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    • Cassady Schiller CPAs & Advisors
      Oct 08, 2019 | Cassady Schiller CPAs & Advisors

      The Chances of an IRS Audit are low, but Business...

      Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations and high-income individuals are more likely to be audited but, overa…

    • Cassady Schiller CPAs & Advisors
      Oct 07, 2019 | Cassady Schiller CPAs & Advisors

      Take Advantage of the Gift Tax Exclusion Rules

      As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjust…

    • Cassady Schiller CPAs & Advisors
      Oct 07, 2019 | Cassady Schiller CPAs & Advisors

      IRS Issues Final QBI Real Estate Safe Harbor Issue...

      Earlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS…

    • Cassady Schiller CPAs & Advisors
      Oct 05, 2019 | Cassady Schiller CPAs & Advisors

      Internal Audit 2.0: Paperless and Continuous Audit...

      Technology is altering the traditional approach to internal audits. Instead of reviewing reams of paperwork, today’s auditor is learning to use electronic records. In turn, going paperless facilitates a concept known as “continuous auditing,” where internal auditors continually gather data to…

    • Cassady Schiller CPAs & Advisors
      Oct 01, 2019 | Cassady Schiller CPAs & Advisors

      When is tax due on Series EE Savings Bonds?

      You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action to ensure ther…

    • Cassady Schiller CPAs & Advisors
      Oct 01, 2019 | Cassady Schiller CPAs & Advisors

      Does your Team know the Profitability Game Plan?

      Autumn brings falling leaves and … the gridiron. Football teams — from high school to pro — are trying to put as many wins on the board as possible to make this season a special one.
      For business owners, sports can highlight important lessons about profitability. One in particular is that you…

    • Cassady Schiller CPAs & Advisors
      Sep 30, 2019 | Cassady Schiller CPAs & Advisors

      IRS Provides Additional Guidance on Bonus Deprecia...

      The IRS has released final regulations and another round of proposed regs for the first-year 100% bonus depreciation deduction. The Tax Cuts and Jobs Act (TCJA) expanded the deduction to 100% if the qualified property is placed in service through 2022, with the amount dropping each subsequent year…

    • Cassady Schiller CPAs & Advisors
      Sep 30, 2019 | Cassady Schiller CPAs & Advisors

      How to Treat your Business Website Costs for tax P...

      These days, most businesses need a website to remain competitive. It’s an easy decision to set one up and maintain it. But determining the proper tax treatment for the costs involved in developing a website isn’t so easy.
      That’s because the IRS hasn’t released any official guidance on these…

    • Cassady Schiller CPAs & Advisors
      Sep 28, 2019 | Cassady Schiller CPAs & Advisors

      Management Letters: Have you Implemented any Chang...

      Audited financial statements come with a special bonus: a “management letter” that recommends ways to improve your business. That’s free advice from financial pros who’ve seen hundreds of businesses at their best (and worst) and who know which strategies work (and which don’t). If you hav…

    • Cassady Schiller CPAs & Advisors
      Sep 28, 2019 | Cassady Schiller CPAs & Advisors

      Uncle Sam may Provide Relief from College Costs on...

      We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amoun…

    • Cassady Schiller CPAs & Advisors
      Sep 28, 2019 | Cassady Schiller CPAs & Advisors

      How to Research a Business Customer’s Creditwort...

      Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. But if you extend customer credit, it also brings sizable financial risk to your business, as cash flow could grind to a halt if these customers don’t make their payments. Even worse, th…

    • Cassady Schiller CPAs & Advisors
      Sep 27, 2019 | Cassady Schiller CPAs & Advisors

      Five Ways to Withdraw Cash from your Corporation w...

      Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent of your corporation’s “earnings and profits.” But it’s no…

    • Cassady Schiller CPAs & Advisors
      Sep 27, 2019 | Cassady Schiller CPAs & Advisors

      Budgeting is Key to a Successful Start-Up

      More than half of recent college graduates plan to start a business someday, according to the results of a survey published in August by the American Institute of Certified Public Accountants (AICPA). Unfortunately, the AICPA estimates that only half of new businesses survive the five-year mark, an…

    • Cassady Schiller CPAs & Advisors
      Sep 27, 2019 | Cassady Schiller CPAs & Advisors

      Getting a Divorce? There are tax Issues you need t...

      In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce.

      Al…

    • Cassady Schiller CPAs & Advisors
      Sep 26, 2019 | Cassady Schiller CPAs & Advisors

      The key to Retirement Security is Picking the Righ...

      If you’re a small business owner or you’re involved in a start-up, you may want to set up a tax-favored retirement plan for yourself and any employees. Several types of plans are eligible for tax advantages.
      401(k) plan
      One of the best-known retirement plan options is the 401(k) plan. It provid…

    • Cassady Schiller CPAs & Advisors
      Sep 26, 2019 | Cassady Schiller CPAs & Advisors

      Corporate Governance in the 21st Century

      What’s the purpose of a corporation? For the last 50 years, the answer was “to maximize shareholder value.” But, on August 19, CEOs of 181 leading U.S. businesses, including Amazon, Apple, General Motors and Walmart, pledged to broaden the scope.
      Beyond shareholder value
      Putting shareholders…

    • Cassady Schiller CPAs & Advisors
      Sep 26, 2019 | Cassady Schiller CPAs & Advisors

      Putting Together the Succession Planning and Retir...

      Everyone needs to plan for retirement. But as a business owner, you face a distinctive challenge in that you must save for your golden years while also creating, updating and eventually executing a succession plan. This is no easy task, but you can put the puzzle pieces together by answering some f…

    • Cassady Schiller CPAs & Advisors
      Aug 29, 2019 | Cassady Schiller CPAs & Advisors

      The Tax Implications of a Company Car

      The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This benefit results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) Even…

    • Cassady Schiller CPAs & Advisors
      Aug 28, 2019 | Cassady Schiller CPAs & Advisors

      The Untouchables: Getting a Handle on Intangibles

      The average company’s balance sheet understates its value by 80%, according to Sarah Tomolonius, co-founder of the Sustainability Investment Leadership Council. Why? Intangible assets aren’t recorded on the balance sheet under U.S. Generally Accepted Accounting Principles (GAAP), unless they’…

    • Cassady Schiller CPAs & Advisors
      Aug 27, 2019 | Cassady Schiller CPAs & Advisors

      Four Tough Questions to ask about your Sales Depar...

      Among the fastest ways for a business to fail is because of mismanagement or malfeasance by ownership. On the other hand, among the slowest ways is an ineffective or dysfunctional sales department.
      Companies suffering from this malady may maintain just enough sales to stay afloat for a while, but e…