The Trust Fund Recovery Penalty: It Can Be Personally Assessed
If you own or manage a business with employees, there’s a harsh tax penalty that you could be at risk for paying personally. The Trust Fund Recovery Penalty (TFRP) applies […]
Category: Articles
How Profitable Are the Products You Manufacture?
Most manufacturers have a good idea of how profitable their business is overall, but not necessarily the profitability of individual products. Unless you track the costs of manufacturing each product, […]
Minimize Fraud Risks When Operating Abroad
Expanding operations into foreign countries can help U.S. businesses reduce labor and operating costs. It can also provide them with access to new markets and potentially higher profits. You may […]
2023 Q3 Tax Calendar: Key Deadlines for Businesses and Other Employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may […]
Overcoming Benchmarking Resistance in Your Nonprofit
If your not-for-profit sets performance goals — and most organizations should — then you need benchmarks to measure your performance. Staffers and your board may not enthusiastically embrace benchmarking at […]
HW&Co.’s Beachwood office has moved to a new location
HW&Co. has moved its Cleveland East location from Beachwood to Woodmere. Staff who had been in the Beachwood office are now working from our new location. Please call or email […]
Advantages and Disadvantages of Claiming Big First-Year Real Estate Depreciation Deductions
Your business may be able to claim big first-year depreciation tax deductions for eligible real estate expenditures rather than depreciate them over several years. But should you? It’s not as […]
Manufacturers: If Available, Take Advantage of Sales Tax Exemptions
Manufacturers must comply with all relevant tax laws to avoid dire consequences. While the most attention is generally directed toward federal income and payroll taxes, there’s another potential aspect to […]
Commit to Continually Improve Your Nonprofit’s Accounting Processes
Do your not-for-profit’s accounting processes work perfectly — with no errors, delays or other inefficiencies? If yours is like most organizations, probably not. But if your nonprofit is committed to […]
Traveling for Business This Summer? Here’s What You Can Deduct
If you and your employees are traveling for business this summer, there are a number of considerations to keep in mind. Under tax law, in order to claim deductions, you […]
Are Your Nonprofit’s Interim and Year-End Financial Statements at Odds?
Using the cash basis of accounting may make sense for your not-for-profit organization — at least at this stage. Many smaller nonprofits use the cash basis to prepare their financial […]
Keep These DOs and DON’Ts in Mind When Deducting Business Meal and Vehicle Expenses
If you’re claiming deductions for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months […]
