What Is The SAS 114 Letter & What Should You Report To The Board? The audit is over. You can finally check that tedious task off your to-do list. You’ve received the required audit report and financial statements with expected results and are free to breathe a...
Construction Economic and Financial Update Columbus, OH has grown 12.20% from 2010-2020, making it the fastest growing city in the Midwest. In November 2021, new construction in central Ohio was valued at $5.8 billion dollars. Despite the COVID-19 pandemic, commercial...
On January 18, 2022, the IRS issued important updates to the instructions related to filing the new Schedules K-2 and K-3 for tax year 2021 for partnerships and S corporations. The purpose of the new reporting obligation is to report items of international relevance...
Why it is important to starting thinking about succession planning for your business While it may be hard to fathom a time when your business won’t be part of your life, deciding how to leave your business is an important part of being a business owner. But which...
Understanding the Research and Development (R&D) tax credit will provide reliable opportunities to lower your company’s tax burden. What Is the Research and Development Tax Credit? The R&D tax credit is available to businesses developing or improving company...
There are a few things that we can count on with the arrival of each New Year: Champagne toasts at midnight, well-intentioned New Year’s resolutions, and erroneous late notices from the IRS and DOL. Like in years past, the IRS and Department of Labor periodically...
Call it the perfect storm. The Baby Boom generation has reached retirement age and is making the largest transfer of generational wealth in history. At the same time, international investors are hungry for American businesses, which are considered the best investments...
There has been recent guidance issued in the industry that may affect the future way and source of your public records training affecting both treasurers and board members of community schools. In Auditor of State Bulletin 2021-007, the interpretation of Ohio...
Nexus Has Evolved: Why Your Business May Be At Risk And Why It Matters Whether your business relies on out-of-state subcontractors or independent agents, sells products or services across state lines, or employs talent outside of your state, a variety of tax...
What Are You Doing To Protect Your Entity From Cybercrime? Cyber-attacks and data breaches do not discriminate and it only takes one wrong click to exploit a vulnerability in your system. Unfortunately, due to the amount of sensitive information housed in the...
Implementing enterprise resource planning systems can streamline the process With so many variables to consider, establishing a pricing strategy for your business might seem like a monumental task. Even so, effective costing and pricing models are essential if you’re...
Keep The IRS Away By Avoiding These 10 Audit Red Flags Wondering how can you avoid being flagged for an audit? Read on to discover common audit red flags and what to do to ensure you don’t make these 10 audit-triggering mistakes. It’s hard to believe the...
Robotic Process Automation Is A Game-Changer In The World Of Advisory Services In recent years, businesses have embraced the benefits of robotic process automation (RPA). From carrying out mundane tasks to ensuring accuracy and consistency, RPA has allowed your...
Don’t Want To Automatically Sync Employee Information With Equifax, You Don’t Have To – Learn How To Opt-Out If you are a QuickBooks or Intuit Online Payroll user, time is running out to “opt-out” of The Work Number, a user-paid...
How To Introduce Client Opportunity Plans Into Your Business In 2015, Rea’s annual revenue was $30.5 million. We had 10,858 clients and 215 employees in 10 offices. We were the 98th largest firm in the country. Today, we are a $52.9 million firm. We have more...
Pandemic-Related Hardships Hit At Different Times, Businesses Press On As COVID-19 cases lessen and a sense of normalcy creeps back into our lives, now is an excellent time to take a deep breath and reflect on all of the changes that have occurred. More vaccines are...
H.B. 110 Gives Employers, Municipalities More Time To Address The New Flexible Work Environment When Ohio Governor Mike DeWine ended the COVID-19 state of emergency on June 18, the countdown started toward the end of the oft-discussed municipal income taxation...
Though delayed due to the COVID-19 pandemic, the new lease account standard will soon be implemented for all U.S. based businesses. If you own a business in the United States and lease anything tied to it, be it vehicles or real estate, Rea & Associates is here to...
Ohio Businesses Should Prepare Now To Claim Additional Grant Program Relief Before It’s Gone On May 17, 2021, Ohio Governor Mike DeWine signed Senate Bills 108 and 109 into law. The legislation primarily appropriates relief for Ohio businesses impacted by...
IRS To Target Solo 401(k) Plans For Non-Compliance Like most organizations, the IRS works to meet a series of goals and objectives to achieve growth and sustainability and tasks departments and divisions within the organization to develop their own strategies designed...
Will You Qualify For A Slice Of The $28.6 Billion Restaurant Revitalization Grant (RRFG) Pie? Included in the American Rescue Plan Act of 2021, was a special order of grant money that was specifically set aside for restaurants that have sustained financial losses...
Are your internal controls lacking? Don’t become another fraud statistic. Read on to learn more. Does Your Lack Of Internal Controls Leave You Vulnerable To Occupational Fraud? There are a lot of business owners and managers out there who are content to...
Bookkeeping isn’t just about moving numbers around and making and receiving payments, it’s about understanding how your business works maximizing that. Keep reading to learn more. Avoid A Bad Tax Season Surprise With Bookkeeping Tips Happy spring! Those of...
Lessons Learned From The Accounting Department Resulting From Crisis Scenarios What did the COVID crisis teach you about your business’s ability to be agile amid uncertainty? For many owners, the lesson learned was that when businesses were closed or switched over to...
