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Blogging Beyond the Numbers

Posted by: Shana Valenta 3 days ago
401k plans are a good way to save money for retirement as well as an easy way to reduce your current year taxable income.  There are two different 401k plans that employers offer to their employees:  a traditional 401k plan and a Roth 401k plan.    Traditional 401k Contributing to a Traditional 401K plan through payroll (or as a solo 401k if you are a self-employed individual...
Posted by: Vicki Gramse 7 days ago
Companies with large amounts of tax depreciation could be impacted greatly. Background and Basics of the Business Interest Deduction Limitation As part of the new tax law (Tax Cuts and Jobs Act), there is a new interest limitation for businesses with gross receipts greater than $25 million (*see more details of this limitation below). This was effective for tax years starting after December 31, 2017....
Accounting for Non-Accountants
Posted by: Christin Biermeier 1 week ago
The new tax reform is causing many taxpayers to use the standard deduction instead of itemizing. This may make you hesitate when it comes to your charitable contributions. Watch as Abby and Emily explain what you can do to donate to your favorite charities and still get that tax break next spring! https://youtu.be/blQKgnTvNn4 ...
Posted by: Swati Jain 3 weeks ago
After the recent tax law change, many taxpayers are no longer are able to itemize certain tax deductions due to the higher standard deductions. However, for senior taxpayers who are charitably inclined and make regular donations, QCDs (Qualified Charitable Distributions) can be of great tax advantage to them.   People who are 70 ½ or older, are eligible to make a transfer of funds directly from thei...
wash sale rule
Posted by: Mike Scholz 3 weeks ago
If you’re planning to sell stocks/mutual funds at a loss to offset realized capital gains during the year, it’s important to be aware of the “wash sale” rule. How the rule works Under this rule, if you sell stock or securities for a loss and buy “substantially identical” stock or securities back within the 30-day period before or after the sale date, the loss CANNOT be claimed for tax pur...
plan sponsor retirement plan tshirt
Posted by: Sheridan Bearheart 4 weeks ago
I’m a plan sponsor, now what? A retirement plan can be a great way to attract new employees and offer a benefit to existing employees, but it comes with certain responsibilities. If your company or organization sponsors a retirement plan, you have certain fiduciary responsibilities as the plan sponsor. But, let’s get to know ERISA first. The Employee Retirement Income Security Act of 1974 (ERIS...
FUTA Tax
Posted by: Nolan Breunig 1 month ago
As a company grows it more than likely will need to hire employees and pay those employees wages.  An employer that pays wages has a responsibility to pay payroll taxes and report those taxes to the IRS on quarterly and annual forms.  This post will look specifically at Federal Unemployment Tax (FUTA) taxes and ways businesses can attempt to reduce their future FUTA tax liability. Anyone who ...
tax free non charitable gifts
Posted by: Mike Scholz 1 month ago
As we head toward the holiday gift-giving season, some taxpayers also consider giving gifts of cash or securities to their family members. Who doesn’t like receiving a cash gift at year-end from the grandparents? Taxpayers can transfer substantial amounts to their children and others TAX-FREE through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For 2019...
Accounting for Non-Accountants
Posted by: Christin Biermeier 2 months ago
Audits aren't supposed to be scary. Watch as Abby and Emily give some practical tips to make your audits a little less scary and make sure you don't give your auditor a fright! https://youtu.be/XuSCRTT0EBQ ...
Posted by: Swati Jain 2 months ago
On September 24, 2019, the Department of Labor (D.O.L.) issued a Final Rule that updates regulations related to wage and hour (i.e. overtime) rules.  Although these regulations were updated on December 2016, those 2016 changes were subsequently invalidated by a Federal court. The effective date of this new Final Rule is January 1, 2020.  What has changed, and what does this mean for employers...
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