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There was certainly a lot to think about in September. From tax prep to QuickBooks tips, it looked like you were using this month to brush up on some critical business issues and important financial news. Here were our top five posts for the month of September.
- Fall Into Tax Prep … According to the calendar, summer 2016 has officially come to an end. But, fortunately for you, there are a lot of reasons to smile in autumn! All it takes is a little tax prep on your part.
- Help The FBI Find A Defense Against Ransomware – The FBI recently released a public service announcement urging victims of Ransomware attacks to come forward and report these cyber infections to federal law enforcement. Keep reading to learn more about what the FBI is doing to reduce ransomware attacks.
- What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule? – Learn more about the statute of limitations and how you can work to rectify any issues you may have with your business’s retirement plan.
- How Can You Track Use Tax in QuickBooks? – If you owe use tax for a few separate counties or states, you can set up and use multiple Use Tax Payable accounts in your chart of accounts in QuickBooks. Learn how.
- Late Rollovers May Benefit From New IRS Guidance – Did you miss the deadline to rollover your retirement plan or traditional IRA funds due to circumstances beyond your control? In the past, such an issue would have resulted in issues on your tax return and/or an expensive private letter ruling request, culminating in a full-fledged assault on your retirement nest egg. Fortunately, the IRS released new guidance that may eliminate this costly headache by simplifying the way retirement rollovers are managed when they are made outside of the 60-day rollover deadline.
As we make our way into autumn and inch closer to the end of the year, what business and financial questions would you like our experts at Rea & Associates to answer? We’d love to hear from you.
According to the calendar, summer 2016 has officially come to an end. But, fortunately for you, there are a lot of reasons to smile in autumn! From sipping on a pumpkin spice latte while snuggling deeper into your favorite hoodie to enjoying a great college football game with friends and family; these months certainly seem to bring with them a certain type of comfort and tranquility. Did you know that you can extend this calmness and well-being into the tax season as well? All it takes is a little tax prep on your part. Then, when January rolls around, you can rest easy knowing that you are prepared and poised to take advantage of more tax savings than ever before.
Take a look at these helpful articles to get you started on the right foot.
Organization Is The Key To Your Tax Prep Success
- File Faster With This Tax Prep Checklist – It’s that time of year again – time to gather your information and prepare to file your tax return. If you want the process to go smoothly, make sure to gather and organize your information before sitting down with your tax preparer. You may be surprised how fast the entire filing process goes if you spend a little time preparing!
- If You Can’t Avoid It, Organize It: Organization Is Critical To Financial Planning and Tax Preparation – Tax planning is one of the essentials to personal financial planning and wealth creation. And taxes are one of those things you need to think about all year long, not just during filing season. Having recently filed (or extended) your return, it’s time to take a look back and a look forward and determine how you can be better prepared for next year’s tax season.
- Stay Organized Year-Round To Make Tax Prep Easier –The best advice to get ready to prepare your taxes is “don’t wait!” Stay organized year-round in accumulating information that will be needed for tax filing.
Wondering what more can do to better prepare the upcoming tax season? Reach out to the team at Rea & Associates for some tips. And while you have a professional tax advisor on the phone, schedule a day and time to meet with them to discuss your unique tax situation. The best way to optimize your tax savings is to work one-on-one with the experts and meeting times fill up fast once tax season begins!
I don’t know about you, but September seemed to come out of nowhere! But fear not. Even though summer is officially over, we still have a lot to celebrate – like all those great blog posts we featured on Dear Drebit last month?! So, before we officially make the leap into fall, join me as I take a look back at some of the top posts business owners were reading in August.
- Get Ready, Get Set, Get Shopping! – Were you one of the many shoppers flooding stores the first weekend in August in search of some great back-to-school bargains? If so, then you were able to take advantage of this year’s Sales Tax Holiday. Missed it? That is ok, read on to learn more about it and how you can take advantage of these savings next year.
- How To React To A Data Breach – It was 2013 when a medium-sized library in Ohio found itself in the midst of a data breach that would later serve as a powerful case study warning against the very real threat of electronic fraud. While originally developed by the Ohio Auditor of State’s office as a tool for government entities throughout the state, Cash Management 240: Financial Fraud – A Case Study, has found usefulness beyond just the government sphere. Read more about it now!
- Did Fraudsters Counterfeit Your Organization’s Checks? – The internet can be a valuable tool for so many honest, well-meaning people. Unfortunately, it can also be a playground for fraudsters. Keep reading to find out how fraudsters are counterfeiting checks.
- How Can You Track Use Tax in QuickBooks? – Do you filed for use tax amnesty with QuickBooks? How are you going to track it daily going forward? The answer is as simple as 1-2-3.
- Could An FSA Bring Value To Your Business’s Benefit Plan? – Does your company’s benefit package feature access to a Flexible Spending Account? Have you considered adding one in the past but still have questions? As health costs continue to rise, we continue to learn more and more about how this pre-tax health benefit can help level the playing field for employees. But in order to get maximum benefit from this incentive, your team needs to know what it’s capable of doing. Read on to learn more.
Did we leave you wanting more? Great! We love to hear from you about what information or updates you are looking forward to seeing this month. Just reach out to us with your question or topic and one of our accounting and business consulting experts may pick it up for a future post!
