Walz Insights 

Insights from Walz Group

Insight, advice, and stories from Walz Group

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Walz Group CPA Presents-Accountability in Action with Meredith Reinhart-Income Tax

Meredith Reinhart a Director in the tax division at Walz Group shares a current overview including laws and changes affecting income tax at both the federal and state level for 2024

Accountability in Action with Andrea Fassl: QuickBooks

In this episode of Accountability in Action-Andrea Fassl a QuickBooks ProAdvisor at Walz Group joins us to give an update on the current overview of QuickBooks and QuickBooks Online software

Most Recent Posts From Walz Insights

Walz Group CPA Presents-Accountability in Action with Meredith Reinhart-Income Tax

Meredith Reinhart a Director in the tax division at Walz Group shares a current overview including laws and changes affecting income tax at both the federal and state level for 2024

Accountability in Action with Andrea Fassl: QuickBooks

In this episode of Accountability in Action-Andrea Fassl a QuickBooks ProAdvisor at Walz Group joins us to give an update on the current overview of QuickBooks and QuickBooks Online software

Accountability in Action with Josh Hoover: 2023 Individual Tax Changes

Josh Hoover, Walz Group Manager of Tax discusses upcoming individual tax changes for the 2023 tax year.

Walz Group CPA-Accountability in Action with Robin Alexander-Entity Tax Changes for 2023

Robin Alexander, Walz Group Director of Tax discusses entity level tax changes for 2023.

Protect Receivables from the Outset

When trying to collect money from people who owe your company, you've undoubtedly asked yourself what can you do to help in your collection efforts.

Beware! Read and Review Before You Sign a Contract

Sometimes in an effort to move the business forward, you are pressed to make swift, hard decisions, which may result in entering into an agreement (or “contract”) without complete information.

Where Did the Cash Go? Look at the Cash Flow Statement

In accounting, a standard part of Generally Accepted Accounting Principles (GAAP) financial statements is the presentation of Cash Flow Statements.

Beware: Remote Work May Complicate Your Income Taxes

Remote work has become more common in recent years, and the COVID-19 pandemic has resulted in employers realizing that many jobs can be done from home.

Take Advantage of Tax Breaks for Small Businesses

If you own a small or medium-sized business, it may be eligible for some significant tax breaks that aren't available for larger entities. Here are three examples to consider...

Do LLC Members Owe Self-Employment Tax?

How do self-employment tax rules apply to LLC members?

Don’t Short-Change Your Future By Cashing Out Your 401(k)

If you're looking for money to buy a new car or pay off some bills, your 401(k) plan may seem like a pot of untapped gold. The temptation to tap your retirement funds often comes when you switch jobs.

Unlock 8 Tax Breaks for Home Ownership

Over the last year, home prices have soared in many parts of the country. In addition to benefitting from an appreciating asset, eligible homeowners enjoy several tax advantages.

Due Diligence Considerations when Buying a Business

Buyers of businesses generally prefer to arrange for an asset purchase transaction, instead of purchasing an ownership interest in the target business entity.

Proposed State Legislation Could Provide Good News for PA Taxpayers

There are presently two bills going through the Pennsylvania legislature that could provide good news to the state’s taxpayers.

Caring For Parents Means Knowing About Their Financial Affairs

As people get older, so do their parents. Yet many adult children know little about their parents' assets.

Feast on Bigger Tax Deductions for Business Meals

Uncle Sam is helping to pick up the tab for certain business meals in 2021 and 2022.

2021 Fraud Review: Watch Out for These Financial Scams

Today, many people and small businesses are operating in survival mode. In addition to managing the effects of the pandemic, they're now struggling with skyrocketing inflation.

Are You Ready for Possible State Minimum Wage Increases?

In today's tight labor market, many employers have been raising wages substantially to maintain operations.

New Changes for Meals and Entertainment Deductions for 2021 and 2022

Any food or beverages provided by a restaurant is now 100 percent deductible (up from 50 percent) if paid or incurred after December 31, 2020, and before January 1, 2023.

How to Make the Most of the Annual Gift Tax Exclusion

The holidays often inspire a spirit of generosity. So, at year end, many people decide to give money or assets to their loved ones.

Fun Facts About College Financial Aid

Some of the tax-saving moves you make now could hurt your student's chances for getting financial aid later.

