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News

IRA
New law puts “book income” in the crosshairs
8/26/2022
The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first corporate...
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401k
Self-employed? Build a nest egg with a solo 401(k) plan
8/26/2022
Do you own a successful small business with no employees and want to set up a retirement plan? Or do you want to upgrade from a SIMPLE IRA or Simplified Employee Pension (SEP) plan? Consider a solo 401(k) if you have healthy self-employment income...
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Image representing 415 Group Named a Top U.S. Accounting Firm by INSIDE Public Accounting
415 Group Named a Top U.S. Accounting Firm by INSIDE Public Accounting
8/23/2022
415 Group, the largest locally owned public accounting and IT consulting firm in Stark County, was recognized by INSIDE Public Accounting (IPA) as a top accounting firm in the United States. In 2022, IPA named 415 Group both an IPA 400 Firm (#307...
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home
Home sweet home: Do you qualify for office deductions?
8/23/2022
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions. But not everyone who works from home gets the tax break. Employees who work remotely can’t...
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risk
Are your risk-management practices keeping up with the times?
8/19/2022
Risks abound in today’s uncertain marketplace. Nearly two-thirds of senior finance leaders said that the volume and complexity of corporate risks have changed “mostly” or “extensively” in the past five years, according...
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spouse
An “innocent spouse” may be able to escape tax liability
8/16/2022
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax...
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LLC
Why an LLC might be the best choice of entity for your business
8/15/2022
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and...
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inflation
The Inflation Reduction Act Includes Wide-Ranging Tax Provisions
8/15/2022
The U.S. Senate and House of Representatives have passed the Inflation Reduction Act (IRA). President Biden signed the bill into law in August 2022. The IRA includes significant provisions related to climate change, health care, and, of course,...
Includes insights from Todd J. Ruggles
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securty
Cyber risks: A critical part of your auditor’s risk assessment
8/12/2022
As businesses and not-for-profit entities increasingly rely on technology, cyberthreats are becoming more sophisticated and aggressive. Auditors must factor these threats into their risk assessments. They can also help you draft cybersecurity...
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tax
Estimated tax payments: Who owes them and when is the next one due?
8/9/2022
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if you receive interest, dividends, self-employment income, capital gains or other income. Here...
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health
Is your business required to report employee health coverage?
8/8/2022
As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic rules Certain employers with 50 or more full-time...
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withholding
Is your withholding adequate? Here’s how to check
8/5/2022
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big...
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confirmation
How external confirmations are used during an audit
8/5/2022
Auditors commonly use confirmations to verify such items as cash, accounts receivable, accounts payable, employee benefit plans and pending litigation. Under U.S. Generally Accepted Auditing Standards, an external confirmation is “a direct...
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website
How to treat business website costs for tax purposes
8/1/2022
These days, most businesses have websites. But surprisingly, the IRS hasn’t issued formal guidance on when website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business costs provide...
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concerns
Evaluating “going concern” concerns
7/29/2022
Under U.S. Generally Accepted Accounting Principles (GAAP), financial statements are normally prepared based on the assumption that the company will continue normal business operations into the future. When liquidation is imminent, the liquidation...
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tax
Three tax breaks for small businesses
7/28/2022
Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. QBI deduction For 2018 through 2025, the qualified...
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IRA
How to avoid the early withdrawal tax penalty on IRA distributions
7/26/2022
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money. Important: Once...
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Image representing 415 Group  Expands Canton Location
415 Group Expands Canton Location
7/26/2022
CANTON, OH (July 26, 2022) — 415 Group, a certified public accounting, business consulting and IT services firm, announced the expansion of their main Canton location. The firm added another floor of offices to their...
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collaboration
How to account for collaborative agreements
7/22/2022
Today, many companies share research or technology to develop new products. For example, manufacturers might enter into a joint venture to conduct scientific research to design a new medical device. Or a watchdog group might work with a production...
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depreciation
Businesses: Act now to make the most out of bonus depreciation
7/20/2022
The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100%...
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