Author Archives: Angie Fenton

62nd Annual St. James Court Art Show Returns Oct. 5-7

With fall on the horizon, the 62nd Annual St. James Court Art Show is back and will again be held the first full weekend in October. What was once just a way for residents of the neighborhood to pay their bills has become a “Top 10 Fine Arts and Craft Show in the U.S.” – as ranked by Sunshine Artist Magazine (September 2017).

Howard Rosenberg has been named the new Executive Director of the St. James Court Art Show. Rosenberg has been an active member of the Old Louisville community since he moved there in the early 80s. He currently serves as the chair on the Old Louisville Neighborhood Council and the Garvin Gate Blues Festival. Rosenberg is also an active member of the Jewish Community Federation.

“I have felt it important to be involved in this extremely unique and beautiful historic neighborhood. I believe in the value that the SJCAS brings to this region,” says Rosenberg. “To be a part of this great event in a meaningful way is a life’s dream. To be able to contribute to the value that it brings to our community is humbling.”

The St. James Court Art Show takes place on Friday, Oct. 5 and Saturday, Oct. 6 from 10 a.m. to 6 p.m. and Sunday, Oct. 7 from 10 a.m. to 5 p.m. Admission is free, and the art show is a rain or shine event held in historic Old Louisville, one of the largest preserved districts of Victorian architecture in the United States. The show began on St. James Court and has since expanded to Belgravia Court, South Fourth Street, Third Street, 1300 Third Street Neighborhood Association and the West End Baptist Church.

In addition to the plethora of local Kentucky artists, hundreds of artists travel to Louisville from all around the world to participate in this incredible show, and only about one in four that apply are selected to show their work at St. James Court Art Show. During this three-day event guests will discover unique works of art in 17 artistic mediums, from clay to wood, and everything in between. Food and drink from local vendors will also be available for purchase.

In the early years of the art show, profits were around $700 and attendance was approximately 40,000. Today, the St. James Court Art Show attracts over 150,000 visitors and tops $3 million in sales, while showcasing more than 700 artists. A portion of those profits profits also help fund scholarships for the St. James Court Art Show H.S. Scholarship Competition, which annually awards over $52,000 total to six deserving high school art students. St. James Court Art Show also has a grant process that supports several other Old Louisville non-profits and events such as, The Cabbage Patch Settlement House, Garvin Gate Blues Festival, Old Louisville Springfest, Shakespeare in the Park, Central Park Clean Up and many others. Profits also benefit the preservation of the iconic St. James Court fountain and the Old Louisville neighborhood. The maintenance of the iconic St. James Court Fountain alone can cost $10,000-$30,000 a year, and the neighborhood is also responsible for maintaining the greens, trees, sidewalks, gas lights, lions and urns of the court. Those who live in Old Louisville benefit from the amenities of the neighborhood, as do the thousands of visitors.

Those traveling to Louisville for 62nd Annual St. James Court Art Show will find plenty to do after the art show concludes each night. Named “One of the Great Places in America,” by the American Planning Association, Old Louisville is located a few miles from other notable Louisville attractions such as the Kentucky Derby Museum, Churchill Downs, Louisville Slugger Museum and Factory, 21c Museum and Hotel, and numerous bourbon distilleries. Walking distance from the art show are a number of other local restaurants, bars, and businesses, like Old Louisville Brewery, Amici Café, Pizza Donisi, Granville Inn, Seafood Lady, and Old Louisville Tavern.

For more information about the St. James Court Art Show, visit stjamescourtartshow.com and follow on Facebook at facebook.com/StJamesCourtArtShow.

The St. James Court Art Show® is a juried fine arts and contemporary crafts show held among the country’s largest collection of Victorian homes in the heart of historic Old Louisville. St. James Court Art Show® was founded on October 12, 1957 by St. James Court Association president, Malcolm Bird. Back in 1957, St James Court Association was faced with an empty treasury, mounting debt for recent fountain repairs, and an immediate need to generate funds. The Art Show seemed to be a perfect means to generate funds and bring residents together. For over 60 years, the first full weekend in October has meant that it’s St. James Court Art Show time. What originally began as a way to pay the bills has become an autumn tradition that draws hundreds of thousands of visitors to see (and purchase) original art from talented artists.

