Volume 1 Issue 4, June 2009
The Obama Administration:
Fiscal Year 2010 Revenue Proposals
The "Green Book"
Gerry Hedgcock, CPA
Heard, McElroy & Vestal, LLC
 On May 11, 2009, the Obama Administration released their revenue proposals in the Treasury Department’s General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals, also known as the Green Book. Although the Green Book does not include proposed statutory language, it contains details about what the Administration intends to propose to Congress. The following paragraphs briefly summarize some of the more significant proposals that can impact you and businesses in North Louisiana. Read Full Article
Deciding on Asset Allocation
Spencer Bernard, CPA, CFE
Heard, McElroy & Vestal, LLC
Establishing your "asset allocation" usually involves deciding how much of your investment pool of money (retirement plan, personal investments, etc.) you should invest in:
- Cash (including CDs)
- Fixed income (short, mid or long-term)
- Equites (many sub categories to choose from)
Businesses obtain capital to grow primarily by borrowing the money (fixed income bonds or other loans) and/or getting others to invest as owners (equity capital). There are many variations/types of debt and equity capital.
In trying to decide on asset allocation, the first question one must ask is, "How much risk should I take?" Read Full Article
How Much Assurance Do You Need?
Lauren Hannon
Heard, McElroy & Vestal, LLC
 That is a pretty loaded question in this economy. Many small businesses must weigh the costs and benefits each year of a compilation, review, or audit and determine which one, if any, best fits their needs. The following paragraphs summarize the key aspects of each service as well as the levels of assurance provided by each. Read Full Article
New Oil & Gas Accounting Service Offering
Lindsay Cardwell
Heard, McElroy & Vestal, LLC
 In order to meet the growing demand in our marketplace for accounting services to the oil and gas industry, HMV began a new division of our Accounting Services department that provides specialized accounting services particular to the oil and gas industry. By utilizing our accounting and tax knowledge of the oil and gas industry, we have developed services that are specifc to that industry. In addtion to timely compiled financial statements, we are providing the oil and gas investor with customizable ledgers, well reports, depletion reports and other management information to allow the investor to more efficiently manage their business affairs. Read Full Article
HMV Executive Seminar Series
The second seminar in our 2009 CPA’s In Industry Executive Seminar Series took place Thursday, June 18. Several CPAs from HMV spoke on the topics of an Annual Business Checkup, Estate Freeze Techniques, and Obama’s Budget Proposals and Repeals.
Ron Stewart went over the things every business should consider in its annual business checkup, including a checklist for tax-effective corporate minutes and business exit strategies.
With asset values low, coupled with low interest rates and the possibility of discounts disappearing, now is an ideal time to transfer wealth to family members. Alice Frazier and John Schmidt covered several estate freeze techniques that can be used to take advantage of the current economic situation and minimize estate and gift taxes. Read Full Article
Check Out Our Redesigned Website!
 Our newly designed website is up and running. The new site features a calendar of important dates and events, company and industry news updated on a daily basis, an info center containing tax forms and IRS publications libraries, financial calculators of each and every kind, and more. Be sure to check us out at www.hmvcpa.com. |
In This Issue...
FY 2010 Revenue ProposalsInvestment Asset AllocationHow Much Assurance Do You Need?Oil & Gas AccountingExecutive Seminar SeriesMinimum Wage Increases In July
 As of July 24, 2009 the current Federal Minimum Wage rate of $6.55 per hour will increase to $7.25 per hour.
Congress Extends FDIC Limits Through 2013
Congress recently signed off to extend the FDIC's deposit-insurance limit of $250,000 through the year 2013. The limit was originally raised from $100,000 to $250,000 per depositor through the Emergency Stabilization Act of 2008 signed by President Bush last October. However, this was a temporary measure and set to revert back to the $100,000 limit on January 1, 2010.
Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts which will remain at $250,000 per depositor.HMV Welcomes New Employees
Two of our intern/part-time employees, Whitney Stephenson and Drew Pendarvis, graduated from college this spring and accepted full-time positions in our tax department.
Whitney earned her Bachelor's in Accounting from Louisiana State University Shreveport and began full-time in our Shreveport office June 15.
 Drew graduated with a Bachelor of Business Administration in Accounting from the University of Louisiana at Monroe. He began full-time in our West Monroe location June 1.
Nathan Harvey is the newest addition in our audit department. He is a recent graduate of Louisiana Tech University where he majored in accounting.
Sarah Hunt, originally from Oil City, Louisiana recently joined our accounting services department in our Shreveport location.
Angela Jones also recently came on board in our Shreveport location accounting services department. She comes to us from Kirbyville, Texas. Rachael Mooney joined our accounting services department in April and is a part of our new Oil & Gas Accounting division. Rachael was born and raised in Shreveport and is a graduate of Centenary College.
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