Honkamp, P.C. Fall 2023 Newsletter

2023 Fall Newsletter

September 20, 2023

Katie Thomas, CPA, CFP®, CGMA
President & CEO

Welcome to the (exclusive) club

We recently received an exclusive invite: Honkamp was asked to join the leading association for CPAs and consultants for the U.S. construction industry.

Honkamp became one of less than 80 firms nationwide that are members of CICPAC (Construction Industry CPAs and Consultants) – and we are just the second firm to be headquartered in Iowa.

We are excited about how this will help us better serve our construction clients. Member firms can connect and share resources, as well as implement new initiatives to serve our clients in the industry.

For example, this new partnership allowed Honkamp to present the Q2 2023 Economic Newsletter for the Construction Industry. Click here to read it.

11 tips to boost small businesses

We love small businesses because of the crucial role they play in powering our local economies.

To mark National Small Business Week, nine of Honkamp’s experts shared not-so-small tips for business success.

The result? 11 quick tips for small business success

Goodbye to Wisconsin’s personal property tax

Wisconsin business owners, did you hear the good news? You no longer need to worry about paying personal property taxes for your businesses.

The Legislature passed a bill that Gov. Tony Evers then signed that repeals the state’s remaining personal property tax. The change takes effect with property tax assessments starting in 2024.

The personal property tax had been in place since Wisconsin became a state, but over time, many items had been exempted from it. Still, business owners were liable for paying taxes on the remaining items – which could be a time-consuming process.

Hello to Iowa law that could boost many businesses

There’s good news for many Iowa business owners as well. They stand to benefit from a recently signed law regarding taxation and pass-through entities.

The law allows pass-through entities (partnerships and S corporations) to pay Iowa income tax instead of taxing the income to entity owners. This results in a greater tax benefit than deducting it as an itemized deduction on individual returns.

Shareholder Randy Mihm explains how it all it works and how you can benefit: New Iowa law could provide boost for many businesses

‘Dirty Dozen’: IRS highlights common tax scams

Unfortunately, there isn’t an offseason when it comes to scammers targeting businesses and customers.

That brings us to the IRS and its well-named “Dirty Dozen” tax scam list. This year’s list features increasingly common and creative ways that fraudsters seek to steal money, personal information or data.

Brush up on them to help stay ahead of the scammers: Common and creative ways fraudsters steal money and personal info

Lasting impacts of the SECURE Acts

Remember the SECURE Acts? They generated a lot of headlines for a while, but they probably aren’t top of mind anymore for many business owners.

Luckily, that’s where Honkamp Assurance Manager Ashley Meade comes in. She looked at the impacts of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, as well as SECURE Act 2.0.

She explores what the legislation means for businesses, particularly when it comes to retirement plans and options. Read more about it here: SECURE Act 2.0 - What it means for your business

Business valuation during times of uncertainty

Running a business is never easy. Running a business while having to adapt to wave after wave of economic turbulence is even tougher. We get it.

What do these types of conditions mean for business leaders? Shareholder and business valuation expert Rob Leibfried examined the implications in a recent column: How does inflation and interest rates impact your business?

Drumroll, please

Pardon us while we brag a bit. These honors and achievements are just too good not to share:

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