Ultimate Account Blog

How Do You Know if a Charity is Legitimate?

Every year, the IRS discloses the 12 scams that it believes taxpayers are most susceptible to. It calls this list the Dirty Dozen and warns the public about these cons on their website. One of the most repeated scams over the last few years has been the imposter claiming…

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Where’s My Refund? – A Helpful IRS Website Tool

The IRS website feature Where’s My Refund? is helpful because it tells taxpayers who filed their returns when they can expect an overpayment deposit or a refund check in the mail. The Internal Revenue Service typically grants refunds on e-filed returns within three weeks and on paper returns in…

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Will You Be Prepared When the Crisis Call Comes?

Will you be prepared when the call comes? Not the 3:00 a.m. call made famous by a 2008 presidential campaign ad, but the call to you, the executive, informing you that something of disastrous proportion has happened to your business or nonprofit. An occurrence of such magnitude that it…

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Is Your Business Positioned for Success?

Back in December, I attended the American Institute of Certified Public Accountants’ annual two-day Construction and Real Estate Conference in Las Vegas. At the event, I attended nearly 20 individual sessions, many of which focused on the construction industry, but some were on broader topic such as what causes businesses,…

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How to Minimize Audit Risk When Completing Form 990

With individual tax filing season nearly upon us, many myths abound concerning what may initiate an IRS audit on a Form 1040. While falsehoods about the chances of sustaining an individual audit may persist, the Tax Exempt and Governmental Entities Division (TE/GE) of the IRS actually modified its audit…

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Planning for a Reduction in Tax Rates

Whenever there is a change in Presidential administrations, the incoming chief executive has a list of priorities. One of Donald Trump’s apparent immediate concerns is tax rates. Presently, there are seven individual tax brackets (10%, 15%, 25%, 28%, 33%, 35% and 39.6%). Reportedly, the Trump administration wants to reduce…

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Employer Gift Giving Considerations

At this time of year, many employers join the holiday spirit and show their appreciation for their employees by giving year-end gifts, either in the form of cash or other tangible goods. These gifts are excellent ways to express gratitude, but they oftentimes come with tax stipulations of which the…

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What You Need to Know As an Employee 401(K) Plan Sponsor

Employer sponsored retirement plans, most commonly 401(k) plans, have been under more scrutiny over the past few years from the Department of Labor (DOL).  Knowing that in 2015, American workers had $4.7 trillion invested in 401(k) plans, the DOL was more interested in ensuring employees’ retirement accounts were being…

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Tips for Year-End Payroll Preparation – Is Your Payroll Team Ready?

The end of another year is quickly approaching, which means that there will be all sorts of payroll and tax filings occurring in the near future. What can you do now to prepare and reduce stress over the next few months for employees and your payroll team? Verify employee…

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The Extraordinary Give November 18

This coming Friday (November 18) marks one of my favorite days of the entire year, the Extraordinary Give through the Lancaster County Community Foundation. Now in its fifth year, the Give provides Lancaster County nonprofits an avenue to receive funds through a 24-hour giving marathon. This year, there are…

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