Open Mobile Navigation
330.492.0094
NEWS Read the latest accounting and business news
< PREVIOUS
1 of 13
NEXT >

News

Light bulb with money in background
Handling Practice Startup Expenses For Tax Purposes
8/11/2017
If you are starting a new medical practice, you may incur several different types of "pre-opening expenses." By pre-opening expenses, we mean those that are incurred during the period before the new practice is actually up and running and...
READ MORE >
the
Limit the Impact of E-Mail in Court
8/11/2017
You just finished typing a draft of an aggressive e-mail message explaining why you think your company's strategic plan can -- and will -- destroy the competition. Businesses have become dependent on the speed, simplicity, and...
READ MORE >
alimony definition highlighted
Can Pension Benefits Be Deducted as Alimony?
8/11/2017
When married couples split up, the terms of the divorce or separation agreement can have a major tax impact. For example, any amounts paid for alimony are deductible by the payor and taxable to the recipient. The Tax Definition of...
READ MORE >
calculator and pie chart with worker arms
Revenue Recognition for Contracts: Changes Coming Soon
8/11/2017
Revenue is the top line of your company's income statement. So, it tends to receive a lot of attention from investors, lenders and other stakeholders. Why? Changes in revenue can tell whether your company is growing or declining. Moreover,...
READ MORE >
Lightning from the sky
Casualty and Theft Losses: Find the Silver Lining in Dark Clouds
8/11/2017
We're in the midst of hurricane season now, but the eastern and southern shores aren't the only parts of the country at risk for catastrophic events. Mudslides, earthquakes and wildfires often plague the West Coast, tornadoes may touch down...
READ MORE >
Image representing Will Congress revive expired tax breaks?
Will Congress revive expired tax breaks?
8/10/2017
Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back...
READ MORE >
Image representing Rev up retirement offerings with an NQDC plan
Rev up retirement offerings with an NQDC plan
8/10/2017
Rev up retirement offerings with an NQDC plan Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in their 401(k) plan. For 2017, the annual elective deferral contribution limit...
READ MORE >
Cartoon map with destination markers
4 tough questions to ask before expanding to a new location
8/3/2017
Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon-cutting ceremony, take a step back and ask yourself some tough questions about whether...
READ MORE >
stethoscope with money
A refresher on the ACA’s tax penalty on individuals without health insurance
8/1/2017
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum...
READ MORE >
401K & IRA cartoon form
Avoid Retirement Account Rollover Pitfalls
8/1/2017
After retiring or leaving a job, your first big tax question might be: What should I do with the money in qualified retirement plan accounts with my former employer? These accounts include 401(k)s, profit-sharing plans and stock...
READ MORE >
rail road tracks at sunset
Struggling Firms Get a Second Chance
8/1/2017
For many business owners and executives, filing Chapter 11 bankruptcy seems like admitting defeat. It shouldn't be that way. Current Bankruptcy Law A wide-ranging law that makes major changes to the country's bankruptcy laws was...
READ MORE >
Golden eggs with calculator
SEPs: A Quick and Easy Retirement Plan Option
8/1/2017
Setting up and maintaining a simplified employee pension (SEP) is probably easier than you think. The sooner you get started saving, the more secure your retirement will be, plus your business can gain tax advantages right away. SEP...
READ MORE >
Loss with $100 bills
Do You Have a Deductible Business Loss or a Nondeductible Hobby Loss?
8/1/2017
There's a fine line between businesses and hobbies under the federal tax code. If you engage in an unincorporated sideline — such as a marketing director by day and an artist on the nights and weekends — you may think of that side...
READ MORE >
Image representing Listening to your customers by tracking lost sales
Listening to your customers by tracking lost sales
7/26/2017
“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because,...
READ MORE >
Image representing 3 midyear tax planning strategies for individuals
3 midyear tax planning strategies for individuals
7/26/2017
3 midyear tax planning strategies for individuals In the quest to reduce your tax bill, year end planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more...
READ MORE >
Cartoon man with pie chart
Does your business have too much cash?
7/19/2017
From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company that’s hoarding excessive cash may...
READ MORE >
Antique kitchen timer
Keeping Tax-Smart Corporate Minutes
7/18/2017
If you operate your medical practice as a C corporation, you may be required to conduct an annual corporate meeting and keep minutes of the proceedings. The requirement to keep minutes is sometimes viewed as a burdensome task, but there's some...
READ MORE >
Bulldozer
The Benefits of Leasing
7/18/2017
If your company wants to improve cash flow, you might consider leasing equipment, vehicles and facilities, rather than buying. The primary advantage of leasing used to be the tax advantages offered. But the fact that leasing allows you to...
