Incentive Compensation: How to Strike a Proper Balance
High profile financial scandals in today's business world pop up in the media regularly. Often at the root of such scandals are incentive compensation systems that went awry. The problem might be with the program's initial design or a loophole...READ MORE >
Stamp Out Bad Attitudes and Boost Profits
A good attitude can work wonders at any organization. A cheerful receptionist, a friendly delivery person or a sales clerk with a winning smile can be money in the bank for your business. By the same token, a bad attitude on the part of...READ MORE >
IRS Encourages Taxpayers to Check Withholding
Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a result, many taxpayers who previously itemized...
Includes insights from Holly L. LieserREAD MORE >
Business tips for back-to-school time
Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes, is also a good time for businesses to creatively step up their business development efforts, whether it’s launching new...READ MORE >
Play your tax cards right with gambling wins and losses
If you gamble, be sure you understand the tax consequences. Both wins and losses can affect your income tax bill. And changes under the Tax Cuts and Jobs Act (TCJA) could also have an impact. Wins and taxable income You must report 100% of your...READ MORE >
Choosing the right accounting method for tax purposes
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures...READ MORE >
Looking for a Business Loan? Be Prepared
If you're building up a small business but haven't yet needed to borrow funds to expand or smooth out cash flow irregularities, you're doing something right. Or if you have borrowed and everything went smoothly, kudos again. Otherwise, keep in...READ MORE >
Hiring a Doctor ... A Few Points to Consider
Since physicians are the revenue producers of a busy medical practice, there can be a temptation to add doctors to ease patient loads and increase the bottom line. But while bringing on more practitioners can reduce workloads and create...READ MORE >
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then...READ MORE >
Contemplating compensation increases and pay for performance
As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise cash...READ MORE >
How Tax Reform Affects Tax Planning for C Corporations
One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service...READ MORE >
More Acquisitions Signal Change in Accounting Industry
Independent Firms Must Find Their Niche Within the accounting industry, a growing trend is emerging. Across the country, large corporate accounting firms are rapidly acquiring midsize firms. While these acquisitions have created obstacles for some,...
Includes insights from Richard L. CraigREAD MORE >
What you can deduct when volunteering
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also be deductible. Unfortunately,...
Includes insights from Mikaela E. RaydoREAD MORE >
Is there a weak link in your supply chain?
In an increasingly global economy, keeping a close eye on your supply chain is imperative. Even if your company operates only locally or nationally, your suppliers could be affected by wider economic conditions and developments. So, make sure...READ MORE >
415 Group Grows Its Commitment with Nine New Hires
Canton, Ohio (August 2, 2018) — 415 Group, a certified public accounting, business consulting and IT services firm, announced today the hiring of nine associates: Kandaze Bresnahan, Associate Ron Butler, Senior Manager Cody Ciesielczyk,...READ MORE >
New Law, New Limit on Deductions for Business Interest Expense
The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here's what you need to...READ MORE >
Calculating Deductions for Business Interest Expense
One of the most complicated provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation on deductions for business interest expense. At face value, this limitation seems straightforward, but the devil is in the details. Do You...READ MORE >
Why the “kiddie tax” is more dangerous than ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the...READ MORE >
Get SMART when it comes to setting strategic goals
Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because...READ MORE >
Is your inventory getting the better of you?
On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big —...
Includes insights from Matt D. CampanaleREAD MORE >
415 Group Ranks Among Top 501 Global Managed Service Providers
CANTON, Ohio (July 24 , 2018) – 415 Group, an accounting, business consulting and IT services firm, ranks as one of the top 501 IT managed service providers (MSP) worldwide. In the 2018 list released by Channel Futures, the firm is recognized...READ MORE >
Close-up on the new QBI deduction’s wage limit
The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships,...READ MORE >
Trust is an essential building block of today’s websites
When business use of websites began, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were — and remain — a variety of comical and some...READ MORE >
Effects of the Tax Law Vary Based on Major Life Events
Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes...READ MORE >
Is an Association Health Plan Right for Your Company?
Association health plans (AHPs) are health benefit policies made available to small employers through a group purchasing arrangement for the benefit of association members and their employees. Under the old rules, AHP availability was limited...READ MORE >
Important Features When Selecting a Collection Agency
Even the most efficiently run business occasionally encounters some delinquent accounts — those bills that aren't paid on time. As a result, you may face the unpleasant task of trying to collect on past-due accounts. Your company...READ MORE >
Shield Against Sexual Harassment Charges
There's a lot of discussion these days about protecting physicians from malpractice lawsuits. But another, less publicized threat is potential sexual harassment claims from employees or patients. Like all workplaces in the last decade, medical...READ MORE >
3 keys to a successful accounting system upgrade
Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your financial data as...READ MORE >
Should Your Business Be a C Corporation or a Pass-Through Entity?
The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners...
Includes insights from Chad R. IslerREAD MORE >
Beware of Deductions Claimed for Certain Business Expenses
To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business. A necessary expense is one that's helpful and appropriate for your...READ MORE >
Sales Tax: Supreme Court Ruling Affects Retailers and Consumers
A new U.S. Supreme Court ruling paves the way for states to require Internet sellers to collect sales tax from consumers — even if they don't have a physical presence in the state. (South Dakota v. Wayfair, No. 17-494, June 21, 2018)...READ MORE >
Do you know the ABCs of HSAs, FSAs and HRAs?
There continues to be much uncertainty about the Affordable Care Act and how such uncertainty will impact health care costs. So it’s critical to leverage all tax-advantaged ways to fund these expenses, including HSAs, FSAs and HRAs....READ MORE >
Finding a 401(k) that’s right for your business
By and large, today’s employees expect employers to offer a tax-advantaged retirement plan. A 401(k) is an obvious choice to consider, but you may not be aware that there are a variety of types to choose from. Let’s check out some of the...READ MORE >
Run the numbers before you extend customer credit
Funny thing about customers: They can keep you in business — but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to the point where the...READ MORE >
2018 Q3 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2018. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to...READ MORE >
Do you need to adjust your withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the government an interest-free...
Includes insights from Kristine R. GiannettiREAD MORE >
Plain Dealer Once Again Names 415 Group a Top Workplace
Canton, Ohio — 415 Group, a leading certified public accounting, business consulting and IT services firm in Northern Ohio was selected as one of The Plain Dealer’s Top Workplaces for 2018. This award, according to The Plain...READ MORE >
The Importance of Medical Practice Policy Manuals
Over time, doctors develop their own unique style of practicing medicine. The same is true of medical groups. They develop a style that involves creating a work culture and passing information about it on to staff members. A medical practice's...READ MORE >
Six Keys to Successful Change in the Workplace
Employees generally hate change. Whether it's a merger or restructuring, or a simple change in the color of the office, studies show both staff members and managers resist. The reactions may seem irrational but change can suggest an invasion...READ MORE >
Will States Conform to the New Tax Rules?
Many state legislatures are now in session. A major issue that state lawmakers may currently face is whether to conform their state income tax systems to all the changes included in the Tax Cuts and Jobs Act (TCJA). Some states are considering...READ MORE >
Watch Out for these Tax Issues When Planning for Your Business in 2018
The Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won't necessarily be relevant to your situation. Here's a quick reference guide to the major changes under the new law to help you understand what's changing. In...READ MORE >