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Big data strategies for every business
1/18/2018
You’ve probably heard or read the term “big data” at least once in the past few years. Maybe your response was a sarcastic “big deal!” under the assumption that this high-tech concept applies only to large corporations....
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Personal exemptions and standard deductions and tax credits, oh my!
1/18/2018
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA also makes a lot of changes to tax breaks for...
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How Much Does the IRS Let Delinquent Taxpayers Live On?
1/12/2018
The IRS uses "Collection Financial Standards" to help determine a taxpayer's ability to pay a delinquent tax liability. Allowable living expenses include those that meet the test of being necessary to provide for a taxpayer's (and his...
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Gavel with stack of $100 bills
Beware of a 100% Personal Liability Penalty
1/12/2018
A "100% penalty" can be assessed against a responsible person when federal income tax and/or federal employment taxes are withheld from employee paychecks but aren't handed over to the government. This Trust Fund Recovery Penalty got...
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Keep Your Fleet Safe and Save Money
1/12/2018
Whether your company has one vehicle or dozens on the road, smart management can save you money.  Familiarity with tax laws, simple maintenance steps and high-tech solutions can reduce the costs of operating your fleet and keep it...
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Paper family in front of paper house
Tax Reform: Topics of Special Interest for Individuals
1/12/2018
As you've heard by now, the Tax Cuts and Jobs Act (TCJA) includes a number of changes that will affect individual taxpayers in 2018 and beyond. Significant attention has been given to the reduced tax rates for most individuals and the new limit...
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Many Businesses Will Celebrate Tax Cuts in the New Tax Year
1/12/2018
Most U.S. businesses will receive a big tax cut starting with their 2018 tax years, thanks to the new law that was enacted on December 22. But some industries (such as retail, hospitality and banking) generally expect to reap more benefits than...
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The word outsourcing on a positive flowchart
Not necessarily a luxury: Outsourcing
1/10/2018
For many years, owners of small and midsize businesses looked at outsourcing much like some homeowners viewed hiring a cleaning person. That is, they saw it as a luxury. But no more — in today’s increasingly specialized economy,...
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Don’t be a victim of tax identity theft: File your 2017 return early
1/9/2018
The IRS has just announced that it will begin accepting 2017 income tax returns on January 29. You may be more concerned about the April 17 filing deadline, or even the extended deadline of October 15 (if you file for an extension by April 17)....
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100% Bonus Depreciation in wording
The TCJA temporarily expands bonus depreciation
1/3/2018
The Tax Cuts and Jobs Act (TCJA) enhances some tax breaks for businesses while reducing or eliminating others. One break it enhances — temporarily — is bonus depreciation. While most TCJA provisions go into effect for the 2018 tax year,...
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Making the right choice about your office space
1/3/2018
For many companies, there comes a time when owners must decide whether to renew a lease, move on to a different one or buy new (or pre-existing) space. In some cases, it’s a relatively easy decision. Maybe you’re happy where you are and...
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Tax Implications on Federal Form
Watch Out for Potential Tax Bill When Converting Corporation
12/29/2017
Your medical practice, currently running as a C or S corporation, may be considering the idea of converting to a limited liability company (LLC) or limited liability partnership (LLP). Under the right circumstances, that could be a good idea from a...
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Group Workout
Keep Your Company Running Smoothly With a Smart Strategy
12/29/2017
In any company, making employees familiar with more than one job is critical to developing the business and dealing with the unexpected. Held Hostage One company suffered for years with a highly paid controller who was a disruptive...
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Man working in tool shed
Make Your Hobby a Business ... Carefully
12/29/2017
Many people dream of making money pursuing a favorite hobby. By starting a sideline business, you could be eligible for a treasure chest of tax deductions. Warning: The IRS and the U.S. Tax Court often denies losses if the...
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How Might the New Tax Reform Law Affect You?
12/29/2017
President Trump and Republican members of Congress say the Tax Cuts and Jobs Act (TCJA) will bring $3.2 trillion in tax cuts. Now that the bill has passed, everyone wants to know how much they'll save. Unfortunately, the tax bill won't be...
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Tax Reform buttons
Landmark Tax Reform Bill Passes
1/18/2018
The new tax reform law — commonly referred to as the "Tax Cuts and Jobs Act" (TCJA) —is the most significant tax legislation in decades. Now businesses and individuals are trying to digest the details and evaluate how the...
Includes insights from Sarah M. Sowers
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TCJA and you with D.C. in background
Tax Cuts and Jobs Act: Key provisions affecting individuals
12/28/2017
On December 20, Congress completed passage of the largest federal tax reform law in more than 30 years. Commonly called the “Tax Cuts and Jobs Act” (TCJA), the new law means substantial changes for individual taxpayers. The following is...
