Five Reasons To Fall In Love With Your Financial Advisor

Denell Skelton | February 12th, 2016

While your financial advisor is probably the last person you are thinking about this Valentine’s Day, you may want to reconsider and here’s why …

You share the same financial goals.

Whether the topic of conversation is on your personal finances or your business’s financial wellbeing, your financial advisor genuinely cares about your current and future economic security. That’s why they are always looking for ways to save you money – not just during tax season, all year long. Read “Don’t Miss Your Chance to Secure Tax-Free Wealth” to learn about five tax savings strategies you may have missed.



They are not afraid to ask for help.

Because they want your future to be financially sound, your financial advisor is not only happy to call in outside reinforcements and other industry experts to weigh in on key financial decisions, they insist on it. It’s just not realistic for one person to have all the answers, especially in business matters, which is why your financial advisor likely has a contact list full of bankers, lawyers, real estate brokers, city officials and many other industry leaders and business experts. Read “Getting by with A Little Help from Your Friends” for tips to help you identify the right advisors to help you overcome your unique challenges.

They have your back.

From helping you identify ways to protect your business against fraud to helping you avoid spending more money than is necessary during large negotiations; your financial advisor is always looking out for your best interest. Are you looking for ways to prevent occupational fraud in your business or do you need to know the true value of a property you are interested in purchasing? Either way, your financial advisor has the expertise and experience needed to keep you from being taken advantage of. Check out the article “Are Your Employees Skimming from the Top?” and “How to Make Your Building Work for You with a Cost Segregation Study” for more insight into these topics.

They always have good advice.

It should go without saying that your financial advisor has worked with their fair share of business owners. So, when it comes to knowing the ins and outs of running a business, they have a lot of good advice and can give you some great insight into techniques that have worked as well as warning you about others that may have fallen short of meeting expectations. Your financial advisor may not always provide you with the answer you were looking for, but if you bring them into the conversation they will always be there to give you the sound advice you need. Listen to episode 18 of unsuitable on Rea Radio to hear a veteran financial advisor talk about the positive psychology of having hard conversations.”

Help is always right around the corner.

If you have a personal finance question or are in need of expert business advice, email Rea & Associates to speak with one of our expert financial advisors today.

By Denell Skelton, CPA (Coshocton office)

Are you looking for more business tips and insight? Subscribe to unsuitable on Rea Radio on SoundCloud or iTunes and listen to new podcast episodes every week. Listen to these episodes to learn more:

Stuck on $5 million

Outsourcing: Quite Possibly Your Most Powerful Resource

The Revenue Sin

Share Button

Protect Your Business With These 6 Tips

Tim McDaniel | February 10th, 2016
Protect Your Business | Risk Prevention Tips | Ohio CPA Firm

Do you know that most of your net worth is tied up in your business. That means, if you don’t adequately protect it, you could stand to lose nearly everything you’ve spent your life working for. Read on for some great tips to help you protect your business.

It’s human nature to do everything we can to protect the people we love and the property we value. From drawing up legal documents to purchasing the newest safety products on the market – we are always looking for ways to protect what’s ours. Hopefully, this same mindset governs your business’s risk-management strategy as well.

Do you know that most of your net worth is tied up in your business. That means, if you don’t adequately protect it, you could stand to lose nearly everything you’ve spent your life working for.

Columbus Business First recently published my six tips to help business owners protect their most valuable asset. I encourage you to check them out here as well.

  • Draw up a buy-sell agreement.
    Why: As the last will and testament of your business, your buy-sell agreement dictates will happen if a shareholder dies, becomes incapacitated, retires or is fired from the business.
  • Secure contracts for all key employees.
    Why: What would you do if one of your key employees left and took your customers and other employees with them? Before your worse-case-scenario has a chance to materialize, address your concerns in the form of a contract.
  • Have a succession plan.
    Why: Your company’s value could take a hit if you were to unexpectedly be absent from the business. Select and train your replacement sooner rather than later.
  • Comply with government regulations.
    Why: Some violations could cost your business hundreds of thousands of dollars – or more.
  • Protect your intellectual property.
    Why: Your ideas are valuable, especially if your ideas form the foundation of your business. When you protect your intellectual property with patents, copyrights and other legal agreements, you are protecting your business’s value.
  • Secure proper insurance coverage.
    Why: Without the right coverage, a single lawsuit, accident or natural disaster could take your business’s value to zero.

