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Resources

Accounting & Finance Articles

Welcome to our Resources section, where you will find articles on accounting and finance for businesses and individuals, as well as resources to aid in business financial planning across a variety of industries we serve. Please contact us for personalized advice in accounting and finance. Maxwell Locke & Ritter is here to offer trusted guidance.

 

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You may think that all withdrawals from Roth IRAs are federal-income-tax-free. Unfortunately, that’s not true. Some withdrawals are taxable. On top of that, some early withdrawals (taken before you turn 59½) can potentially get hit with a 10% penalty tax.

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Compilation, review or audit? Here are some important factors to consider when evaluating whether your company’s current level of assurance is the best option for today’s uncertain conditions.

Many businesses have undergone strategic shifts during the pandemic. Here’s how to determine whether that change is within the scope of the accounting rules for discontinued operations and, if so, how to comply.

Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details.

Under today’s federal income tax rules, your business may be able to claim big first-year depreciation write-offs for eligible assets that are placed in service in the current tax year. Here’s what you should know before claiming 100% first-year bonus depreciation or first-year Section 179 deductions.

In the near future, you may notice a small payment in your bank account or you may receive a check from the IRS. The tax agency recently announced that it will send interest payments to about 13.9 million individual taxpayers who filed their 2019 federal income tax returns on time and are receiving refunds.

Even if your nonprofit isn’t required to have an external audit, there are many good reasons to obtain this added level of assurance.

Entrepreneurs often don’t know that many start-up expenses can’t be currently deducted. Some probably must be amortized over time. This article explains how start-up expenses must be handled on a federal tax return.

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If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. We have three court cases to illustrate some of the issues around recordkeeping.

On August 28, 2020, the IRS issued guidance on the employee payroll tax deferral previously announced in a memorandum issued by President Trump on August 8, 2020.

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