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The 2021 “Social Security wage base” is increasing
10/21/2020
If your small business is planning for payroll next year, be aware that the “Social Security wage base” is increasing. The Social Security Administration recently announced that the maximum earnings subject to Social Security tax will...
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tax planning
Unusual year steers year-end tax strategies
10/21/2020
Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render...
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conflict
Avoiding conflicts of interest with auditors
10/16/2020
A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of...
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records
What tax records can you throw away?
10/13/2020
October 15 is the deadline for individual taxpayers who extended their 2019 tax returns. (The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic.) If you’re finally done filing last year’s...
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tax
Understanding the passive activity loss rules
10/12/2020
Are you wondering if the passive activity loss rules affect business ventures you’re engaged in — or might engage in? If the ventures are passive activities, the passive activity loss rules prevent you from deducting expenses that are...
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time
More time: FASB delays long-term insurance standard … again
10/9/2020
On September 30, the Financial Accounting Standards Board (FASB) finalized a rule to defer the effective date of the updated long-term insurance standard for a second time. The deferral will give insurers more time to properly implement the...
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COVID-19 Update (October 2020)
10/7/2020
A message from our partners Like many of you, we’re continuing to follow the latest coronavirus developments. Our priority is to keep our team, their families and our valued clients safe and healthy. We are taking several steps to do our part...
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joint
There may be relief from tax liability for “innocent spouses”
10/6/2020
If you file a joint tax return with your spouse, you should be aware of your individual liability. And if you’re getting divorced, you should know that there may be relief available if the IRS comes after you for certain past-due...
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audit
The easiest way to survive an IRS audit is to get ready in advance
10/6/2020
IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the...
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gift
Gifts in kind: New reporting requirements for nonprofits
10/2/2020
On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in...
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software
The tax rules for deducting the computer software costs of your business
9/29/2020
Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware of the complex rules that apply to determine the tax treatment of the...
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tax
Why it’s important to plan for income taxes as part of your estate plan
9/29/2020
As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because...
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vote
Compare and contrast: How do the Republican and Democratic tax plans differ?
9/28/2020
With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences,...
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Image representing Does your family-owned business have a succession plan? Start planning early
Does your family-owned business have a succession plan? Start planning early
9/25/2020
When it comes time to pass your family-owned business on to the next generation, there is an incredible array of questions you’ll need to answer and options to consider. It’s not as simple as handing them the keys to the door.
Includes insights from Richard L. Craig
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portfolio
Can investors who manage their own portfolios deduct related expenses?
9/22/2020
In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses aren’t deductible through...
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computer
Business website costs: How to handle them for tax purposes
9/21/2020
The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted. Fortunately, established rules that generally apply to the deductibility of business...
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restructure
How to report COVID-19-related debt restructuring
9/18/2020
Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the...
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MSP 501 2020
415 Group Ranked Among Most Elite 501 Managed Service Providers
9/18/2020
Canton, Ohio (August 19, 2020) — 415 Group, a certified public accounting, business consulting and IT services firm, has been named as one of the world’s premier managed service providers on the prestigious 2020 annual Channel Futures...
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new normal
Tax implications of working from home and collecting unemployment
9/15/2020
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the...
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deadlines
2020 Q4 tax calendar: Key deadlines for businesses and other employers
9/14/2020
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. 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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