Open Mobile Navigation
330.492.0094
NEWS Read the latest accounting and business news
< PREVIOUS
1 of 59
NEXT >

News

PPP
PPP forgiveness and repayment: What businesses need to know now
7/21/2021
A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline...
READ MORE >
property
There’s currently a “stepped-up basis” if you inherit property — but will it last?
7/20/2021
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known...
READ MORE >
tax
Getting a new business off the ground: How start-up expenses are handled on your tax return
7/19/2021
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau...
READ MORE >
question
Internal control questionnaires: How to see the complete picture
7/16/2021
Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements, as well as prevent fraud, waste and abuse. Given their importance, internal controls are a key area of focus for internal and external...
READ MORE >
taxpayer
Can taxpayers who manage their own investment portfolios deduct related expenses? It depends
7/13/2021
Do you have significant investment-related expenses, including the cost of subscriptions to financial services, home office expenses and clerical costs? Under current tax law, these expenses aren’t deductible through 2025 if they’re...
READ MORE >
risk
Who in a small business can be hit with the “Trust Fund Recovery Penalty?”
7/12/2021
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes...
READ MORE >
agile
Is your company ready for agile auditing?
7/9/2021
Agility — or the ability to react quickly — is essential to surviving and thriving in today’s competitive landscape. Though agile techniques were originally used in the realm of software development, this concept has many...
READ MORE >
audit
IRS audits may be increasing, so be prepared
7/6/2021
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little...
READ MORE >
deduction
10 facts about the pass-through deduction for qualified business income
7/5/2021
Are you eligible to take the deduction for qualified business income (QBI)? Here are 10 facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction.  It’s available to owners...
READ MORE >
audit
Auditing WIP
7/2/2021
Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before...
READ MORE >
child
Here come the child tax credit payments: What you need to know
6/29/2021
The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt out. Most eligible families won’t need to do anything to...
READ MORE >
IRA
Are you a nonworking spouse? You may still be able to contribute to an IRA
6/29/2021
Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed...
READ MORE >
ERC
Eligible Businesses: Claim the Employee Retention Tax Credit
6/28/2021
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020, Congress...
READ MORE >
time
Follow the cutoff rules for revenue and expenses
6/25/2021
Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue and expenses. However, during the COVID-19 pandemic, managers may be...
READ MORE >
Medicare
Seniors may be able to write off Medicare premiums on their tax returns
6/22/2021
Are you age 65 and older and have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying...
READ MORE >
travel
Traveling for business again? What can you deduct?
6/21/2021
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the...
READ MORE >
path
Accounting methods: Private companies have options
6/18/2021
Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the...
READ MORE >
college fund
Tax-favored ways to build up a college fund
6/15/2021
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible...
READ MORE >
calendar
2021 Q3 tax calendar: Key deadlines for businesses and other employers
6/14/2021
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...
READ MORE >
challenge
Accounting estimates present challenges in times of uncertainty
6/11/2021
In today’s unprecedented market conditions, it can be challenging to predict metrics that underlie your company’s accounting estimates. Examples of key “unknowns” include how much longer certain pandemic issues will continue,...
READ MORE >
< PREVIOUS
1 of 59
NEXT >
© 2021 All rights reserved.