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upgrade
Is it time to upgrade your accounting system?
9/24/2021
Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes...
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HSA
Is a Health Savings Account right for you?
9/21/2021
Given the escalating cost of health care, there may be a more cost-effective way to pay for it. For eligible individuals, a Health Savings Account (HSA) offers a tax-favorable way to set aside funds (or have an employer do so) to meet future medical...
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auto
Tax depreciation rules for business automobiles
9/20/2021
If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups...
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transaction
Related-party transactions draw attention from auditors
9/17/2021
Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So,...
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disaster
Disasters and your taxes: What you need to know
9/16/2021
Homeowners and businesses across the country have experienced weather-related disasters in recent months. From hurricanes, tornadoes and other severe storms to the wildfires again raging in the West, natural disasters have led to significant losses...
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Image representing 415 Group Continues to Grow with 8 New Team Members including 1 New Director Joining Firm
415 Group Continues to Grow with 8 New Team Members including 1 New Director Joining Firm
9/16/2021
415 Group, a certified public accounting, business consulting and IT services firm, continues to draw top talent from across Northeast Ohio with the hiring of eight new team members. Tim Bradshaw joined the accounting firm as a director. As a...
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home
Selling a home: Will you owe tax on the profit?
9/14/2021
Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in...
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break
Tax breaks to consider during National Small Business Week
9/13/2021
The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for asset...
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FS
Restating financial results
9/10/2021
In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by the Securities and Exchange Commission, requiring special purpose acquisition companies (SPACs) to report warrants as liabilities. SPACs...
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gift
Planning for year-end gifts with the gift tax annual exclusion
9/7/2021
As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size of your taxable estate,...
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theft
Claiming a theft loss deduction if your business is the victim of embezzlement
9/6/2021
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have to substantiate the loss. A recent U.S. Tax Court decision illustrates how...
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expenses
Best practices for reporting business-related T&E expenses
9/3/2021
Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud....
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415 Group meeting with client to discussed proposed federal tax law changes
How Would Proposed 2021 Federal Tax Law Changes Impact You or Your Business?
8/31/2021
A variety of federal tax law changes have been proposed in the past few months. While it’s hard to predict how many will pass through Congress as proposed, you should be aware of how they could impact your overall tax situation. Some of these...
Includes insights from Evan R. Hudson
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deduction
You can only claim a casualty loss tax deduction in certain situations
8/31/2021
In recent weeks, some Americans have been victimized by hurricanes, severe storms, flooding, wildfires and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and...
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audit
Want to find out what IRS auditors know about your business industry?
8/30/2021
In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is...
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public
Financial reporting issues to consider in “going private” transactions
8/27/2021
In the midst of mounting inflation, supply shortages, geopolitical turmoil, threats of cyberattacks and continuing COVID-19 concerns, public stock prices are expected to fluctuate in the coming months. This situation has unsettled shareholders and...
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insurance
Does your employer provide life insurance? Here are the tax consequences
8/24/2021
Employer-provided life insurance is a coveted fringe benefit. However, if group term life insurance is part of your benefit package, and the coverage is higher than $50,000, there may be undesirable income tax implications. Tax on income you...
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divorce
Getting a divorce? Be aware of tax implications if you own a business
8/23/2021
If you’re a business owner and you’re getting a divorce, tax issues can complicate matters. Your business ownership interest is one of your biggest personal assets and in many cases, your marital property will include all or part of...
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rental
Private companies: Are you on track to meet the 2022 deadline for the updated lease standard?
8/20/2021
Updated accounting rules for long-term leases took effect in 2019 for public companies. Now, after several deferrals by the Financial Accounting Standards Board (FASB), private companies and private not-for-profit entities must follow suit, starting...
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ABLE
ABLE accounts may help disabled or blind family members
8/17/2021
There may be a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better...
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