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Find time for strategic planning
12/28/2017
As a business owner, you know that it’s easy to spend nearly every working hour on the multitude of day-to-day tasks and crises that never seem to end. It’s essential to your company’s survival, however, to find time for strategic...
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Portrait of Dan Kloha
President Trump Signs Tax Bill into Law
12/22/2017
Our team is hard at work reviewing the details of the new law. There will be challenges and opportunities for businesses and individuals alike, but your advisors at 415 Group are available to help you navigate the changes. Some of the major impacts...
Includes insights from Dan K. Kloha
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dad with 2 children in winery
7 steps to choosing a successor for your family business
12/20/2017
There’s an old saying regarding family-owned businesses: “Shirtsleeves to shirtsleeves in three generations.” It means the first-generation owner started in shirtsleeves and built the company up from nothing but, by the third...
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Frank Monaco CPAmerica Board of Directors Announcement
415 Group Partner Frank Monaco Joins CPAmerica International 2018 Board of Directors
12/20/2017
CANTON, Ohio (Dec. 20, 2017) — 415 Group announced today that Managing Partner Frank Monaco, CPA, will join the 2018 board of directors for CPAmerica International, a global association of independent certified public accounting...
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Jar of change and money with the word
401(k) retirement plan contribution limit increases for 2018; most other limits are stagnant
12/19/2017
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, most of the limits remain unchanged for 2018. But one piece of good news for taxpayers who’re already maxing out their contributions is that the...
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glasses with social security card
Maximize Social Security Benefits When You Retire
1/8/2018
Get the most from Social Security. Younger retirees face a harsh penalty for working part-time. For every $2 earned over $17,040 in 2018 (up from $16,920 in 2017), you lose $1 in Social Security benefits. In the year you reach full retirement...
Includes insights from Nathanial D. Arps
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Use Business Intelligence to Make Profitable Decisions
12/18/2017
As the saying goes, "knowledge is power." To derive valuable knowledge from your company's operating data requires the development of an effective business intelligence (BI) program. How Business IntelligenceIs Gathered Here are...
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Subway Station
Gain Employee Loyalty with Commuting Tax Breaks
12/18/2017
Commuting can be a nightmare for employees. Your company can help by offering your staff members some financial relief from their commuting hassles. Employees appreciate this benefit and there's a bonus for your company: You can save...
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3 children on cell phones
Dialing in on Smartphones for Kids
12/18/2017
Do your kids (or grandkids) have a smartphone? On average, American children receive their first smartphone at the age of 10, according to a recent study by market research firm Influence Central. Smartphone Use Is Up Market research...
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Year end giving with heart hands
What you need to know about year-end charitable giving in 2017
12/13/2017
Charitable giving can be a powerful tax-saving strategy: Donations to qualified charities are generally fully deductible, and you have complete control over when and how much you give. Here are some important considerations to keep in mind this year...
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Boxing gloves
Take Off the Gloves When Handling Partnership Disputes
12/8/2017
Unfortunately, many physician partnerships compare more to a boxing match than, well, a partnership. When partners can't get along — whether it's because of personality issues or divvying up responsibilities — running a truly...
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Staff on video conference call
Videoconferencing: Sharpen Your Company's Focus
12/8/2017
Travel costs can quickly mount for many companies, so you may want to look into videoconferencing as a way to keep the spending down and the bottom line solid. Surveys put the cost of the average domestic business trip at around...
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Coworkers speaking - dressed professionally
Make Sure Employees Dress for Success
12/8/2017
Most employees want to fit in at work, but they also want to be comfortable during the one-third of their lives they spend on the job. That's why a dress code is essential at many companies and should reflect your industry, the part of...
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IRS Increases Annual Gift Tax Exclusion for 2018
12/8/2017
The IRS has announced that the annual gift tax exclusion is increasing next year due to inflation. After five years of being stuck at $14,000, the exclusion will be $15,000 per recipient for 2018 — its highest point...
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2018 / 2017 with clock
Keep Tax Reform Proposals in Mind When Making Last-Minute Year-End Moves
12/8/2017
As 2017 winds down, it's time to consider making some moves to lower your federal income tax bill and position yourself for tax savings in future years. This year, the big unknown factor is whether major tax reform proposals will be...
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Robot face
Get smart: How AI can help your business
12/7/2017
The artificial intelligence (AI) revolution isn’t coming — it’s here. While AI’s potential for your company might not seem immediately obvious, this technology is capable of helping businesses of all shapes and sizes...
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Cutting $100 in half with scissors
Cutting costs when you’ve gone over budget
11/29/2017
Year end can’t get here soon enough for some business owners — especially those whose companies have exceeded their annual budgets. If you find yourself in this unenviable position, you can still cut costs to either improve this...
