News

Overhead allocations: Rising costs require a fresh, disciplined mindset
8/18/2023
From utilities and interest expense to executive salaries and insurance, many overhead costs have skyrocketed over the last few years. Some companies have responded by passing along the increases to customers through higher prices of goods and...
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The IRS warns businesses about ERTC scams
8/16/2023
The airwaves and internet are inundated these days with advertisements claiming that businesses are missing out on the lucrative Employee Retention Tax Credit (ERTC). While some employers do indeed remain eligible if they meet certain criteria, the...
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Disabled family members may be able to benefit from ABLE accounts
8/15/2023
If you have family members with disabilities, there may be a tax-advantaged way to save for their needs — without having them lose eligibility for the government benefits to which they’re entitled. It can be done though an Achieving a...
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Planning ahead for 2024: Should your 401(k) help employees with emergencies?
8/14/2023
The SECURE 2.0 law, which was enacted last year, contains wide-ranging changes to retirement plans. One provision in the law is that eligible employers will soon be able to provide more help to staff members facing emergencies. This will be done...
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KEEP THESE DOS AND DON’TS IN MIND WHEN DEDUCTING BUSINESS MEAL AND VEHICLE EXPENSES
8/14/2023
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet...
Includes insights from Brian E. Raber
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5 steps to track vehicle mileage in QuickBooks
8/11/2023
Your organization may need to track business miles to maximize its tax deductions, reimburse employees for personal vehicle use, and comply with IRS rules and regulations. Navigating this process can be administratively burdensome. Fortunately,...
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Can you deduct student loan interest on your tax return?
8/8/2023
The federal student loan “pause” is coming to an end on August 31 after more than three years. If you have student loan debt, you may wonder whether you can deduct the interest you pay on your tax return. The answer may be yes, subject...
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Receive more than $10,000 in cash at your business? Here’s what you must do
8/7/2023
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return.
The requirements
Each person who, in the course of...
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Reporting UTPs on your financial statements
8/4/2023
It can be difficult for business owners to navigate the tax code and monitor tax law developments. One area of special concern is financial reporting for uncertain tax positions (UTPs). Here’s some insight to help clarify matters.
Recognition...
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Pocket a tax break for making energy-efficient home improvements
8/1/2023
An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break...
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The advantages of using an LLC for your small business
7/31/2023
If you operate your small business as a sole proprietorship, you may have thought about forming a limited liability company (LLC) to protect your assets. Or maybe you’re launching a new business and want to know your options for setting it up....
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Being a gig worker comes with tax consequences
7/31/2023
In recent years, many workers have become engaged in the “gig” economy. You may think of gig workers as those who deliver take-out restaurant meals, walk dogs and drive for ride-hailing services. But so-called gig work seems to be...
Includes insights from Morgan V. Giebel Cannon
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Start cross-training your accounting team today
7/28/2023
The accounting profession is facing a talent crisis. The U.S. Bureau of Labor Statistics estimates that roughly 17% of U.S. accountants and auditors have left their jobs over the past two years, leaving some open positions unfilled for many months....
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IRS provides transitional relief for RMDs and inherited IRAs
7/28/2023
The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts. The guidance in IRS...
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Moving Mom or Dad into a nursing home? 5 potential tax implications
7/25/2023
More than a million Americans live in nursing homes, according to various reports. If you have a parent entering one, you’re probably not thinking about taxes. But there may be tax consequences. Let’s take a look at five possible tax...
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A tax-smart way to develop and sell appreciated land
7/24/2023
Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill.
In this scenario, the tax rules...
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Selecting a qualified auditor for your employee benefit plan
7/21/2023
Does your organization offer health care and retirement benefits for its employees? Benefit plans with 100 or more participants are generally required to have their annual reports audited under the Employee Retirement Income Security Act of 1974...
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415 Group Appoints Natalie Simmons to Partner in Charge of Tax
7/18/2023
415 Group, the largest locally owned public accounting and IT consulting firm in Stark County, based in Canton, Ohio, has appointed Natalie Simmons to partner in charge of tax.
Tax services make up the firm’s largest division....
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Retirement account catch-up contributions can add up
7/18/2023
If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road. The deal with IRAs
Eligible taxpayers...
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Corporate officers or shareholders: How should you treat expenses paid personally?
7/17/2023
If you play a major role in a closely held corporation, you may sometimes spend money on corporate expenses personally. These costs may end up being nondeductible both by an officer and the corporation unless the correct steps are taken. This issue...
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