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    • 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…

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

      Taking Distributions from your Traditional IRA

      If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles.
      Knowing the fine points of the IRA distribution rules can make a signi…

    • Cassady Schiller CPAs & Advisors
      Aug 23, 2019 | Cassady Schiller CPAs & Advisors

      Should you Elect S Corporation Status?

      Operating a business as an S corporation may provide many advantages, including limited liability for owners and no double taxation (at least at the federal level). Self-employed people may also be able to lower their exposure to Social Security and Medicare taxes if they structure their businesses…

    • Cassady Schiller CPAs & Advisors
      Aug 22, 2019 | Cassady Schiller CPAs & Advisors

      What to Expect During a Franchise Audit

      It’s important for franchisors to periodically audit individual franchisees. These routine “check-ups” are especially valuable in a store’s early years of operations or if performance starts to deteriorate. They can be used to detect symptoms of unhealthy performance and treat problems befo…

    • Cassady Schiller CPAs & Advisors
      Aug 16, 2019 | Cassady Schiller CPAs & Advisors

      “Innocent Spouses” may get Relief from Tax Lia...

      When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can come after either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the ot…

    • Cassady Schiller CPAs & Advisors
      Aug 15, 2019 | Cassady Schiller CPAs & Advisors

      What to do if your Business Receives a “No-Match...

      In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are g…

    • Cassady Schiller CPAs & Advisors
      Aug 09, 2019 | Cassady Schiller CPAs & Advisors

      The IRS is Targeting Business Transactions in Bitc...

      Bitcoin and other forms of virtual currency are gaining popularity. But many businesses, consumers, employees and investors are still confused about how they work and how to report transactions on their federal tax returns. And the IRS just announced that it is targeting virtual currency users in a…

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

      The Tax Implications of Being a Winner

      If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune.
      Winning at gambling
      Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable…

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

      Taking a Long-Term Approach to Certain Insurance D...

      After insurance policies expire, many businesses just throw away the paper copies and delete the digital files. But you may need to produce evidence of certain kinds of insurance even after the coverage period has expired. For this reason, it’s best to take a long-term approach to certain types o…

    • Cassady Schiller CPAs & Advisors
      Aug 06, 2019 | Cassady Schiller CPAs & Advisors

      FAQs about CAMs

      In July, the Public Company Accounting Oversight Board (PCAOB) published two guides to help clarify a new rule that requires auditors of public companies to disclose critical audit matters (CAMs) in their audit reports. The rule represents a major change to the brief pass-fail auditor reports that…

    • Aug 05, 2019 | Thomson Reuters

      Attention: Accounting Rule Delays in the Works

      On July 17, the Financial Accounting Standards Board (FASB) voted to issue a proposal that would delay several landmark accounting rules for certain companies. If finalized, the deferral would apply to new guidance for reporting leases, hedging transactions, credit losses and long-term insurance co…

    • Cassady Schiller CPAs & Advisors
      Aug 02, 2019 | Cassady Schiller CPAs & Advisors

      Take a Closer Look at Home Office Deductions

      Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications.
      Under the Tax Cuts and Jobs Act, employees can no longer…

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

      The “Kiddie Tax” Hurts Families More than Ever

      Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because…

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

      Run Your Strategic-Planning Meetings like they Rea...

      Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees, but the process for hashing them out just doesn’t work. Here are a few way…

    • Cassady Schiller CPAs & Advisors
      Jul 31, 2019 | Cassady Schiller CPAs & Advisors

      The “Nanny Tax” Must be Paid for More than Jus...

      You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations….

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

      Let’s Find a Better Way to Manage Your Receivabl...

      Failure to collect accounts receivable (AR) in a timely manner can lead to myriad financial problems for your company, including poor cash flow and the inability to pay its own bills. Here are five effective ideas to facilitate more timely collections:
      1. Create an AR aging report. This report lets…

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

      Businesses can Utilize the Same Information IRS Au...

      The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.
      Many ATGs target specific industries or businesses, such as constructi…

    • Cassady Schiller CPAs & Advisors
      Jul 23, 2019 | Cassady Schiller CPAs & Advisors

      The 1-2-3 of B2B Marketing

      Does your business market its products or services to other companies? Or might it start doing so in the future? If so, it’s critical to recognize the key differences between marketing to the public — or even certain segments of the public — and business-to-business (B2B) marketing.
      Whereas w…