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What Is the Statute of Limitations on Unpaid Taxes?

January 2020
Tax debt can quickly snowball from interest, penalties, late fees, and the amount of the taxes due. And if you have unpaid taxes that you haven’t yet been making payments toward, it might make you fearful that the IRS will come knocking one day. However, a lot of the scaremongering surrounding the IRS is largely sensationalized in media and daily conversation.

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Are You Prepared for the January 31st 1099-MISC Filing Date?

January 2020
Because so many fraudulent tax returns are filed right after e-filing opens up in January, the IRS requires 1099-MISCs for NEC to be filed by January 31st and will not release refunds for individual income tax returns that include the earned income tax credit until the NEC amounts can be verified.

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A Digital World, A Digital Firm: Three Characteristics of a Forward-Thinking Accounting Firm

December 2019
The digital world is not only here, but it’s continuing to evolve and impact all aspects of our lives – accounting included. Last month the CK team took a trip to Silicon Valley for the QuickBooks Connect conference and we were reminded just how much technology has impacted the way in which we serve our clients. Technology has changed the way accounting departments are structured, how they communicate and the actual production of financial reporting.

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Nonprofit Crowdfunding 101

December 2019
These days all it takes is a cause, an email address, and social media to start raising funds. If done properly you might find yourself meeting your goals in no time. But before you get started with your crowdfunding endeavor, especially as a nonprofit organization, there are a few tips and tax considerations to consider.

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Year-End Payroll Checkup: 3 Most Commonly Missed Fringe Benefits on W-2s

November 2019
With the year soon coming to an end, it’s time to think about year-end tax compliance, including W-2 reporting. While your outside payroll provider can report usual salary and wages without any issues, we often see errors in which employers don’t provide the W-2 preparer with taxable non-cash fringe benefits. Fringe benefits must be computed and included in employees’ wages prior to December 31 in order to allow for the timely withholding and depositing of payroll taxes.

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The Tax Implications of Master Limited Partnerships

November 2019
Over the last few decades, Master Limited Partnerships (MLPs) have gone mainstream. But what are MLPs? They are companies structured as partnerships and traded on the stock exchanges. You can buy units of the partnership as easily as you can buy common stock.

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What You Need to Know About Foreign Account Reporting Requirements

September 2019
Do you have a financial interest in, signature, or other authority over any foreign financial account? If you do, don’t forget that you’ll need to report that relationship by filing FinCEN Form 114. While the due date for 2018’s report was April 15, 2019, there was an automatic six-month extension to October 15, 2019. If you fail to file you may face harsh penalties.

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How to Properly Account for Your Nonprofit Fundraising Event

September 2019
If your tax-exempt nonprofit organization utilizes annual fundraising events to raise money, you’re not alone. And for many small to mid-size nonprofits, these special events are major sources of revenue that support internal operations which deploy the organization’s mission. However, with these events comes additional recordkeeping and IRS reporting responsibilities that many organizations overlook.

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Does Your Business Need a Financial Statement Audit?

September 2019
As businesses are formed and as they grow, one question often asked by owners and chief financial officers is whether their companies would benefit from an audit. As you might have guessed, the answer depends on a number of factors specific to each company. Below is helpful information about audits to keep in mind as you decide whether or not an audit is right for your business.

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IRS Audits: Are You Next?

August 2019
Have you ever wondered what the odds are of your return being audited? This is somewhat of a mystery to taxpayers and unfortunately there is no concrete answer. Audits are generally selected at random, but there are a few things that may flag your return for an audit.

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Why You Should Never Take on the IRS Alone

June 2019
It’s another normal day at the office, until you receive a letter from the IRS. You’re being audited. What do you do now? The first thing you should do is call your tax advisor! While you might be up to navigating an audit on your own, there are many reasons why utilizing a professional’s help will make or break the outcome of your audit.

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How to Combat Common Payroll Fraud Schemes

June 2019
According to the Association of Certified Fraud Examiners, nearly 30% of businesses are victims of payroll misconduct, with small businesses twice as likely to be affected than large businesses. Here are four payroll fraud schemes that every business should be aware of.

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5 Mid-Year Accounting Clean Up Projects

June 2019
It’s vital to get your accounting cleaned up before the year-end activities kick in and this is the perfect time of year to do it. Below are a few accounting projects you may want to consider taking on over the next few months. In the end it will set you up for success come December.

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What Story are Your Financial Statements Telling?

April 2019
The accounting policies you adopt create the internal reporting standard that’s reflected in the financial statements of your business – all of which impact how you benchmark and communicate success. What story are you communicating to the outside world? How can you report the story in a way that is easy to understand but still communicates who you are, what you do and how you are achieving success?

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Tips on Raising a Financially Savvy Child

April 2019
If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to impart your wisdom.

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5 Methods to Achieve Better Cash Management

April 2019
Every business, no matter its size, needs to have enough cash to pay the bills. Focusing solely on sales and profits could create issues when invoices arrive and you find that there aren’t enough funds available to pay them. Below are five ways you can be proactive and improve cash management for your business:

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How to Protect Yourself from Tax Scams

March 2019
Identity theft is a real threat, but it is often downplayed because not everyone has witnessed or experienced it firsthand. Having a false sense of security can leave you exposed, especially during tax season. Here are some tips to keep your identity safe from scammers:

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5 Benefits of Moving to the Cloud

March 2019
Small business owners are constantly looking for ways to save money and streamline processes in order to stay competitive. Using a cloud-based accounting software, such as QuickBooks Online, is one way to save time and money.

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The Wayfair Case’s Impact on State Income Tax

February 2019
You have likely heard that the Supreme Court’s decision in South Dakota v. Wayfair, Inc. has resulted in businesses being required to collect and remit sales tax to certain states in which they have no physical presence. Have you wondered how this change affects your requirements for income tax filing?

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Business Tax Developments Affecting 2018 Tax Filings

February 2019
Although it’s already tax filing season, it seems as if tax law changes are still being ironed out. Even with the IRS shutdown, there were funds made available to the IRS agencies tasked with implementing tax reform. As a result, we are seeing new developments on an almost daily basis. Here are a few highlights we would like to share as we begin to file 2018 business tax returns.

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