Insights

Insights

The latest insights on topics that matter to you.

Wipfli is dedicated to business leaders and their organizations. Each month, we bring you thought-provoking articles on long-range organizational issues related to people, processes, technology, customers, and financial management.

You'll also find whitepapers, blogs, webinars, and eBooks. You can sort via your industry or the topic

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Articles

Here’s the Coverage Your Business Interruption Insurance Program May Be Missing

Traditionally, there must be some type of physical damage to insured property at covered locations and by covered “perils” in order to trigger business interruption coverage. Today, however, businesses are threatened and interrupted by many new types of disasters that do not involve physical damage to insured property.

12/4/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Litigation Support Services
By: William Metzdorff

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Performing a Year-End Inventory: Is It Worth It?

Counting your inventory can be a tedious job, and oftentimes it even means shutting down your operations for a period of time to manage the process and ensure all items are counted properly. Below we will discuss why accurate inventory balances are important, tips for an effective physical count and alternatives to a full year-end inventory count.

12/4/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Audit and Accounting
By: Kyle Wierzba

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Colorado Enacting Economic Nexus Sales Tax Collection and Changing Collection Requirements for State-Collected Local and Special District Taxes

On September 11, 2018, the Colorado Department of Revenue (CDOR) adopted emergency rules establishing an economic nexus standard for retailers without a physical presence in the state when such a retailer either (1) exceeds $100,000 in gross revenue from sales of tangible personal property or services delivered into the state in the current or previous year; or (2) makes 200 or more separate transactions of tangible personal property or services for delivery into the state in the current or previous year.

12/3/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Tax
By: Tiffany Davis, Tara T. Johnson, Daryl L. Ohland, Lisa J. Storey

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Tax Impacts of the Revenue Recognition Standard

In 2014, the Financial Accounting Standards Board (FASB) collaborated with the International Accounting Standards Board (IASB) to build a global standard for recognizing revenue on contracts with customers. The resulting standard, ASC 606, is the biggest alteration to generally accepted accounting principles (GAAP) in 20 years. Everyone from auditors to tax advisors have had to wrap their heads around the changes. The standard by itself is a beast; add on top of that changes to the tax reporting for revenue recognition, and together you have a monster of an issue to deal with.

12/3/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Audit and Accounting
By: Samantha A. Wimmer

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How to Maximize the 20% Pass-Through Deduction for Dealership Income

The Tax Cuts and Jobs Act (TCJA) lowered all individual tax rates, but it also added a special benefit for business owners that operate as pass-through entities (S corporations and Partnerships). Certain business owners can get an additional 7% tax rate reduction. It’s important to make sure that you qualify and that your benefit will not be limited by a number of special rules that reduce the amount of the tax benefit.

12/3/2018
Industries: Dealerships
Services: Tax
By: Benjamin Dailey

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Part Three of Best Practices in Web Design: How to Create an Interactive, Frustration-Free Website Experience

Getting visitors on your website in the first place is hard enough, but keeping them there is equally difficult. If you look at your website analytics, you can see the bounce rate of site visitors. The bounce rate shows who leaves your site without visiting any pages other than the one they landed on, and the time they spend on your website before leaving.

12/3/2018
Industries: Nonprofits
Services: Consulting, Technology
By: Dianne Newton-Shaw

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Audit Report Card

Think back to the last attest engagement you and your team prepared for and how you felt about the process overall. Were you relaxed, well-prepared and organized? Did you know the expectations of your role during on-site fieldwork? If the answer is no, then you’re not alone. Fortunately, there are a couple of strategies you can use to make the attest procedures less daunting and overwhelming for your team.

11/30/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Audit and Accounting
By: Amanda Flohr

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Create Business Intelligence by Automating the Posting of Detailed Revenue Audit Data

Casinos handle significantly large amounts of financial transactions — both in payouts and general management of their operations. Therefore, ensuring cash flow in and out of a casino is incredibly important to its long-term success. Failure to properly monitor and audit revenue reports will put the casino at risk for major violations and, ultimately, a damaged reputation.

11/29/2018
Industries: Tribal Gaming and Government, Tribal Gaming
Services: Consulting, Technology
By: Jason Winkler

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Blogs

Ag Conversations

Ag Conversations

The ag landscape is always changing, and you need reliable information you can depend on. Designed with you in mind, Ag Conversations covers topics important to you and your business — everything from how to successfully navigate the current tax environment to updates on court rulings and policy issues. Let your voice be heard. Join the conversation!

Industries: Agribusiness
Services: Audit and Accounting, Tax, Consulting, Outsourcing, Private Wealth Services

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Bank On Wipfli

Bank on Wipfli

Count on Bank on Wipfli to be your go-to source for need-to-know-now information that affects the financial institution industry.

