CPA Blog

Look to a SWOT analysis to make better HR decisions

Details

Published: Wednesday, 01 February 2023 08:57

Written by Phillip Strickler, CPA.CITP

Many business owners spend most of their time developing strategic plans, overseeing day-to-day operations and, of course, putting out fires. Yet an underlying source of both opportunity and trouble can be human resources (HR).

Think about it: The performance of your HR department determines who works for you, how well employees are supported, and to what extent the business complies with laws and regulations pertaining to employment and benefits.

One way to ensure that your strategic HR decisions are likely to yield positive, cost-effective results is to apply a strengths, weaknesses, opportunities and threats (SWOT) analysis.

Read more ...

Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

Details

Published: Tuesday, 31 January 2023 15:50

Written by Phillip Strickler, CPA.CITP

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax.

Read more ...

3 ways your business can uncover cost cuts

Details

Published: Wednesday, 25 January 2023 13:15

Written by Phillip Strickler, CPA.CITP

Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability.

Obvious places to slash costs — such as wages, benefits and overhead — often aren’t a viable option because the very stability of your operation may depend on them. But there might be other ways to lower expenses if you dig deeply enough. Here are three ways to perhaps uncover some cost-cutting opportunities.

Read more ...

Why you might want to file early and answers to other tax season questions

Details

Published: Tuesday, 24 January 2023 09:51

Written by Phillip Strickler, CPA.CITP

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is you can potentially protect yourself from tax identity theft.

Here are some answers to questions taxpayers may have about filing.

Read more ...