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News

415 Group Alliance Team Meeting
415 Group to Celebrate Alliance Office Opening
5/25/2022
CANTON, OH (May 25, 2022) — 415 Group, a certified public accounting, business consulting and IT services firm, will co-host a Business After Hours event on June 2, 2022, from 5 to 7 p.m. at 960 West State Street, Alliance,...
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inflation
How inflation could affect your financial statements
5/20/2022
Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI)...
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IRA
Proposed regs for inherited IRAs bring unwelcome surprises
5/20/2022
Back in late 2019, the first significant legislation addressing retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act has resulted in many changes to retirement and estate planning...
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distributions
IRA charitable donations: An alternative to taxable required distributions
5/17/2022
Are you a charitably minded individual who is also taking distributions from a traditional IRA? You may want to consider the tax advantages of making a cash donation to an IRS-approved charity out of your IRA. When distributions are taken directly...
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threshold
Businesses: Prepare for the lower 1099-K filing threshold
5/16/2022
Businesses should be aware that they may be responsible for issuing more information reporting forms for 2022 because more workers may fall into the required range of income to be reported. Beginning this year, the threshold has dropped...
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forecast
Forecasts vs. projections: What’s the big difference?
5/13/2022
Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your...
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relative
Caring for an elderly relative? You may be eligible for tax breaks
5/10/2022
Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. Medical expenses. If the individual qualifies as your...
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HSA
Inflation enhances the 2023 amounts for Health Savings Accounts
5/9/2022
The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA...
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auditor
Management letters: Follow up on your auditor’s recommendations
5/6/2022
Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new...
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tax
After tax day: Take these action steps
5/4/2022
The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed on time and...
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rules
Valuable gifts to charity may require an appraisal
5/3/2022
If you donate valuable items to charity, you may be required to get an appraisal. The IRS requires donors and charitable organizations to supply certain information to prove their right to deduct charitable contributions. If you donate an item of...
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notice
Businesses may receive notices about information returns that don’t match IRS records
5/2/2022
The IRS has begun mailing notices to businesses, financial institutions and other payers that filed certain returns with information that doesn’t match the agency’s records. These CP2100 and CP2100A notices are sent by the IRS twice a...
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dsitress
Do you know the signs of financial distress in a business?
4/29/2022
Financial statements tell only part of the story. Investors, lenders and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional due diligence may be needed to uncover these...
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hobby
Want to turn a hobby into a business? Watch out for the tax rules
4/26/2022
Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed...
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tax
The tax mechanics involved in the sale of trade or business property
4/25/2022
What are the tax consequences of selling property used in your trade or business? There are many rules that can potentially apply to the sale of business property. Thus, to simplify discussion, let’s assume that the property you want to sell...
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audit
Leveraging internal audits
4/22/2022
Many companies have an internal audit department that tests whether the organization is accurately reporting financial results and complying with U.S. Generally Accepted Accounting Principles (GAAP). But it’s important for internal auditors to...
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rent
Thinking about converting your home into a rental property?
4/19/2022
In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that...
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partner
Tax considerations when adding a new partner at your business
4/18/2022
Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash...
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economy
Goodwill in a bad economy
4/15/2022
In today’s volatile economy, many businesses and nonprofits have been required to write down the value of acquired goodwill on their balance sheets. Others are expected to follow suit — or report additional write-offs — in 2022. To...
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retirement
Congress eyes further retirement savings enhancements
4/14/2022
In 2019, the bipartisan Setting Every Community Up for Retirement Enhancement Act (SECURE Act) — the first significant legislation related to retirement savings since 2006 — became law. Now Congress appears ready to build on that law to...
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