Archive for September, 2010

Do you have trouble remembering people’s names?

Wednesday, September 29th, 2010

We’ve all been in a networking situation where we’ve forgotten the name of the person we just met. The contact ends, the potential connection is lost and with it, any hope of a business or social relationship. How you deal with people’s names in a social situation can have a profound impact on their impression of you. So what can you do to improve your ability to remember people’s names? (more…)

Is October 1 the Deadline for Establishing Simple IRA?

Monday, September 27th, 2010

Small businesses have until October 1 to set up a Simple IRA for 2010. Failure to set up the plan by this date will mean that contributions cannot be made for 2010.   (more…)

How can accounting standards be improved for privately held businesses?

Friday, September 24th, 2010

At Rea & Associates, we believe some elements of Generally Accepted Accounting Principles, or GAAP, create an excessive burden for closely held businesses and the accounting firms that serve them. Although GAAP principles work well for publicly-traded businesses, financial reporting requirements as a result of some of the principles take a great deal of time to prepare and result in additional accounting expenses for our clients – without providing any benefit to the businesses or those who use the financial information. (more…)

How can technology help your non-profit?

Monday, September 20th, 2010

Can technology help you solve some of your nonprofit’s biggest challenges? In a word, yes, in many cases. Every organization is looking for ways to do more with less, and technology can serve as the additional person on your staff to help make things happen. (more…)

The Rea Legislative Crystal Ball: What Taxes Await in 2011?

Wednesday, September 15th, 2010

Everyone wants to know what tax legislation Congress will approve in the coming months. In reality, Congress has little incentive to act on anything ahead of the November mid-term elections other than what to do with the expiring Bush tax cuts. At the risk of quickly being outdated, here are my predictions on some of the most commonly discussed tax legislation provisions. (more…)

How Can Raiding Their 401(k) Hurt Employees?

Monday, September 13th, 2010

Fidelity Investments recently announced that the number of workers borrowing against their retirement accounts has reached a 10-year high. Given the financial stress that many workers face today, the numbers are not that surprising, but the long-term consequences can be. (more…)

How is SOX Impacting Construction Relationships?

Wednesday, September 8th, 2010

The Sarbanes-Oxley Act, (or SOX), set new or enhanced federal accounting standards for public companies as a reaction to a number of corporate and accounting scandals that cost investors billions of dollars. Passed into law in 2002, SOX appears to be having a trickle-down effect on construction companies and their publicly-held company clients. (more…)

Should I Worry About Use Tax?

Friday, September 3rd, 2010

In a word, yes. The State of Ohio plans to initiate a campaign to make sure Ohio taxpayers not only have use tax accounts, but are also reporting transactions that involve use tax. This initiative is set to begin within the next six months. Here is what you need to know to be in compliance: (more…)