READ MORE >
Man screaming at phone
Violence Strikes the Workplace
7/18/2017
Workplace violence isn't just limited to high-risk jobs such as police officers, taxi drivers and late night convenience store clerks. It happens everywhere, as illustrated by recent high-profile cases. Workplace shootings have occurred at all...
READ MORE >
Girl with man looking at document
Why Partnership Tax Status May Sometimes Be Unwanted
7/18/2017
Many business entities are set up as partnerships. Although there are legitimate reasons for some businesses to choose this structure, partnership status may be undesirable for certain activities involving more than one...
READ MORE >
Hockey puck and stick
Hockey Team's Meals at Away Games Were a De Minimis Fringe Benefit
7/18/2017
The U.S. Tax Court recently ruled that the Boston Bruins hockey team's pregame meals to players and personnel at out-of-town hotels qualified as a de minimis fringe benefit under the Internal Revenue Code. Therefore, 100% of the cost of those...
READ MORE >
#3
3 midyear tax planning strategies for business
7/18/2017
Tax reform has been a major topic of discussion in Washington, but it’s still unclear exactly what such legislation will include and whether it will be signed into law this year. However, the last major tax legislation that was signed into law...
READ MORE >
Image representing Own a vacation home? Adjusting rental vs. personal use might save taxes
Own a vacation home? Adjusting rental vs. personal use might save taxes
7/13/2017
Now that we’ve hit midsummer, if you own a vacation home that you both rent out and use personally, it’s a good time to review the potential tax consequences: If you rent it out for less than 15 days: You don’t have to report the...
READ MORE >
Image representing Make sure your company is prepared for any disaster
Make sure your company is prepared for any disaster
7/13/2017
What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power. Whatever...
READ MORE >
Poker Chips
Do Not Take Tax Chances on Gambling
7/11/2017
At the slots or online, remember to keep records. The Basics of Reporting Winnings You generally must file a tax return and include all winnings in gross income. Gambling income includes, but is not limited to winnings from...
READ MORE >
Tax Avoidance in Scrabble Words
Ten Sources of Tax-Free Income
7/11/2017
There are still ways to earn income that is free from federal income tax. With the various tax increases that have taken effect in recent years, tax-free income opportunities are more valuable than ever. Here are 10 sources of non-taxable...
READ MORE >
Profits flow chart
Ten Techniques to Increase Your Company's Profits
7/11/2017
They say little things mean a lot. And relatively small expenses can add up to a huge amount of money your company could be wasting. By cutting costs, you can enhance your bottom line in several ways. Here are 10 ideas: Improve cash...
READ MORE >
woman writing note
Unlock the Biggest Possible Deduction for a Home Office
7/11/2017
The IRS recently issued a reminder about claiming the home office deduction. In particular, it explained a simplified method that offers a time-saving option. But many taxpayers who maintain a home office fare better tax-wise by deducting...
READ MORE >
Sunset
Partner Retirement Payments With Better Tax Results
6/29/2017
Payments made by a medical practice to buy out a retiring partner's entire ownership interest are generally subject to self-employment tax. Careful planning can change that. We'll explain how, but first, here is some background...
READ MORE >
Chair
Claiming Business Deductions for Work-Related Education Costs
6/29/2017
If you're headed back in the classroom, or thinking about it, you might be wondering if the tuition expenses are tax deductible. To be considered work-related education for business deduction purposes, the training must meet one or both of the...
READ MORE >
Disclaimer Contract
The Importance of an E-Mail Disclaimer
6/29/2017
E-mail is ubiquitous in the American workplace and along with its growth comes the risk of lawsuits that can cost your company a bundle. In most cases an employer is held responsible for information contained in corporate e-mail messages. For...
READ MORE >
For Rent sign
Consider Taxes before Converting Your Home to a Rental Property
6/29/2017
Have you ever thought about becoming a landlord? This option may be tempting if your local real estate market is surging and rental rates are strong, especially if you're already planning to relocate or downsize to a smaller home. Ideally, you'll...
READ MORE >
Best Accounting Firm
Canton Rep Readers Name 415 Group Best Accounting Firm and Tax Service
6/28/2017
CANTON, Ohio (June 28, 2017) -- 415 Group earned the title “Best Accounting Firm” and “Best Tax Service” in the 2017 Best of the Best Awards by The Canton Repository. “We strive to provide our clients with exceptional...
