proud, The Marines). He was being shipped off for several months of basic training at Parris Island, which has a motto of “We Make Marines.” I can only imagine how difficult basic training must be for a young marine recruit.
Sep
07
One of my favorite movies is The Ultimate Gift, which is an amazing story about the various gifts we can receive (love, dreams, laughter, learning, family…). The very first gift in the movie is the gift of work. As the father of a teenager, I can tell you that they do not associate work with something wrapped in fancy paper and a bow. This got me thinking about work and what it gives us.
Aug
31
Good news to report!!! McKonly & Asbury has made the 2009 list of Best Places to Work in Pennsylvania.
Aug
30
Associated Builders and Contractors (ABC) recently released a Construction Backlog Indicator (CBI), a forward-looking measurement reflecting the amount of work to be performed by contractors in the months ahead.
Aug
27
In the next McKonomics Podcast, I interview Tina Weyant, Executive Director of the World Trade Center of Central Pennsylvania. Listen to Tina share what is happening with international business. Hear how Turkey Hill is selling ice cream overseas and Snyder’s of Hanover is selling pretzels all over the world. Learn how your business could also benefit from international sales and why our weakening dollar helps exporting goods.
Aug
24
If your small business lost money in 2008, you may be able to get money back that you did not expect, but you will need to act soon. Under the American Recovery and Reinvestment Act (ARRA), enacted in February, small businesses that had a loss in 2008 can choose to carry the resulting loss back for up to five years, instead of the usual two. This means that an NOL in 2008 could be carried as far back as 2003, rather than the usual 2006. Not only could this mean a special tax refund, but it could be larger because the loss is being spread over as many as five tax years, rather than just two.
