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...
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,...
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...
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...
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...
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...
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...
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...
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...
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...
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...
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....
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....
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...
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...
Take Advantage Of Programs To Avoid Disqualification, Penalties During the first year of the COVID-19 pandemic, Congress provided plan sponsors with a broad toolkit to help employees access retirement assets and manage loan repayments. However, many of the provisions...
Don’t Leave R&D Tax Credits On The Table: Invest In Your Manufacturing Company’s Future Innovation continues to drive the manufacturing industry. To reward investments in innovation, R&D tax credits were developed to provide companies with the...
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...
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...
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...
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...
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...
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...
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...