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Trusted Answers From Licensed Business Professionals
FINANCIAL ADVICE

What Forms Do I Need To File To Hire Employees?

By The BIDaWIZ Team on June 13th, 2014 at 5:02 pm

There are a whole host of administrative tasks that you will need to consider as you begin to hire employees. It varies by state, but we've provided a list of legal and tax requirements that you should start to think about to ensure compliance at the federal and state levels. Please note that there are payroll and professional employer organizations that can assist with these requirements. .
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TAX PREPARATION

Accounting Today Covers Our Survey: Tax Pro Versus DIY Software

By The BIDaWIZ Team on May 30th, 2014 at 5:19 pm

We recently sat down with Roger Russell from Accounting Today to discuss our recently published survey which shows that many of the taxpayers who moved to do-it-yourself tax software came to it from tax prep franchises, not from CPA firms. Read More.

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FINANCIAL ADVICE

Tips For Forming a Board of Directors For Your Business

By The BIDaWIZ Team on May 30th, 2014 at 4:14 pm

Many companies need guidance and support from the board of directors in order to survive. It's up to the management team and specifically the CEO to come up with the best possible combination of directors to become part of the board. Yet, many CEOs, including Steve Jobs, failed to identify the most appropriate board members to govern. .
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TAX REPORTING

The Importance Of Understanding IRA Rollover Rules

By Ryan Himmel, CPA on May 16th, 2014 at 5:55 pm

A recent U.S. Tax Court case provided us with another reminder of how important it is to understand the IRA rollover rules. It was originally reported by The Wall Street Journal that the ruling in question had, "long been blessed," by the IRS. While we agree with the importance of the ruling, we believe this rule has already been in place. Here's why. .
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VALUATION

Are You Planning To Acquire A Small Business?

By The BIDaWIZ Team on May 16th, 2014 at 5:04 pm

If you are in search or have identified a small business that you would like to acquire, there are suggested best practices to follow. In addition, it's important to note that while the current owner will want to have peace of mind that the business they put their blood, sweat and tears into doesn't become a 'going concern' a year after the sale, price will usually dictate the sale. So, how to does one go about approaching a small business as a potential acquisition target? .
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FINANCIAL ADVICE, HIRING

Do You Have The Best 401K For Your Employees?

By Ryan Himmel, CPA on May 16th, 2014 at 3:16 pm

Retirement accounts are typically your employees’ most valuable financial asset, with the exception of their homes. Yet, employers don’t always select a 401(k) plan that provides the most value and has the lowest fees. The consequences can be devastating to your employees’ retirement accounts. Read More.

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TAX PREPARATION

Are You Getting Enough Value From Your Accountant?

By The BIDaWIZ Team on May 9th, 2014 at 3:42 pm

When most of us think about our accountant, filing taxes often comes to mind. However, accountants are trusted advisors that can offer much more to their clients than just preparing tax returns. Recently, we had a chance to speak with Greg Freyman to learn more about his New York City based accounting practice and the ways he is able to offer value to his clients. Read More.

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TAX REPORTING

Is Your Business At Risk For A Sales Tax Audit?

By Ryan Himmel, CPA on May 2nd, 2014 at 2:10 pm

Nearly half of state revenue is generated from sales tax sources. Specifically, general sales tax accounts for 30.1% of total state tax revenue and selective sales tax (liquor, fuel, tobacco) totaled 16.3% in 2013. As such, state regulators try to collect every dollar that is owed to them. This may mean that your business could be at risk should you not have the appropriate reporting processes in place to ensure sales tax compliance with the authorities. Fortunately, we recently had the opportunity to speak with Brandon Houk to learn more about how Avalara can help businesses with sales tax compliance. Read More.

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TAX PREPARATION

Are Filers Satisfied With DIY Software or Their Tax Pro?

By Ryan Himmel, CPA on April 30th, 2014 at 11:02 am

The debate as to whether you should file your tax return with a professional or utilize do-it-yourself online software (DIY) continues. The trend though indicates that more taxpayers are shifting toward DIY software as per the latest IRS figures. To dig deeper into this trend, we are sharing our results from customer surveys we conducted throughout the 2013 tax year to shed additional light on this apparent market shift in the consumer tax space. .
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MORTGAGES

What The New Mortgage Environment Means For You

By The BIDaWIZ Team on April 25th, 2014 at 3:56 pm

Last summer’s rise in mortgage rates has begun to impact the lending environment. The major bellwether mortgage lenders (J.P. Morgan & Wells Fargo) reported 28% declines in mortgage origination in the first quarter of 2014 as compared to the prior quarter. Moreover, the lending market at a whole is down 58% year over year. Read More.

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