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tax
One reason to file your 2020 tax return early
1/21/2021
The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer...
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key
Assessing and mitigating key person risks
1/15/2021
Auditing standards require a year-end risk assessment. One potential source of risk may be a small business’s reliance on the owner and other critical members of its management team. If a so-called “key person” unexpectedly becomes...
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education
Educate yourself about the revised tax benefits for higher education
1/15/2021
Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the...
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credit
Can your business benefit from the enhanced Employee Retention Tax Credit?
1/15/2021
COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the...
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New hires for 415 Group in 2021
415 Group welcomes new talent to growing team
1/14/2021
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 five new team members. With these new additions, the firm adds a supervisor, three...
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update
New law provides option to delay implementing the updated CECL standard
1/8/2021
The Consolidated Appropriations Act (CAA), signed into law on December 27, 2020, includes a variety of economic relief measures. One such measure allows certain banks and credit unions to temporarily postpone implementation of the controversial...
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act
How can your business benefit from the Consolidated Appropriations Act?
1/7/2021
The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated...
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CAA
The Consolidated Appropriations Act brings COVID-19 relief (and more) to individuals
1/5/2021
President Trump signed into law billions of dollars in long-awaited COVID-19 and economic relief. The relief package is part of the nearly 5,600-page Consolidated Appropriations Act (CAA), which also contains numerous other tax, payroll and...
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covid
The COVID-19 relief law: What’s in it for you?
1/5/2021
The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related...
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2021
Forecasting for 2021
1/4/2021
Planning for what lies ahead is an important part of running a healthy business. Forecasting your company’s financial statements can help you manage inventory and other working capital accounts, offer competitive prices, identify impending...
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415 Group
415 Group Named to Forbes 2021 Best Tax & Accounting Firms
12/31/2020
415 Group, a certified public accounting, business consulting and IT services firm, was recognized by Forbes as one of America’s Best Tax and Accounting Firms. The annual list surveyed tax and accounting professionals and their clients to find...
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filing
Your taxpayer filing status: You may be eligible to use more than one
12/30/2020
When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they...
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fraud
Prevent and detect insider cyberattacks
12/30/2020
In one recent cybercrime scheme, a mortgage company employee accessed his employer’s records without authorization, then used stolen customer lists to start his own mortgage business. The perpetrator hacked the protected records by sending an...
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red flag
Red flags of deadbeat debtors
12/28/2020
Unfortunately, many businesses have experienced problems with collections during the COVID-19 pandemic. Accounts receivable are a major item on most companies’ balance sheets. Slow-paying — or even nonpaying — customers or clients...
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Corp
The right entity choice: Should you convert from a C to an S corporation?
12/28/2020
The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax benefits over...
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congress
Congress passes COVID-19 aid package containing billions in funding and tax breaks
12/23/2020
After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate,...
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calendar
The next estimated tax deadline is January 15 if you have to make a payment
12/22/2020
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for...
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calendar
2021 Q1 tax calendar: Key deadlines for businesses and other employers
12/21/2020
Here are some of the key tax-related deadlines affecting businesses and other employers during the first 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...
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assessment
ICFR assessment and attestation: Are you in compliance with the rules?
12/18/2020
Each year, public companies must assess the effectiveness of their internal controls over financial reporting (ICFR) under Section 404(a) of the Sarbanes-Oxley Act (SOX). In some cases, private companies should follow suit. In addition, a...
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5 team members promoted in December 2020
415 Group Promotes Five Team Members
12/18/2020
415 Group, a certified public accounting, business consulting and IT services firm, announced the promotions of five team members today. “Even through a difficult year, these team members have continued to demonstrate outstanding leadership...
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