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

      Make Sure the Price is Right with Market Research

      The promise of the new year lies ahead. One way to help ensure it’s a profitable one is to re-evaluate your company’s pricing strategy. You need to devise an approach that considers more than just what it cost you to produce a product or deliver a service; it also must factor in what customers…

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

      Economic Damages: Recovering What was Lost

      A business can suffer economic damages arising from a variety of illegal conduct. Common examples include breach of contract, patent infringement and commercial negligence. If your company finds itself headed to court looking to recover lost profits, diminished business value or both, it’s import…

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

      Four Ideas for Fostering a Partnership between Int...

      External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can y…

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

      A Refresher on Major Tax Law Changes for Small-Bus...

      The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file t…

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

      A Review of Significant TCJA Provisions Impacting...

      Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on your 2018…

    • Cassady Schiller CPAs & Advisors
      Jan 04, 2019 | Cassady Schiller CPAs & Advisors

      You May be Able to Save More for Retirement in 201...

      Retirement plan contribution limits are indexed for inflation, and many have gone up for 2019, giving you opportunities to increase your retirement savings:

      Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans: $19,000 (up from $18,500)
      Contributions to defined contribution plans: $…

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

      Time to Celebrate! FASB Expands VIE Exception for...

      The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details.
      Old rules
      Accounting Standards Codification (ASC) Topic…

    • Cassady Schiller CPAs & Advisors
      Dec 22, 2018 | Cassady Schiller CPAs & Advisors

      Business Owners: An Exit Strategy Should be Part o...

      Tax planning is a juggling act for business owners. You have to keep your eye on your company’s income and expenses and applicable tax breaks (especially if you own a pass-through entity). But you also must look out for your own financial future.
      For example, you need to develop an exit strategy…

    • Cassady Schiller CPAs & Advisors
      Dec 21, 2018 | Cassady Schiller CPAs & Advisors

      Do Your Long-Term Customers Know Everything About...

      A technician at a mobility equipment supplier was servicing the motorized wheelchair of a long-time customer and noticed it was a brand-new model. “Where did you buy the chair?” he asked the customer. “At the health care supply store on the other side of town,” the customer replied. The te…

    • Cassady Schiller CPAs & Advisors
      Dec 21, 2018 | Cassady Schiller CPAs & Advisors

      How to Prepare for Year-End Physical Inventory Cou...

      As year end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency.
      Inventory basics
      Under U.S. Generally Accepted Accounting Principles (G…

    • Cassady Schiller CPAs & Advisors
      Dec 20, 2018 | Cassady Schiller CPAs & Advisors

      Act Soon to Save 2018 Taxes on Your Investments

      Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments ― you just need to carefully select which investments you sell.
      Try balancing gains and losses
      If you’ve sold investments at a gain this…

    • Marc Wambaugh
      Dec 18, 2018 | Marc Wambaugh

      Why Should You Diversify?

      As 2019 approaches, volatility has returned to the stock markets.  With that volatility comes a feeling of insecurity as investors watch their statement values go up and down.  During these times, the conventional wisdom is that diversification can help smooth out the ride.  However, US stocks ha…

    • Mike Hawkins
      Dec 18, 2018 | Mike Hawkins

      The Research and Development Tax Credit: More Oppo...

      The Credit for Increasing Research Activities was first enacted in 1981 and is one of the most valuable tax credits available to companies spending money on qualified research activities.  Each year the R&D credit yields billions of dollars in federal and state benefits to those companies exper…

    • Mike Clark
      Dec 18, 2018 | Mike Clark

      Importance of Life Insurance Reviews

      Life Change Reviews

      An extremely important component of owning a life insurance policy is periodically reviewing the coverage to make sure it is addressing your current needs.  All too often, people’s lives change while their life insurance coverage remains the same — periodic reviews will e…

    • Cassady Schiller CPAs & Advisors
      Dec 13, 2018 | Cassady Schiller CPAs & Advisors

      Year-End Tax and Financial To-Do List for Individu...

      With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends:Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds…

    • Cassady Schiller CPAs & Advisors
      Dec 07, 2018 | Cassady Schiller CPAs & Advisors

      When Holiday Gifts and Parties are Deductible or T...

      The holiday season is a great time for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Before you begin shopping or sending out invitations, though, it’s a good idea to find out whether the expense is tax deductible and whether it…

    • Cassady Schiller CPAs & Advisors
      Dec 06, 2018 | Cassady Schiller CPAs & Advisors

      Does Prepaying Property Taxes Make Sense Anymore?

      Prepaying property taxes related to the current year but due the following year has long been one of the most popular and effective year-end tax-planning strategies. But does it still make sense in 2018? The answer, for some people, is yes — accelerating this expense will increase their itemized…

    • Cassady Schiller CPAs & Advisors
      Dec 05, 2018 | Cassady Schiller CPAs & Advisors

      IRS Issues Proposed Regs on Business Interest Expe...

      In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely…

    • Cassady Schiller CPAs & Advisors
      Nov 27, 2018 | Cassady Schiller CPAs & Advisors

      Catch-up Retirement Plan Contributions can be Part...

      Will you be age 50 or older on December 31? Are you still working? Are you already contributing to your 401(k) plan or Savings Incentive Match Plan for Employees (SIMPLE) up to the regular annual limit? Then you may want to make “catch-up” contributions by the end of the year. Increasing your r…

    • Cassady Schiller CPAs & Advisors
      Nov 26, 2018 | Cassady Schiller CPAs & Advisors

      Tax Reform Expands Availability of Cash Accounting

      Under the Tax Cuts and Jobs Act (TCJA), many more businesses are now eligible to use the cash method of accounting for federal tax purposes. The cash method offers greater tax-planning flexibility, allowing some businesses to defer taxable income. Newly eligible businesses should determine whether…