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Top tax firm in america
415 Group One of “America’s Most Recommended Tax Firms”
2/27/2024
Local Firm in Top 100 on Exclusive List 415 Group has been named one of the most recommended tax firms in the country by USA TODAY and Statista. The firm was one of only 100 nationwide to make the list.   National Ranking This is the...
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financials
Why it’s important to get your company’s financials done on time
2/23/2024
Have you completed your company’s year-end financial statements yet? Most calendar-year entities issue their year-end financials by March of the following year. Lenders and investors may think the worst if a company’s financial reports...
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IRA deadline
If you didn’t contribute to an IRA last year, there’s still time
2/20/2024
If you’re gathering documents to file your 2023 tax return and you’re concerned that your tax bill may be higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible...
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spouse business trip
Taking your spouse on a business trip? Can you write off the costs?
2/19/2024
A recent report shows that post-pandemic global business travel is going strong. The market reached $665.3 billion in 2022 and is estimated to hit $928.4 billion by 2030, according to a report from Research and Markets. If you own your own...
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revenue recognition
Auditing revenue recognition
2/16/2024
The top line of an income statement for a for-profit business is revenue (or sales). Reporting this line item correctly is critical to producing accurate financial statements. Under U.S. Generally Accepted Accounting Principles (GAAP), revenue is...
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gift tax deadline
Get ready for the 2023 gift tax return deadline
2/13/2024
Did you make large gifts to your children, grandchildren or others last year? If so, it’s important to determine if you’re required to file a 2023 gift tax return. In some cases, it might be beneficial to file one — even if...
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accounting method
What’s the best accounting method route for business tax purposes?
2/12/2024
Businesses basically have two accounting methods to figure their taxable income: cash and accrual. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible...
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Liquidity
Liquidity overload: Why having too much cash may be bad for business
2/9/2024
In today’s uncertain marketplace, many businesses are stashing operating cash in their bank accounts, even though they might not have imminent plans to deploy their reserves. However, excessive “rainy day” funds could be an...
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married filing separately
Filing jointly or separately as a married couple: What’s the difference?
2/6/2024
When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing...
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start a business
9 tax considerations if you’re starting a business as a sole proprietor
2/5/2024
When launching a small business, many entrepreneurs start out as sole proprietors. If you’re launching a venture as a sole proprietorship, you need to understand the tax issues involved. Here are nine considerations: 1. You may qualify for...
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inventory management
Inventory management systems: What’s right for your business?
2/2/2024
If your business has significant inventory on its balance sheet, it can be costly. The carrying costs of inventory include warehousing, salaries, insurance, taxes, and transportation, as well as depreciation and shrinkage. Plus, tying up working...
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charitable donations
If you gave to charity in 2023, check to see that you have substantiation
1/30/2024
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax...
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ERTC
Update on IRS efforts to combat questionable Employee Retention Tax Credit claims
1/29/2024
The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at...
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financial reporting
Solid financial reporting can help attract debt and equity financing
1/26/2024
Financial reporting plays a key role when a business needs funds for continued operations and strategic investment opportunities. Lenders and investors will generally want to review your company’s financial statements before they give it...
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Ray Maynard, CPA
Keep a Close Eye on the Tax Relief for American Families and Workers Act of 2024
1/24/2024
Businesses and individuals alike need to keep a close eye on current pending tax legislation that has bipartisan and bicameral support on Capitol Hill. This much needed legislation is several years in the making. Since the Tax Cuts and Jobs Act...
Includes insights from Raymond A. Maynard
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tax calendar
2024 tax calendar
1/24/2024
To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions...
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What are KPIs
KPIs: What are they, and which ones count?
1/24/2024
Management needs timely, accurate feedback to guide operating decisions, anticipate problems and take advantage of emerging opportunities. Unfortunately, comprehensive financial statements take a long time to generate. Reporting key performance...
Includes insights from Drew A. Bolog
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Roth IRA
IRAs: Build a tax-favored retirement nest egg
1/23/2024
Although traditional IRAs and Roth IRAs have been around for decades, the rules involved have changed many times. The Secure 2.0 law, which was enacted at the end of 2022, brought even more changes that made IRAs more advantageous for many...
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emergency savngs
Should your business offer the new emergency savings accounts to employees?
1/22/2024
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning...
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ERTC
The IRS unveils ERTC relief program for employers
1/19/2024
Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERTC). Most recently, it launched a Voluntary Disclosure Program (VDP)....
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