New due dates, new rules, new opportunities to save on your upcoming bill to the IRS. When you think about it, it’s really no big surprise why we would start pushing summertime tax prep tips to all the savvy business owners out there. And, from the look of it, many of you have taken advantage of the great tidbits of information we’ve left for you on our blog.
Are you wondering which posts were getting the most clicks in July? Well, wonder no more! Research revealed that our readers found the following top blog posts to be particularly tasty!
July’s Top 5 Blog Posts
- Brush Up On These New Tax Form Due Dates – Did you know that the IRS has changed the due dates for many of your tax return forms? Stay out of trouble with the IRS. Start studying up on the new tax form due dates by clicking here.
- Work or Pleasure? Make Traveling for Charity Part Of Your Summertime Tax Savings Strategy – In addition to planning a fun family get-away this summer, you might want to carve out some time to donate your services to a noble cause as well. For all of you summertime volunteers, listen up and make plans to use some of your travel expenses to help lower your tax bill. Here’s how.
- Would You Know If Someone Was Stealing From Your Business? – A 20-year employee at a city school charged with managing adult education programs was known as a hard worker who had secured her colleagues’ respect. But when external auditors came into the district to review the school’s financial records, it didn’t take long to realize that something just wasn’t adding up.
- How Will A Tax Credits and Incentives Plan Benefit Your Business? – If you had a chance to claim thousands of dollars, would you? Well, if you are a business owner, the opportunity is staring you right in the face. But you have to seize the opportunity sooner rather than later.
- What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule? – If the IRS retroactively disqualifies your plan, the disqualification (and the IRS’s ability to impose taxation) is effective only for taxable years for which the statute of limitations has not expired.
Did you miss these posts when they went to print? Want to get our top tips delivered directly to your inbox? Subscribe to our blog and never miss a blog post again!
And for those of you who are looking for advice to help move the needle in your business? Contact the experts behind the article. The team at Rea & Associates is always ready to help you find a brighter way!
Regular listeners of unsuitable on Rea Radio already know that the summertime lull had no effect on the show’s quality. July has been an entertaining and informative the month for the Rea & Associates’ podcast. From discussing the many reasons American consumers should support locally-owned businesses (Self-Reliance: Made in America) to this week’s episode about cybersecurity concerns, (The Hacked & The Hacked Nots) featuring Rea’s own Joe Welker, CISA. Listeners also got a spoonful of crisis communication advice and insight from Denny Lynch, Wendy’s former senior vice president of communications (The Infamous “Finger In The Chili” Incident) and then learned that LLC’s, C-Corps and S-Corps were not created to be equal in the world of entity structure (Maximize Your Equity: Maintain The Right Business Entity) form Gene Spittle, CPA, PFS, CGMA. In short, there was literally something for everybody to listen to and enjoy.
Want to hear what you’ve been missing? Check out this month’s episodes below.
Episode 38: Self-Reliance: Made In America
Long days, vacations, barbecues, baseball … what’s not to enjoy about summer?! It’s also the time of year when we celebrate what it means to pursue the American dream. And, for many, this dream materializes in entrepreneurship and, going a step further, buying American-made products as a way to support a strong domestic economy. Kyle Stemple, CPA, CGMA, principal and director of manufacturing services at Rea & Associates, talks about the value of “buying American,” and the direct impact consumers have on America’s marketplace and the quality, customer service and product support we receive from domestically-run businesses.
Episode 39: The Infamous ‘Finger In The Chili’ Incident
Remember the time America began checking their Wendy’s chili for rogue fingers? Denny Lynch does. As the senior vice president of communications at the time of the crisis, Denny and his team was not only responsible for helping disprove the claim, but to maintain the brand’s image and reputation as one of the nation’s premier fast food restaurant brands. On episode 39, “the infamous ‘finger in the chili’ incident,” Denny and Mark discuss crisis communications and why clear, consistent internal and external communication strategies are critical when businesses have to protect their brands from unforeseen crisis situations.
Episode 40: Maximize Your Equity: Maintain The Right Business Entity
How much thought did you put into how your business would be structured. Did you consider whether economic conditions would be more favorable if your company operated as a LLC (Limited Liability Company), C Corp or S Corp? Were the tax implications weighing heavily on your mind as you wrestled with this important decision? Your business’s structure is not a decision to be taken lightly and Gene Spittle, CPA, PFS, CGMA, a principal at Rea & Associates, will tell you why on this episode of unsuitable on Rea Radio.
Episode 41: The Hacked & The Hacked Nots
Lack of cybersecurity training has left companies nationwide vulnerable to the ever-growing and constantly changing threat of cybercrime. On episode 41 “The Hacked & Hacked Nots,” we learn why many companies are incorporating third-party software to monitor and protect their firewalls to determine which sites are safe and which ones should be avoided at all costs to help protect you from cybercriminals. Joe “Captain Data” Welker, CISA, Rea & Associates’ IT Audit Manager, joins us once again to give listeners some valuable insight into current cyber hacking and internet threats and what we can do to keep ourselves, and our businesses, safe. You are not gonna want to miss this episode!
You don’t have to answer that. And also don’t be fooled into believing the the famous Porgy and Bess lyric: “Summertime and the living is easy.” In fact, can we all just agree that summer can be just as hectic (if not more so) as the other three seasons. But in your hurry to balance kids, vacation planning and your other daily responsibilities, try to make time get your finances in order and prepare for the upcoming tax season.
