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Change
Choosing the right accounting method for tax purposes
8/15/2018
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures...
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IT consultant
6 ways to get more value from an IT consultant
8/15/2018
IT consultants are many things — experts in their field, champions of the workaround and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma...
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compensation
Contemplating compensation increases and pay for performance
8/10/2018
As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash...
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conversion
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
8/10/2018
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then...
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team
Hiring a Doctor ... A Few Points to Consider
8/10/2018
Since physicians are the revenue producers of a busy medical practice, there can be a temptation to add doctors to ease patient loads and increase the bottom line. But while bringing on more practitioners can reduce workloads and create...
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highlighter
Looking for a Business Loan? Be Prepared
8/10/2018
If you're building up a small business but haven't yet needed to borrow funds to expand or smooth out cash flow irregularities, you're doing something right. Or if you have borrowed and everything went smoothly, kudos again. Otherwise, keep in...
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SEP
Squeeze More Out of a Company SEP
8/10/2018
If you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan or SEP. Among the appealing advantages: 1. SEPs are...
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planning
Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends
8/10/2018
Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for...
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calculator
How Tax Reform Affects Tax Planning for C Corporations
8/10/2018
One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service...
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Handshake
More Acquisitions Signal Change in Accounting Industry
8/9/2018
Independent Firms Must Find Their Niche Within the accounting industry, a growing trend is emerging. Across the country, large corporate accounting firms are rapidly acquiring midsize firms. While these acquisitions have created obstacles for some,...
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Chain
Is there a weak link in your supply chain?
8/2/2018
In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure...
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AMT
Do you still need to worry about the AMT?
7/31/2018
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the...
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a plus
Appraising Your Company's Appraisers
7/31/2018
Let's face it — employee performance appraisals are a chore, can seem confrontational and take time that managers would rather spend on more pressing demands.  Sometimes managers rush through them and the results can be...
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trademark
Pick the Right Trademark
7/31/2018
When you create a brand name, the relative strength of the words you choose directly affects how well you will be able to protect the goodwill your brand builds. When The Home Depot was getting off the ground in 1979, its founders searched for...
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calculator
Calculating Deductions for Business Interest Expense
7/31/2018
One of the most complicated provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation on deductions for business interest expense. At face value, this limitation seems straightforward, but the devil is in the details. Do You...
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deductions
New Law, New Limit on Deductions for Business Interest Expense
7/31/2018
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here's what you need to...
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Portrait of New Employees
415 Group Grows Its Commitment with Nine New Hires
8/2/2018
Canton, Ohio (August 2, 2018) — 415 Group, a certified public accounting, business consulting and IT services firm, announced today the hiring of nine associates: Kandaze Bresnahan, Associate Ron Butler, Senior Manager Cody Ciesielczyk,...
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smart
Get SMART when it comes to setting strategic goals
7/26/2018
Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because...
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Image representing Why the “kiddie tax” is more dangerous than ever
Why the “kiddie tax” is more dangerous than ever
7/26/2018
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the...
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415 Group MSP 501 Winner
415 Group Ranks Among Top 501 Global Managed Service Providers
7/24/2018
CANTON, Ohio (July 24 , 2018) – 415 Group, an accounting, business consulting and IT services firm, ranks as one of the top 501 IT managed service providers (MSP) worldwide. In the 2018 list released by Channel Futures, the firm is recognized...
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building block
Trust is an essential building block of today’s websites
7/18/2018
When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and some...
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QBI
Close-up on the new QBI deduction’s wage limit
7/18/2018
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships,...
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harass
Shield Against Sexual Harassment Charges
7/17/2018
There's a lot of discussion these days about protecting physicians from malpractice lawsuits. But another, less publicized threat is potential sexual harassment claims from employees or patients. Like all workplaces in the last decade, medical...
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bid
Is it Time to Rebid Your Vendor Contracts?
7/17/2018
While it's great to have a good rapport with your vendors, it's important to ensure the relationship remains businesslike. Vendors who know there is a threat that they could lose your contract are more likely to focus on staying...
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notice
Important Features When Selecting a Collection Agency
7/17/2018
Even the most efficiently run business occasionally encounters some delinquent accounts — those bills that aren't paid on time. As a result, you may face the unpleasant task of trying to collect on past-due accounts. Your company...
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options
Is an Association Health Plan Right for Your Company?