READ MORE >
Tax Calendars
2017 Q3 tax calendar: Key deadlines for businesses and other employers
6/21/2017
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. 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 >
415 Group New Location
415 Group Moves to New Location as Firm Continues to Grow
6/19/2017
CANTON, Ohio (June 19, 2017) — 415 Group announced today its move to a new Jackson Township location to accommodate the firm’s growth. Now located at 4300 Munson Street NW in Canton, 415 Group provides certified public accounting,...
READ MORE >
School kids reading in a circle
Coverdell ESAs: The tax-advantaged way to fund elementary and secondary school costs
6/6/2017
With school letting out you might be focused on summer plans for your children (or grandchildren). But the end of the school year is also a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if the children are...
READ MORE >
Image representing 4 digital marketing tips for every business
4 digital marketing tips for every business
6/6/2017
You’d be hard pressed to find a company not looking to generate more leads, boost sales and improve its profit margins. Fortunately, you can take advantage of the sales and marketing opportunities offered by today’s digital technologies...
READ MORE >
Car wrapped in box
Donating a vehicle might not provide the tax deduction you expect
6/6/2017
All charitable donations aren’t created equal — some provide larger deductions than others. And it isn’t necessarily just how much or even what you donate that matters. How the charity uses your donation might also affect your...
READ MORE >
Image representing To Forgive Is Not Always Divine
To Forgive Is Not Always Divine
6/6/2017
For tax purposes don't think that you're off the hook if another party forgives or cancels a debt. Under the "cancellation of debt" (COD) provision in the tax law, this seemingly generous act could result in an unexpected tax...
READ MORE >
Employee Listing Paper
Layoffs: Help Avoid Employment Lawsuits
6/6/2017
In today's economy companies in many industries are forced into massive layoffs to ensure their survival. While those cutbacks are necessary, the decision to let a significant portion of your workforce go carries potential legal, financial and...
READ MORE >
Surveillance Camera
When Can You Deduct Theft Losses?
6/6/2017
The tax law allows you to deduct your personal losses resulting from casualties and thefts within certain limits. And a "theft" for tax purposes isn't strictly limited to house burglaries or stolen cars. However, as you will see from several...
READ MORE >
Gavel & Mallet
Are Contingent Attorneys' Fees Tax Deductible?
6/6/2017
If you agree to a contingent-fee arrangement with your attorney, you may wonder whether the expense is deductible for federal income tax purposes. Unfortunately, the guidance on this controversial issue isn't favorable to taxpayers in most...
READ MORE >
Man with calculator tape
Reclassifying Business Expenses as Constructive Dividends
6/6/2017
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that's helpful and appropriate for your...
READ MORE >
Image representing Tax-Favored Retirement Plans For Partnerships
Tax-Favored Retirement Plans For Partnerships
5/26/2017
When it comes to setting up a tax-favored retirement plan — such as a 401(k) plan, a pension or profit sharing plan, or a simplified employee pension (SEP) plan — medical practice partnerships must follow essentially the same...
READ MORE >
Image representing Successful Strategies Create Successful Mergers
Successful Strategies Create Successful Mergers
5/26/2017
Acquiring another company and merging it with your business can be the most efficient way to grow. But many acquisitions don't pay off and it's often management issues -- not market conditions -- that get in the way. Other...
READ MORE >
Photo of Deductible Home Office
How a Deductible Home Office Affects a Sale
5/26/2017
If you use part of your home as an office and take deductions for related expenses on your annual tax return, can you claim a valuable federal tax break when you sell? Specifically, can you claim the home sale gain exclusion of up to $250,000...
READ MORE >
Photo of Wedding Bells
Wedding Bells and Taxes: Tax Issues to Consider Before Tying the Knot
5/26/2017
Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here's how it may affect your tax situation. Marital Status Your marital status at year end determines your tax filing...
READ MORE >
Photo of Gains
Capital vs. Ordinary: Classifying Income and Losses Affects Your Taxes
5/26/2017
Most of the time, how to classify gains and losses from selling an asset is fairly straightforward. But there are some gray areas that require a closer look at the facts and circumstances, especially when real estate is involved, as a couple...
READ MORE >
Photo of Eyeglasses on Paper
What Does it Mean if the IRS Files a Lien?
5/17/2017
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...
READ MORE >
Photo of Intellectual Property Word Cloud
Protect Your Most Prized Possessions
5/17/2017
One of the most costly - yet easily prevented - disasters for any business is the failure to secure ownership of intellectual property (IP). Unless you take the proper legal steps, you could find that your company doesn't own its...
READ MORE >
< PREVIOUS
1 of 13
NEXT >
© 2017 All rights reserved.