No, we are not delirious from too much sun. Summertime tax prep can actually save you a ton of work later on while effectively easing your tax burden. Don’t believe me? Here are four posts that might make summertime living a little less stressful!
- The Do’s and Don’ts of Summertime Tax Prep: Frankly, who has time to think about itemized deductions and tax-free distributions when you would rather be grilling out, soaking in the sun, or enjoying your family vacation? But now is a great time to look at your taxes and make necessary adjustments to effectively sidestep any potential problems that might cause problems when tax season does arrive.
- School’s Out For Summer, But Tax Credits Are Still In: Summer is an exciting time for families. It’s a time to get outside and have fun hanging out by the pool or to catch fireflies in a jar at the end of a long day. For many parents though, the summer holiday is overshadowed by the need to find affordable childcare during your work hours. The good news is that your opportunity to claim the Child and Dependent Care Tax Credit doesn’t end at the last day of school.
- Does Your Vacation Home Provide Tax Relief? Oftentimes, successful business owners choose to acquire real estate, which serves as a tangible representation of their success. For many, the prospect of buying a second home is a desirable investment, not just because it’s useful, but because it can bring added tax benefits.
- Business Travel or Personal Vacation? So you decided to attend that business convention in California over the summer and are rounding up your expenses to turn in to your tax preparer. Oh, you decided to take the entire family along? Here’s a quick guide to help you determine what is a tax deduction and what is not.
Contact the tax team at Rea & Associates for even more tips to help you ease your tax burden all year long.
Top 5 Blog Posts In June
Just because the temperatures are higher and the days are longer doesn’t mean the team at Rea & Associates is taking a break from providing you with the latest financial and business advice.
In June we brought you tips about tax savings, advice on starting your own business, standing out against your competition and so much more. But which blog posts tickled your fancy? The following posts had more clicks than there were fireflies flitting across an open meadow during the summer solstice. Which post was your favorite?
- How To Become A Millionaire: The odds of winning Powerball are 1 in 292 million. The odds of winning Mega Millions are 1 in 259 million. The odds of winning Ohio’s Classic Lotto are 1 in 14 million. But if you were to invest the money you would normally spend the lottery into a 401(k) plan, your chances of winning big are all but guaranteed! Keep reading to learn how.
- How Are You Different From The Competition?: You have the opportunity to go above and beyond the call of duty every time you engage with a client. And don’t think that your superior work and insight will go unnoticed! Click here to find out why.
- Looking to Start a Business? Do It the Right Way: Starting a new business is a brave and exciting endeavor. Avoid common slip-ups by following the advice found in this post and you’ll be well on your way to a successful start.
- How Can You Track Use Tax in QuickBooks?: Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3.
- Do You Know The Best Way To Buy A Business?: Generally speaking, relationships are easier to develop and maintain when you work with the other person. The same is true in business, especially when you’re considering the relationship between a business owner and an advisor.
Do you have a question for our team of business experts? Is there a topic you are just dying to learn more about? Send me a message and put the Rea team to work helping you take control of your success this summer!
Ah, June! One of my favorite months of the year! Nothing I enjoy more than sitting back on my lily pad catching up on the latest business and financial news. But before I start sharing insight to help you guide your business through the dog days of summer, let’s take a look at what topics were hot in May!
- New DOL Rule Shakes Up Exemption Threshold – The Department of Labor announced its publication of a final rule to update the regulations governing the exemption of certain classes of employees from minimum wage and overtime pay protections of the Fair Labor Standards Act, which provides for an updated salary and compensation threshold for executive, administrative and professional employees to be considered exempt as well as provides an amendment to the salary basis test to allow employers to utilize nondiscretionary bonuses and incentive payments to satisfy up to 10 percent of the new standard salary level. Yikes! That’s a mouthful! Keep reading to learn more about this rule change.
- Would You Know If Someone Was Stealing From Your Business? – According to the 2016 Report to the Nation on Occupational Fraud & Abuse by the Association of Certified Fraud Examiners, the typical organization loses 5 percent of its annual revenue to fraud. What are you doing to prevent fraud from occurring in your organization?
- Did Prince Forfeit Control Over His Multimillion Dollar Estate? – Many of us were sad to hear of Prince’s untimely death. But perhaps just as shocking was the news that the music legend neglected to draw up a will, reinforcing the importance of estate planning – regardless of how large (or how small) your fortune is. Keep reading to find out why a will is one of the most important documents you will ever have drawn up.
- How Can You Track Use Tax in QuickBooks? – Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3.
- Who’s Driving Your Business’s Results? – Businesses that drive consistent revenue growth are able to do so because they have honed in on the importance of working with their teams to drive measurable results. And, believe it or not, it’s not rocket science! Take a look at these three tactics for tips to help you achieve the growth goals you’ve been working toward.
Is there something you want more information about? Got a question for me? I would love to answer it, just contact me and I will get you the answer.
April’s Top Posts Had Readers On Edge
So our month was pretty intense … how was yours? The good news is that we made it through another tax season, the bad news is that business owners are clearly still on high alert due to continuous influx of hacker activity. Take a look at our top five blog posts in April for some useful tips and insight you can use all year long.
Top 5 Blog Posts For Business Owners In April
- Can A Cybercriminal Crack Your Company’s Network? – Small and midsize businesses are not immune to becoming the target of a crippling cyberattack and without the proper procedures in place business owners risk the very real threat of a large-scale assault on their company’s data. Would you be able to recover if your organization was attacked?