Want to learn more about how a business valuation can help you grow and protect your business? Check out my website at www.knowandgrow.com. You can also follow me on Twitter for helpful business tips throughout the day.

By Tim McDaniel, CPA/ABV, ASA, CBA (Dublin office)

Are you looking for more ways to protect your business? These articles could help!

Are Your Employees Skimming From The Top?

Businesses Beware: Sloppy Data Security Could Cost You

Can Your Business Survive An Employee Exodus?

Share Button

Readers Sought Last-Minute Tax Tips In January

Dear Drebit | February 5th, 2016

Top 5 Business Blog Posts Revealed

Not a lot happens in January, unless you are a business owner who is scrambling to meet the IRS deadlines in preparation for the upcoming tax season – 2016 is no different. This is why I am glad to be able to provide you with some great tax and IRS articles from the financial experts at Rea & Associates!

If you haven’t read our top five blog posts from January, now’s your chance. You’re sure to find useful tidbit or two to use help you stay on top of your annual responsibilities while continuing to enhance your business over the next year.

  1. IRS Gives Business Owners The Gift Of More Time – While some taxpayers may be rejoicing after learning that the IRS has delayed 1095-C reporting deadline, it’s important to remember that this late Christmas gift may not be as great as it seems – especially when it comes to meeting the deadline to file your individual tax return. Read on to learn what this deadline delay means to you.
  2. National ID Theft Awareness Month: Get In The Know – December was National ID Theft Awareness Month and the fraud prevention team at Rea is a wealth of information when it comes to sharing great tips to help taxpayers protect their identities from fraudsters. Instead of scrolling past posts in our expansive article library or award-winning blog, we’ve compiled this Top 5 list to make your search for information easier. Read on to discover how you can prevent cyber criminals from hijacking your identity all year long.
  3. Anything Can Happen In Cleveland – Since 1999 that phrase has been uttered so many times in reference to the Cleveland Browns it should have been declared Ohio’s state motto. Well, it’s now 2016 and it looks as though next year might finally be THE year. Why am I so optimistic? Because the day after the Browns cleaned house, the franchise announced who would step in as the new Chief Strategy Officer to help rebuild the team – Paul DePodesta! Read on to learn how this move in Cleveland could mean positive things for your business.
  4. How Far Back Can The IRS Go For Tax Auditing – This is a hot topic every month, especially during tax season. Read on to learn how far back the IRS can go when auditing your taxes.
  5. 16 Resolutions For Business Growth In 2016 – New Year’s resolutions aren’t just great ways to set personal goals; they can help keep us on track professionally as well. This year, instead of worrying about which goal you are going to pick from the New Year’s Resolution menu, why not consider committing your energy and resources into ways that will improve the overall health of your business? Keep reading to find out how.

With tax season in full swing, this month we are busy sharing tips of getting ready for meeting with your accountant, preventing tax fraud and so much more. Don’t want to miss a post? Just subscribe to our blog and have them delivered directly to your inbox.

And don’t forget, if you have a question that pops up this tax season, email the team at Rea & Associates!

Share Button

Ohio’s Identity Theft Quiz Returns – With Modifications

Lisa Beamer | February 2nd, 2016

Last year, Ohio’s Department of Taxation rolled out the Identification Confirmation Quiz, which required many Ohioans to prove their identities before receiving a refund. Needless to say, there were more than a few unhappy campers. However, despite its shortcomings, the quiz did what it was supposed to do – helped thwart tax fraud, which is why the Ohio tax quiz will make another appearance in 2016.

Read Also: How To Recover From Identity Theft & Tax Fraud

So, how successful was the quiz at stopping fraudsters from stealing refunds? Very. One Ohio news source reported that the quiz helped identify an estimated 234,336 fraudulent refund requests worth $259.1 million in 2015. The year prior, only 64,693 requests were reportedly stopped.

“We are committed to combatting tax fraud and ensuring that tax refunds are paid only to legitimate filers,” said Joe Testa, Ohio tax commissioner, in an op-ed piece on the Ohio Bar Association’s website on Jan. 6. “We believe we’re among the leaders in the country in aggressively combatting these fraud schemes. Last year, the Identity Confirmation Quiz was instrumental in that fight.”

Testa did go on to say that, after reviewing feedback from last year’s tax season, changes were made to the types of questions asked in an attempt to improve the entire process while facilitating a better experience overall. He said that further improvements were made to the department’s tax return analysis, which should result in fewer taxpayers from being required to take the quiz in order to receive a refund.

