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March 05, 2010	BE READY TO RIDE THE RECOVERY WAVE A “slow, trudging” recovery is underway, according to Former Federal Reserve Chairman Alan Greenspan. With the economy showing some signs of improvement, now is the time to position your company to reap the benefits of improved conditions. Although you can’t predict exactly when a widespread recovery will occur in your industry and geographic region, you can prepare for it. Here are five questions to help your business get ready to surf into better times ahead. Continue reading “Be Ready to Ride the Recovery Wave” »

February 26, 2010	TAX NEWS FOR INDIVIDUALS AND BUSINESSES Enjoy a Tax Reprieve from Phase-Out Rules. For this year only, the rules that phase out the tax benefit of itemized deductions and personal exemptions for high income taxpayers have been repealed. We’ll tell you what it could mean for you. Continue reading “Tax News for Individuals and Businesses” »

February 19, 2010	COACH YOUR COMPANY TO BE A WINNING PROFIT TEAM Successful companies are a lot like winning sports teams. With the Super Bowl and Winter Olympics heading our way, it’s a good time to gather managers and key employees together to brainstorm new profit strategies. Here are a few lessons taken from coaches that can help your business score big time by putting more dollars on the bottom line. Continue reading “Coach Your Company to Be a Winning Profit Team” »

February 12, 2010	WASHINGTON NEWS: SPECIAL HAITI TAX BREAK AND NEW BUSINESS POLITICAL CLOUT Washington decision makers just acted on two important developments: In an effort to encourage Americans to give generously to help victims of the massive earthquake in Haiti, Congress passed a new law that enables people to deduct donations made before March 1, 2010 on their 2009 tax returns. Continue reading “Washington News: Special Haiti Tax Break and New Business Political Clout” »

February 05, 2010	ESTATE TAX IS DEAD (FOR NOW): WHAT TO DO? Almost no one thought the federal estate tax would really be repealed. But Congress failed to act and so for one year, the United States currently does not have an estate tax. (But it is scheduled to come back with a vengeance next year.) This confusing mess has led to several questions: Will Congress reinstate the tax retroactively? Would that be unconstitutional? Should you change your estate planning documents? Continue reading “Estate Tax Is Dead (For Now): What to Do?” »

January 29, 2010	COBRA SUBSIDY EXTENDED FOR OUT-OF-WORK AMERICANS Is the recession finally easing? Don’t try telling that to struggling business owners and workers who continue to face layoffs and a tight labor market. Fortunately, unemployed people received some good news recently. They may be able to obtain an expanded government subsidy that helps them to keep their health insurance. Here are the details of the COBRA subsidy extension that was signed into law just before the end of last year. Continue reading “COBRA Subsidy Extended for Out-of-Work Americans” »

January 25, 2010	MALONEY + NOVOTNY ADDS STAFF, ANNOUNCES PROMOTIONS This month, locally owned and managed accounting firm Maloney + Novotny added a new CPA and promoted four staff members to their growing operation. Continue reading “Maloney + Novotny Adds Staff, Announces Promotions” »

January 22, 2010	IMPORTANT TAX FIGURES FOR 2010 Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. For 2010, many amounts will remain unchanged or change only slightly because inflation has been so low. Here are some important tax figures for the upcoming year, including the Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions, allowable business write-off amounts and more. Continue reading “Important Tax Figures for 2010” »

January 15, 2010	BUILD AMERICA BONDS: SHOULD THEY BE PART OF YOUR PORTFOLIO? You may have heard about a new investing opportunity called Build America Bonds. Created as part of President Obama’s stimulus package passed in early 2009, the new investments are providing cash-strapped municipalities with access to capital so they can build roads, improve facilities and take on other projects. They are also providing some investors with a higher-yielding alternative to many corporate and traditional muni bonds. But Build America Bonds come with tax implications and they can be challenging for individual investors to purchase. Continue reading “Build America Bonds: Should They Be Part of Your Portfolio?” »

