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  • Home Equity Loan Interest

    Home Equity Loan Interest

    Interest on Home Equity Loans Often Still Deductible Under New Law IR-2018-32, Feb. 21, 2018 WASHINGTON – The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers ... Read MoreRead More »
  • Bonus Decpreciation

    Bonus Decpreciation

    Claiming Bonus Depreciation on Your 2017 Tax Return May be Particularly Beneficial With bonus depreciation, a business can recover the costs of depreciable property more quickly by claiming additional first-year depreciation for qualified assets. The Tax Cuts and Jobs Act (TCJA), signed into law in December, enhances bonus depreciation. Typically, taking this break is beneficial. But in certain situations, your ... Read MoreRead More »
  • Tax Cuts and Jobs Act

    Tax Cuts and Jobs Act

    Tax Reform for the upcoming year via Tax Cuts and Jobs Act On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act (H.R. 1), the largest major tax reform the U.S. tax code has seen in nearly thirty years. Key changes to the tax code include a significant reduction in the corporate tax rate, formation ... Read MoreRead More »
  • Smith Barta & Company joins Maloney + Novotny LLC

    Smith Barta & Company joins Maloney + Novotny LLC

    Contact:  Diane Gallagher, Director of Marketing, Maloney + Novotny – 216/344-5240 CLEVELAND – January 4, 2018 — The partners and staff of the Canton, Ohio based public accounting firm Smith Barta & Company have joined Maloney + Novotny LLC (M+N) one of Northeast Ohio’s largest CPA and advisory firms. Maloney + Novotny doubles its Canton, Ohio footprint by welcoming 11 ... Read MoreRead More »
  • Maloney + Novotny Elects James Graham Shareholder

    Maloney + Novotny Elects James Graham Shareholder

    Contact: Diane Gallagher, Director of Marketing, Maloney + Novotny, 216.344.5240 CLEVELAND – January 2, 2018 — Maloney + Novotny LLC, a large regional Ohio based firm with six offices in Ohio, has announced the election of James R. Graham to Shareholder. “Jim exudes professionalism and leadership skills that exemplify the firm’s commitment to providing the highest quality service to our ... Read MoreRead More »
  • Not-For-Profits Affected by New Tax Law

    Not-For-Profits Affected by New Tax Law

    ALERT:  New Tax Law Has Provisions Affecting Not-For-Profit Organizations Although focused on corporate and individual tax reform, Public Law 115-97, commonly referred to as the “Tax Cuts and Jobs Act (TCJA),” contains a number of provisions for tax-exempt organizations.  President Trump signed the bill into law on December 22, 2017.  This article highlights those parts of the legislation that will ... Read MoreRead More »
  • Prospective Financial Statements

    Prospective Financial Statements

    4 questions to guide your prospective financial statements CPA’s don’t just offer assurance services on historical financial results. They can also prepare prospective financial statements that predict how the company will perform in the future. This list of questions can help you make more meaningful assumptions for your forecasts and projections. How far into the future do you want to ... Read MoreRead More »
  • ACA Filing Update

    ACA Filing Update

    ACA Filing Update and Recent Developments As we reach the end of the year, there have been questions raised about the Affordable Care Act and what is happening with this law, especially in regards to ACA filing requirements. Despite numerous attempts by the Trump administration to repeal or implement changes, none of these attempts has been successful. This article will ... Read MoreRead More »
  • Ohio Tax Amnesty for 2018

    Ohio Tax Amnesty for 2018

    REMINDER: The 2018 Ohio Tax Amnesty Program is from January 1 through February 15, 2018 By: Paul E. Valencic, Senior Manager, Tax at Maloney+Novotny Over the summer, we reported on a few of the highlights of Am. Sub. H.B. 49, which included a tax amnesty program available for both individual and business taxpayers. The Ohio tax amnesty program, which runs ... Read MoreRead More »
  • The ABCs of HSAs