Tax fraud and identity theft continues to be a major problem throughout the nation, but you don’t have to stand by and do nothing. This article will provide you with some tips to help reduce your risk of becoming a victim.

By Lisa Beamer, CPA (New Philadelphia office)

Want more safety tips to help get you through tax season unscathed? Check out these articles:

Join The Fight Against Identity Theft & Income Tax Fraud

When Scammers Demand That You Pay Up, IRS Says You Should Hang Up

Let’s Talk About The F-Word

Share Button

Join The Fight Against Identity Theft & Income Tax Fraud

Ashley Matthews | January 29th, 2016

Income tax identity theft and refund fraud has become a huge problem over the last few years; and while billions of dollars are finding their way into the pockets of fraudsters, the IRS is working hard to shut down these schemes.

The IRS paid roughly $5.8 billion dollars in fraudulent refunds to identity thieves over the course of the 2013 filing season. While that is a huge number, it could have been a lot worse. During the same time period, the amount the IRS successfully prevented or recovered totaled around $24.2 billion. But these statistics only take into consideration the fraud we know about.

Identity theft isn’t just a threat during tax season, scammers are exploiting a lot of cracks in your armor. Listen to episode 12: the great data saver on unsuitable on Rea Radio for insight from Joe Welker, CISA, Rea’s IT Audit Manager

The Unknown Number

While it is nice to know that the IRS is working hard to prevent identity theft and refund fraud, the truth is that we don’t yet have all the information to determine how bad the income tax fraud epidemic really is. This means that we continue to be at risk of becoming a fraud victim again this tax season. Perhaps if we knew how many fraudulent tax returns went on to be processed and how many billions of dollars were paid out to scammers looking to make a quick buck we could finally make some educated assumptions about the likelihood of being defrauded out of your refund check.

I don’t like not having all the necessary information.

Read Also: Ohio Department of Taxation Stops Thieves From Stealing Millions

This year, income tax fraud is expected to be higher than ever. This video, produced by abc6 out of Columbus, Ohio, shines more light on the topic of identity theft in Ohio.

Calling In Reinforcements

The IRS has realized that identity theft and refund fraud are threats that are showing no signs of going away. So the agency has requested help. The Internal Revenue Service, in cooperation with state tax administrators and tax industry leaders, has formed a public-private sector partnership to identify and test more than 20 new data elements on tax return submissions that will be shared with the IRS to detect and prevent fraudulent filings. The software industry is doing its part by putting enhanced identity validation requirements in place to protect customers and their personal information from identity thieves.

As of October 2015, 34 state departments of revenue and 20 tax industry members have signed memorandums of understanding regarding coalition’s roles, responsibilities and information sharing measures. More states are expected to sign on later.

Taxpayers Are Encouraged To Fight Back Against Fraud

Over the last 3 years, the IRS has initiated more than 3,000 fraud investigations. Those investigations have gone forward to convict and sentence close to 2,000 thieves to around 40 months in prison apiece. But there is still much to be gone. They are doing their part.  We as taxpayers have to do ours.

In January, the IRS launched the “Taxes. Security. Together.” initiative to educate taxpayers on income tax identity theft and ways they can safeguard their information and protect themselves. According to the agency, there are several ways you can protect yourself from identity theft – especially during tax season:

  • Keep your computer secure
  • Avoid phishing email and malware
  • Protect your personal information

Above all, choose your tax preparer wisely and make sure they take their responsibility to safeguard your information very seriously. A tax preparer can also help if you do encounter a situation in which your information could be compromised.

By Ashley Matthews, CPA (Dublin office)

Want to take steps to ensure that you won’t be a fraud victim this year? These articles feature information that can help.

Should I still be concerned about identity theft and tax fraud?

How can you protect yourself from tax fraud

Identity Theft Prevention: Tips To Reduce Your Risk of Becoming a Victim

How To Recover From Identity Theft & Refund Fraud

Share Button

Are Your Employees Skimming From The Top?

Annie Yoder | January 29th, 2016

Fraud Triangle- Ohio CPA Firm Dear Drebit: As a new business without a cash register, what is the best way (accounting method-wise or other) to protect cash receipts from sales against employee theft or dishonest activity? Thanks, “Ernest”

Dear Ernest: Great question! Segregation of duties is essential when it comes to protecting your business against fraud. Here are some tips to help you protect your business from employee theft or dishonest activity.