January 08, 2010	EMPLOYER HEALTH COSTS CONTINUE SOARING Whatever Congress does about health care costs and health insurance reform don’t expect much, if any, near-term cost relief. Surveys of health insurance costs and health care costs continue showing what seems inevitable: Costs for 2010 and beyond will rise faster than wages, faster than inflation. While the U.S. economy is stagnant, and employee wages are stagnant or falling, health care and health insurance costs in 2010 will rise as much as 6 percent to 10 percent. For the scary future, continue reading. Continue reading “Employer Health Costs Continue Soaring” »

January 04, 2010	A GUIDE TO DOING BUSINESS ABROAD Your company may be looking abroad for opportunities. The World Bank’s recent Doing Business 2010 report provides valuable insight into the best and worst places to operate around the world. Here are highlights of the survey, as well as a resource for businesses that want to start exporting, and a look at what successful reforming countries have in common. Continue reading “A Guide to Doing Business Abroad” »

December 26, 2009	MANAGING CASH FLOW IN TODAY’S ECONOMY Without enough cash to get from Point A to Point B, your business has a serious cash flow problem. More companies fail because of poorly managed cash flow than because of a lack of profits. Here are some tips on how to forecast the money your company needs to stay afloat – regardless of the condition of the economy. Continue reading “Managing Cash Flow in Today’s Economy” »

December 18, 2009	YEAR-END TAX TIPS FOR INDIVIDUALS AND BUSINESSES The end of another year is coming up fast, and with it, some of the last opportunities to minimize your individual and business 2009 taxable income. The good news: There’s still time to take advantage of some tax-saving strategies before December 31st. Here are some quick ideas to consider. Continue reading “Year-End Tax Tips for Individuals and Businesses” »

December 11, 2009	NAVIGATING THE SOCIAL MEDIA MINEFIELD Social networks are growing in popularity and corporate usefulness. But there’s a fine line between personal and professional networking on the Web, and missteps can be treacherous. As a result, some companies simply ban social sites in the workplace. A wiser approach could be to come up with a strong policy to regulate them. Here are some issues for businesses to consider in terms of monitoring online activities. Continue reading “Navigating the Social Media Minefield” »

December 04, 2009	EMPLOYERS: GENETIC LAW MAY REQUIRE CHANGES A new law went into effect this year that provides greater protection against discrimination of employees based on genetic information. Now, new federal regulations have been released that clarify the Genetic Information Nondiscrimination Act. The new regulations may require changes to employer wellness programs run in conjunction with group health plans. Here are the details. Continue reading “Employers: Genetic Law May Require Changes” »

November 27, 2009	GOOD NEWS FOR HOMEBUYERS, BUSINESSES AND THE JOBLESS President Obama just signed a new law that extends a valuable tax incentive for people who are buying homes – and the tax break has been expanded to include not just first-timers but those who have owned homes before. In addition, the new law gives additional unemployed benefits to the jobless and provides quick refunds to qualifying businesses with net operating losses. Here are the highlights of the Worker, Homeownership, and Business Assistance Act of 2009. Continue reading “Good News for Homebuyers, Businesses and the Jobless” »

November 20, 2009	UNCLE SAM HELPS PAY FOR AN ENERGY EFFICIENT HOME Making energy-saving improvements this year may result in big tax savings. There are federal tax credits available for purchases made this year regardless of your income. Take a look at the expenses that qualify. We’ll also tell you about a federal tax credit available for golf-cart-like electric vehicles that are popular in some communities. Continue reading “Uncle Sam Helps Pay for an Energy Efficient Home” »

November 13, 2009	WHAT’S AHEAD FOR INTERNATIONAL ACCOUNTING STANDARDS? International Financial Reporting Standards are back in the news after falling off the radar screen for awhile. The SEC had been quiet about the issue this year while it concentrated on the stock market crisis. But recently, the SEC chairman said the agency would again take up its proposed “roadmap” for IFRS adoption by 2014. Continue reading “What’s Ahead for International Accounting Standards?” »

