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cash
Keeping a king in the castle with a well-maintained cash reserve
9/19/2018
You’ve no doubt heard the old business cliché “cash is king.” And it’s true: A company in a strong cash position stands a much better chance of obtaining the financing it needs, attracting outside investors or simply...
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artwork
The tax deduction ins and outs of donating artwork to charity
9/19/2018
If you’re charitably inclined and you collect art, appreciated artwork can make one of the best charitable gifts from a tax perspective. In general, donating appreciated property is doubly beneficial because you can both enjoy a valuable tax...
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expansion
Are you ready to expand to a second location?
9/12/2018
Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location. If your business has reached this point, or is nearing it, both...
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moving boxes
Movin' On: Keep Employees Well Informed
9/11/2018
Moving a business is widely considered one of life's most stressful events for owners and employees.There's packing and unpacking while your staff carries on with business as usual while your staff carries on with business as usual — the...
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partnership
Tax Law Changes Affecting Partnerships, LLCs and Their Owners
9/11/2018
The Tax Cuts and Jobs Act (TCJA) brought many modifications to the tax laws that affect partnerships, limited liability companies (LLCs), and their owners. Here's a look at the key changes. Technical Termination Rule Repealed Under prior law,...
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audit
Medical Profession is a Top IRS Target
9/11/2018
The IRS has a massive effort, launched in coordination with the U.S. Department of Justice, to identify and prosecute tax evaders from the medical profession.   Watch Out for Sham Trusts The IRS is warning physicians not to get...
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Writing
2018 Q4 tax calendar: Key deadlines for businesses and other employers
9/11/2018
Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth 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...
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valuation
Prepare for valuation issues in your buy-sell agreement
9/5/2018
Every business with more than one owner needs a buy-sell agreement to handle both expected and unexpected ownership changes. When creating or updating yours, be sure you’re prepared for the valuation issues that will come into play. Issues,...
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estimated payment
Do you need to make an estimated tax payment by September 17?
9/4/2018
To avoid interest and penalties, you must make sufficient federal income tax payments long before your April filing deadline through withholding, estimated tax payments, or a combination of the two. The third 2018 estimated tax payment deadline for...
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planning
Many Taxpayers Will Pay No Tax on Long-Term Gains and Dividends
9/4/2018
Do you have long-term capital gains or qualified dividends? If so, there's good news: After the Tax Cuts and Jobs Act (TCJA), you might still qualify for the 0% federal income tax rate on these types of income. The rate is only available for...
Includes insights from Brian E. Raber
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school
Back-to-school time means a tax break for teachers
8/29/2018
When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This...
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HSA
HSA + HDHP can be a winning health benefits formula
8/29/2018
If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an...
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cellphone
What's Next for State Tax Nexus?
8/24/2018
The recent Wayfair decision has drastically altered the landscape for states that want to collect sales and use taxes. Prior to this landmark U.S. Supreme Court case, economic "nexus" for tax purposes was established only if the...
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tax break
QBI Deduction Provides Tax Break to Pass-Through Entity Owners
8/24/2018
The IRS recently issued proposed reliance regulations to help clarify the new qualified business income (QBI) deduction that was introduced as part of the Tax Cuts and Jobs Act. This guidance is complex and hundreds of pages...
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balance
Incentive Compensation: How to Strike a Proper Balance
8/24/2018
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...
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attitude
Stamp Out Bad Attitudes and Boost Profits
8/24/2018
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...
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Family
IRS Encourages Taxpayers to Check Withholding
8/24/2018
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. Lieser
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school
Business tips for back-to-school time
8/22/2018
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...
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Gambling
Play your tax cards right with gambling wins and losses
8/21/2018
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...
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IT consultant
6 ways to get more value from an IT consultant
8/15/2018
IT consultants are many things — experts in their field, champions of the workaround and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma...
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Change
Choosing the right accounting method for tax purposes
8/15/2018
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...
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SEP
Squeeze More Out of a Company SEP
8/10/2018
If you want a retirement plan for your small company or self-employed business -- but you don't want to be buried in paperwork -- consider a simplified employee pension plan or SEP. Among the appealing advantages: 1. SEPs are...
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highlighter
Looking for a Business Loan? Be Prepared
8/10/2018
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...
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team
Hiring a Doctor ... A Few Points to Consider
8/10/2018
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...
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conversion
The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible
8/10/2018
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...
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compensation
Contemplating compensation increases and pay for performance
8/10/2018
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...
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calculator
How Tax Reform Affects Tax Planning for C Corporations
8/10/2018
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...
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Handshake
More Acquisitions Signal Change in Accounting Industry
8/9/2018
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. Craig
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volunteers
What you can deduct when volunteering
8/3/2018
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. Raydo
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Chain
Is there a weak link in your supply chain?
8/2/2018
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...
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Portrait of New Employees
415 Group Grows Its Commitment with Nine New Hires
8/2/2018
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,...
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deductions
New Law, New Limit on Deductions for Business Interest Expense
7/31/2018
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...
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calculator
Calculating Deductions for Business Interest Expense
7/31/2018
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...
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trademark
Pick the Right Trademark
7/31/2018
When you create a brand name, the relative strength of the words you choose directly affects how well you will be able to protect the goodwill your brand builds. When The Home Depot was getting off the ground in 1979, its founders searched for...
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a plus
Appraising Your Company's Appraisers
7/31/2018
Let's face it — employee performance appraisals are a chore, can seem confrontational and take time that managers would rather spend on more pressing demands.  Sometimes managers rush through them and the results can be...
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AMT
Do you still need to worry about the AMT?
7/31/2018
There was talk of repealing the individual alternative minimum tax (AMT) as part of last year’s tax reform legislation. A repeal wasn’t included in the final version of the Tax Cuts and Jobs Act (TCJA), but the TCJA will reduce the...
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Image representing Why the “kiddie tax” is more dangerous than ever
Why the “kiddie tax” is more dangerous than ever
7/26/2018
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...
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smart
Get SMART when it comes to setting strategic goals
7/26/2018
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...
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inventory
Is your inventory getting the better of you?
7/26/2018
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. Campanale
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415 Group MSP 501 Winner
415 Group Ranks Among Top 501 Global Managed Service Providers
7/24/2018
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...
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QBI
Close-up on the new QBI deduction’s wage limit
7/18/2018
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,...
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building block
Trust is an essential building block of today’s websites
7/18/2018
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...
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Family
Effects of the Tax Law Vary Based on Major Life Events
7/17/2018
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...
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options
Is an Association Health Plan Right for Your Company?
7/17/2018
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...
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notice
Important Features When Selecting a Collection Agency
7/17/2018
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...
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bid
Is it Time to Rebid Your Vendor Contracts?
7/17/2018
While it's great to have a good rapport with your vendors, it's important to ensure the relationship remains businesslike. Vendors who know there is a threat that they could lose your contract are more likely to focus on staying...
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harass
Shield Against Sexual Harassment Charges
7/17/2018
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...
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keys
3 keys to a successful accounting system upgrade
7/12/2018
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...
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tax credit
Home green home: Save tax by saving energy
7/3/2018
“Going green” at home — whether it’s your principal residence or a second home — can reduce your tax bill in addition to your energy bill, all while helping the environment, too. The catch is that, to reap all three...
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business
Should Your Business Be a C Corporation or a Pass-Through Entity?
7/3/2018
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. Isler
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