- How Flexible Is Your Company’s Management Style? – Never before has the American business owner had to manage a workforce consisting of employees whose ages span five generations. And because each generation is unique, your company’s leadership team is left with the impossible task of adopting a management style to accommodate an incredibly diverse workforce. Keeping reading to learn more.
- What Tax Liabilities Accompany Inherited Real Estate? – So you just inherited some real estate. You’re probably now wondering – is this a blessing or a curse? From the tax perspective, of course. And that’s a good question to ask. Just because you inherit something doesn’t mean that you’re free and clear of any potential tax liabilities. Depending on how you use the property and if you sell it will determine if you have a taxable situation. So here’s what you should know about taxes and inherited real estate. Read on to learn more.
- Increased Financial Stress Hurts Your Company’s Bottom Line – Earlier this month, in a proclamation that reiterated the importance of equipping everybody with the “knowledge and protections necessary to secure a stable financial future for themselves and their families,” President Obama declared April to be National Financial Capability Month. While the timing of the proclamation makes this a great time to raise general awareness about the importance of financial fitness, businesses have a great opportunity to educate their employees about the importance of financial wellness all year long.
- How Can You Track Use Tax in QuickBooks? – Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3.
April was great, but we are excited to see what May brings. More tips for business success? More financial news and updates? Personal finance advice? Of course! Stay tuned.
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Drebit turns six today and we couldn’t be more excited. Over the years the Rea team has helped this intuitive frog provide readers with a wide variety of helpful business tips designed to help drive results in your organization as well as current business and financial news and we have certainly enjoyed the journey! This birthday isn’t about Drebit, it’s about you, our readers, for spending a few minutes with us each week or for checking in for answers that will help you confront a challenge facing your business. You are the reason Drebit continues today!
To celebrate, we are going to list Dear Drebit’s top six blog posts. Which one did you find to be the most useful? Let us know in the comment section!
Drebit’s Top 6 Blog Posts
- How Far Back Can The IRS Go For Tax Auditing? – Taxes can be scary word and accountants are often asked, “How far back can the IRS audit tax returns?” Before you start to panic, rest assured that the IRS has a statute of limitations in place that generally puts a limit on the time allowed to audit you and assess additional tax. Keep reading to learn what those limitations are.
- How will selling a house from an estate impact my taxes? – My mother passed away Oct. 30, 2009. She left my brother and me her house, which has just been released from probate court. We have someone wanting to buy it and we would split around $140,000. What kind of taxes do we face? Find out the answer in this blog post.
- Theft Safeguards To Cause Tax Return Delays In Ohio – If time is money then the new security measures to protect Ohio taxpayer’s returns and prevent identity theft comes at a price. The Ohio Department of Taxation (ODT) said that in an effort to boost security and prevent tax-fraud in the state, Ohio will implement an “up-front filter to all tax-refund requests to analyze the demographic information reported on the return.”
- Do You Need to Send an Annual Notice to Your 401k Participants? – If your company sponsors a calendar year 401k plan, don’t forget about participant notice requirements. They must be furnished by Dec.1, and may impact the operation or qualification of your plan. Here is a checklist that may be helpful, but check with us if you are not certain which of these requirements apply to your plan.
- What Happens if My 401(k) Plan is Out of Compliance with an IRS or DOL Rule? – In this article we will explain the statute of limitations if your 401(k) plan is out of compliance with an IRS or DOL rule and how you can work to rectify any issues you may have with your business’s retirement plan.
- How Can You Track Use Tax in QuickBooks? – Now that you have filed for use tax amnesty and are all set up with an account, how are you going to track it daily going forward? If you use QuickBooks, the answer is as simple as 1-2-3.
Is there a financial or business question you need the answer to? Let us know by contacting the Rea team today! We would love to answer it!
When it comes to providing readers with top-notch tips and expert financial advice, we take our job very seriously. That’s why our top blog posts in March were related to tax, compliance and general financial wellness topics. Take a look this month’s top five blog posts for business owners.
When you sit down with your CPA to go over last year’s taxable income and they ask you how your fantasy football team did this year, they aren’t just looking to engage you in casual conversation. In fact, how well (or how poorly) you did over the last year might make a difference in the size of your tax bill. Read on to learn more.
Over the last few years, the threat of refund fraud and identity theft has become a very real concern, and criminals have proven that they will go to great lengths to get the information they need to complete their scams. This recent phishing scam is no exception.
Thinking the provisions outlined in the Affordable Care Act doesn’t apply to your business because you are “under the threshold of 50 employees” is a very dangerous assumption to make. Keep reading to find out why.
The IRS has finally issued guidance on how to deal with the retroactive extension of the Work Opportunity Tax Credit (WOTC) for 2015. In short, it’s an opportunity you don’t want to pass up.
When you lose a member of your team, regardless of their position, you can expect their departure to impact your organization’s bottom line. That’s why it’s so important to take a proactive stance with regard to staffing and minimizing your financial burden.
April brings an end to the 2016 tax season. Don’t forget that the tax deadline is April 18 this year. Looking ahead, you can expect to see some great tips from our business experts as well as some fantastic spring cleaning advice that can be used to prepare for tax season 2017. And, as always, if you have a question for one of our financial experts or business consultants fill out the Ask Drebit a Question form. We are always happy to provide you with responses to your specific questions.