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Mother and Father with Adult Daughter
Even if your income is high, your family may be able to benefit from the 0% long-term capital gains rate
11/28/2017
We’re entering the giving season, and if making financial gifts to your loved ones is part of your plans — or if you’d simply like to reduce your capital gains tax — consider giving appreciated stock instead of cash this...
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Take 2017 RMD's on notepad
You may need to add RMDs to your year-end to-do list
11/21/2017
As the end of the year approaches, most of us have a lot of things on our to-do lists, from gift shopping to donating to our favorite charities to making New Year’s Eve plans. For taxpayers “of a certain age” with a tax-advantaged...
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Nanny reading to little boy
Handle with Care: The Nanny Tax Rules
11/20/2017
When you hire a nanny, housekeeper or other domestic worker, pay close attention to the tax rules. The laws related to domestic workers are confusing and poorly understood, but ignoring them can land you in hot water -- even decades...
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1040 with glasses and pen
What Does it Mean if the IRS Files a Lien?
11/20/2017
It's bad enough when borrowers can't pay off amounts owed to commercial creditors such as banks and other financial institutions. But people can find themselves in really hot water if they owe the IRS money. How a Levy Compares With a...
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Cash Flow getting erased
Need Cash Fast? Consider Selling Your Receivables
11/20/2017
From time to time, nearly every business experiences cash shortfalls due to the timing of cash payments vs. receipts.Why do shortfalls happen? It all goes back to the cash conversion cycle. Most businesses pay workers on a  weekly or...
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Open Enrollment Yield Sign
Open Enrollment: Sign Up for Tax-Smart Benefits Before the Deadline
11/20/2017
Have you signed up for employer-provided benefits for 2018? November is open enrollment season at most offices. Benefits enrollment is a little trickier this year, because it's uncertain how tax reform legislation that could be enacted...
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Middle aged couple with counselor
Retirement Account Catch-Up Contributions Can Add Up
11/20/2017
Are you age 50 or older? If so, you can currently make extra "catch-up" contributions to certain types of tax-favored retirement accounts. Over time, these contributions can make a significant difference in your retirement-age...
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Dave Talenda - headshot
415 Group Adds New Talent to Their Team
11/16/2017
David Talenda brings experience and expertise to the role of partner CANTON, Ohio – 415 Group, a certified public accounting and business consulting firm, announced today the addition of David Talenda, CPA, MBA as partner. “David...
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415 Group logo - Color
415 Group Names Five New Partners After Year of Record Growth
11/16/2017
CANTON, Ohio – 415 Group, a certified public accounting and business consulting firm, has named five new partners to its management team. Managing Partner Frank Monaco announced today the firm’s new partners include: David Besse,...
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Flexibility on arrow street sign
Could an FSA offer the benefits flexibility you need?
11/15/2017
Business owners have to make tough choices when it comes to providing benefits to their employees. Many companies, especially newer or smaller ones, may understandably prioritize flexibility. No one wants to get locked into a benefits offering...
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Property tax with crafts
Why you may want to accelerate your property tax payment into 2017
11/15/2017
Accelerating deductible expenses, such as property tax on your home, into the current year typically is a good idea. Why? It will defer tax, which usually is beneficial. Prepaying property tax may be especially beneficial this year, because proposed...
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Tax Reform with magnifying glass and white house
House GOP Unveils Plan for Major Tax Reform
11/8/2017
House Republicans released a tax bill on Nov. 2, which proposes major changes to the Internal Revenue Code. The proposal would overhaul components of the tax code, including: Corporate Tax Rate: The bill lowers the maximum corporate tax rate from...
Includes insights from Dan K. Kloha
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4 People using mobile devices
4 tips on making your marketing emails a blast
11/8/2017
No business owner wants to send out spam. Even the term “email blast,” the practice of launching a flurry of targeted messages at customers and prospects, has mixed connotations these days. Yet email remains a viable and even necessary...
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Incorporate SP question mark
Corporate Conversion: Dealing With Zero-Basis Patient Receivables
11/3/2017
In certain circumstances, it can be a good tax idea to convert a medical practice operating as a C or S corporation into a limited liability company (LLC) or limited liability partnership (LLP). Here's why: Both LLCs and LLPs can be...
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Palm trees, pool and chairs
Enjoying Tax Breaks at a Convention
11/3/2017
Are you looking to get away? Perhaps attend a business convention on a tropical island? You can deduct the cost of the trip if the primary purpose is business related.     In addition to the 50 U.S. states and...
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US & Canadian flags together
Know the White Collar Laws Before Doing Business Abroad
11/3/2017
Conducting business in another country can be an effective way to expand your company and boost its revenues. But before you indulge, you need to be clear on how the prospective country deals with internal fraud and white collar...
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