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    • Cassady Schiller CPAs & Advisors
      Jul 17, 2019 | Cassady Schiller CPAs & Advisors

      Why Do Companies Restate Financial Results?

       

      Every year, research firm Audit Analytics publishes a study about financial restatement trends. In 2018, the number of public companies that amended their annual reports increased by 18%.

      Many of these amendments were due to minor technical issues, however. Of the 400 public compani…

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

      Volunteering for Charity: Do You Get a Tax Break?

       

      If you’re a volunteer who works for charity, you may be entitled to some tax breaks if you itemize deductions on your tax return. Unfortunately, they may not amount to as much as you think your generosity is worth.

      Because donations to charity of cash or property generally are tax…

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

      Is Your Accounting Software Living Up to the Hype?

       

      Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course.

      So, is your accounting software living up to the hype?…

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

      M&A Transactions: Avoid Surprises from the IR...

       

      If you’re considering buying or selling a business — or you’re in the process of a merger or acquisition — it’s important that both parties report the transaction to the IRS in the same way. Otherwise, you may increase your chances of being audited.

      If a sale involves busi…

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

      Private Companies: Beware of SEC Scrutiny

       

      The Securities and Exchange Commission (SEC) doesn’t monitor just publicly traded companies. It also looks at the dealings of some private companies, often to the surprise of their owners and executives.

      Reasons for SEC scrutiny

      The SEC’s mission is to protect the public as w…

    • Cassady Schiller CPAs & Advisors
      Jul 12, 2019 | Cassady Schiller CPAs & Advisors

      Bartering: A Taxable Transaction Even if Your Busi...

       

      Small businesses may find it beneficial to barter for goods and services instead of paying cash for them. If your business engages in bartering, be aware that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another busin…

    • Cassady Schiller CPAs & Advisors
      Jul 12, 2019 | Cassady Schiller CPAs & Advisors

      Odd Word, Cool Concept: Gamification for Businesse...

       

      “Gamification.” It’s perhaps an odd word, but it’s a cool concept that’s become popular among many types of businesses. In its most general sense, the term refers to integrating characteristics of game-playing into business-related tasks to excite and engage the people involv…

    • Cassady Schiller CPAs & Advisors
      Jul 12, 2019 | Cassady Schiller CPAs & Advisors

      You May Have to Pay Tax on Social Security Benefit...

       

      During your working days, you pay Social Security tax in the form of withholding from your salary or self-employment tax. And when you start receiving Social Security benefits, you may be surprised to learn that some of the payments may be taxed.

      If you’re getting close to retirem…

    • Cassady Schiller CPAs & Advisors
      Jul 11, 2019 | Cassady Schiller CPAs & Advisors

      If Your Kids are Off to Day Camp, You May be Eligi...

      Now that most schools are out for the summer, you might be sending your children to day camp. It’s often a significant expense. The good news: You might be eligible for a tax break for the cost.
      The value of a credit
      Day camp is a qualified expense under the child and dependent care credit, which…

    • Cassady Schiller CPAs & Advisors
      Jul 11, 2019 | Cassady Schiller CPAs & Advisors

      Grading the Performance of Your Company’s Retire...

      Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school? Benchmarking can tell you.
      Mind the basics
      More than likely, you already…

    • Cassady Schiller CPAs & Advisors
      Jul 10, 2019 | Cassady Schiller CPAs & Advisors

      Which Entity is Most Suitable for Your New or Exis...

      The Tax Cuts and Jobs Act (TCJA) has changed the landscape for business taxpayers. That’s because the law introduced a flat 21% federal income tax rate for C corporations. Under prior law, profitable C corporations paid up to 35%.
      The TCJA also cut individual income tax rates, which apply to sole…

    • Cassady Schiller CPAs & Advisors
      Jul 10, 2019 | Cassady Schiller CPAs & Advisors

      The Pros and Cons of Interim Reporting

      The Securities and Exchange Commission (SEC) requires certain public companies to publish quarterly financial statements to give investors insight into midyear performance. Though interim reporting generally isn’t required for private companies, stakeholders in smaller entities can benefit even m…

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

      In Pursuit of Global Tax Transparency

      In today’s global economy, multinational corporations engage in numerous cross-border transactions. But how they report those transactions is often vague. To help minimize stakeholders’ exposure to potential hidden risks, the Financial Accountability & Corporate Transparency (FACT) Coalition wa…

    • Cassady Schiller CPAs & Advisors
      Jun 21, 2019 | Cassady Schiller CPAs & Advisors

      Put a Number on Your Mid-Year Performance with the...

      We’ve reached the middle of the calendar year. So how are things going for your business? Conversationally you might say, “Pretty good.” But, analytically, can you put a number on how well you’re doing — or several numbers for that matter? You can if you choose and calculate the right key…

    • Cassady Schiller CPAs & Advisors
      Jun 21, 2019 | Cassady Schiller CPAs & Advisors

      Congress Acts to Reform the IRS, Enhance Taxpayer...

      The U.S. Senate has passed, and President Trump is expected to sign into law, a broad package of reforms aimed at the IRS. Among other things, the Taxpayer First Act contains several new protections for taxpayers, along with provisions intended to improve the IRS’s customer service.Stronger safeg…

    • Cassady Schiller CPAs & Advisors
      Jun 20, 2019 | Cassady Schiller CPAs & Advisors

      Is an HSA Right for You?

      To help defray health care costs, many people now contribute to, or are thinking about setting up, Health Savings Accounts (HSAs). With these accounts, individuals can pay for certain medical expenses on a tax advantaged basis.
      The basics
      With HSAs, you take more responsibility for your health care…

    • Cassady Schiller CPAs & Advisors
      Jun 19, 2019 | Cassady Schiller CPAs & Advisors

      How Auditors Use Non-financial Information

      Every financial transaction your company records generates non-financial data that doesn’t have a dollar value assigned to it. Though auditors may spend most of their time analyzing financial records, non-financial data can also help them analyze your business from multiple angles.
      Gathering audi…

    • Cassady Schiller CPAs & Advisors
      Jun 14, 2019 | Cassady Schiller CPAs & Advisors

      AUP Engagements: A Middle Ground Between Audits an...

      Your CPA offers a wide menu of services. An audit is a familiar type of attestation service that provides a formal opinion about whether the company’s financial statements conform to U.S. Generally Accepted Accounting Principles (GAAP).
      Consulting services, in contrast, provide advice or technica…

    • Cassady Schiller CPAs & Advisors
      Jun 14, 2019 | Cassady Schiller CPAs & Advisors

      Could You Unearth Hidden Profits in Your Company?

       

      Can your business become more profitable without venturing out of its comfort zone? Of course! However, adding new products or services may not be the best way for your business — or any company — to boost profits. Bottom-line potential may lie undiscovered in your existing operati…

    • Cassady Schiller CPAs & Advisors
      Jun 14, 2019 | Cassady Schiller CPAs & Advisors

      Hiring this Summer? You may Qualify for a Valuable...

      Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for ea…