Maillie LLP

Job opening alert! 📢  We’re hiring talented Audit/Assurance associates across multiple specializations. If you have 3+ years of experience and are looking to take your career to new heights with an accounting firm that prioritizes employee growth and a tight-knit culture, you can apply on our website or find out more about our current opportunities.

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.https://bit.ly/4fhcm1B

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. https://bit.ly/3SmIeIa

To understand the need for nonprofits to avoid excess benefit transactions, it helps to also comprehend the concept of private inurement. This refers to payments to “insiders” that are beyond reasonable compensation for goods or services provided. If any net earnings inure to the private benefit of an individual, the IRS won’t view your nonprofit as operating primarily to further its tax-exempt purpose. The prohibition against such benefits doesn’t prevent all payments, such as reasonable salaries. But you must be able to prove transactions were made with your tax-exempt purpose in mind. Contact us for more information.https://bit.ly/4cOxVF4

Today we're celebrating our talented summer interns! Thank you all for always bringing your A-game—in the office and at Topgolf. ⛳️🏌️ And a special shout-out to the Maillie team members who help make our intern program a success: Amanda, Colin, Jeanie, Matt, and the HR group! 👏 🧐 Interested in interning at Maillie? Visit https://lnkd.in/etTUiXNS. #NationalInternDay #publicaccounting #internship #internlife

Divorce entails difficult personal issues, and taxes are probably the farthest thing from your mind. However, they should be considered to keep taxes to a minimum. For example, if you sell your personal residence or one spouse remains there while the other moves out, you want to ensure you’ll be able to avoid tax on up to $500,000 of gain. A spouse’s retirement benefits and business are often part of a divorce settlement and must be handled carefully. You also must decide how to file your tax return for this year (married filing jointly, married filing separately or head of household). There may be other issues you have to deal with. We can help you cope with divorce financial issues.https://bit.ly/3LzCqY6

When it comes to sales, how patient should business owners be? A metric called “sales velocity” can help you decide. The formula is generally expressed as: qualified opportunities multiplied by deal value multiplied by win rate, all divided by sales cycle length. Calculating the formula quarterly can enable you to see how quickly or slowly deals are moving over a year or more. Naturally, it’s critical to have consistent, accurate data. From there, you may discover problems such as misalignment between the marketing and sales departments, problematic leads or too high a volume of leads/opportunities, or overcomplicated sales processes. Contact us for help analyzing your sales data.https://bit.ly/3Lyv8UC

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.https://bit.ly/4dbwWP2

We're a different kind of firm. At Maillie, partners get to flex their entrepreneurial spirit and shape our future as key players in our continued growth and strategy. Join us: https://lnkd.in/e6b9bUtQ. #nowhiring #joinourteam #publicaccounting #partnertrack

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.https://bit.ly/3zMREGD