FASB votes to delay effective date for lease standard

| Alerding Alerts, Business Miscellaneous, Financial

The effective date of FASB’s standard on accounting for leases will be delayed for private companies and certain other entities after a unanimous vote Wednesday by FASB. FASB directed its staff to draft an Accounting Standards Update (ASU) that will change the effective date and be issued following a formal written ballot by the board, which is expected to take place in November. Under the ASU, the effective date is delayed one year to fiscal years beginning after Dec. 15, 2020. Early-adoption Read more [...]

Understanding and controlling the unemployment tax costs of your business

| Business Briefs, Tax Briefs

As an employer, you must pay federal unemployment (FUTA) tax on amounts up to $7,000 paid to each employee as wages during the calendar year. The rate of tax imposed is 6% but can be reduced by a credit (described below). Most employers end up paying an effective FUTA tax rate of 0.6%. An employer taxed at a 6% rate would pay FUTA tax of $420 for each employee who earned at least $7,000 per year, while an employer taxed at 0.6% pays $42. Tax credit Unlike FICA taxes, only employers — and Read more [...]

Dashboard reports help analyze results

| Audit and Accounting

By Chris Mennel, CPA & Tyler Hayes     Data, data, data!  Nonprofits and for-profits alike have more data than ever to track, understand and utilize in carrying out their goals.  It’s easy to quickly become overwhelmed. To help get the process started, consider creating dashboards. Dashboards are short (normally one page) graphical representations of data that can provide the key measurements to make informed decisions. They can show program results, financial results, or any other Read more [...]

Alerding CPA Group Announces Promotions and New Staff Appointments

| News

(INDIANAPOLIS) – The directors of Alerding CPA Group, an Indianapolis-based certified public accounting firm, are pleased to announce the following staff promotions and new appointments: Tyler Kleinschmidt, CPA – promoted to Audit Supervisor Justin Schwartz, CPA – promoted to Audit Supervisor Jessica Bradley – promoted to Tax Senior Jamie Koglin – promoted to Tax Senior Hannah Medler – promoted to Audit Senior Brittany Duncan – new Accountant, Entrepreneurial Services Tyler Read more [...]

Uncle Sam may provide relief from college costs on your tax return

| Tax Briefs

We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation and other expenses that a student may incur. Two tax credits Fortunately, the federal government offers two sizable tax credits for Read more [...]

2019 Q4 tax calendar: Key deadlines for businesses and other employers

| Tax Briefs

Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2019. October 15 If a calendar-year C corporation that filed an automatic six-month extension: File a 2018 income tax return (Form 1120) and pay any tax, interest and penalties due. Make contributions for 2018 to certain employer-sponsored retirement plans. October 31 Report income tax withholding and FICA taxes for third quarter 2019 (Form 941) and pay any tax Read more [...]

Expenses that teachers can and can’t deduct on their tax returns

| Tax Briefs

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some of their unreimbursed out-of-pocket classroom costs under the educator expense deduction. This is an “above-the-line” deduction, which means you don’t have Read more [...]

The next estimated tax deadline is September 16: Do you have to make a payment?

| Tax Briefs

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends. Pay-as-you-go Read more [...]