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payroll
The President’s action to defer payroll taxes: What does it mean for your business?
8/17/2020
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to...
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415 Group Expands Firm by Five Accounting and IT Team Members
8/17/2020
415 Group, a certified public accounting and IT consulting firm, announced today the hiring of two new directors and a senior associate. The Canton-based firm also added two IT team members this year. New director Jeffrey Buckshaw joins 415 Group...
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stress
3 steps to “stress test” your business
8/14/2020
During the COVID-19 crisis, you can’t afford to lose sight of other ongoing risk factors, such as cyberthreats, fraud, emerging competition and natural disasters. A so-called “stress test” can help reveal blind spots that threaten...
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nanny
More parents may owe “nanny tax” this year, due to COVID-19
8/11/2020
In the COVID-19 era, many parents are hiring nannies and babysitters because their daycare centers and summer camps have closed. This may result in federal “nanny tax” obligations. Keep in mind that the nanny tax may apply to all...
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deferral
What does the executive action deferring payroll taxes mean for employers and employees?
8/11/2020
On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning...
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open
The possible tax consequences of PPP loans
8/10/2020
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic...
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financials
Forecasting financial results for a start-up business
8/7/2020
There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasts, to drum up...
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In times of economic hardship, businesses need a CPA now more than ever
8/6/2020
Chad Isler, 415 Group Partner, discusses the value a CPA partnership can bring to your business.
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inherit
Take advantage of a “stepped-up basis” when you inherit property
8/4/2020
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as...
Includes insights from Dominic G. Reolfi
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insurance
The tax implications of employer-provided life insurance
8/4/2020
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group...
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Cash
File cash transaction reports for your business — on paper or electronically
8/4/2020
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of operating,...
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audit
Reporting CAMs in the COVID-19 era
7/31/2020
Starting in 2019, auditors’ reports for certain public companies must contain a new element: critical audit matters (CAMs). The requirement was in effect for audits of large accelerated filers (with market values of $700 million or more)...
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scholarship
Are scholarships tax-free or taxable?
7/28/2020
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a...
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Image representing Why do partners sometimes report more income on tax returns than they receive in cash?
Why do partners sometimes report more income on tax returns than they receive in cash?
7/27/2020
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is...
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tax
Even if no money changes hands, bartering is a taxable transaction
7/27/2020
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value...
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audit
External audits offer many benefits to nonprofits
7/27/2020
Your nonprofit organization may be required to hire an independent outside CPA to audit its books, depending on its annual gross receipts and other factors. Even when external audits aren’t mandated, however, they’re often recommended....
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checkup
Conduct a “paycheck checkup” to make sure your withholding is adequate
7/16/2020
Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax...
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filing help
Businesses: Get ready for the new Form 1099-NEC
7/13/2020
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the...
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RMD
IRS guidance provides RMD rollover relief
7/2/2020
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions”...
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COVID-19 Update (July 2020)
7/1/2020
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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