Failure to File Required 1099s a Potentially Costly Mistake

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As if there wasn’t enough to worry about at the end of the year for any business in terms of required filings with the federal government, there is one that regularly gets overlooked and it shouldn’t anymore. With a new deadline and stiff penalty amounts for failing to prepare and timely file required 1099s, that mistake […]

Educational Correspondence From the Social Security Administration

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The Social Security Administration will begin mailing “Educational Correspondence” notices to businesses and employers whose W2 Forms contain name and Social Security Number (SSN) combinations that do not match their records. If you receive one of these notices, please contact our office for assistance. In the meantime, make sure you are following the guidelines below: EMPLOYER REQUIREMENTS […]

Qualified Business Income Explained

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The Qualified Business Income (QBI) deduction is one of the most significant changes of the Tax Cuts and Jobs Act of 2017 (TCJA). It is also one of the most complex. In general, it permits a 20% deduction of net income to owners of small businesses like partnerships, S Corps and sole proprietorships as well […]

Elimination of Entertainment Expense Deduction

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This is one change you may not have heard about in the Tax Cuts and Jobs Act of 2017 (TCJA): Effective January 1, 2018, Congress eliminated the 50% deduction previously allowed for entertainment expenses. Up through December 31, 2017 businesses could deduct 50% of entertainment expenses directly related to or associated with the active conduct […]

CPA Consulting Group Is Moving in May

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CPA Consulting Group, LLP is excited to announce that we are moving locations! Sometime in May, 2018 CPA Consulting Group will be moving to 111 S Durbin, 3rd Floor. This comes in the wake of numerous other exciting changes, including the merging of accounting practices with Cordell Fonnesbeck. “This is an important time for our […]

Family and Medical Leave Act Credit

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There is a new income tax credit available for employers under the Tax Cuts and Jobs Act (TCJA) of 2017. Effective in tax years beginning after 12/31/2017, and beginning before 01/01/2020, employers can claim a tax credit equal to 12.5% of wages paid to employees during any period that such employees are on leave, under […]

Deterring Employee Theft

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Whether you are just deciding to hire an internal bookkeeper or have employed one for years, the driving force behind the decision is that you, the business owner, simply don’t have time to do it yourself anymore. Once hired, the Company’s bookkeeper generally does it all including paying bills, payroll, invoicing customers and collecting payment, […]

Merger with Cordell Fonnesbeck, CPA, P.C. and Bill Cubin New Partner

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CPA Consulting Group, LLP is proud to announce a merger between the accounting practice of Cordell Fonnesbeck, CPA, P.C. and ourselves. Effective January 1, 2018, Cordell will be joining the CPA Consulting Group Team, bringing with him a wealth of knowledge and a wide-array of clients- clients that have been working with Cordell for decades! […]

End of Year Charitable Giving 2017

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The Tax Cuts & Jobs Act is a significant tax law change that will be enacted effective for 2018. However, any change for 2018 may have potential effects on your 2017 taxes. Both the House and Senate bills will nearly double the standard deduction to $24,000 for married couples ($18,000 for head of household and […]

2017 YEAR END TAX PLANNING IN LIGHT OF PROPOSED TAX LAW CHANGES

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It appears very likely a significant tax law change will be enacted by Congress effective for 2018. However, any change for 2018 may have potential effects on your 2017 taxes. Here is how: Both the House and Senate bills will nearly double the standard deduction to $24,000 for married couples ($18,000 for head of household […]