It Depends
It Depends is a podcast series brought to you by Hantzmon Wiebel. If you’ve ever talked to an accountant, they’ve probably told you, “Well, it depends…” This podcast series is for business owners, leaders, operators, accountants, or anyone just wanting to learn more about the accounting industry. Hantzmon Wiebel aims to deliver solutions that bring real value to businesses, individuals, and nonprofits in our community. As the leading independent accounting and professional services firm in Central Virginia, we’re dedicated to making a positive impact. We foster future leaders in a supportive, challenging environment, deliver top-notch services, and maintain a hea...
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Strategic New Year’s Resolutions for Business Owners
Strategic New Year’s Resolutions for Business Owners — One of the most impactful resolutions a business owner can make at the beginning of the year is to create or update a realistic budget. A well-designed budget should align with both growth objectives and profitability targets, serving as a roadmap for decision-making throughout the year.
Strengthening Internal Controls to Support Audit Readiness
Strengthening Internal Controls to Support Audit Readiness — Internal controls are the foundation of a reliable accounting system. They are the processes, policies, and activities an organization establishes to safeguard assets, ensure accurate financial reporting, support compliance, prevent fraud, and promote operational efficiency. When these controls function well, everyone understands their responsibilities, transactions are recorded accurately, and the organization avoids unnecessary accounting confusion.
Maximizing Strategic Year-End Tax Planning
Maximizing Strategic Year-End Tax Planning — As the year ends, taxpayers have an important chance to review their finances and make moves that can lower their 2025 tax bill. With the state and local tax (SALT) deduction limit increasing from $10,000 to $40,000, more people may benefit from prepaying state taxes before year-end—especially those who itemize deductions. If your income has increased in 2025, confirm your estimated payments and withholdings match your expected liability. Adjusting year-end withholdings can help avoid penalties since these are treated as paid evenly throughout the year. It’s also a good time to maximize retirement contributions—401(k) and 403(b) limits a...
Maximize Your Charitable Giving Impact
Maximize Your Charitable Giving Impact — Why Charitable Giving Matters: While charitable giving starts as a generous act and a way to support causes you care about, it can also optimize your tax strategy. Thoughtful planning allows you to make a meaningful impact on your community while leveraging potential tax benefits. Understanding the rules and opportunities surrounding charitable contributions is essential for maximizing both your generosity and your financial strategy. Tax Deductibility Qualifications: To qualify for a tax deduction, contributions must meet a few key requirements—gifts must be irrevocable and not given in exchange for goods or services, donations must be m...
Understanding Form 990 for Nonprofit Organizations
Why Form 990 Matters For nonprofit organizations, compliance and transparency are essential to maintaining tax-exempt status and building trust with donors, grant-makers, and the public. One of the most important tools in this process is Form 990—the annual information return required by the IRS for all tax-exempt organizations. More than a compliance obligation, Form 990 offers an opportunity to present accurate financial information, demonstrate accountability, and communicate the organization’s mission and impact to key stakeholders. What Is Form 990? Form 990 is the IRS’s annual reporting requirement for tax-exempt organizations. It provides a comprehensive picture of the nonprofit’s financial activities, governance practice...
Choosing the Right Structure for Your Business
Why Business Structure Matters. When starting a business entity, one of the most important—and often overlooked—decisions is choosing the right structure. From sole proprietorships to LLCs to corporations, each business entity comes with different legal, operational, and tax implications. The structure of your business affects everything from daily decision-making, liability protection, taxes on income, and ownership over time, including your "exit" strategy. Getting this choice right from the beginning helps lay a strong foundation for growth, compliance, tax efficiencies, and long-term success. Common Myths About Choosing Business Structures. “I’ll just get started and figure it out later.” Many busin...
Staying Ahead of International Taxation
U.S. citizens and residents with foreign financial interests must understand and comply with international tax obligations to avoid costly penalties. The U.S. taxes individuals on worldwide income, meaning foreign bank accounts, investment accounts, pension plans, rental properties, and interests in foreign entities must be reported—whether owned directly or held through signature authority. Common reporting forms include FBAR (for foreign accounts exceeding $10,000), Form 8938 (for a broad range of foreign assets), Form 8865 (for foreign partnerships), and Form 5471 (for foreign corporations). Failing to file can result in steep penalties, but options such as amended returns, delinquent FBARs with reasonable cause, or...
Planning the Future Your Business Deserves
Exiting a business involves more than selecting a date and placing the company on the market—it requires careful preparation financially, operationally, and emotionally to ensure a smooth and successful transition. A thoughtfully developed exit plan enables business owners to preserve value, maintain continuity, and part ways on their own terms, but too often expectations around timing, ease, and outcomes don’t reflect reality. In reality, nearly half of businesses listed for sale never find a buyer, and a successful sale requires more than just listing—it demands careful preparation to attract serious, qualified interest. Exiting on your own timeline is ide...
The Strategic Impact of FP&A Budgeting
Financial Planning and Analysis (FP&A) forecasting and planning goes beyond traditional budgeting. It’s a dynamic planning tool that helps organizations set realistic expectations, evaluate performance, and respond to changing circumstances. While budgets are often considered static documents meant to limit expenses, effective budgeting aligns both revenue and spending with an organization’s long-term goals. Whether planning for growth or navigating uncertainty, FP&A provides the roadmap to move forward with clarity. Consistently measuring actual results against budgets allows leadership to identify variances early, make data-informed adjustments, and capitalize on opportunities as they arise. This proactive approach supports day-to-day oper...
The Critical Role of Financial Reporting for Nonprofits
Why Financial Reporting Matters: While balance sheets and income statements are essential, financial reporting for nonprofits goes beyond just numbers on a page. It includes internal reports such as budget-to-actual comparisons, cash flow projections, functional expense allocations, and the integration of key metrics relevant to the organization. These reports provide a foundation for sound decision-making, helping nonprofits stay financially healthy and focused on their mission. Accurate and reliable financial reporting is crucial because it affects every aspect of a nonprofit’s operations. Leadership teams rely on these reports to make informed decisions, fundraisers use them to demonstrate financial stewardship to do...