Employee Benefit Plan Audit for Plan Administrators: The 2020 Breakdown

Companies with more than 100 participants in a retirement plan have probably undergone an audit of the plan’s financial statements at some point.

Deciding When to Raise Your Prices… and by How Much

A price increase is sometimes unavoidable — and now might be one of those times as many businesses are dealing with cost increases, supply chain bottlenecks and labor shortages.

Prioritize Your Insurance Needs

It may be frustrating to watch a significant part of your budget be devoted to insurance premiums — particularly if you never need to file claims. But that doesn't mean you've wasted your money.

9 Ideas to Potentially Lower Your Taxes for 2021

With year end rapidly approaching, it's time to consider making some moves that will lower your 2021 federal income tax bill — and potentially position you for future tax savings. Unfortunately...

Follow Sensible Guidelines When Borrowing From Your 401(k)

If you need cash for an emergency, you might turn to your 401(k) plan. Assuming your 401(k) plan permits such loans, here are three general guidelines.

There’s No Such Thing as a No-Cost Mortgage

When interest rates are on the low side, you probably wonder whether it’s time to refinance. Generally, refinancing does save money. But don’t rush into it—you need to make a few calculations first.

Update Your Life Insurance Plan for Retirement

Every stage of life has its own distinctive financial planning and insurance needs. Retirement is no different. Here are five reasons why you might still need life insurance.

How to Prepare a Personal Financial Statement

Understanding your financial health is important as you navigate such life decisions as applying for credit for a loan or mortgage or as you undertake retirement and estate planning.

Handle With Care: Your Inheritance

After receiving an inheritance, you need to determine how to incorporate those assets — whether cash, stocks, bonds, real estate or some other asset — into your finances.

20 FAQs About RMDs

Here are the answers to 20 frequently asked questions (FAQs) about RMDs under current law.

Consider a New Approach to Meeting Your Business Real Estate Needs

Even with the economy bouncing back in many sectors, returning to previous uses of commercial real estate could be a big mistake. Here are some reasons why.

Resolve Customer Billing Disputes Promptly

Every business has its share of slow-paying customers & plain old bad apples who won’t settle up without making a fuss. During the coronavirus crisis, this is likely to be more true than ever.

Your Estate Plan Should Be No Secret

Many people are uncomfortable discussing with their loved ones how they plan to distribute their estates. Perhaps you don’t want your children to realize how much they may receive after your death.

Considering Long-Term Care Insurance? Here’s What You Should Know

For some people, it’s easier to think about one’s eventual demise than to consider the possibility of needing the kind of personal assistance that long-term care (LTC) aides and facilities provide.

Retirement Savings: Are You Currently On Track?

Employment disruptions caused by the COVID-19 economic slowdown have scrambled the retirement saving strategies of many Americans.

How to Use QuickBooks Online More Efficiently

What if a few simple tips and tricks could reduce the amount of time you spend using QuickBooks Online? You’d want to learn, right?

Rx for Itemizing Medical Expenses

You may be able to claim an itemized deduction for the amounts you pay for medical, dental and vision care, if you incur enough costs to exceed the applicable threshold for the tax year.

Tax Implications for Vacation Homes Classified as Personal Residences

Here’s an overview of the tax implications for vacation homes that fall into the personal residence category.

Age 50 or Older? Consider Extra Retirement Contributions

Here's an important reminder for those who want to max out before-tax contributions to employer-sponsored salary retirement plans, which include 401(k), 403(b), 457 and SIMPLE plans, as well...

Decennial Report: 2021

We’ve been fielding questions from various clients regarding the Pennsylvania Decennial Filing/Report. Many of our clients have received a postcard from the state outlining the requirements.

Limit Exposure When Signing a Lease

Prudent businesses often choose to lease rather than buy equipment, vehicles and facilities. Leasing can be advantageous but the type of agreement you sign is important.

Having trouble finding the right employee? You are not alone.

The Problem In all transparency I am not (nor do I profess to be) an economist nor human resources professional. With that made clear, I regularly interact with clients in industries where skilled...

Looking for Life Insurance? Know Your Options

At its core, a life insurance policy is a contract between the insurer and the policy owner. It spells out how much money the beneficiary or beneficiaries will receive upon the death of the insured...