    The ABCs of HSAs

    One health care arrangement that has been soaring in popularity in recent years has been the pairing of a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The good news is that not only does an HSA provide a tax-advantaged way to pay for health care costs, but it also can help you achieve your estate planning goals...Read More »
  • GAAP vs. Tax-basis Reporting

    GAAP vs. Tax-basis Reporting

    Which model is best for your company, GAAP or tax-basis reporting? Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting ... Read MoreRead More »
  • Tax-related Identity Theft

    Tax-related Identity Theft

    Let's face it, the number of places our personal information may be stored and shared seems endless. Unfortunately, thieves have succeeded in illegally obtaining this information for years. The recent data breaches at many companies increase the chances of personal...Read More »
  • Nexia Day

    Nexia Day

    Maloney + Novotny celebrates Nexia Day! Today, September 13th, 2017, Maloney + Novotny joins firms across the world in celebrating Nexia Day. Nexia Day was established to enable Nexia International and its member firms to promote and celebrate being part of a global network of independent accounting and consulting firms. Maloney + Novotny is a proud Nexia member and supports their key values: ... Read MoreRead More »
  • Upcoming Maloney Speaking Events

    Upcoming Maloney Speaking Events

    Several Maloney+Novotny team members will be speaking to various groups around Northern Ohio this Fall. If you are interested in attending any of these events, please contact them directly or call Diane Gallagher, Maloney+Novotny, Director of Marketing at (216) 344-5240.Read More »
  • Undoing a Roth IRA Conversion

    Undoing a Roth IRA Conversion

    Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that you would have been better off if you hadn't converted it? Fortunately, it's possible to undo a Roth IRA conversion, using a "recharacterization."Read More »
  • Ohio Tax Update – July 2017

    Ohio Tax Update – July 2017

    Ohio Tax Update – Governor John Kasich signs new biennial budget bill (Fiscal year 2018 -2019) By Paul E. Valencic, CPA On June 30, 2017, Ohio Governor John Kasich signed into law Ohio’s biennial budget bill, House Bill 49, which made several changes to the existing Ohio income tax code. Individual income tax Two individual income tax brackets eliminated  For ... Read MoreRead More »
  • Retirement Plan Compliance

    Retirement Plan Compliance

    In What Kind of Shape is Your Retirement Plan? By Dave Reyes, CPA, CEBS, Shareholder For the sponsor of any retirement plan, like a 401(k) plan, those involved with the operation of the plan will tell you that things can and will go wrong. The rules that plans must follow are numerous and complicated. So it should come as no surprise that ... Read MoreRead More »
  • Church Retirement Plan Ruling by Supreme Court

    Church Retirement Plan Ruling by Supreme Court

    The Supreme Court Rules On the Issue Of Church Retirement Plans By Chris Villari, CPA, Shareholder, Maloney+Novotny Since the Employee Retirement Income Security Act of 1974 (ERISA) became law, most retirement plans have been subject to its many provisions intended to protect participants and beneficiaries from perceived (and, in some cases, real) abuses. Until that point, the legacy of retirement ... Read MoreRead More »
  • Back Door Roth IRA Explained

    Back Door Roth IRA Explained

    Roth IRA options for those in higher income brackets A potential downside of tax-deferred saving through a traditional retirement plan is that you’ll have to pay taxes when you make withdrawals at retirement. Roth plans, on the other hand, allow tax-free distributions; the trade-off is that contributions to these plans don’t reduce your current-year taxable income. Unfortunately, your employer might ... Read MoreRead More »
  • Strategic IT Plan – Does Your Company Need One?

    Strategic IT Plan – Does Your Company Need One?

