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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.

 

SOC reports are useful for companies that provide software or services that could impact the financial reporting or business operations of their customers or who obtain sensitive information on behalf of their customers.

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If your business receives large cash or “cash equivalent” payments, you may have to report the transactions to the IRS. Here are the details.

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Cloud computing is reshaping the storage of critical business information. But setting up these arrangements can be costly. Here’s the lowdown on new accounting rules that clarify how to account for these costs.

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It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal” IRA. It allows a contribution to be made for a nonworking spouse.

On August 8, 2020, President Trump issued an executive order which allowed for the deferral of the withholding and employer remittance of the employee share of Social Security taxes.

We have heard from several of our clients who mailed a payment to IRS that has not yet been processed or who have recently received a notice from IRS showing a payment due even though payment has already been sent.  This is not an isolated issue, and thousands of taxpayers have been affected.

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The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year?

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There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.

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Business owners want to begin laying out a smooth ownership transition, perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked.

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution?

Advice from Industry Experts

Our team includes specialists who have a proven track record of helping their clients reach their financial goals. For audit services, tax preparation, due diligence, IT security & compliance, wealth management, and 401(k) plan management, we can help answer your questions and get you on the right track.

Contact us today to schedule your consultation.

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