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Small businesses: Stay clear of a severe payroll tax penalty
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Small businesses: Stay clear of a severe payroll tax penalty

Managing payroll is a laborious task for small businesses. But it’s critical to withhold the right amount of taxes from employees and pay them over to the federal government on time. If you don’t, you could be hit with the Trust Fund Recovery Penalty, also known as the 100% penalty. It applies to the Social Security and income taxes required to be withheld by a...

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06 Nov 2019
Thinking about converting from a C corporation to an S corporation?
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Thinking about converting from a C corporation to an S corporation?

The right entity choice can make a difference in the taxes you owe for your business. Although S corporations can provide substantial tax advantages over C corporations in some situations, there are potential tax problems you should assess before deciding to convert from C to S status. One of the issues to consider is last-in, first-out (LIFO) inventory. A C corporation that uses LIFO inventory...

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30 Oct 2019
Our New Senior Tax Manager Mia Ramirez-Powell & Tax Manager Amanda Grantham
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Our New Senior Tax Manager Mia Ramirez-Powell & Tax Manager Amanda Grantham

abip CPAs & Advisors is proud to welcome Senior Tax Manager Mia Ramirez-Powell and Tax Manager Amanda Grantham. At abip, Amanda and Mia will focus on federal and multistate income tax compliance, IRS & state tax controversy, multistate sales & use, property and international taxation. Mia graduated from Baylor University with a Master of Accountancy with an emphasis in Tax and a Post-Baccalaureate in Accounting....

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23 Oct 2019
Accelerate depreciation deductions with a cost segregation study
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Accelerate depreciation deductions with a cost segregation study

Is your business depreciating over 30 years the entire cost of constructing the building that houses your operation? If so, consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits are now even greater than they were a few years ago due to enhancements to...

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23 Oct 2019
Deciding whether a merger or acquisition is the right move
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Deciding whether a merger or acquisition is the right move

Merging with or acquiring another company is one of the best ways to grow rapidly. But you’ve got to weigh the potential advantages against the risks of such a move. An acquisition might enable your business to expand into new geographic areas or seize new customer segments. But it’s a costly process that can even spell doom for a company that overextends itself financially. To...

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16 Oct 2019
Understanding and controlling the unemployment tax costs of your business
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Understanding and controlling the unemployment tax costs of your business

Employers must pay federal unemployment tax on amounts up to $7,000 paid to each employee as wages during the year. The tax rate is 6% but it can be reduced by a credit for contributions paid into state unemployment funds. Typically, the more claims made against a business, the higher the unemployment tax bill. But there may be ways to control costs. Don’t hire employees...

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09 Oct 2019
Our New Principal, Anthony DeBenedictis
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Our New Principal, Anthony DeBenedictis

abip Advisors is proud to announce that Anthony DeBenedictis has joined the firm as a Principal.  Anthony graduated from California State University, Chico with a Bachelor of Science in Business Administration with options in Finance & Strategic Management and a minor in Economics.  He has over 20-years of industry and consulting financial experience as a Director for a national CPA firm, a Chicago-based intellectual property...

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08 Oct 2019
The chances of an IRS audit are low, but business owners should be prepared
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The chances of an IRS audit are low, but business owners should be prepared

As a business owner, are you worried about an IRS audit? The good news is that the odds against being audited are in your favor. The IRS audited 0.6% of individuals in fiscal year 2018. Businesses and high-income people are more likely to be audited, but audit rates are historically low. However, some tax return items may raise red flags with the IRS, such as...

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02 Oct 2019
Does your team know the profitability game plan?
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Does your team know the profitability game plan?

Right now, football teams are trying to put as many wins on the board as possible to make this a special season. Sports can highlight important lessons for business owners about profitability. One is that companies must learn from their mistakes and adjust their profitability game plans accordingly. Typical fumbles include poor customer service, ineffective pricing strategies and a broken-down supply chain. After identifying profit...

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25 Sep 2019
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