Ultimate Account Blog

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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Company Core Values: Why They’re Crucial to Your Business’ Success

Last week, I attended an excellent seminar in Wilmington that touched upon leadership topics, financial wellness, and the ability to make an impact in the community, among other themes of the day. The 2018 Millennial Summit opened with keynote speaker Devon Still, a former Penn State All-American and NFL player,…

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Importance of Understanding Your Audience During Nonprofit Financial Reporting Changes

Remember the days of sitting in your middle school writing class? Your teacher emphasized the importance of understanding who your readers were. Understanding your audience is a key component in communicating information. While opening a financial statement can be overwhelming at times, it can become even more confusing if you’re…

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Is it Time for a Paycheck Checkup?

Did you owe additional tax when you filed your 2017 Form 1040 federal tax return earlier this year? If so, you can avoid an unexpected tax bill this year by doing a “paycheck checkup” as soon as possible.  Even if you did not owe any tax, it still would be…

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