Ultimate Account Blog

Forgetting ‘Achievable’ When Setting SMART Goals for a Small Business

Small Business Series – Mistake 2: The next installment in our series of mistakes to avoid as a small business owner is related to goal setting. We’ve written about goal-setting previously, but improper goal planning is a common small business failure. The concept of “SMART” goals is widely known, but specific…

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Confusing Knowing a Trade with Knowing a Business

Small Business Series – Mistake 1: We are starting a series of blog posts regarding mistakes that are common to small businesses, brought to you by Dan Massey, a Partner in the firm’s Assurance Division. Although it may seem negative to highlight areas where business owners occasionally have erred…

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How The New Tax Law Helps Businesses Who Carry Inventory

It is that time of the year where we as tax and consulting professionals are in the thick of tax season. At this point there are only a few adjustments that can be made in 2019 to have an impact on 2018 taxes. Contributions to retirement accounts and profit-sharing plans…

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Getting Ready for Tax Season: How to Prepare & File Your Taxes

Another tax period has gone by and now it’s time to start getting ready for tax season! Use our tax preparation checklist to prepare and file your taxes this year, whether you’re filing for yourself or for your business. When Does Tax Season Start and End? Tax season typically begins…

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Year-End Payroll Checklist: Are You Prepared?

As another year comes to a close, there are many important things that need to be wrapped up before the end of the year. For your business, your to-do list must include year-end payroll duties. So, what is year-end payroll and how do you complete it effectively? We have the…

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Gift Card Fraud Prevention: How to Avoid Being Scammed

In June of 2018, prosecutors from the U.S. Attorney’s Office indicted five people from Washington who admitted to using gift cards to steal almost $800,000 from Target and its customers. One of the scammers cracked the gift card algorithm and managed to identify the unique barcode numbers from thousands of…

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Medical Loss Ratio Rebates: How They Impact Your Business & Employees

As insurance companies collect payments from U.S. employers, the profit is split into two general categories. One category is for clinical services and quality improvement, also known as the Medical Loss Ratio (MLR). The other is for administrative costs and profits (executive salaries, overhead, and marketing). If too much of…

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Understanding Outsourcing vs. In-House Financial Services

You’ve built a business from the ground up with passion and skill — something that not everyone can accomplish! However, it’s vital to have all your business’s finances in order to remain on the track to reach your goals. That’s where outsourced financial services come into play. To figure out…

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IRS Tax Notices: Why You Received One & How to Fix It

Have you ever received a notice from the IRS or a state revenue agency letting you know that changes were made to a previously-filed return and now you owe additional tax?  If so, then you know that feeling of dread that comes over you. Perhaps your first thought was to…

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Tax Reform and Charitable Giving: Navigating Charitable Donation Strategies

The Tax Cuts and Jobs Act was passed with much fanfare in December 2017 and has had significant, far-reaching implications. While the impact of this tax reform is generally positive for taxpayers, one area of concern is the effect it will have on charitable giving to non-profit organizations. We’ll be looking at…

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