Seven Tips For Business Success – Now That’s Lucky!
Savvy business owners know that you don’t have to follow a rainbow or chase down a leprechaun to find the riches they’re after. Rather than counting on the luck o’ the Irish, these seven tips are all you need to find the pot-of-gold you seek.
- From Good To Great: A great plan is only, well, great, if it’s backed by a great strategy – the more you plan and forecast for the future, especially when it comes to business endeavors, the more likely you are to succeed.
- Pay more attention to your company’s cash flow for a prosperous 2016: A 13-week rolling cash flow budget lets you harness the past, present and future of your company to arrive at a comprehensive analysis of its overall financial well-being – making you a more effective leader and decision-maker. Keep reading to learn how to get started.
- Your Business Could Be Doing Better: Those in the manufacturing industry are familiar with the significance of implementing tactics to increase efficiency and effectiveness throughout the organization. But did you know that these same concepts can benefit businesses outside of the manufacturing realm?
- 5 Financial Secrets Of Successful Business Owners: Here are five financial secrets of successful business owners will get you on the right track.
- Want A Better Business? Structure Matters: Are you an entrepreneur who wants to take advantage of the benefits often awarded to small-to-midsize business owners? If so, you may want to consider establishing a limited liability company or an S-corporation. Read on to learn why.
- Managing Wealth In A Volatile Industry: All business owners throughout all industries should consider taking the steps necessary to guard against a bust – even if you are still riding high on a boom. Why you ask? Keep reading to find out.
- Tax-Free Stock Option Exists For Some Small Businesses: Back in the early 90s, Congress passed a tax provision designed to increase investment in America’s small businesses. And while the provision’s name, IRC Sec. 1202, may not roll off your tongue very easily, it’s one that some small business owners need to know.
Some of us have to depend on more than just luck to help us manage a successful business, which is why we think you will agree that these time-tested pro tips to be more helpful than any four-leaf clover you could ever find. And if you still need some guidance, email the professionals at Rea & Associates for assistance. This team of CPAs and business professionals has helped others find their pots o’ gold, and they can help you too!
Upon reviewing our most popular blog posts for the month of February we are left to conclude that it is once again that time of year – tax season.
February’s most read blog posts were mostly tax related. From additional insight into the Affordable Care Act, to recommendations about how to report your fantasy football winnings and updates about Ohio’s identity theft quiz; one thing is certain – this is shaping up to be another busy year in the world of taxes.
Read on to find out what others were reading in February.
- Are Your Employees Skimming From The Top? – A question from one of our readers: 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? Want the answer? Keep reading to find out how to prevent fraud in your small business.
- Five Reasons To Fall In Love With Your Financial Advisor – While your financial advisor is probably the last person you are thinking about during those romantic holidays, you may want to reconsider and here’s why …
- Don’t Miss Your Chance To Secure Tax-Free Wealth – We already know that making contributions to tax deferred retirement accounts (i.e. deductible IRAs, SEPs, SIMPLEs and 401(k) plans) is the most obvious way to reduce your current year taxes, but with a little planning, you could develop a strategy to avoid paying future taxes as well. Take a look at these five tax advantage savings ideas and discover how easy it can be to hold on to more of your money.
- How Far Back Can The IRS Go For Tax Auditing? – As usual, this is a pretty critical topic for our readers, which is why it’s a top blog post again this month! Read on to learn how far back the IRS can audit your tax return.
- Theft Safeguards To Cause Tax Return Delays In Ohio – Get ready to watch your mailbox – at least if you want to make sure you get your state tax refund. The Ohio Department of Taxation will once again ask some Ohioans to confirm their identity before their refunds are issued. Why? Keep reading to find out.
We have a lot more tips and tidbits coming up in March, so make sure you have subscribed to our blog so you don’t miss a single post.
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.
- 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.
- 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.
- 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.
- 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.
- 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!
December is such an exciting time. Shopping, baking, decorating and spending time with family and friends celebrating keeps a frog busy. But, in-between the office parties and family gatherings, the team and I were still able to address some of your end-of-the-year questions and concerns.
From the updates we received from our pals over on Capital Hill to year-end tax tips, there was certainly a lot to write about this month. These were the top-read posts in December
- Easy Year-End Tax Tips For Business Owners: There’s no doubt about it, this time of year is busy! I’m willing to be that sitting down at the computer to research tax deductions is the last thing on your mind. You’re in luck! We’ve done the work for you. Click here for some great tips, deductions and insight that will help you keep more of your hard-earned money in your bank account.
- Employers: Are You Ready To Change The Way You Withhold Municipal Tax Payments?: Ready or not, all Ohio municipalities will be welcoming a slew of new provisions designed to bring about a unified system of income tax reporting. House Bill 5 was signed into law by Gov. Kasich on Dec. 19, 2014. The bill, which was championed by the Ohio Society of CPAs and supporters, helped streamline several key measures that help establish meaningful municipal tax reform. Per the legislation, many key provisions are scheduled went into effect Jan. 1 of this year. Read on for Four facts about the changes you need to know.
