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    • Cassady Schiller CPAs & Advisors
      Jan 14, 2020 | Cassady Schiller CPAs & Advisors

      Four New Law Changes that may affect your Retireme...

      If you save for retirement with an IRA or other plan, you’ll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes.
      Change #1: The maximum age for mak…

    • Cassady Schiller CPAs & Advisors
      Jan 13, 2020 | Cassady Schiller CPAs & Advisors

      New law helps Businesses make their Employees’ R...

      A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules.
      The Setting Every Community Up for…

    • Cassady Schiller CPAs & Advisors
      Jan 10, 2020 | Cassady Schiller CPAs & Advisors

      Employee Benefit Plans: Do you need a Form 5500 Au...

      Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Pr…

    • Cassady Schiller CPAs & Advisors
      Jan 09, 2020 | Cassady Schiller CPAs & Advisors

      Cost Management: A Budget’s Best Friend

      If your company comes up over budget year after year, you may want to consider cost management. This is a formalized, systematic review of operations and resources with the stated goal of reducing costs at every level and controlling them going forward. As part of this effort, you’ll answer questi…

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

      Year-End Accounting Recap

      The Financial Accounting Standards Board (FASB) hasn’t issued any major new accounting rules in 2019. But there have been some important developments to be aware of when preparing annual financial statements under U.S. Generally Accepted Accounting Principles (GAAP).
      Deferral of major accounting r…

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

      Wayfair Revisited — It’s Time to Review your S...

      In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business…

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

      Five Ways to Strengthen your Business for the New...

      The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both:
      1. Compare 2019 financial perfo…

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

      Stretch your Marketing Dollars Further with Smart...

      If your marketing budget is limited, there may be ways to make that money go further. Smart strategies abound for small to midsize businesses. Let’s look at a few ideas for stretching your marketing dollars a bit further.
      Check out the big guys
      Look to larger companies for ideas on how to improve…

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

      What’s the right Device Policy for your Company?

      Device policies pertaining to smartphones and other technology tools continue to frustrate business owners as they try to balance their needs for security and functionality against employees’ rights to privacy and freedom. At some companies, loose “bring your own device” (BYOD) policies are gi…

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

      Adopting a Child? Bring Home Tax Savings with your...

      If you’re adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of “qualified adoption expenses” for each adopted…

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

      Spending Bill Extends Tax Breaks, Adds Retirement...

      With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement on a massive government-wide spending package titled the Further Consolidated Appropriations Act, 2020. The legislation extends certain income tax provisions that had expired, a…

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

      Risk Assessment: A Critical part of the Audit Proc...

      Audit season is right around the corner for calendar-year entities. Here’s what your auditor is doing behind the scenes to prepare — and how you can help facilitate the audit planning process.
      The big picture
      Every audit starts with assessing “audit risk.” This refers to the likelihood that…

    • 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…