Employee benefit plan audits are deadline-driven, and can require plenty of documentation and interaction with your auditor. Delays could mean fees and/or penalties –as well as higher audit fees than originally estimated. (more…)
Archive for the ‘Accounting’ Category
Want a More Efficient 401K Audit? Here’s How
Tuesday, July 12th, 2011A One-Time Opportunity? Proposed Ohio Use Tax Amnesty Program Explained
Tuesday, June 28th, 2011Ohio businesses may have a one-time opportunity to lessen their use tax liability due to a use tax amnesty measure in Ohio’s current budget bill. If passed, the law could be one of the most taxpayer-friendly laws ever enacted by the State of Ohio.
Note: Ohio has established its tax amnesty program since this post was originally created. Please click here for the most recent information.
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Ohio Use Tax Audits Find Big Liabilities from Small Items
Friday, June 10th, 2011Note: Ohio has established a tax amnesty program since this post was originally created. Please click here for the most recent information.
Keeping meticulous records has never been more important than it is today. With today’s governmental agencies looking for additional dollars, they’re not going to give you the benefit of the doubt should your business be audited for use tax. Consider these two recent cases: (more…)
Want to Look Back in Time? See an 1864 Tax Return
Friday, June 3rd, 2011Recently blogger Paul Caron, a professor of law at Cincinnati College of Law, shared an IRS tax form from 1864. The form was two pages, and 10 questions. As our country considers ways to simplify our current tax laws, it may make sense to look at where and how our tax laws began nearly 150 years ago. (more…)
Are You Celebrating National Small Business Week?
Wednesday, May 18th, 2011May 16-20 is National Small Business Week, and several organizations are providing materials, events and other tools to help small businesses. (more…)
Raiding Your 401K? It’ll Cost You
Tuesday, April 26th, 2011A recent study by Bankrate found that nearly one-fifth of full-time employed Americans have raided their retirement accounts in the past year to cover emergency expenses. These results match a Fidelity Investments study last year that reported the number of workers borrowing against their retirement accounts had 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…)
Can you make better use of surplus business cash?
Tuesday, February 15th, 2011Can you make better use of the cash you have on hand for your business? Develop a strategy to get the highest rate of return: 1) calculate a 12 month rolling cash projection to forecast cash deficits and surpluses, and 2) update your daily or weekly cash position to determine the extra cash your business has available. (more…)
How Does Communication, Timing Impact My Business Succession Plan?
Monday, December 13th, 2010Over the past few weeks, we have discussed steps to follow when you develop a succession plan for your business. First, we made the decision to do a succession plan. We looked at the value of the business. We explored all of the options for transition. And we determined your personal and professional goals and those of your family and key personnel. Now it’s time to set a course of action. (more…)
Will some professionals be exempt from red flag rules?
Monday, December 6th, 2010For several months we’ve been telling you about “Red Flag” rules, which require businesses to implement anti-identity theft policies. Originally scheduled to become effective January 1, 2008, the rules have been granted a series of extensions to the deadline for compliance by the FTC. (more…)
Are you ready for a year-end financial check-up for your business?
Wednesday, November 24th, 2010As the year comes to an end, now is the perfect time to bring all of your business advisors together for a year-end financial check up. Make it a point to set up a meeting with your accounting, legal, estate planning, investment and retirement planning advisors at the end of each year to get a check up of your business and personal financial health. If you have partners in the business, they should also be included in this meeting. (more…)