- Congress Gives Taxpayers An Early Christmas Present: Year after year, Congress promises to address the future of many expired tax provisions, and year after year they fail to make a definitive decision – opting only to pass legislation that extends the provisions for another year. In the meantime, taxpayers are expected to take on the impossible task of navigating the terrain amidst legislative uncertainty. Happily, things are about to change. Read on to learn why.
- How Far Back Can The IRS Go For Tax Auditing? – As a CPA I’m frequently asked, “How far back can the IRS look to audit my tax return?” That’s a great question. Can the IRS go back and audit your tax return from five years ago? 10 years ago? 25 years ago? Before you start to panic, rest assured that the IRS has a statute of limitations in place that generally puts a limit on the time allowed to audit you and assess additional tax. Keep reading to find out how far back they can go.
- Cyber Crime: It Can Happen To You: Fraudsters don’t take holidays. In fact, they tend to be more active this time of year because they believe we are more likely to let our guards down. I don’t intend on falling for any of their traps, and I encourage you to do the same. Check out what you can do to protect yourself.
Now that December is history, let’s look forward to a great 2016. Stay tuned as we provide you with the latest and greatest news in the business and financial world. While you’re at it, don’t forget subscribe to our blog to receive email reminders when new stories are posted.
You can also ask your own question by filling out the simple form at the top, right side of this page.
Finally, remember that the team at Rea is always available to discuss your specific business issues in more depth. All you have to do is email Rea & Associates and we would be happy to set up a time to talk more.
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?
Might we suggest 16 resolutions to help your company prosper in 2016?
1. Celebrate your amazing team.
If you’ve been in business for a while, chances are you wouldn’t be where you are today without your team. Just remember that if you don’t work to retain your top performers, you run the risk of losing them. Start celebrating your human capital.
2. Make a gift, but make sure it’s effective.
When we give a monetary gift to a not-for-profit organization, we want to know that it’s going to be used in the best, most effective way possible. Make sure your money is well spent.
3. Design a better retirement plan.
The way your company’s retirement plan is designed can be a huge motivator for your employees. If your plan has a good plan design, participants will be more willing to invest in it. Work with a retirement plan expert to find a retirement plan design that works for you.
4. Review your will, estate plan and buy-sell agreement.
Legal changes over the last few years may have made updating these documents necessary, not to mention any personal changes that may have taken place. It’s just good practice to make sure this important paperwork gets updated regularly. It could get messy if you forget.
5. Develop a line item in your budget for continuing education.
Investing in yourself and your employees is a good way to engage your workforce. One way is to add dollars to the budget for training and continuing education. Find out what else you can do to promote employee retention.
6. Improve your company’s cash flow.
Easier said than done, right? Just remember that you can’t spend the bottom line profit, but you can use the cash flow to reinvest in your business and community. A sustainable cash flow model will ultimately increase the value of your business.
7. Know what your business is really worth.
Your business is easily your most valuable asset. So, how can you nurture its growth if you don’t know how much it’s worth? Discover why it’s so important to know the value of your business.
8. Develop a wellness program.
Healthcare costs are high and one way companies are taking control is by introducing a wellness program. As with any new plan, several factors will greatly increase your company’s success. Start planning your wellness program implementation and soon you will be saving money.
9. Upgrades for the business.
It seems like there are always better ways to get things done. Perhaps 2016 is a good time to make a few upgrades. In the process, your purchase could be good for a deduction at tax time.
10. Schedule a family vacation.
A successful business has the understanding and support of your family. Long hours … late suppers … numerous emails and a 24/7 mentality have become just another part of the routine. Reward yourself and your family with a family vacation. A vacation isn’t just good for your peace of mind, it’s good for your business.
11. Save more for retirement.
It’s always a good idea to keep your retirement goals top-of-mind, which is why you should evaluate your current retirement plan situation and determine if you need to make any changes to get further ahead in 2016. Ask your advisor if you are setting aside as much as you could (and should) be.
12. Defend your cyber space.
Hackers and fraudsters are stopping at nothing to get to your data. Whether they have plans to steal your system’s information to sell to other criminals or are trying to make a quick buck by holding your data for ransom, if you don’t have a disaster recovery plan you and your business could be in serious trouble. Make 2016 the year you get your data security plan in place.
13. Meet with all your advisors at least once a year.
You work with a lot of people over the course of your career and it’s important to maintain those relationships – regardless of whether you will need their services or not. Set aside some time to meet with your accounting, legal, estate planning, investment, banking, retirement and other advisors, even if it’s just to chat. An impromptu meeting could reveal opportunities you didn’t know were there.
14. Establish a fraud hotline.
The Association of Certified Fraud Examiners has found fraud hotlines to be the most effective way for detecting and preventing fraud. Don’t let occupational fraud destroy your businesses.
15. Stay organized … for real, this time.
Every year it happens. You promised yourself that this year would be different. Now, once again, you are rushing to your gather receipts, remember how much money you spent at last year’s company retreat, and backtrack through balance sheets. Wouldn’t it be nice not to have this year-end stress anymore? By implementing a few simple procedures, you can avoid another crunch-time crisis.
16. Trim the fat.
If you are really looking for a way to make a significant reduction this year, take a look at your inventory. If you are carrying around some extra weight, chances are your business is feeling the pinch. This simple 3-step program will get you back on track.
Be Accountable In 2016
Have you identified a few resolutions to begin implementing over the course of 2016? Great! Need help holding yourself accountable? Send your list of 2016 New Year’s Resolutions to Rea & Associates and one of our business consultants will work with you to make this your best year in business yet!