Ron Grooms: A Proven Leader

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Sponsored Post

During his tenure as our State Senator, Ron Grooms has worked with colleagues to pass truly balanced budgets, encourage economic growth, create jobs, increase education funding, promote better access to health services, combat the opioid crisis, and improve our infrastructure. Thanks to sound fiscal management by Ron and his fellow legislators, Indiana was recently named as having the best state government in the nation by U.S. News & World Report. The state budget is truly balanced, with $2 billion in reserves and two-thirds of our state debt eliminated. Hoosiers are keeping more of their hard-earned income thanks to a 5 percent reduction in income taxes, the elimination of the inheritance or “death tax”, and permanent property tax caps.

Ron has helped bring more than 3,500 new jobs to our communities with businesses such as Amazon. Due to his efforts, our region has a lower unemployment rate than both the state of Indiana and the nation (as of November 2017). Ron supported legislation that created Workforce Ready Grants to help Hoosiers obtain high-value industry certification that leads to high-paying jobs. A strong proponent of school choice, Ron believes Hoosier parents should have options from which to choose when deciding where to send their children to school and he is committed to making sure our schools are well-funded and teachers well-paid. In fact, more than half of every dollar in the state budget is spent on education, and funding for K-12 education has increased $1 billion during the last five years. He is also committed to ensuring Hoosier students receive the education they need to prepare them for the 21st Century workforce and supports programs that help students find the right career path for them, whether it be secondary education, technical school or other training.

Find more information on SenatorGrooms.com

¿Hablas Español? The Bass Group Is Here To Help

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¿Hablas Español? The Bass Group is here to help.

Bass Group Business Spotlight | True North

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In the latest edition of Bass Group’s Local Business Spotlight, the team takes a look at True North, located in the heart of New Albany. Jason Neil Gobbel talks to owner Michelle Ryan, where she shares what her store’s namesake means to her and how she builds relationships with local artists.

Find out more about True North https://www.instagram.com/truenorth812/, https://www.facebook.com/TrueNorth812/ and http://www.shoptruenorth812.com.

Learn more about the Bass Group at www.bassgroupre.com.

Neace Ventures Acquires Tin Man Brewing Company

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Kentuckiana-based venture capital company adds Evansville Brewery to Portfolio
Louisville, Ky. (June 16, 2017) – Neace Ventures, a Kentuckiana-based venture capital and real estate firm, has acquired Tin Man Brewing Co. in Evansville, Ind.

“Neace Ventures is excited to announce the acquisition of Tin Man Brewing Company,” said Neace Ventures President Brad Estes. “The synergies that this fine company brings to our food and beverage portfolio are countless. We proudly welcome the Davidson family into the Neace Ventures family.”

Tin Man Brewing, which is located at 1430 W. Franklin St. in Evansville, ceased its Tasting Room operations in late March but continued brewery production for its distribution network while seeking a new owner.

“We’re very excited about this partnership,” said Tin Man Brewing President Nick Davidson. “We have always been a family business, and now we’re becoming a part of a bigger family.”

The acquisition, which was prepared by Middleton Reutlinger and financed by German American Bank, expands Neace Ventures’ food and beverage portfolio, which already includes Old 502 Winery, Falls City Brewing Company, Over the Nine, and Brownies “The Shed” Bar and Grille. It also affirms Neace Ventures’ commitment to communities and partnerships.

“Falls City couldn’t be happier to welcome a new sister company. Tin Man’s brand reputation speaks for itself and its people are a class act,” said Falls City President Shane Uttich. “Our entire team is excited.”

