Dear Drebit

What red flags might get you audited?

Robert Mapes, CPA, Principal, Director of Oil & Gas Services | March 21st, 2012

The IRS may audit only 1 percent of all tax returns annually, but if you’re one of the unlucky few, you may be wondering “Why me?” Since the agency doesn’t have enough personnel to closely review each and every tax return they receive, they rely very heavily on their computer systems flag items of “interest”.. Here are six of most common “red flags” that may impact a business owner filing a personal return. Read the rest of this entry »

Tags: business audit, Business deductions, Cash-intensive businesses, Home office deductions, IRS, IRS audit, Large charitable deductions, red flags
Posted in Tax | No Comments »

How can you protect yourself from tax fraud?

Wendy Shick, CPA, CFP, Principal | March 16th, 2012

Tax identity theft is an increasingly enormous problem. The IRS has been bombarding us with warnings of identity theft and scams this tax season.

Here’s a summary of some of the latest information you should know. Read the rest of this entry »

Tags: fraud, identity theft, income tax, IRS, phishing, tax fraud, tax scam
Posted in Tax, Uncategorized | 1 Comment »

How can you protect your family business?

Tom Jeffries, CPA, Principal | March 13th, 2012

Did you know that research shows that young men and women today will likely have more spouses than children? Unfortunately, that could have a huge impact on your family business. Read the rest of this entry »

Tags: business transition, Business Valuation, buy-sell agreement, family-owned business, financial planning, prenuptial agreement, succession plan
Posted in Business Valuation | No Comments »

How do you participate in Ohio’s use tax amnesty program?

Chad Bice, CPA, Principal, Director of Tax Services | March 9th, 2012

The requirements for participating in the State of Ohio’s use tax amnesty program’s payment program just got a little easier. Read the rest of this entry »

Tags: Ohio tax, Ohio use tax, Ohio Use Tax Amnesty Program, Ohio Use Tax Program, Tax, Use Tax, UTEP
Posted in Tax | No Comments »

Do you have to file taxes for your dependent children?

Wendy Shick, CPA, CFP, Principal | March 6th, 2012

A question we hear quite often during tax season relates to when it is necessary to file a tax return for a dependent child. Some people think that money held in an account intended for college education is exempt from taxation. That is not the case, unless the account is an Education IRA or Section 529 plan. If the investments are held in a custodial account or held in the child’s individual name, the child is deemed the owner and the income is attributable to him/her. Read the rest of this entry »

Tags: dependent children tax, income tax, income tax filing limits, kiddie tax, kids income tax, Tax
Posted in Tax | No Comments »

How can your accountant help your business get the necessary financing?

Robert Mapes, CPA, Principal, Director of Oil & Gas Services | March 6th, 2012

Your accountant can help your business get financing in a number of ways.

Preparing documents. Lenders want to receive financial information in a specific format, and also want year-end and interim financial statements on a timely basis. Your accountant can help. Read the rest of this entry »

Tags: business financing, business loans, financial planning, small business, small business loans
Posted in Business Advice | No Comments »

Should your not-for-profit complete online charity registration?

Mark Van Benschoten, CPA, Principal, Director of Not-for-Profit services | March 2nd, 2012

If you are a not-for-profit organization with a fiscal year ending on or after Nov. 30, 2011, listen up – you will be required by the Ohio Attorney General to make online filing of charity registrations. Read the rest of this entry »

Posted in Not-For-Profit | No Comments »

How can you get Akron tax amnesty?

Joseph Popp, JD, LLM, Senior Tax Associate | March 1st, 2012

If you’re an Akron business that collected income taxes from your employees but didn’t pay them to the city, the city is going to come after you if you don’t step forward. Read the rest of this entry »

Posted in Tax | No Comments »

How Can You Track Use Tax in QuickBooks?

Chad Bice, CPA, Principal, Director of Tax Services | February 29th, 2012

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. Read the rest of this entry »

Tags: Ohio use tax, Ohio Use Tax Amnesty Program, Quickbooks, QuickBooks liability, Use Tas liability, Use Tax
Posted in Accounting, Tax | No Comments »

If Something Happens to You, What Will Happen to Your Finances?

Clay Rose, CPA, Principal | February 24th, 2012

One day, I received a call from a client whose husband had been hospitalized for a couple of weeks. He had mentioned that he thought a tax payment was due that day. She did not know how to make that payment, or if it needed to be paid. We worked things through, but learned a valuable lesson: she realized she doesn’t know much about the family finances. Read the rest of this entry »

Tags: bank accounts, estate planning, family finances, financial planning, personal finances, retirement plan
Posted in Personal Finance | No Comments »