How to Minimize Billing Bottlenecks
Maner Costerisan CPA
by Shianne Wendt
1w ago
Managing accounts receivable can be challenging, especially in an uncertain economy. To keep your company financially fit, it’s a good idea to occasionally revisit your billing and collections processes to ensure they’re as efficient and effective as possible. Consider these helpful tips.   Resolve billing issues quickly  The quality of your products or services, and the efficiency of order fulfillment and distribution processes, can significantly impact collections. When an order arrives damaged, late or not at all, the customer has an excuse to question or not pay your invoice. Oth ..read more
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Do Non-Spousal Beneficiaries Need to Take RMDs from Inherited IRAs in 2024?
Maner Costerisan CPA
by Shianne Wendt
1w ago
By: Steven Guipe, CFP®, Wealth Advisor In the realm of retirement planning and taxation, it’s important for individuals to keep pace with changes that could influence their financial strategies. A key area of focus is the required minimum distributions (RMDs) from inherited Individual Retirement Accounts (IRAs), especially for non-spousal beneficiaries. The SECURE Act, a significant legislative development, and subsequent temporary relief measures have significantly altered the landscape of inherited IRAs, making it more intricate to navigate. Understanding the implications of these regulation ..read more
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2024 School Update: Section 27K Taxability
Maner Costerisan CPA
by Shianne Wendt
2w ago
The Michigan Department of Education announced the opening of the Section 27K Student Loan Repayment Program.  According to the guidelines, educators who are currently enrolled in and making payments toward a federal loan forgiveness plan and who are working directly with students at least 32 hours per week are eligible. In accordance with Michigan Compiled Law (MCL) Section 388.1627K, eligible program participants shall receive up to $200 per month, or $400 per month if their employer is assigned to Band 6 in the opportunity index, as described in MCL Section 388.1631a.  “Band 6 in ..read more
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2024 School Update: GASB 101
Maner Costerisan CPA
by Shianne Wendt
2w ago
GASB Statement No. 101, Compensated Absences requires that liabilities for compensated absences be recognized for (1) leave that has not been used and (2) leave that has been used but not yet paid in cash or settled through noncash means. A liability should be recognized for leave that has not been used if (a) the leave is attributable to services already rendered, (b) the leave accumulates, and (c) the leave is more likely than not to be used for time off or otherwise paid in cash or settled through noncash means. This Statement also establishes guidance for measuring a liability for leave th ..read more
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Beware of a Stealth Tax on Social Security Benefits
Maner Costerisan CPA
by Shianne Wendt
2w ago
Some people mistakenly believe that Social Security benefits are always free from federal income tax. Unfortunately, that’s often not the case. In fact, depending on how much overall income you have, up to 85% of your benefits could be hit with federal income tax. While the truth about the federal income tax bite on Social Security benefits may be painful, it’s better to understand it. Here are the rules. Calculate provisional income The amount of Social Security benefits that must be reported as taxable income on your tax return depends on your “provisional income.” To arrive at provisional i ..read more
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Unlocking Organizational Efficiency Through Strategic Process Mapping
Maner Costerisan CPA
by Shianne Wendt
2w ago
By: Bethany Verble, CPA, CFE, CBPA In today’s rapidly evolving business landscape, high-performing organizations constantly seek ways to enhance efficiency and adapt to new challenges. Process mapping emerges as a key strategy, offering unparalleled insights into improving organizational processes.    Understanding the Essence of Process Mapping  Process mapping is not just about documenting activities; it’s about visually capturing workflows to highlight inefficiencies, redundancies, and opportunities for improvement. Unlike static and outdated manuals or policies, a dynamic pr ..read more
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Unlocking Organizational Efficiency Through Strategic Process Mapping
Maner Costerisan CPA
by Shianne Wendt
2w ago
By: Bethany Verble, CPA In today’s rapidly evolving business landscape, high-performing organizations constantly seek ways to enhance efficiency and adapt to new challenges. Process mapping emerges as a key strategy, offering unparalleled insights into improving organizational processes.    Understanding the Essence of Process Mapping  Process mapping is not just about documenting activities; it’s about visually capturing workflows to highlight inefficiencies, redundancies, and opportunities for improvement. Unlike static and outdated manuals or policies, a dynamic process map i ..read more
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Better Tax Break When Applying the Research Credit Against Payroll Taxes
Maner Costerisan CPA
by Shianne Wendt
3w ago
The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you. But in addition to the credit itself, be aware that there are two additional features that are especially favorable to small businesses: Eligible small businesses ($50 million or less in gross receipts for the three prior tax years) may claim the credit against alternative minimum tax (AMT) liability. The credit can be u ..read more
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Independent Contractor vs. Employee Status: The DOL Issues New Final Rule
Maner Costerisan CPA
by Shianne Wendt
3w ago
The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024.   Role of the new final rule Even though the DOL’s final rule isn’t necessarily controlling for courts weighing employment status ..read more
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Small Businesses Can Help Employees Save for Retirement, Too
Maner Costerisan CPA
by Shianne Wendt
3w ago
Many small business owners run their companies as leanly as possible. This often means not offering what are considered standard fringe benefits for midsize or larger companies, such as a retirement plan. If this is the case for your small business, don’t give up on the idea of helping your employees save for retirement in a tax-advantaged manner. When you’re ready, there are a couple account-based options that are relatively simple and inexpensive to launch and administrate.   SEP IRAs Simplified Employee Pension IRAs (SEP IRAs) are individual accounts that small businesses establish on ..read more
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