    A Strategic IT Plan can reduce risk, improve infrastructure Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable; you probably had to automate some tasks before others, your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. ... Read MoreRead More »
  • Nonprofits Critical Importance of Cybersecurity

    Nonprofits Critical Importance of Cybersecurity

    Is your organization prepared with an effective cybersecurity framework to address growing risks?  Area nonprofit organizations are invited to join the Licking County Foundation, the United Way of Licking County and Maloney + Novotny LLC as we examine the critical importance of cybersecurity on Wednesday, April 19, 2017 from 9:00 am to 10:30 am at TrueCore Federal Credit Union Community ... Read MoreRead More »
  • OSCPA Employee Benefit Plan Audit Conference

    OSCPA Employee Benefit Plan Audit Conference

    Dave Reyes, Shareholder at Maloney + Novotny will be speaking at the Ohio Society of CPAs (OSCPA) Employee Benefit Plan Audit Conference, Leading Practices for Pressing Issues at Lewis Center in Columbus, Ohio on Wednesday, April 26, 2017.  Dave will be speaking on Tax Compliance Issues as part of a full day of presentations on leading practices for dealing with ... Read MoreRead More »
  • Affordable Care Act Update

    Affordable Care Act Update

    Health Reimbursement Arrangements Get a Second Life By: Dave Reyes, CPA, CEBS, Shareholder The Affordable Care Act (ACA) made sweeping changes to how employers provide health coverage for their employees. Health Reimbursement Arrangements (HRA’s) were significantly impacted by the ACA. Prior to the ACA, many small employers would use an HRA to not only reimburse employees for their out of ... Read MoreRead More »
  • Law Change Allows Bonus Depreciation for Qualifying 39-year Property

    Law Change Allows Bonus Depreciation for Qualifying 39-year Property

    Nonresidential real estate owners should be aware of recent tax law changes that could increase depreciation deductions significantly. The 2015 PATH Act modified Sec. 168(k) to create a new category of property called Qualified Improvement Property, or QIP, which qualifies for the taxpayer-friendly accelerated bonus depreciation. QIP property is any improvement to an interior portion of a nonresidential building after the building was originally placed in service. Amounts paid for an enlargement, elevators, escalators, or the internal structural framework of the building are not included as QIP.Read More »
  • FASB Simplified Guidance on Presentation of Debt Issuance Costs for Private Entities

    FASB Simplified Guidance on Presentation of Debt Issuance Costs for Private Entities

    The FASB issued ASU 2015-03 on April 7, 2015, which changes the presentation of debt issuance costs in financial statements. Under the new guidance, debt issuance costs related to term loans should be presented as a direct deduction from the carrying amount of the associated debt liability. Prior to the issuance of the new standard, debt issuance costs were presented as a deferred charge (as an asset) on the balance sheet rather than a direct reduction of the carrying value of the debt.Read More »
  • Cybersecurity: Not an IT issue, but a Business Issue

    Cybersecurity: Not an IT issue, but a Business Issue

    As organizational structures evolve, the growing integration and reliance on information technology introduces a variety of risks into the operating environment. Information technology and cybersecurity are often addressed separately from the operations side of the organization. The policies and procedures related to cybersecurity must be implemented from an operations standpoint in order to effectively address the associated risks to the organization.Read More »
  • Ohio Tax Update – Nov 2016

    Ohio Tax Update – Nov 2016

    As a background, Ohio Revised Code (ORC) 5747.212 requires certain nonresident investors to apportion the gain on the sale of their ownership interest in a closely-held investment. What would otherwise be considered nonbusiness income from the sale of an intangible asset (i.e. common stock or equity interests in a pass-through entity), ORC 5474.212 requires an apportionment using a special 3-year apportionment factor.Read More »
  • Fighting the Threat of Ransomware

    Fighting the Threat of Ransomware

    Ransomware is a fast growing cyber security threat. The FBI estimates that over $200 million in ransom was paid so far in the first quarter of 2016. This figure will top $1 billion by the end of the year, up from just $24 million in 2015(1).Read More »
  • Not a new LEASE on life

    Not a new LEASE on life

    In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases, which provides new guidelines that change the accounting for leasing arrangements for lessees.Read More »
  • FASB Not-For-Profit Update

    FASB Not-For-Profit Update

     Late last week, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities. This release is the first significant change to financial statements of not-for-profits in 20 years and is the first of two standards changes stemming from the FASB exposure draft released in Spring 2015.Read More »