In addition to the acquisition of Tin Man, Falls City previously announced that it will move its Louisville brewing and tap room operations to East Liberty Street in NuLu/Phoenix Hill. This will allow Old 502 Winery to expand its operations at 116 S. 10th St.

The Neace Ventures headquarters are located at 110 W. Main St. Louisville, Ky. Chairman John Neace founded the company after building and selling one of the nation’s largest insurance brokerages. Find out more about the company at neaceventures.com.

Make It Count with Rodefer Moss & Co, PLLC | Are You Ready for an IRS Audit?

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By Doug York, CPA & Partner, Rodefer Moss & Co, PLLC

If being selected for an IRS audit were a game show, it’d be called the Wheel of Misfortune.

Though the IRS in 2016 audited about one million individual tax returns, it represented only about 0.7% of all returns filed. That’s a 16% drop from a year earlier and means there was about a one in 140 chance that when the IRS wheel spun its audit wheel it landed on your name. That’s down from about one in 120 returns audited in 2015.

Corporate audits in 2016 fell to 1.1 percent from 1.3 percent a year earlier. Overall, it was the sixth straight year the number of audits declined.

Doug York
CPA/Partner
Rodefer Moss & Co, PLLC

Budget reductions at the IRS are blamed for reduced enforcement. Critics contend that years of inadequate IRS appropriates are leading to the decline in audits and thus perhaps emboldening tax cheats.

IRS critics contend that the IRS had become politicized; for example, the much-publicized IRS targeting of conservative organizations. After an investigation, Assistant Attorney General Peter Kadzik, in a letter to Congress saying that no charges would be filed against anyone involved in the scandal, explaining that what was discovered was, “substantial evidence of mismanagement, poor judgment and institutional inertia leading to the belief by many tax-exempt applicants that the IRS targeted them based on their political viewpoints. But poor management is not a crime.”

While poor management may not be a crime, it’s not a confidence-builder, either.

Audits tend to be dollar-figure driven. The higher an individual’s income, the greater the possibility of an audit. Income levels of more than $1 million a year saw audit possibilities approach 6%, the Wall Street Journal reported on March 26, 2017. Incomes above $200,000 saw a 1.7% chance of being audited. Under $200,000 the figure declined to 0.6%.

If your income is above $10 million, there’s about a one-in-three chance you’ll be subject to an audit.

The more complicated a person’s tax return, the more it raises the likelihood of an audit. As a person’s income increases their various financial instruments, shelters, investments, deductions, and other factors tend to become more complex – and more attractive to IRS auditors.

Suspicion of unreported income; questionable deductions; foreign income or accounts; appearance of unreported income; and other maybe-this-doesn’t-pass-the-smell-test factors bring the IRS bloodhounds sniffing at a person’s income paper trail.

Corporations stand a much higher chance of being audited, and again, the higher the income, the higher the probability of an audit because of the amount of money involved. Also, as with high-income individual taxpayers, corporate tax returns tend to be very complicated, which again leads to greater scrutiny.

Regardless of the numerical factors impacting the number of IRS audits, everyone – individuals and corporations – should conduct their affairs is if tomorrow they’ll receive notice of an audit.

Obeying financial laws and keeping good records for your own protection is common sense. That doesn’t mean regardless of your tax position that you and the IRS are going to agree on everything either through an audit or because your tax return was flagged for some reason.

The IRS doesn’t always prevail in tax disputes. And it’s possible, the faces behind the acronym being human, for IRS employees to make mistakes. Thus, keeping good records and not becoming overly “creative” in your financial reporting guard against IRS problems.

Another reason to always be audit-ready is that when the IRS Wheel of Misfortune spins, it will land on someone’s name. Betting it won’t be you is a gamble.

Rodefer Moss is a three-state accounting firm with offices in New Albany, Corydon, and Georgetown, Ind., Louisville, Ky., and four offices across Tennessee. The firm’s website is www.rodefermoss.com.