5 Ways To Prevent Fraud In Your Small Business

  • Your bank activity and all copies of your cancelled checks should be reviewed by someone other than the individual who collected the cash. Similarly, the person who collected the cash should not be the same person responsible for taking the deposit to the bank.
  • Inventory records should be reviewed by the business owner, who should then compare them with the company’s sales totals/collections. While your number probably won’t be exact, it will help you identify large variances. Start by reviewing how much inventory was sold and identify the sales price. Then review that total with the business’s sales totals.
  • Never use the cash in the register to pay vendors for business expenses. All payables should be processed in such a way to provide you with a paper trail. A check or card payment is ideal.
  • Lead by example. Your employees are watching your behavior, which means if they see you removing cash from the till, they will have an easier time rationalizing their behavior to do the same. It’s up to you to set a good tone at the top.
  • If the person responsible for collecting payment from your customers throughout the day is also responsible for preparing a “daily reconciliation” of monies, their work should be double-checked by another employee as well. Again, because it’s just that important, someone other than the employee who collected the money in the first place should be the one to take the funds to the bank. After the deposit has been made, the employee should return with the validated deposit slip to compare with the day’s sales activity.

While you can never reduce the risk of fraud from occurring to zero, any control you put in place – even the perception of oversight – will help deter fraud.

I recently spoke about this topic on our podcast, unsuitable on Rea Radio. If you get a chance, check out episode 3: trust is not an internal control for more insight, tips and general fraud prevention advice.

If you would like more information on internal controls, email Rea & Associates. You may also find the information provided in this video to be helpful.

By Annie Yoder, CPA, CFE, CFF (New Philadelphia office)

Learn more about the impact of occupational fraud, check out these articles:

Where There’s Smoke, There’s Fire: 5 Internal Control Tips That Can Save Your Business From Fraud

Fraud Hotlines Deter Occupational Fraud

Cost-Effective Ways To Deter Fraud

Share Button

Don’t Forget Your Health Coverage

Joe Popp | January 27th, 2016

2016 individual mandate penaltiesIt’s getting expensive to not have health insurance and I’m pretty sure there are a lot of people out there who are not prepared to pay the  $700 flat fee for 2016 (or 2.5 percent of your income if greater). The break even is $28,000 income for single, so a great majority of people will likely pay the higher fee based on percentage of income.

If you don’t have insurance, or if you know somebody who has neglected to purchase insurance, time’s running out. The deadline to enroll on healthcare.gov is Jan. 31.

Just look at how much penalties have increased over the years!

2014, 2015 and 2016 Annual Payment Amounts

Year 2014 Year 2015 Year 2016
Percentage amount

1% of income
above filing threshold*

2% of income
above filing threshold*
2.5% of income
above filing threshold*

Flat dollar amount**

$95 per adult
$47.50 per child
$325 per adult
$162.50 per child

$695 per adult
$347.50 per child

Employees: Do you know how the new IRS Form 1095-C filing requirements impact you? Click here to find out.

By Joseph Popp, JD, LLM (Dublin office)

Want to learn more about your healthcare options? Check out these articles:

The Cost Of Reimbursing Employees For Health Care
Obamacare Is Here … Now What?
Know Your Health Insurance Options

Share Button

The 2016 Tax Season Is In Full Swing, Are You Ready?

Lesley Mast | January 22nd, 2016
Tax Planning - Ohio CPA Firm

Tax season doesn’t have to be the stuff nightmares are made of. Believe it or not, it can be a smooth, uneventful process. Just remember, preparation is the key to tax season success.

Your holiday decorations have been tucked away, subzero temperatures have found their way to your neighborhood and your W-2’s are in the mail … tax season is upon us once again!

This year, don’t let the hunt for tax forms, pay stubs and receipts stress you out. Instead, take a few minutes to brush up on some of our best tax season tips and avoid becoming a victim of the last-minute filing chaos that ultimately ensues in April.

