Breaking up with your CPA

Business partnerships are a lot like relationships. You get into one thinking it’s for the long haul but along the way your needs stop getting met. It’s easy to settle for substandard service, and it’s hard to know when it’s time to cut your losses and move on. But there are red flags you can …

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What it means to be a CPA

If you use someone to prepare your taxes or have a firm that performs your company’s compilation, review or audit engagement, you are likely going to be working with a CPA who is signing off on the return or the report to your issued financial statements. You may even have a team of CPAs at …

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Qualified domestic relations order tax consequences

Divorces can cause years of planning, saving and growth to be washed away in the blink of an eye, leaving you reevaluating the retirement that you had once planned. A qualified domestic relations order (QDRO) is a judgment, decree or order for a retirement plan to pay child support, alimony or marital property rights to …

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Bookkeeping services: when to hire a bookkeeper

Bookkeeping is the foundation for any successful company or business. However, for many business owners, it does not mean this task is any less mundane, confusing or time consuming and often, it is placed on the back burner behind other top priorities. While you may be thinking to yourself, “Yes, exactly!” – and understandably so …

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2019 Tax season concerns, tax reform impact

In case you haven’t heard it enough, there have been a ton of changes in the tax world recently. With the Tax Cuts and Jobs Act (TCJA) of 2018 being the first major tax reform in over 30 years, there is an estimate of about 450 forms, publications and instructions that need to be revised …

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2019 Retirement plan limits released

The cost-of-living adjustments (COLA) for the 2018 tax year are out. These rates released by the IRS are used to adjust various tax provisions from the standard deduction and personal exemption to retirement plan limits. Here’s a comparison of the 2019 and 2018 retirement plan limits for 401(k), 403(b) and profit sharing plans: Why there are …

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Form 5500: What you need to know

Form 5500 is an annual return/report that employee benefit plans are required to file with the Department of Labor’s (DOL) Employee Benefit Security Administration (EBSA) division. Employee benefit plans subject to Employee Retirement Income Security’s Act (ERISA) standards are required to file Form 5500 on an annual basis. This report serves to satisfy necessary disclosures, …

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Drafting and modifying your will – just leave it to the professionals

As a former probate attorney, I’ve seen some interesting things. One memory that sticks out is receiving a last will and testament with red splotches on it. I told myself it was from candy and that the deceased person must have had a sugar addiction like me. Nonetheless, I quickly scanned the original to my …

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Employer match options for your 401(k) plan

Receiving an employer match for your 401(k) is a great perk and encourages employees to participate in the 401(k) programs available. There are several different types and they can differ in timing, amount, restrictions and how they are calculated. Safe Harbor match Safe Harbor is a type of match in which employees are immediately 100% …

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California tax bill? Mailing in a check? Not so fast

So, it’s April 15 and you need to file an extension on your California tax return. No problem, you know there is a balance owed and you plan to send in a check for $25,000 to cover the estimated amount due. Sounds simple enough, right? Well, if you are in California, this may not be …

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