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Many business operators, regardless of background, are charged with some degree of fiscal oversight. While some may have a basic understanding of the information listed on their company’s financial statements, the majority are not accountants, nor have they had training that covers the detail contained within their financial statements. 

The Western Reserve Historical Society was the perfect setting for the Smart Business Magazine Business Longevity Awards celebration held August 3.

The firm, along with 43 other regional companies, were lauded for 50+, 75+, or 100+ years in business. “We’re thrilled to again be recognized by Smart Business Magazine for our 79 years in business and more so, that we are able to serve clients, many who are multi-generational, with solid, sustainable, and practical accounting, tax, and consulting services,” said Brett Neate, CPA, Partner.

(L to R: Partners Brett Neate, Howard Kass, Sue Krantz, Gabe Adler. Not pictured, Robin Baum)

For many companies, keeping close tabs on revenue, expenses, and profit is the number one priority. However, companies that carry inventory may not realize its direct effect on profitability.  This effect is known as shrinkage.  Shrinkage is the excess amount of inventory (in accounting records) that no longer exists in the actual inventory. In other words, it is a loss of inventory. There are several causes of shrinkage, such as:

For many parents, the idea of getting their kids ready for back-to-school conjures up both a welcome relief and a financial frenzy. According to NEAToday.org, in 2016, parents spent $200, on average, per elementary student and $330 and $375 per middle and high school student, respectively. That is a lot of paper and pencils!  

As we continue to invest in technology to provide our clients with the most reliable, secure, and up-to-date service, please note that on Monday, August 7, 2017, at 4 p.m., our phone, voicemail, and email will be offline temporarily for installation of a system upgrade.

Partner Sue Krantz and Audit & Assurance Manager Chris Valponi were just two of the many folks who attended the opening of Land Studio’s “Dialogue” in the Eastman Reading Garden at the Cleveland Public Library. 

Q:  I’m concerned. I was sure I paid my income tax this year when I filed, but I have just received a call from someone saying they are an authorized IRS collection agent and I need to pay a small balance now due ($350). The agent said I should pay by prepaid debit card.  What do you recommend?  

- Bailey J., Private Business Owner
Akron, OH

For many, being in the position to either sell your primary residence or rent the property is a powerful one. Rental income can be a great additional source of income and the investment, if managed properly against the rest of one’s financial portfolio, can contribute to a nice tax shelter. 

Thinking about income taxes should not just be an end-of-year or pre-April-15-panic occurrence. The well-informed taxpayer will think about these seven mid-year tax tips that could help save on his next income tax filing, as well as yours. 

The midway mark in the calendar year signifies a checkpoint for the Bureau of Workers Compensation (BWC). The BWC Annual True-up reports are due soon and while many companies are ready, some may still be a little fuzzy about the new process and timeline.

This is the second year for annual True-up reporting.  Most private employers are on a bi-monthly payment installment schedule (other than the minimum payers). If employers wish to elect a monthly installment option, they can make the change annually prior to the start of the new policy year,