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Resources

Accounting for Business

Welcome to our Resources section, where you will find articles pertaining to accounting for business, business financial planning, financial advice, and the industries of our clients. This section is a great source of information, but please contact us if you feel you need professional financial advice. Maxwell Locke & Ritter is here to offer trusted guidance.

 

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You already may have reviewed a preliminary draft of your company’s year-end financial statements. But without a frame of reference, they don’t mean much. That’s why it’s important to compare your company’s performance over time and against competitors.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was mainly intended to help individuals save more for retirement. But the new law also contains provisions that help simplify the administration of retirement plans for employers and allow more employees to participate in 401(k) plans. Here are some provisions that may affect business owners.

A recent spending package signed into law by President Trump in December retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters. Included in this article are ten breaks that can benefit eligible individuals.

The government funding legislation signed into law on December 20, 2019, included the repeal of Internal Revenue Code Section 512(a)(7), commonly referred to as the “parking tax” provision.

Along with a new year comes new payroll rules. 2020 may present a unique payroll scenario for employers who pay on a weekly or biweekly basis, resulting in an “extra” pay period in 2020 because of the way the days of the week fall this year. Included here are five other payroll tax highlights for 2020.

When you file your 2019 tax return, you do so with one of five filing statuses, which depend in part on whether you’re married or unmarried on December 31. More than one filing status may apply, and you can use the one that saves the most tax. It’s also possible that your status options could change during the year.

Reporting year-end financial results is a team effort.  We understand the importance of collaboration between external auditors and your company’s audit committee and wanted to help you review the role independent audit committees play in providing investors and markets with high-quality, reliable financial information.

A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you’re thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law on December 20, 2019 as part of a larger spending bill. Here are three provisions of interest to small businesses.

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. The IQPA examines the plan’s financial statements and schedules to ensure they’re presented fairly and in conformity with Generally Accepted Accounting Principles (GAAP). The financial statements and IQPA opinion are often referred to collectively as the “audit report.”

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Are you an employer who sponsors a tax-favored defined contribution plan? The recently enacted SECURE Act includes a new requirement for you and this article has more details on the new rules.