2015’s Most Popular Blog Posts
If you take a moment to scroll through the list of categories, authors and archives on the right-hand side of this page, it’s pretty clear to see just how active Rea’s team of experts are when it comes to providing leaders in the business community with accurate, timely and easy to digest content. We are fortunate to have so much experience and expertise on our staff, and their eagerness to serve you better has allowed us to maintain a bi-weekly electronic newsletter, a quarterly print newsletter, three blogs and a handful of electronic segment specific newsletters. That’s a lot of content – but we are not even thinking about slowing down! I hope you hang around my lily pad for awhile. I’m pretty sure you’ll find a lot of great little tidbits to read about in 2016 too. Until then, I want to invite you to take a look at some of our most popular blog posts and articles. And, if you haven’t already, take a moment to look through the newsletters we offer and sign up to have news, tips and valuable information delivered to your inbox all year long!
Top 5 Dear Drebit Posts In 2015
Dear Drebit is updated every few days with timely information and advice. In addition to covering current trends and issues, readers are also invited to ask financial and business questions on the page, which will be answered by one of Rea’s industry experts. Here are last year’s top posts:
- How Far Back Can The IRS Go For Auditing?
- Theft Safeguards To Cause Tax Return Delays In Ohio
- Six Things 401K Plan Sponsors Need To Do Now
- New Adjustments Will Affect Your 2015 Tax Return
- File Faster With This Tax Prep Checklist
5 Most Popular Posts On Brushing Up Blog
Brushing Up: The Dental Accounting Blog features a variety of finance and business advice specifically tailored to dental professionals. From purchasing a practice, knowing what to expect from a career in dentistry and hiring the best staff for your practice to general accounting advice, tips for cashing out at retirement and tax tips, this blog is a valuable tool for dental professionals who are looking for ways to secure long-term success in their career. The year’s most-read blog posts are:
- How Sales & Use Taxes Apply To Ohio Dental Practices
- 6 QuickBooks Tips Every Dentist Should Know
- Could A Crown Be A Tax Deduction?
- 10 Year-End Tax Planning Strategies For Dentists
- Buying An Established Dental Practice? Master The Changeover
Cultivating Your Business Readers Choose Top 5 2015 Posts
The Cultivating Your Business blog is a resource provided to clients and visitors on the firm’s Know & Grow website. Updated a few times per month, business owners have access to advice, tips and general insight into how to grow their businesses and realize an optimal return on their investment upon retirement. Here are the top blog posts from last year:
- Bad Buy-Sell Agreement Claims Another Family Dinner
- Will Your Summer Reading List Make You A Better Business Owner?
- WARNING: Free Business Valuation Offer Is Unbelievable
- Uncover The Secrets To Cashing In On Your Business
- How To Communicate To Your Employees That You’re Selling Your Business
Top 10 Articles In Rea’s Library In 2015
In addition to our blogs, the Rea team publishes a lot of other valuable content in print and electronic newsletters. We make sure that all these articles are easily accessible in our article library. This is where you will find many of our niche pieces as well as a lot of general accounting tips and insights. Take a look at some of our most popular posts over the last year.
- What Is The Mid-Quarter Convention?
- Dangers Of Paying Under The Table
- Revenue Recognition Changes Are Coming
- Football Ticket Deductions
- 401K Loans And Keeping Your Plan In Compliance
- Take Control Of Your Vendor Master In Nine Steps
- Why Your Traditional Employee Management Method Is Failing
- The Birth Of The Taxpayer’s Estate
- Parting Is Such Sweet Sorrow: But What About Your 401K?
- Purchasing Cards Compromise Business Security
Top 5 Dear Drebit Post for the Month of November
November is over and the Holiday season is in full swing. But even though we are busy practicing our caroling and searching for the best online bargains, we still have time to share the latest in business and financial news.
From filling you in about some of the topics we have covered in our weekly podcast to providing you with information and updates about unclaimed funds in Ohio and the Affordable Care Act – we were providing you with posts designed to help protect your finances, your identity and so much more.
Take a look to find out what our top 5 blog posts were in November and read up on anything you may have missed.
- How Do I Avoid Obamacare Penalties? — The Affordable Care Act (ACA) has put a lot of stress on business owners over the last couple years, and 2016 will be no exception. However, if you look closely, you might be able to uncover areas of opportunity. There are three points all business owners should know to avoid penalties, read on to find out what they are.
- WARNING: Tis The Season To Practice Safe Online Shopping Habits — While it may be the most wonderful time of the year, cyber criminals are looking for ways to stuff their own stockings – at your expense. The holiday season is also a busy time of the year for scammers because, in general, more money is being spent and more people are clicking through cyberspace for the best deals and tracking their purchases. KnowBe4 recently published a blog about the top five scams shoppers should be on the lookout for, and we wanted to pass these on to our readers. Consider the following information to be an early gift from us to you, and hopefully your bank account can welcome the New Year unscathed.
- File and Suspend Strategy Suspended — Deciding when to claim your Social Security benefits is often one of the most significant financial decisions older Americans must make today because, for many, Social Security benefits make up a substantial portion of their retirement income. Unfortunately, Congress recently passed legislation that will put an end to two popular strategies being used to maximize benefits married couples receive in their golden years.
