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wotc
Work Opportunity Tax Credit provides help to employers
9/26/2022
In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face...
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auditor
How auditors use Benford’s Law to assess transactions
9/23/2022
An interesting tool called Benford’s Law can be effective in detecting fraud. But it also can be used during external auditing procedures to test journal entries for unusual numeric patterns. Here’s what you should know about this...
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tax
Don’t forget income taxes when planning your estate
9/20/2022
As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now,...
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deadlines
2022 Q4 tax calendar: Key deadlines for businesses and other employers
9/19/2022
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2022. 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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procedures
Using agreed-upon procedures to target specific items of concern
9/16/2022
Your CPA offers a wide menu of services. One flexible offering, known as an “agreed-upon procedures” engagement, provides limited assurance on a specific aspect of an organization’s financial or nonfinancial...
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real estate
Seller-paid points: Can homeowners deduct them?
9/13/2022
In its latest report, the National Association of Realtors (NAR) announced that July 2022 existing home sales were down but prices were up nationwide, compared with last year. “The ongoing sales decline reflects the impact of the mortgage rate...
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real estate
Separating your business from its real estate
9/12/2022
Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the tax, liability and...
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auditor
Why auditors prefer in-person interviews to assess fraud risks
9/9/2022
Auditing standards require financial statement auditors to identify and assess the risks of material misstatement due to fraud — and to determine overall and specific responses to those risks. Here’s why face-to-face meetings are...
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Video Still of Amanda Dalpiaz, 415 Group
Accounting Internship Program at Northeastern Ohio Firm
9/7/2022
As a Northeastern Ohio firm with strong ties to our community, our team enjoys the chance to educate both local high school and university students about all the fantastic opportunities a career in accounting creates, especially right here in Stark...
Includes insights from Richard L. Craig
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EV
Clean Vehicle Credit comes with caveats
9/6/2022
The Inflation Reduction Act (IRA) includes a wide range of tax incentives aimed at combating the dire effects of climate change. One of the provisions receiving considerable attention from consumers is the expansion of the Qualified Plug-in Electric...
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tax
Year-end tax planning ideas for your small business
9/6/2022
Now that Labor Day has passed, it’s a good time to think about making moves that may help lower your small business taxes for this year and next. The standard year-end approach of deferring income and accelerating deductions to minimize taxes...
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income
Is your income high enough to owe two extra taxes?
9/5/2022
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment income. Here’s an overview of the taxes and what they may mean for you. 3.8%...
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past due
Is your current bad debt allowance reasonable?
9/2/2022
In today’s volatile market conditions, it’s important to review your accounts receivable ledger and consider writing off stale, uncollectible accounts. The methods that you’ve used in the past to evaluate bad debts may no longer...
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	Video Still of Marcie Curry, 415 Group
Providing Business Solutions Throughout Northeast Ohio
8/31/2022
At 415 Group, our talented team of experts does it all to help businesses succeed. As a full-service professional firm, we offer a broad range of business solutions to companies all over Northeast Ohio, including certified public accounting,...
Includes insights from Marcie E. Curry
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tax
IRS offers penalty relief for 2019, 2020 tax years
8/31/2022
While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits....
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IRA
The Inflation Reduction Act: what’s in it for you?
8/30/2022
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in the near future, it contains, extends and modifies many climate and energy-related...
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Video Still of Eric Schreiber, 415 Group
Having a Healthy Work-Life Balance
8/30/2022
Eric Schreiber, audit director at 415 Group, recalls his time working at a Big Four accounting firm. While there, he was part of a large team that contributed hundreds of hours of overtime every year. Since coming to 415 Group, he’s been able...
Includes insights from Eric Schreiber
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IRA
Inflation Reduction Act provisions of interest to small businesses
8/29/2022
The Inflation Reduction Act (IRA), signed into law by President Biden on August 16, contains many provisions related to climate, energy and taxes. There has been a lot of media coverage about the law’s impact on large corporations. For...
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IRA
New law puts “book income” in the crosshairs
8/26/2022
The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first corporate...
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401k
Self-employed? Build a nest egg with a solo 401(k) plan
8/26/2022
Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income...
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