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method
Pick the right accounting method for your business
12/16/2022
Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and...
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8 team members promoted
415 Group Promotes 8 Team Members, Including 1 New Partner
12/16/2022
415 Group, the largest locally owned public accounting and IT consulting firm in Stark County, announced the promotion of Eric Schreiber to partner, along with seven additional promotions for other team members. “Eric joined 415 Group with...
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415 Group Logo
415 Group Named to Forbes 2023 Best Tax & Accounting Firms
12/15/2022
2023 List Marks Third Consecutive Year for Canton-Based Firm 415 Group, the largest locally owned public accounting and IT consulting firm in Stark County, based in Canton, Ohio, was recognized by Forbes as one of America’s Best Tax and...
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stock
Selling stock by year-end? Watch out for the wash sale rule
12/13/2022
If you’re thinking about selling stock shares at a loss to offset gains that you’ve realized during 2022, it’s important to watch out for the “wash sale” rule. The loss could be disallowed Under this rule, if you sell...
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tax
Do you qualify for the QBI deduction? And can you do anything by year-end to help qualify?
12/12/2022
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction is: Available to...
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software
How to report software costs
12/9/2022
What do Tesla cars, smart TVs and equipment used for making french fries have in common? The answer is embedded software, according to recent comments by Financial Accounting Standards Board (FASB) Vice Chair James Kroeker. He also told the Private...
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RMD
Answers to your questions about taking withdrawals from IRAs
12/6/2022
As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72. The rules for taking required minimum...
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business
Choosing a business entity? Here are the pros and cons of a C corporation
12/5/2022
If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows...
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update
Is it time to update your accounting practices?
12/2/2022
If you ask some business owners why they do things a certain way, they might answer, “Because we’ve always done it that way.” But with all the changes that have taken place in the financial and accounting realm, doing things the...
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tax
Strategies for investors to cut taxes as year-end approaches
11/29/2022
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on...
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New hires press release November 2022
415 Group Adds 8 Team Members to Northeast Ohio Accounting Firm
11/29/2022
415 Group, a leading accounting firm that for 40 years has been helping Northeast Ohio companies grow their businesses, announced eight new hires today. The accounting department grew by four, the IT department by one and 415 Access by three. 415...
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hiring
What to do if your CFO or controller leaves
11/28/2022
A leadership departure in your accounting department can create turmoil, at least temporarily. However, it also provides an opportunity to assess the department’s performance and create a vision for how it should perform in the future. Here...
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assets
Intangible assets: How must the costs incurred be capitalized?
11/25/2022
These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible...
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giving
Year-end giving to charity or loved ones
11/22/2022
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity  In...
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close
Is your business closing? Here are your final tax responsibilities
11/21/2022
Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close...
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nonprofit
Accounting policies and procedures are essential for nonprofits, too
11/18/2022
Financial reporting isn’t all about profits. Not-for-profit entities can also benefit from implementing formal accounting processes. From preparing budgets and monitoring financial results to paying invoices and handling payroll tax,...
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bonds
How savings bonds are taxed
11/15/2022
Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is taxed. And if they reach final maturity, what action...
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software
Computer software costs: How does your business deduct them?
11/14/2022
These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others. In any of these situations, you...
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tax
Act now to reduce your business’s 2022 tax bill
11/11/2022
It’s been a tumultuous year for many businesses, and the current economic climate promises more uncertainty for the short term, if not longer. Regardless of how your company has fared so far in 2022, there’s still time to make moves that...
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Image representing Dealing with Common Cash Flow Investing Activities & Statement Issues
Dealing with Common Cash Flow Investing Activities & Statement Issues
11/11/2022
Financial statement preparers and practitioners often find it a challenge to prepare and report on the statement of cash flows. Issues about the proper presentation of cash flow investing activities continue to arise. The authoritative literature...
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