The partners of the certified public accounting firm of Goff Backa Alfera & Company, LLC (GBACO), are pleased to announce the addition of Tao He as a Manager in the Tax department of the firm.
Pittsburgh, PA November 20, 2019 – Goff Backa Alfera & Company, LLC is pleased to announce the acquisition of the audit and attestation practice of Seachrist & Associates, A.C. effective January 1, 2020. The firm will maintain offices in Pittsburgh and Wheeling, West Virginia, and the former Seachrist & Associates audit team will continue to operate from Wheeling and service their clients in the same manner as always. Seachrist & Associates will continue preparing income tax returns for individuals, corporations, partnerships, limited liability companies, estates, and non-profit organizations. They will also continue to provide clients a wide range of other services including bookkeeping, consulting and payroll.
INSIDE Public Accounting (IPA) continues its tradition of more than 25 years by releasing the 2019 list of the Best of the Best public accounting firms in the nation.In 2019, 550 firms were eligible for this accolade by participating in IPA’s Annual Survey and Analysis of Firms, now in its 29th year.IPA also named the 10 firms under $5 million in net revenue for the Best of the Best Under $5 million.Unlike their large firm counterparts, these firms earned this distinction with fewer resources to deliver top-notch client service, sought-after benefits and professional development across the firm – hallmarks of the Best of the Best.“For firms looking to benchmark their own performance against the highest performing firms in the nation, the IPA Best of the Best firms is the group to emulate,” says Mike Platt, principal of INSIDE Public Accounting.“Best of the Best firms are evaluated across many dimensions, and collectively represent the best the profession has to offer.”
Topics: "Best of the Best"
We recently had an inquiry regarding “What funds count for federal funds for single audit?” Unfortunately, the answer to this inquiry isn’t exactly straight forward.
Organizations that expend $750,000 or more of federal funds annually are required to have a Single Audit. Recipients of federal funds are responsible for identifying their federal awards and determining if they are subject to Single Audit requirements. In trying to determine if you are required to have a Single Audit, the first step is to determine the source of grant funds.
The 2017 Tax Cuts and Jobs Act (TCJA) made significant changes to the business meals and entertainment deduction starting in 2018. On October 3, 2018, the Internal Revenue Service (IRS) issued guidance on the business expense deduction for meals and entertainment as a follow up to the TCJA. This guidance was in response to confusion regarding the clarity of the changes made by the TCJA. We now have a much clearer picture of what is and isn't considered deductible and to what extent.
January marks the beginning of busy season for auditors. If your company is subject to an audit (as of and for the year ending December 31, 2018), this means it is time to start preparing.
Companies need audits for a variety of purposes, and the accounting personnel of auditees vary in size, background, and experience. Suppose you are the owner of a construction company that's subject to an external audit for insurance purposes. Maybe you are the internal accountant of a larger company. Whatever the reason for your audit, or the position you hold, sometimes it can difficult to know how to best prepare for your audit.
Topics: Audit & Assurance
During the holiday season, we tend to be thinking about those who may not be as fortunate or who have a hard time making ends meet this time of year. We open our checkbooks and donate money to charities. We purchase toys for those families that may not have the means to buy gifts to put under the tree. We pack up our gently used items and give them to organizations that distribute or sell them to those in need. There are many benefits associated with charitable giving, lower blood pressure, depression, stress level, to name a few. Many of these benefits will coincidentally help us get through the stress of the holiday season. However, with the right planning some might help you get through tax season.
With the holiday season behind us and tax season upon us, the following is an overview of six different charitable contributions and how to reap their tax benefits.
Many of us use our personal vehicle for business purposes to one extent or the other. This doesn't seem fair since the added miles can reduce the value of your vehicle and reduce your equity, not to mention other associated costs you might pay for out of pocket. Because of this, the Internal Revenue Service (IRS) allows taxpayers to recover the costs associated with the business use of a vehicle. We'll discuss the two methods of recovering the costs associated with the business use of a vehicle.
The holidays are quickly approaching and the year-end is right around the corner. Before running the last payroll of the year, business owners not only need to make sure they have completed any W-9s for vendors that will be receiving 1099s, as well as make sure that any taxable fringe benefits are included in the owners and employees W-2s. Given the vast number of fringe benefits offered and how they are taxed, it can be confusing determining what is to be included in wages.