News

Receivables: Quality counts
7/14/2023
For many companies, a significant line item on the balance sheet is accounts receivable. But can you take the amount reported at face value, or could there be more to the story? It’s important to dig deeper to understand the quality of...
READ MORE >

Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”
7/11/2023
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.
How do the rules work?
Under the current fair market value basis rules (also...
READ MORE >

Supplement your financial statements with timely flash reports
7/7/2023
Timely financial information is critical to a successful business or nonprofit organization. In today’s dynamic marketplace, you may need to act fast to ward off potential threats and risks — and jump on new opportunities. But if you...
READ MORE >

That email or text from the IRS: It’s a scam!
7/5/2023
“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. The scams may come in through email, text messages, telephone calls or regular mail. Criminals regularly target both...
READ MORE >

Starting a business? How expenses will be treated on your tax return
7/3/2023
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The...
READ MORE >

Turning receivables into cash
6/30/2023
It’s common for high-growth and seasonal businesses to have occasional shortfalls in their checking accounts. The reason relates to the cash conversion cycle — that is, it takes time to collect on customer invoices. In the meantime, of...
READ MORE >

The best way to survive an IRS audit is to prepare
6/27/2023
The IRS recently released its audit statistics for the 2022 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audits these days, that will be...
READ MORE >

The Trust Fund Recovery Penalty: Who can it be personally assessed against?
6/26/2023
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies to Social Security and income taxes that are withheld by a business...
READ MORE >

415 Group Awarded Sixth Top Workplaces 2023 Honor
6/26/2023
415 Group, a certified public accounting, business consulting and IT services firm, has been awarded a Top Workplaces 2023 honor by cleveland.com and The Plain Dealer Top Workplaces. This is the sixth Top Workplaces award the firm has...
READ MORE >

Why some small businesses are switching to tax-basis reporting
6/23/2023
Accrual-basis financial statements are considered by many to be the gold standard in financial reporting. But with the increasing cost and complexity of today’s accounting rules — in particular, the updated lease guidance that went into...
READ MORE >

Are you married and not earning compensation? You may be able to put money in an IRA
6/20/2023
When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However,...
READ MORE >

Virtual currency lands in the IRS’s crosshairs
6/20/2023
While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from...
READ MORE >

2023 Q3 tax calendar: Key deadlines for businesses and other employers
6/19/2023
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. 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 >

Why can’t my profitable business pay its bills?
6/16/2023
If your profitable business has trouble making ends meet, it’s not alone. Many business owners mistakenly equate profits with cash flow, leading to shortfalls in the checking account. The truth is that there are many reasons these numbers...
READ MORE >

When can seniors deduct Medicare premiums on their tax returns?
6/13/2023
If you’re age 65 and older and have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially for married couples with both spouses paying them. But there...
READ MORE >

WHAT TO DO IF YOUR CFO OR CONTROLLER LEAVES
6/13/2023
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...
Includes insights from Marcie E. Curry
READ MORE >

Advantages and disadvantages of claiming big first-year real estate depreciation deductions
6/12/2023
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as simple as it may seem.
Qualified improvement...
READ MORE >

Is QuickBooks right for your nonprofit?
6/9/2023
Not-for-profit organizations exist to achieve nonfinancial or philanthropic goals, not to make money or build value for investors. But they still need to monitor their financial health — that is, how much funding is coming in from donations...
READ MORE >

Reduce the impact of the 3.8% net investment income tax
6/6/2023
High-income taxpayers face a regular income tax rate of 35% or 37%. And they may also have to pay a 3.8% net investment income tax (NIIT) that’s imposed in addition to regular income tax. Fortunately, there are some ways you may be able to...
READ MORE >

Traveling for business this summer? Here’s what you can deduct
6/5/2023
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you must meet certain requirements for out-of-town business travel within the United...
READ MORE >