Industries: Financial Institutions
Services: Audit and Accounting, Consulting, Tax

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Dynamics CRM Blog

Connect – Microsoft Dynamics 365

Stay connected with product news, best practices, ideas, and tips to explore alignment with strategic business objectives, meet a short term tactical need, or just get thinking.

Services: Technology, Consulting

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Get Dynamic Blog

Get Dynamic - Microsoft Dynamics GP

Get the most out of Microsoft Dynamics GP with the latest tips, tricks, and announcements that help keep it simple.

Industries: Manufacturing and Distribution
Services: Consulting, Technology

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Health Care Perspective Blog

Health Care Perspectives

This blog covers a variety of current topics in the health care industry.

Industries: Health Care
Services: Audit and Accounting, Consulting, Tax

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Webinars

Tax Update for Financial Institutions

The Tax Cuts and Jobs Act was signed by President Trump at the end of 2017. This much anticipated tax reform comes with new rules that your bank can take full advantage of, if you prepare before the end of the year. Listen to a webinar regarding how the new tax law will impact banks and what will need to be done to prepare. 

12/7/2018
Industries: Financial Institutions
Services: Tax
By: Jessica H. Mac Naughton

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Accounting and Audit Update for Financial Institutions

Wipfli’s annual accounting and audit webinar provides an update on final accounting rules effective for 2018 and 2019, as well as some rules that have been finalized but will not be effective for several years. We also look at the current status of any significant proposed rules being deliberated by FASB and implications they would have for the financial institution industry.

11/20/2018
Industries: Financial Institutions
Services: Audit and Accounting
By: Brett D. Schwantes

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Recorded Webinar: Revenue Recognition, Misconceptions and Lessons Learned

The largest change to GAAP in 20 years—ASC 606—continues to mystify, challenge and frustrate the accounting world. Depending on the level of change required, organizations need a timely and efficient plan of adoption to ensure adequate resources are available and reporting deadlines are met. With the 2019 deadline for private companies to adopt ASC 606, Revenue from Contracts with Customers, looming closer, hear firsthand about some common misconceptions and lessons learned from adopters.

11/8/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Audit and Accounting
By: Ronald P. Hafner, Colleen Cooke-Varallo, Brian Dietz, Samantha A. Wimmer

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Recorded Webinar: Is Your Business Transferable?

Only 30% of private businesses are successful in their first generational transfer (70% failure rate).

Only 14% pass from the second to third generation, and only 4% make it to the fourth generation.

Do you know the characteristics that determine whether or not your business is transferable? View this on-demand webinar to learn more.

10/25/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Tax
By: Paul T. Lally

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New Tax Guidance on 199A: An Overview of Its Impact on Ag Producers

As an Ag Producer, you need to know how the recent guidance on Section 199A impacts you. This guidance clarified some gray areas created by the Tax Cuts and Jobs Act of 2017. This recorded webinar provides a high-level and practical look at the impact of the TCJA and the new guidance on Section 199A.

10/25/2018
Industries: Agribusiness
Services: Tax
By: Dustin Wiesner, Andrew Seifert, Bradley Cook

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SCOTUS Overturns Quill: What You Should Be Doing Today

This summer, the U.S. Supreme Court released its highly anticipated decision in South Dakota v. Wayfair, Inc. In a five-to-four decision, the Supreme Court overturned the physical presence standard set forth in its own decision in Quill Corp. v. North Dakota. In that case, the Supreme Court ruled that a state could require a business to collect sales tax only if that business had a physical presence in that state. Join Wipfli State and Local Tax (SALT) leaders to learn more about this monumental change, how it impacts manufacturers and what you should be doing today. 

10/3/2018
Industries: Agribusiness, Construction and Real Estate, Dealerships, Financial Institutions, Financial Services, FinTech, Freshwater, Governments, Health Care, Insurance, Manufacturing and Distribution, Nonprofits, Private Equity, Tribal Gaming and Government
Services: Tax
By: Craig A. Cookle, Tara T. Johnson

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SCOTUS Overturns Quill - How Manufacturers Are Impacted and What You Should Be Doing Today

This summer, the U.S. Supreme Court released its highly anticipated decision in South Dakota v. Wayfair, Inc. In a five-to-four decision, the Supreme Court overturned the physical presence standard set forth in its own decision in Quill Corp. v. North Dakota. In that case, the Supreme Court ruled that a state could require a business to collect sales tax only if that business had a physical presence in that state. Join Wipfli State and Local Tax (SALT) leaders to learn more about this monumental change, how it impacts manufacturers and what you should be doing today.

9/28/2018
Industries: Manufacturing and Distribution
Services: Tax, State and Local Tax
By: Craig A. Cookle, Tara T. Johnson

> Read More