November 06, 2009	SEVEN STEPS FOR RESPONDING TO EEOC COMPLAINTS In recent years, the number of individuals filing charges of discrimination and harassment with the EEOC has been rising. That means more employers are facing accusations and lawsuits. What should your company do if you are notified by the EEOC that a complaint has been filed? Here are seven steps to take, along with the latest EEOC statistics and case examples. Continue reading “Seven Steps for Responding to EEOC Complaints” »

October 30, 2009	TECHNOLOGY: WHO KNOWS WHAT ABOUT YOU? Some state tax officials are now looking for tax cheats by digging for information on social networking Web sites. Police and the courts have used these sites to help solve crimes and even set sentences. Business competitors also look there. Meanwhile, some credit card companies are mining for information about where you spend in order to decide if you are a good risk. Ever wonder which organizations have information about you and what they know? Here are some ways that technology has resulted in more data being collected about certain people. Continue reading “Technology: Who Knows What About You?” »

October 23, 2009	COMMUNICATIONS TECHNOLOGY: WHAT TO SPEND IN TOUGH TIMES A slow economy can make it difficult to determine how to best spend on technology. Some of the smart money these days is headed toward devices, applications and infrastructures that help make business more mobile and easier to manage from remote locations. These include smartphones, wireless technology and “cloud computing” services. Take a look at these emerging technologies and what they could mean for your organization. Continue reading “Communications Technology: What to Spend in Tough Times” »

October 16, 2009	PREPARE FOR ROTH CONVERSION OPPORTUNITY Beginning next year, there’s a new opportunity for high income taxpayers. That’s when the current income limit for converting a traditional IRA to a Roth account will be eliminated. Here’s a rundown of the 2009 and 2010 rules, along with some steps you can take now to get ready for this tax-saving opportunity. Continue reading “Prepare for Roth Conversion Opportunity” »

October 15, 2009	MALONEY + NOVOTNY RANKS 8TH AMONG LARGEST ACCOUNTING FIRMS IN CRAIN’S CLEVELAND BUSINESS Locally owned and managed accounting firm Maloney + Novotny LLC ranked 8th on the list of largest accounting firms published October 12th in Crain’s Cleveland. Maloney + Novotny climbed three slots over last year’s ranking, attributed to their continued growth and ability to retain their existing workforce during a time when many accounting firms are making cuts. Maloney + Novotny is a full-service public accounting and consulting firm with offices in Downtown Cleveland, Canton and Elyria. Continue reading “Maloney + Novotny Ranks 8th Among Largest Accounting Firms in Crain’s Cleveland Business” »

October 11, 2009	TAX NEWS FOR HOMEBUYERS AND RETIREMENT SAVERS As part of a concentrated effort to encourage saving for the future, the IRS recently issued guidance providing enhanced tax incentives and clarifications. The new initiatives focus on automatic enrollment plans, unused leave, tax refunds and retirement plan rollovers. Continue reading “Tax News for Homebuyers and Retirement Savers” »

October 03, 2009	FREE UP CASH IN A WEAK ECONOMY In this tough economy, your company needs to generate cash and hold onto it as long as possible. That means maximizing cash flows from daily operations. Here are some suggestions on how to get your customers to pay faster while stretching out the time your organization takes to pay it bills. Continue reading “Free Up Cash in a Weak Economy” »

October 02, 2009	NEW UPDATE: THE IRS HAS EXTENDED THE AMNESTY PROGRAM’S DEADLINE FROM SEPTEMBER 23, 2009 TO OCTOBER 15, 2009. Many of you may have heard about the new requirements related to the Foreign Bank Account Reporting form, or the “FBAR Form.” You may also have received information from brokers and fund managers regarding the filing of this Form. The Internal Revenue Service (IRS) has expanded the definitions of accounts that are now reportable on this Form. Continue reading “NEW UPDATE: the IRS Has Extended The Amnesty Program’s Deadline from September 23, 2009 to October 15, 2009.” »