Should You Consider an Employer Roth 401(k) Account?

Nowadays, many employer retirement plans give employees the option of contributing to designated Roth accounts (DRAs). According to a 2020 survey, 75% of employer plans now offer DRAs, which are...

Qualifying for Tax Breaks for a Dependent Parent

For many families, the tables may turn, and adult children provide financial support for their parents. For example, you might have moved your in-laws from a long-term care facility into your home...

What to Expect with the Increased Child Tax Credit

Throughout the past 15 months of the COVID-19 pandemic, there have been a significant number of programs that have gotten money into individuals’ and businesses’ pockets. The most common were the...

7 Valuable Deductions for Self-Employed Individuals

If your business was forced to close due to the pandemic, you may be itching to get back in the game. Or maybe you’re looking to fulfill a lifelong dream of running a business for the first time.

Tax Consequences of Borrowing From a Retirement Plan

If your company has a qualified retirement plan or you have set one up in self employment — such as a 401(k), profit-sharing, or Keogh plan — the participants might be allowed to borrow from their...

Are Your Employees Afraid to Return to Work?

If you have employees working from home, and you want to transition them back to the workplace as the economy picks up, you may find it's harder than you once thought. For some employees...

PPP2: A Simple Calculation or a Moral Dilemma?

There are lots of articles out there about who qualifies for a PPP loan and how is it calculated. The purpose of this communication is to discuss the 25% reduction in revenue requirement and the...

2020 Year-End Tax Planning for Individuals

A discussion about 2020 year-end tax planning likely should involve a discussion about the U.S. presidential election. To date, neither candidate has released a formal plan regarding the tax code...

QuickBooks® Online and QuickBooks® Desktop Webinar

Yesterday our ProAdvisors, Andrea Reynolds and Barb Morrow, hosted a virtual training on QuickBooks® Online and QuickBooks® Desktop. The webinar included topics such as: QuickBooks Desktop vs ...

PPP Forgiveness: Planning for Financial Statement and Tax Return Impacts

In early August the President used his Executive Powers to provide for a deferral of employee social security taxes beginning today, September 1. On Friday, August 28th, the Treasury released the...

PPP Loans: Three Keys Areas

Principal, Dan Massey, CPA, and Manager, Ben Ritenour, CPA, are back with another video to review 3 key areas of the PPP Loans. Topics include: Taxability of PPP Forgiveness Scrutiny of PPP Loans...

Walz Group PPP Loan Forgiveness Presentation

On April 14, 2020 we presented on PPP Loans and took an initial look at loan forgiveness.

Video – PPP Loans: An Initial Look at Loan Forgiveness

For a recording of our 4/14/2020 webinar focused on the loan forgiveness component of the Paycheck Protection Program (PPP) that was included as part of the CARES Act, check out our YouTube channel.

Walz Group Hosts Webinar: PPP Loans: An Initial Look at Loan Forgiveness

On April 14, 2020 @ 3:00 PM Eastern Time (US and Canada,) Walz Group  will be hosting a complimentary webinar! This is open to anyone who is interested.

PAYCHECK PROTECTION PROGRAM LOANS FAQ’S

A new FAQ around the Paycheck Protection Program is here and provides a lot of information on several questions we have been hearing a lot of.

Contingency Plans

Every work week has its challenges. This week and those leading up to it include consideration of the impact of the Coronavirus to everyone’s health and all business operations. As businesses aim...

Coronavirus Affecting Tax Deadlines?

The AICPA has made strong recommendations regarding extending both the filing season and tax payments until October 15th. We don't know if Congress will accept, modify or reject them nor do they...

IRS to Visit Taxpayers Who Have Tax Compliance Issues

The IRS has announced that it will begin visiting taxpayers who have ongoing tax compliance issues. The tax issue could be items such as missing tax returns or past due taxes.

Are FRF for SMEs the answer to new GAAP standards?

The new GAAP revenue recognition (effective for December 2019 year-ends) and lease accounting (effecting December 2021 year-ends) standards are causing concern with private companies.

E-Verify in the Construction Industry

Recently, Pennsylvania passed the Construction Industry Employee Verification Act (The Act). The Act will require all construction-industry employers, both public and private, to use E-Verify to...
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