Axley & Rode, LLP

A new report from the Center for Audit Quality found a recent increase in financial restatements. Though restatements have a negative stigma, the uptick may not necessarily signal an increase in mismanagement or a deterioration in internal controls. Mundane reasons for revising annual reports include misinterpretation of accounting rules and changes in accounting oversight. As accounting and tax rules evolve, your in-house accounting personnel may need our help to understand how to properly report transactions. If mistakes do happen, we can also help you manage the restatement process, communicate with stakeholders in an effective, reassuring manner and take any needed corrective actions. For more information, check out our blog https://bit.ly/4fwP9J1 #axleyrode #trustedadvisor

There’s no one-size-fits-all benefits package for today’s businesses. One tax-favored option to consider is an adoption assistance program. Its purpose is to provide participants with payments or reimbursements for qualified adoption expenses. Examples include adoption agency fees, court costs, attorneys’ fees and travel costs. Programs must adhere to formal, written plan documents that specify the terms under which benefits will be provided. You may establish your own annual limit on qualified adoption expense payments or reimbursements that are less than the maximum exclusion amount under the tax code. Contact us for more information about this fringe benefit or others. For more information, check out our blog https://bit.ly/4cb1TSs #axleyrode #trustedadvisor

Please join us in welcoming our new administrative assistant, Christine Elliott! Your organizational skills and support will be key to keeping our team running smoothly. We're excited to have you join our Livingston family. Looking forward to working together! #ourpeoplemakethedifference #employeespotlight #axleyrode #meettheteam #trustedadvisor

Many people own Series EE savings bonds that were purchased many years ago. Perhaps they were given as gifts or maybe you bought them yourself and filed them away. You may wonder: How is the interest taxed? EE bonds don’t pay interest currently. Instead, accrued interest is reflected in their redemption value. (Owners can elect to have interest taxed annually.) EE bond interest isn’t subject to state income tax. And using the money for higher education may keep you from paying federal income tax on it. Unfortunately, the law doesn’t allow for the tax-free buildup of interest to continue forever. When the bonds reach final maturity, they stop earning interest. Contact us with questions. For more information, head over to our blog https://bit.ly/3SlWVex #axleyrode #trustedadvisor #tax

In many industries, substantial growth or even just staying competitive calls for innovation. As your company looks to the future, be sure to create an environment where you and your employees can innovate. Developing an innovative business culture typically entails actively encouraging staff to come up with ideas and explore their feasibility without worrying about making mistakes. Consider holding regular brainstorming sessions where staff can suggest bold ideas in a safe space without fear of ridicule. When pursuing prospective innovations, it’s often helpful to assemble cross-functional teams that can cover more ground. Customer feedback can also be a good source of innovative concepts. For more information, check out our blog https://bit.ly/4dc7oRS #axleyrode #trustedadvisor

While many facets of the economy have improved this year, the rising cost of living and other economic factors have caused many businesses to close their doors. If yours is among them, we can help you take care of various tax obligations. A business must file a final income tax return and some other related forms for the year it closes. If you have employees, you must pay them final compensation owed, make final federal tax deposits and report employment taxes. Failure to withhold or deposit employee income, Social Security and Medicare taxes can result in personal liability with the Trust Fund Recovery Penalty. There may be other tasks. Contact us with questions and to discuss these issues. For more information, go to our blog https://bit.ly/3WAhqqB #axleyrode #trustedadvisor #tax

What are agreed upon procedure (AUP) engagements? AUPs are among the many services CPAs offer. They generally cost less and take less time than a review or an audit. Plus, their versatility allows them to address nonfinancial matters and dig deeper into items reported on your financial statements. For example, AUPs can provide valuable insights into internal controls, grant compliance, construction project progress and royalty payments. The procedures performed are similar to those used in a review or an audit, but on a smaller and limited scale and with no assurance on the part of the CPA. Contact us to determine whether an AUP engagement is right for your situation. For more information, check out our blog https://bit.ly/3Yh59Zj #axleyrode #trustedadvisor

Employee Spotlight: Kimberly Louw, tax associate, at Axley & Rode, LLP. Kimberly earned her degree in Business/Accounting from the University of Phoenix. She was encouraged to go back to school by her oldest child. Kimberly has worked her way up in the Accounting industry. Her previous job was an Accounts Payable Manager. Kimberly is excited for the growth and learning opportunities this job and A&R will provide her. Kimberly loves working and her choice of degree. She loves to be part of a team and describes herself as being dedicated and hardworking. Her most inspirational quote is “If you can imagine it, you can achieve it. If you can dream it, you can become it.” by William Arthur Ward. Kimberly is proud to know that she is able to help a client with their tax concerns. Kimberly is a mother to three children and has been happily married for 25 years! Her favorite movie is Pride & Prejudice and if she could be on a game show she would choose Wheel of Fortune! #ourpeoplemakethedifference #employeespotlight #axleyrode #meettheteam #trustedadvisor

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can: 1) transform your business ownership interest into a more liquid asset, 2) prevent unwanted ownership changes, and 3) avoid estate tax hassles with the IRS. The death of a co-owner is an event that triggers a buy-sell agreement. You can use life insurance policies to form the financial backbone of your agreement. In the simplest case of a cross-purchase agreement between two co-owners, each co-owner purchases a life insurance policy on the other. Contact us about setting up a buy-sell agreement. For more information, check out our blog https://bit.ly/3W28hpe #axleyrode #trustedadvisor #tax

Important Deadlines for Today, October 15, 2024: Individuals: If you filed for an automatic six-month extension, today is the deadline to file your 2023 gift tax return (Form 709) and to pay any due tax, interest, and penalties. Corporations: If you filed for an automatic six-month extension, today is also the deadline to file your 2023 income tax return (Form 1120) and to pay any due tax, interest, and penalties. If you need any assistance or have questions about these processes, please do not hesitate to reach out to an advisor at A&R. Axley & Rode is here to help you navigate these requirements successfully. #axleyrode #trustedadvisor #taxdeadline #tax