Make It Count with Rodefer Moss & Co., PLLC | Real Estate Accounting Solutions: Alleviating Accounting Headaches for Commercial Property Management

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By Leah Driver, CPA Manager, Rodefer Moss & Co, PLLC

Many commercial property managers and owners spend a great deal of their time out of the office visiting properties. This can make it difficult to keep up with their accounting and record keeping. While at a property they may need access to “real time” financial data. Larger companies may have an employee handling these responsibilities in the office. However, this doesn’t always alleviate the problem. The employee may be behind in their bookkeeping and accounting responsibilities due to other office duties, or simply out of the office. Wouldn’t it be nice to have an accounting department without having to hire or retain employees and have your real-time financial data accessible 24/7? Real Estate Accounting Solutions (REAS) can do just that and much more! REAS is a full service outsourced property management solution. REAS is an affiliate of Rodefer Moss & Co, PLLC, one of the largest CPA firms in the region with over 50 years of business in the Southern Indiana and Louisville area.

REAS is a cloud-based solution with web portals for investors and owners, allowing real-time access to your property management data from any location 24 hours a day. REAS provides accounting and organization tools for the property management process and is a great tool for any group, regardless of size.

Key Features

Property management professionals can outsource their day to day accounting and focus on what they do best. Here some, but not all, of the great features and capabilities of REAS.

Financial Reporting, Bank Reconciliations
Accounting of Current & Future Leases
CAM Reconciliation
Rent Roll
Accounts Payable
Accounts Receivable

Tailored to your Needs

This software solution accompanied by our CPA’s with real estate accounting expertise brings a full outsourced solution to property management, lease management, vendor management and accounting service.

Property Type

Does your property fit the model of a REAS candidate? There are many property types we can customize this feature to work with. The following list includes examples of REAS candidates.

Apartment Complexes
Shopping Centers
Warehouses
Office Buildings
Commercial Buildings
Industrial Properties

Pricing

Pricing for REAS is based on rental revenues and their associated management fees. The pricing is beneficial to both large and small developments. As properties experience high tenant occupancies and profitable rental rates, REAS fees remain an incremental cost. Likewise, pricing for this outsourced tool is great for smaller companies and start-ups, as the fees are percentage-based rather than flat fee. Fees for this accounting solution are highly competitive for larger companies with existing accounting functions, as well as in smaller companies who simply cannot afford to hire internal accounting staff. Let REAS help you Increase accuracy, efficiency, and cost savings with “real-time” 24/7 access to your financial data from wherever you happen to be when you need it!

For More information on REAS or Rodefer Moss, please contact us.

Matt Brown, CPA Partner 812-981-3436 mbrown@rodefermoss.com

Leah Driver, CPA Manager 812-981-3442 ldriver@rodefermoss.com

Website: www.REASaccounting.com

Bass Group Business Spotlight | 2017 Fillies Luncheon For A Cure

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The 2017 Fillies Networking Luncheon & Fashion Show for a Cure is the focus of this episode of Bass Group Real Estate’s Local Business Spotlight. Yes, the luncheon is over – for this year – but the opportunity to help survivors persists. Watch the video to find out why this is one of the most inspiring events around. To donate to the cause, go to http://bit.ly/2p5OlF8.

Be sure to subscribe to the Bass Group Real Estate channel! Visit us at www.bassgroupre.com.

Edwardsville Cleanup Scheduled for April 29

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EDWARDSVILLE, Ind. — The sixth annual Edwardsville Cleanup project, which includes trash pickup and landscape maintenance, is scheduled to take place April 29, with a rain date of May 20.

The cleanup project will take place from 9 am. to 12 p.m. Volunteers are invited to meet at Garry E. Cavan Park at 8 a.m. for registration, donuts/juice and location assignments. After the cleanup, the project will wrap up with lunch and door prizes at 11:30 a.m.

Equipment, such as tools and gloves, will be provided. Volunteers are asked to dress appropriately for weather and outdoor work. All volunteers will receive a complimentary t-shirt. Individuals and groups such as schools, churches, scouts, etc., are welcome to participate. This project meets community service obligations for individuals and tax incentives are available to organizations with teams of 10+ people such as storm water tax credit.

