What To Do ‘When You Don’t Know What You Don’t Know’ About Your Business’s Back Office When you decided to open your business and share your ideas, products, and services with the world, did you anticipate what the real day-to-day would look like, or were...
Voluntary Compliance Program In Pennsylvania Could Save You Some Major State & Local Tax Dollars The Pennsylvania Department of Revenue has opened a 90-day voluntary compliance program with a shortened lookback period for any business that has inventory or stores...
Plan For Your Permanent Vacation, Too It doesn’t matter which report or studies you review, the conclusion is always the same: People spend more time planning for their next vacation than planning for retirement. And why wouldn’t they? Planning for a vacation is fun....
Cybersecurity Truths Trouble often stems from failed communications; and in the business world, how much trouble you’re in can often be measured in dollars and cents. While you might think you’ve mastered the art of communication, the reality is that you’re probably...
Do You Really Know What Your IT Department Does? Depending on your role in the organization, you likely have a different perception of the IT department from others. We’ve broken down these perceptions based on various roles in the organization. Did we get it...
How Real Estate Losses Can Help Offset Your Income For Tax Purposes Real estate rental activity income or loss is considered passive activity income or loss. The passive activity loss rules provide that passive losses can only be used to offset passive income....
Wondering If Your Stimulus Check’s In the Mail? Conversations around the second wave of stimulus funds continuing to circulate and while many taxpayers have already received their stimulus payments from the government in the form of a direct deposit, others are...
Are You Using The Correct W-4 Form? While the year is still young, now is a great time to ensure that you have completed W-4 Forms for all your employees. Although current employees should not be required to fill out a new W-4, it’s important to make sure to use...
Here are five steps you can take to prepare for a downturn At Rea & Associates, we were writing about ways to recession-proof your businesses in January of 2020, months before the COVID-19 Pandemic caused economic slowdowns in the United States. We continue to...
Changes Imminent For Companies That Lease Equipment & Real Estate If you own or operate a U.S.-based business and lease property and/or equipment within that business, a new U.S. Generally Accepted Accounting Principles (“GAAP”) will soon govern those leases and...
About 70 Million Americans Will Receive 1.3% Social Security Benefits Increase It continues to get harder and harder to make ends meet – especially for those who depend on monthly Social Security and Supplemental Security Income, which is why it is welcome news...
What FMV Is, What It’s Not, & Everything In Between The first step in understanding your company’s fair market value (FMV) is to be aware of the FMV definition provided by the Internal Revenue Service which states: “Fair market value (FMV) is the price that...
Understand Your Business’s Value Better With Financial Ratios There are numerous metrics used in the process of conducting a business valuation. One such metric is the financial ratio analysis. The financial ratio analysis utilizes line-items from your financial...
How To Minimize Business Risk To Maximize Value Fundamentally, business risk is exposure to any factor that may cause a company to lose profits or to face bankruptcy. Unfortunately, business risk has many different faces and can be unpredictable. Additionally, each...
A Cash Flow Crash Course When it comes to addressing cash flow and tips for improvement, perhaps the first place to start is understanding what cash flow consists of. To complement the income statement and the balance sheet, there is a cash flow statement. This handy...
Are You Ready To Answer The Door? Traveling to exotic places. Enjoying time with the grandkids. Supporting philanthropic efforts. While these all might be things you hope to do during retirement, do you have any idea the likelihood that you’ll get to do them? Sadly,...
Plan Sponsors: Do You Know How Layoffs, Partial Plan Terminations Impact Retirement Plans? Back in April, as companies looked for ways to cut costs amid the COVID-19 (coronavirus) crisis, the U.S. unemployment rate reached 14.7 percent – its highest level since...
Digital Transformation in the Pandemic and Post-Pandemic Era If there were any lingering doubts about the necessity of digital transformation to business longevity, the coronavirus has silenced them. In a contactless world, the vast majority of interactions with...
COVID-19 (coronavirus) has taken center stage in recent weeks and, as the virus continues to spread, has led to mass closings, social distancing, postponement of the Ohio election, and, as of Tuesday, March 17, 2020, has deferred this year’s tax payment deadline...
Don’t Leave Your Legacy Up To Chance Exiting your business will be one of the most emotionally difficult things you’ll ever do. But one of the best things we can do for you and your business is to ditch the cookie-cutter exit plans and design an option that...
Procurement standards in 2 CFR 200.317 through 200.326 of the UGG Looking for a little more clarification when it comes to how your entity should handle purchases, bids, and proposals? Read on for a brief summary of these federal procurement standards and...
What About A ‘Partially’ Self-Insured Health Plan? If you associate self-insured health plans with big, public companies with a few thousand employees, you might be surprised to learn that small- to mid-sized businesses can benefit from specific types of...
A Business Continuity Plan Can Help Protect Your Business From Unexpected Changes Betty has been your company’s payroll clerk for a long time. She’s reliable, gets things done and payroll is one less thing you have to worry about because she’s happy to take care...
What To Consider When Preparing Your Business For An Imminent Recession It’s an unprecedented time in our economy. According to the National Bureau of Economic Research, as of July 2019, the U.S. has officially surpassed the prior historical record for the longest...
