Accounting

5 Reasons Outsourcing Works for Growing Businesses

By |2019-11-27T14:48:25-06:00November 27th, 2019|Accounting, Advisory, Goals, Internal Control, Payroll, Tips|

  As your small business grows, the demands on your time and energy grow, too. You and your employees can find yourselves consumed with activities that creep beyond your passion and proficiency. This can be risky for your business, at worst, and boring or unfulfilling for you and your employees, at best. Many business owners [...]

Preparing for 2020 Payroll

By |2019-12-06T13:40:26-06:00September 20th, 2019|Accounting|

Taxable Limit Bases & Rates Social Security wage base $137,700; rate 6.2% Medicare wage base unlimited; rate 1.45% Additional Medicare tax 0.9% on wages in excess of $200,000 Federal Unemployment Tax (FUTA) wage base $7,000; rate 0.6% Iowa unemployment tax wage base $31,600 You should have received a notice of your 2020 rate in early [...]

Work Opportunity Tax Credit 2020

By |2019-12-06T13:58:07-06:00September 20th, 2019|Accounting, WOTC|

This credit is set to expire on 12/31/2019. It is possible that it will be reinstated as of 1/1/2020.   The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. The target groups include unemployed veterans, [...]

1099 Form Information

By |2019-12-06T13:56:23-06:00September 20th, 2019|Accounting|

The IRS is being more aggressive in assessing penalties for 1099 forms that are not filed or are filed late.  Penalties range from $50 to $530 per form, depending on the size of your company, how late the filing occurs and intentions regarding the original due date being missed.  In addition to penalties, the IRS [...]

W-2 Information

By |2019-12-06T13:54:21-06:00September 20th, 2019|Accounting|

Working with TDT on your W-2 Forms If you wish to have TDT prepare all of part of your 2019 W-2 forms, please contact our office by January 10, 2020.    We ask that you bring us the following information: If you use Quickbooks or Sage 50, please bring us a backup file of your [...]

Standard Deduction vs. Itemized Deduction for Charitable Contributions

By |2019-03-29T13:10:20-05:00March 20th, 2019|Accounting, Advisory, Deductions, Donation, Saving, Tax, Tax Reform|

The benefits of charitable contributions may be eliminated for some taxpayers. The Tax Cuts and Jobs Act (TCJA) doubled the standard deduction, meaning more taxpayers may find themselves in a better tax position by choosing the standard deduction over itemizing. Since charitable contributions are itemized, this is leaving many to wonder, “Will I still receive [...]

The Time is Now… Financial Statement Presentation Changes are Here!

By |2019-05-22T10:02:27-05:00February 27th, 2019|Accounting, Board, Change, Compliance, Internal Control, Nonprofit|

Previously in “Changes to Financial Statements for Not-for-Profit Entities, Are You Ready?”, we provided an overview of the changes for nonprofit financial statements. Now we will take a closer look at the new net asset presentation and disclosures your organization will face, beginning with your December 31, 2018 financial statements. If you missed our previous [...]

Top 10 Accounting Acronyms Every Business Owner Should Know

By |2019-04-05T14:59:26-05:00January 30th, 2019|Accounting, Advisory, Cash Flow, Tips, Value|

You need accurate financial information to help you measure the results of all the hard work that goes into your business. The problem is, your accountant uses more acronyms than your teenage daughter’s text messages. This leaves you feeling frustrated and confused. You can either smile and nod until the conversation ends or spend the [...]

Decoding the Nonprofit Financial Lingo: Statement of Financial Position

By |2019-08-14T09:57:43-05:00January 23rd, 2019|Accounting, Advisory, Assurance, Cash Flow, Nonprofit, Tips|

In each of our chosen fields and careers, there is often some industry-specific language that gets passed around. Nonprofits have their own sets of terminology that can be different and confusing. Whether you’re an accountant, board member, volunteer, or curious potential donor, getting to know the lingo used in non-profit accounting can be important and [...]

What to Consider When Selecting an Employee Benefits Plan

By |2019-01-16T09:51:45-06:00January 16th, 2019|Accounting, Advisory, Economy, Employment, Insurance, IRS, Tax|

For business owners, identifying ways to provide fringe benefits to attract and retain employees has become more crucial than ever.  In this era of low unemployment rates, having a competitive advantage in the labor market can be difficult. This will, in turn, impact a business’ ability to recruit and retain qualified employees and keep operations [...]