7/17/2018
Association health plans (AHPs) are health benefit policies made available to small employers through a group purchasing arrangement for the benefit of association members and their employees. Under the old rules, AHP availability was limited...
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Family
Effects of the Tax Law Vary Based on Major Life Events
7/17/2018
Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes...
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volunteers
What you can deduct when volunteering
8/3/2018
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately,...
Includes insights from Mikaela E. Raydo
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keys
3 keys to a successful accounting system upgrade
7/12/2018
Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as...
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inventory
Is your inventory getting the better of you?
7/26/2018
On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big —...
Includes insights from Matt D. Campanale
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tax credit
Home green home: Save tax by saving energy
7/3/2018
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three...
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shareholder
Beware of Deductions Claimed for Certain Business Expenses
6/29/2018
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that's helpful and appropriate for your...
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money
Pull the Plug on Employee Theft
6/29/2018
Not all crooks roam the streets at night. Some might be roaming your company hallways, stealing cash, forging or altering checks, and pilfering your inventory and property. Even worse, they may be stealing intellectual property such as...
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Family
IRS Encourages Taxpayers to Check Withholding
6/29/2018
Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a result, many taxpayers who previously itemized...
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cart
Sales Tax: Supreme Court Ruling Affects Retailers and Consumers
6/29/2018
A new U.S. Supreme Court ruling paves the way for states to require Internet sellers to collect sales tax from consumers — even if they don't have a physical presence in the state. (South Dakota v. Wayfair, No. 17-494, June 21, 2018)...
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health
Do you know the ABCs of HSAs, FSAs and HRAs?
6/27/2018
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs....
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401
Finding a 401(k) that’s right for your business
6/27/2018
By and large, today’s employees expect employers to offer a tax-advantaged retirement plan. A 401(k) is an obvious choice to consider, but you may not be aware that there are a variety of types to choose from. Let’s check out some of the...
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credit
Run the numbers before you extend customer credit
6/20/2018
Funny thing about customers: They can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the...
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Q3
2018 Q3 tax calendar: Key deadlines for businesses and other employers
6/20/2018
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
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Image representing Plain Dealer Once Again Names 415 Group a Top Workplace
Plain Dealer Once Again Names 415 Group a Top Workplace
6/17/2018
Canton, Ohio — 415 Group, a leading certified public accounting, business consulting and IT services firm in Northern Ohio was selected as one of The Plain Dealer’s Top Workplaces for 2018. This award, according to The Plain...
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playbook
The Importance of Medical Practice Policy Manuals
6/14/2018
Over time, doctors develop their own unique style of practicing medicine. The same is true of medical groups. They develop a style that involves creating a work culture and passing information about it on to staff members. A medical practice's...
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key
Six Keys to Successful Change in the Workplace
6/14/2018
Employees generally hate change. Whether it's a merger or restructuring, or a simple change in the color of the office, studies show both staff members and managers resist. The reactions may seem irrational but change can suggest an invasion...
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trophy
Having the Right Stuff
6/14/2018
If numbers are a barometer of success and figures don't lie, how do we explain the following contradictory evidence: More than 50% of all chief executives of Fortune 500 companies had C or C- averages in colleges. Sixty-five percent of...
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states
Will States Conform to the New Tax Rules?
6/14/2018
Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering...
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plan
Watch Out for these Tax Issues When Planning for Your Business in 2018
6/14/2018
The Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won't necessarily be relevant to your situation. Here's a quick reference guide to the major changes under the new law to help you understand what's changing. In...
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estate planning
The tax impact of the TCJA on estate planning
6/13/2018
The massive changes the Tax Cuts and Jobs Act (TCJA) made to income taxes have garnered the most attention. But the new law also made major changes to gift and estate taxes. While the TCJA didn’t repeal these taxes, it did significantly reduce...
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review
A midyear review should go beyond financials
6/13/2018
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way and, hopefully, reach your destination with some success and a few lessons learned. The middle of the year...
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succession
Could a long-term deal ease your succession planning woes?
6/7/2018
Some business owners — particularly those who founded their companies — may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement isn’t...
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retirement
Factor in state and local taxes when deciding where to live in retirement
6/7/2018
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision. Income, property and sales tax Choosing a state that has no personal income tax may...
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agreement
Does Your Buy-Sell Agreement Need Updating?
5/31/2018
If you own a business and follow professional advice, you've likely established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. Assuming this is true, remember that it's not enough to draft an...
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