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Blogging Beyond the Numbers

Posted by: Mike Scholz 9 months ago
Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to understand. Buy-sell basics A buy-sell agreement sets up parameters for the transfer of ownership interests following stated “trigger...
Retirement Plan Options
Posted by: Breanna Baughman 9 months ago
If you are self-employed without employees and are looking into putting money away for retirement, there are several popular options outside of the Traditional or Roth IRA plans. Three of the more popular retirement plans include Self Employed Pensions (SEP) IRA, Simple IRA, and One-Person 401(k) Self Employed Pension (SEP) IRA A SEP IRA allows a self-employed individual to make contribut...
Posted by: Mike Scholz 10 months ago
Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2017. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. April 1 Kewaunee County to impose county sales and use tax ...
Safe Harbor Deduction
Posted by: Mike Scholz 11 months ago
If last year your business made repairs to tangible property, such as buildings, machinery, equipment or vehicles, you may be eligible for a valuable deduction on your 2016 income tax return. But you must make sure they were truly “repairs,” and not actually “improvements.” Why? Costs incurred to improve tangible property must be depreciated over a period of years. But costs incurred on inc...
Posted by: Dale Kunin 11 months ago
Are you looking for a specific check or invoice? Perhaps you just made an entry, but you can't seem to find it anywhere? Here is a way to find those missing transactions without wasting precious time. You can search for transactions in Peachtree based on specific criteria that you enter. 1.  From the Edit menu, select Find Transactions   2.  Select a Filter range This is a 2-step process. Fir...
Unlucky 13
Posted by: Mike Scholz 11 months ago
The IRS’s Large Business and International Division has identified 13 “campaigns,” or issues it will target in examinations, in the coming year. While the list targets large businesses, don’t be surprised if the issues trickle down to mid-sized and smaller businesses, too. The IRS is turning to an issue approach to audits and is focusing on those compliance issues that present the greatest ...
Foreign Bank Accounts
Posted by: Swati Jain 12 months ago
During the past year(s), did you have a foreign bank account or a financial interest/signature authority in any foreign account? If so, be aware…the IRS wants to know about it. If the combined aggregate value of all those foreign bank accounts exceeded $10,000 at any time during the calendar year, even if just for 1 day, you are required to file FinCEN Form 114, Foreign Bank Account Report (FBAR) with ...
Posted by: Mike Scholz 12 months ago
The Section 199 deduction is intended to encourage domestic manufacturing. In fact, it’s often referred to as the “manufacturers’ deduction.” But this potentially valuable tax break can be used by many other types of businesses besides manufacturing companies. Sec. 199 deduction 101 The Sec. 199 deduction, also called the “domestic production activities deduction,” is 9% of ...
Posted by: Bruce Mayer 12 months ago
The rules for accounting for leases in a set of financial statements in accordance with GAAP (Generally Accepted Accounting Principles) will change significantly starting in 2020. The logic for making the change is that balance sheets are currently very different for businesses that own a building compared to businesses that rent a building. To enhance comparability between businesses the Financial Accounti...
Posted by: Mike Scholz 12 months ago
President Obama signed into law the 21st Century Cures Act (the Act) on December 13th which allows small employers to provide Health Reimbursement Arrangements (HRAs) for their employees without facing penalties for failing to satisfy certain Affordable Care Act (ACA) requirements. Furthermore, the Act retroactively grants penalty relief for plan years beginning on or before December 31, 2016. HRAs are esse...