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

      IRS Updates Rules for using Per Diem Rates

      The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts…

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

      What Lenders look for in a Succession Plan

      Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender.
      If you want to maintain a clear path to acquiring the working capital your business may need af…

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

      Three Last-Minute Tips that may Help Trim your Tax...

      If you’re starting to fret about your 2019 tax bill, there’s good news — you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including:
      1. Accelerate deductions/defer income. Certain tax deductions are claimed for…

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

      Holiday Parties and Gifts can help show Your Appre...

      With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good idea to understand the tax rules associated with these expenses. Are they ta…

    • Cassady Schiller CPAs & Advisors
      Dec 03, 2019 | Cassady Schiller CPAs & Advisors

      Two Valuable Year-end Tax-saving Tools for your Bu...

      At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related tax breaks that may help your business reduce its 2019 tax liability. To benefit from these deductions, you must buy eligible…

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

      Manage your Working Capital more Efficiently

      Working capital is the difference between a company’s current assets and current liabilities. For a business to thrive, its working capital must be greater than zero. A positive balance enables the company to meet its short-term cash flow needs and grow.
      But too much working capital can be a sign…

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

      Bridging the Gap between Budgeting and Risk Manage...

      At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are some common types of risks to research, assess and incorporat…

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

      What is your Taxpayer Filing Status?

      For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on…

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

      IRS Updates Rules for Mileage-Related Deductions

      The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS Revenue Procedure 2019-46 also lays out rules for establishing the amount of an employee…

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

      Close-up on Pushdown Accounting for M&As

      Change-in-control events — like merger and acquisition (M&A) transactions — don’t happen every day. If you’re currently in the market to merge with or buy a business, you might not be aware of updated financial reporting guidance that took effect in November 2014. The changes provide greate…

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

      Three Key Traits of Every Successful Salesperson

      Take a mental snapshot of your sales staff. Do only a few of its members consistently bring in high volumes of good margin sales? An old rule of thumb says that about 20% of salespeople will make 80% of sales; in other words, everyone’s not going to be a superstar.
      However, you can create perform…

    • Cassady Schiller CPAs & Advisors
      Nov 25, 2019 | Cassady Schiller CPAs & Advisors

      Using your 401(k) Plan to Save this Year and Next

      You can reduce taxes and save for retirement by contributing to a tax-advantaged retirement plan. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a tax-wise way to build a nest egg.
      If you’re not already contributing the maximum allowed, consider increasing your con…

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

      Small Businesses: Get Ready for your 1099-MISC Rep...

      A month after the new year begins, your business may be required to comply with rules to report amounts paid to independent contractors, vendors and others. You may have to send 1099-MISC forms to those whom you pay nonemployee compensation, as well as file copies with the IRS. This task can be…

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

      Is Multicloud Computing Right for your Business?

      Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge — including so-called multicloud computing.
      Under this approach, companies don’t…

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

      You may be ABLE to Save for a Disabled Family Memb...

      There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done though an Achieving a Better Life Experience (ABLE) account, which is a tax-free account t…

    • Cassady Schiller CPAs & Advisors
      Nov 18, 2019 | Cassady Schiller CPAs & Advisors

      Small Businesses: Stay Clear of a Severe Payroll T...

       

      One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.

      If you willfully fail to do so, you could…

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

      A Shadow Board Could Shed Light on Your Company’...

      In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed of younger, nonexecutive em…

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

      Business Year-End Tax Planning in a TCJA World

      The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses as they struggled with the implications of the law’s sweeping changes for their bottom lines. With the next filing season on the horizon, you can incorporate the lessons learned into y…

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

      IRA Charitable Donations are an Alternative to Tax...

      Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity.
      IRA distribution basics
      A popular way to transfer IRA assets to charity is t…

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

      Thinking about Converting from a C Corporation to...

      The right entity choice can make a difference in the tax bill you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some circumstances, there are plenty of potentially expensive tax problems that you should assess before making the decision…