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Blogging Beyond the Numbers

Capturing Institutional Knowledge
Posted by: Hannah Lanser 1 month ago
Institutional knowledge. What your staff knows is one of the most valuable intangible assets of every organization. It’s often taken for granted and losing it is costly, frustrating, and inefficient. The concept of business continuity is more than having a disaster recovery plan for natural disasters or technology failure. It should also include personnel transitions, which are much more common. How ...
Accounting for Non-Accountants
Posted by: Christin Biermeier 1 month ago
There are quite a few stereotypes surrounding the type of work accountants do, with words like "boring" and "taxes" coming to mind first. But there's more to our CPAs than what you might expect! Join Abby and Emily as they shed some light on the top 5 myths surrounding accountants. https://youtu.be/91lZKedsdjA Subscribe to our YouTube channel to view new Accounting for Non-Accountants videos a...
taxpayer first act
Posted by: Mike Scholz 2 months ago
President Trump has signed into law the Taxpayer First Act of 2019 (H.R. 3151) (the “Act”).  Signed on July 1, 2019, this bill amends the Internal Revenue Code to improve and modify the organizational structure, enforcement procedures, and services of the Internal Revenue Service (IRS). The bill also establishes within the IRS a new “Independent” Office of Appeals to resolve tax controvers...
Kid's Day Camp Tax Break
Posted by: Whitney Mauger 2 months ago
School is out for the summer, and you are trying to keep your kids entertained!  Did you know that day camps are eligible for a tax break? Remember when your kids were younger and in full-time daycare, you received a credit on your tax return?  This is the same credit – it’s also available for day camps!  Here are the details. The value of a credit Day camp is a qualified expense under the chi...
Posted by: Vicki Gramse 2 months ago
After the stress of busy season, we sometimes forget in the heat of the summer that there are still important tax-related deadlines that occur. Below are some of the common deadlines that hit during the heart of the summer months (3rd quarter of 2019).  Businesses can face penalties and interest if they fail to file and meet these deadlines. July 31 Form 941 for the second quarter of 2019: You ...
Posted by: Mike Scholz 2 months ago
When you retire, two reasons for prompting the move are 1). better weather or 2). to be closer to family or loved ones.   But don’t forget to factor in how state and local taxes may help or hurt you. Once you decide on a new home state, establishing residency in that state tax may be more complicated than it initially appears to be. Consider all the state and local taxes in the “new” state ...
Child with adding machine
Posted by: Seth Kuehnel 2 months ago
Combined income and payroll tax can consume half the profit of a self-employed individual any given year. So if you’re a business owner you may want to consider hiring your children this summer to obtain tax breaks and other nontax benefits. With some careful advanced planning, it may be possible to: Shift your higher taxed income into tax-free or lower taxed incomeRealize significant payroll tax...
Posted by: Jolene Giese 2 months ago
It is important to know the compliance requirements for every award your organization receives and accepts. The consequences of noncompliance can be significant and may include termination of the grant, reduction in future payments or funding amounts, repayment of federal funds already received and spent, imposed fines and penalties, reputational damage, special status for oversight and reviews, corrective...
Posted by: 3 months ago
Whether you're 4 or 40, it's really hard to put into words what exactly accountants do. So we decided to ask our youngest thinkers their opinions. Watch as the kids of Wegner CPAs tell you all they know about what their moms, dads, and grandparents do! Subscribe to our YouTube channel to view new Accounting for Non-Accountants videos as they are published! ...
Posted by: 3 months ago
Tax Season is over, you have filed your taxes, gotten back your refund, and are ready to focus on the year ahead of you. Until you get that dreaded IRS audit notice. IRS audit notices generally appear 1 to 3 years after a tax return is filed. Most taxpayers don't need to be overly concerned that they will be audited as only 0.59% of individual tax returns were actually audited in 2018. With p...
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