- Do You Need to Send an Annual Notice to Your 401k Participants? — As we begin the last quarter of the year, if your company sponsors a calendar year 401k plan, don’t forget about participant notice requirements. They must be furnished by December 1 and may impact the operation or qualification of your plan. Here is a checklist that may be helpful, but check with us if you are not certain which of these requirements apply to your plan.
- New Payment Option Available To Ohio Pass Through Entities — Do you currently enjoy the benefits associated with owning a pass through entity (PTE) in Ohio, including better tax treatment and limited liability protection? Well, earlier this month the Department of Taxation announced another little perk – online payments! According to the release, the Treasurer of Ohio is now accepting tax payments per its Electronic Funds Transfer (EFT) program on its website.
We hope you enjoy the top five posts from November. We are always updating this page, so be sure to subscribe to Dear Drebit – or you can subscribe to our bi-weekly electronic newsletter – and never miss the critical information we provide to readers. You are also welcome to ask us a specific question about, well … just about anything finance or business related and one of our subject matter experts will provide you with a response. Just scroll up to the top of the page and fill out the form on the top, right corner.
Finally, don’t forget, you that you can always email Rea & Associates to have an in depth conversation about your existing personal or professional challenges. Our CPAs and business advisors are always happy to speak with you.
Top 5 Blog Posts For Business Leaders in October
Can you believe it is already November? October seemed to fly by – and sharing top financial advice and business news certainly keeps a frog busy! Last month, we featured stories about trends occurring in the manufacturing industry, advised readers to start preparing for the upcoming 2016 tax season, shared news of Rea & Associate’s new podcast and so much more. I didn’t want you to miss out! Take a look at some of our most popular posts.
Top 5 Posts In October
Below are the five most read posts from October. Which one was your favorite?
- Debt vs. Taxes: Should You Pay Off Your Loan – Without the tax deduction, you will pay a little more in income taxes but you will be left with more money in your bank account at the end of the day.
- You Can Still Have The Final Say After Death – It doesn’t matter if you have a lot of assets to pass on or very few, estate planning is one of the best things you can do for yourself and for those you love.
- Can’t Collect Payments? New Chip Technology Could Be Hurting Business’s Bottom Lines – Netflix, known for offering award-winning shows like House of Cards and Orange is the New Black to users online recently reported a lack-luster third quarter performance. The company points to its inability to collect payments from users who have not yet updated their Netflix account information to reflect new payment card information they may have been issued as a result of the new EMV technology.
- Don’t Get Blown Away By A Cash Windfall – Before you make a move with your money, take a little time to think about you want to do with your cash and consider getting some advice from a financial professional and review these four tips for managing sudden wealth.
- What Do I Need To Know About Unclaimed Property in Ohio? – We have all lost things from time to time. Our keys, our phones, and sometimes it seems our minds. But did you know that more than 200,000 Ohioans have lost financial assets worth more than $1 billion? As a result and in an effort to protect property rights and reunite the owners with their rightful funds, Ohio enacted unclaimed property laws.
You guys keep me busy and I am thankful for that! Enjoy October’s top 5 posts and don’t forget that I am always available to answer your questions as well. Use the form at the top, right of this page and submit your question today. The answer to your question will be featured in an upcoming blog post. You can also email Rea & Associates to discuss your financial and business concerns one-on-one with an industry expert.
Sharing top financial and business news keeps a frog busy. In September he helped get the word out about new changes within the credit card industry, fraud, cyber security … and even shared a little bit of personal finance advice.
Top 5 Insights
But, what were you reading? Great question! Below is a quick recap of the top blog post from September. If you haven’t already, take a look. Some of these tips could save you and your business a lot of money!
- Fraudulent Credit Card Transactions Will Become Merchant’s Problem On Oct. 1 – As of Oct. 1, 2015, the liability for fraudulent transactions will no longer be assumed by the credit card issuing institution. Instead, if you (the merchant) fail to adopt EMV technology, your business will be responsible for any loss that results from a fraudulent transaction. Is your business ready?
- Who Is That Email Really From? – E-mail Account Compromise (EAC) is a sophisticated scam that uses legitimate email accounts that have been compromised to target unsuspecting victims, oftentimes tricking even the most tech-savvy individuals. Want to know how to protect your email? Read on.
- 5 Financial Secrets Of Successful Business Owners – After following through with a 13-week cash flow for almost a year, you will have better insight into how to spend your profits to help your business generate additional cash and sales. Want to learn more? Check out Rea’s podcast — Unsuitable on Rea Radio.
- Will EMV Technology Change The Online Payment Option? – Does a company that doesn’t physically swipe credit cards have to worry about increased liability when the new EMV rules are implemented in October? The answer might surprise you.
- How Far Back Can The IRS Go For Tax Auditing? – As a CPA I am frequently asked, “How far back can the IRS look to audit my tax return?” That’s a great question. Can the IRS go back and audit your tax return from five years ago? 10 years ago? 25 years ago? Before you start to panic, rest assured that the IRS has a statute of limitations in place that generally puts a limit on the time allowed to audit you and assess additional tax. Keep reading to find out how far back they can go.
Drebit is glad that you’ve been finding the tips and insight shared on his blog to be valuable and we want to keep providing you with the information and advice that matters most to you. So, if you’ve got a burning financial or business question? Ask away, Drebit – and the bright team at Rea – is here to help!