Top 5 Tax Season Planning Tools

  1. File Faster With This Tax Prep ChecklistIt’s that time of year again – time to gather your information and prepare to file your tax return. You may be surprised how fast the entire filing process goes if you spend a little time preparing before you make your appointment with the tax preparer. Get your tax prep checklist here to avoid missing the filing deadline.
  1. From Toddler To Teen And Beyond: Tax Breaks For Families: With parenthood comes many rewarding experiences – and expenses. You hear about how expensive it is to raise a child, but you never really know what to expect until that little bundle of joy enters your life. From diapers, pre-school, extracurricular activities and saving for college, the costs of raising kids adds up fast. Read on to discover what tax breaks are available to families?
  1. How To Win Tax SeasonBy mid-January, statistically, most Americans have already abandoned their New Year’s resolutions – those promises you make to yourself to hit the gym, get more sleep or become more organized. But hopefully, you’re not like most Americans – especially if better organization is the goal. Today I want to urge you not to give up at least not until April 15. Keep reading to find out how you can win tax season with these four tax prep tips.
  1. Taxes Are Like FishingAre you wondering where I’m going with this, wonder no more. You are sure to find a lot of valuable insight in this episode of unsuitable on Rea Radio. Episode 9, Taxes Are Like Fishing, features Melane Howell, CPA, a tax manager at Rea, talking about the importance of strategic preparation, just in time for tax season. Listen now for great insight and sound tax tips that are sure to make this tax season the easiest one yet!
  1. The Truth About Tax ExtensionsWhile the first four months of the year is a busy time for accountants, we know that things don’t always go according to plan. But instead of enduring penalties for filing a late return, you may find that filing a tax extension is a better option. Contrary to popular belief, tax extensions aren’t as bad as you may have heard. Read on to learn the truth about tax extensions, and don’t forget to check out the slideshow.

Tax season doesn’t have to be the stuff nightmares are made of. Believe it or not, it can be a smooth, uneventful process. Just remember, preparation is the key to tax season success.

Need help filing your individual or business tax return? Email Rea & Associates for help. Our team of tax advisors can help you change your perspective of tax season into one that is more positive for everyone.

By Lesley Mast, CPA (Wooster office)

Check out these articles for more helpful tips for individuals:

Cyber Crime: It Can Happen To You

You Can Still Have The Final Say After Death

Debt vs. Taxes: Should You Pay Off Your Loan

Share Button

Dude, You’re Getting … Hacked

Steve Roth | January 20th, 2016

Could Your Computer Make You A Target For Fraudsters?

Dell Computer Hack | Rea & Associates | Ohio CPA Firm

Learn how to keep your computer safe from this new scam.

There is a new scam making the rounds and if you have a Dell computer you could be at risk.

KnowBe4 recently published a blog informing users of the newest security issue, which has apparently left owners of Dell computers vulnerable to scammers who have been able to capture their computer’s unique tag ID (the unique sticker on your desktop or laptop) from Dell’s database.

Read Also: WARNING: Tis The Season To Practice Safe Online Shopping Habits

Fraudsters proceed to call potential victims and attempt to gain access to their personal computer by claiming that there is a problem with their computer – the stolen information is then used to establish credibility. Once the fraudster convinces their victim to grant them remote access to their desktop or laptop to “fix” the problem, the scam is complete and the security of your personal information has been compromised. In other words, your personal information (such as credit card numbers, banking information, Social Security number, contact information, etc.) is no longer personal.

Dell has said that the company is investigating the issue but, at this time, offers little to no explanation for the alleged breach. Rather, the company is quick to point customers to this October 2, 2015 post advising of tech support phone scams.

According to the KnowBe4 blog post, this scam is similar to a Microsoft tech support scam where fraudsters call PC users with a similar request – to be allowed to gain remote access to a computer to fix an alleged problem.

“End-users gullible enough to give access to their workstations (usually via remote software), are billed hundreds of dollars on their credit card but the scammers, of course, don’t fix anything – in some cases their PC’s are infected with ransomware until they pay up.”

Protect Yourself

This is a great time to educate yourself and your employees about ways to keep your company’s data, computers and other devices safe. For example, if you do get a suspicious call, refrain from providing any information to the caller. Instead, insist that you will call them back. When you do return the call, use a phone number you know to be accurate or visit the company’s website for the phone number. Never call back the number that shows up on your caller ID. Another way to determine if the number is legit is to search the number in Google. This is a fairly accurate way to determine the validity of the call.

Have you been a victim of identity theft? Read on to start recovering today.

It seems that a new scam pops up every week. Fortunately, education and a little common sense is the key to your ensuring your safety.

Would you like help putting controls in place to protect your business from becoming victimized by a opportunistic hacker? Email Rea & Associates and request to speak with a member of our IT audit team. For more tips and insight, take a look at the related articles below,

By Steve Roth, IT Director (New Philadelphia office)

Want more security tips for your business, check out these posts:

Stop Criminals From Hijacking Your Identity With These Top 5 ID Theft Prevention Posts

Then And Now: Data Security In America Since The Target Breach

Who Is That Email Really From?

Share Button