The sixth annual Edwardsville Cleanup’s theme is Make Room to Bloom! Students at local schools had the opportunity to enter artwork for the logo. Landry Rice, a 5th grade student at Highland Hills Middle School, is the winner of this year’s logo contest. Landry was awarded $100 and is congratulated for her winning logo entry by ESC committee member, Joseph “P.J.” Moore.

edwardsville-clean-up

Caption for photo: Landry Rice Wins Logo Contest for Edwardsville Cleanup Project

Make It Count with Rodefer Moss & Co., PLLC | IRAs are a taxing decision

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By Doug York, CPA & Partner, Rodefer Moss & Co, PLLC

When to contribute to your 2016 Individual Retirement Accounts is a taxing and spending decision. So, potentially, is determining how much to contribute. The deadline is April 18 for tax year 2016 IRA contributions. That’s three days beyond the normal April 15 tax day deadline because of Emancipation Day, a holiday in Washington, D.C.

Doug York
CPA/Partner
Rodefer Moss & Co, PLLC

To take advantage of growth in an IRA, it’s usually better to make your contributions as early in the tax year as possible.

But this isn’t always financially feasible, which makes the deadline reaching into the following year a benefit for retirement savings. How much should you contribute? Given the challenges of retirement, the need for consistent income, and a general desire to maintain a similar standard of living once you stop working, you will probably want to contribute as much as you can up to the allowable limit.

Time Magazine in March 2016, in an article on retirement planning, said that even as lifespans lengthen, some 56 percent of Americans have less than $10,000 in retirement savings. Only 18 percent had put away more than $200,000.

An IRA enables you to pay yourself during your growth and peak earning years so that you’ll be able to pay yourself as you ratchet back your work schedule or retire altogether. How much you contribute today will have direct bearing on your quality of life later.

IRA contribution limits for tax year 2016 are $5,500 for taxpayers up to age 50, and $6,500 for taxpayers age 50 or older.

As Americans typically don’t save enough for retirement, the extra $1,000 gives people of greater age an opportunity to make up lost savings ground. The limit starts to phase out if your income is over $99,000 married or $62,000 single. Also you may not be able to contribute if you or your spouse has a 401(k) or other retirement plan.

Tax consequences come into play if you make IRA contributions above the allowable limits.

There is a six percent tax on IRA contributions that exceed the contribution limits. For example, if you’re older than 50 and put $7,500 in your IRA for 2016, you’ll be taxed $60 every year the extra contribution remains in your IRA.

IRA contribution limits don’t apply to rollover IRAs (putting your IRA money into another IRA plan). The rollover rules are expanded for military reservists called to active duty by allowing them up to two years to roll over a distribution.

Roth IRA contributions, as opposed to traditional IRAs, are made with money on which you’ve already paid taxes, making it tax-free when withdrawn. If you have both a Roth IRA and a traditional IRA, you are restricted to the same total $5,500 contribution limit as if you only had a traditional IRA. However, the phase-out doesn’t start until $184,000 for married couples and $118,000 if you’re single.

When it comes to withdrawing IRA funds, another deadline exists.

If you turned 70½ in 2016, you have until April 18, 2017, to take your required minimum distribution. This is true for each IRA in which you participate. The IRS provides a worksheet on how to figure your minimum required distribution.

There’s a hefty 50 percent excise tax on all or part of any required minimum distribution you fail to withdraw from your IRA. Again, this doesn’t apply to a Roth IRA. IRA owners who’ve reached required minimum distribution age can avoid tax on up to $100,000 by electing to transfer funds to a charity. This benefit was made permanent last year.

There are 13 days (maybe less by the time you read this) left in which to make these decisions, if you haven’t already.

As with IRAs and so many other financial instruments, there can be nuances atop nuances. Talk to your accountant or financial planner to think through the best strategy for your present and future.