Single Audits – When Do You Need One

Accepting government grants or funding can make carrying out your organization’s goals or mission a reality. If your organization was awarded any government funding, including COVID-related relief money (included at the end of this post), it is important to know when this type of funding triggers the need for a Single Audit to make sure your organization stays compliant with federal programs.

Yellow Book Audits – When Do You Need One

If your organization accepted Federal funding in the past year, you may be required to perform an annual audit. There are different kinds of audits.

What Does the SECURE Act 2.0 Mean for Retirement Plans?

President Biden recently signed the SECURE 2.0 Act into law. This legislation has been highly anticipated by employers who offer retirement plans to their employees. The SECURE Act 2.0 aims to significantly improve how employees can save for their futures. Here are some of the key takeaways from the SECURE 2.0 Act.

Navigating the Alternative Minimum Tax (AMT) – Individuals

Alternative minimum tax can affect businesses, but it’s also something to be aware of as an individual tax payer as well.

Inflation Reduction Act – What it Means for Individual Taxpayers

The Inflation Reduction Act included a number of items for businesses, but what about individual taxpayers? Overall, the Inflation Reduction Act included a number of credit updates and other extensions that affect individuals.

Year-End Prep for Manufacturing Companies

It’s that time of year again! As we near the end of 2022, it’s time to focus on year-end closing preparations. In the fourth quarter of the year, your team will be compiling, reviewing, and reconciling, so start early and plan ahead.

Yes, Marketing is for Construction Companies!

Construction may not seem like the type of industry that would need a marketing strategy, but to stand out from your competitors and get the clients you want, marketing is a must.

Tom Harrison Named a 2022 Smart 50 Award Honoree by Smart Business

Corrigan Krause is proud to announce Tom Harrison, CPA, CEPA, has been named a 2022 Smart 50 Award honoree by Smart Business!

Year-End Prep for Construction Companies

It’s that time of year again! As we near the end of 2022, it’s time to focus on year-end closing preparations. In the fourth quarter of the year, your team will be compiling, reviewing, and reconciling, so start early and plan ahead.

The Important Business Planning Detail You Might Be Forgetting: Your Buy-Sell Agreement

While you’re in the midst of planning, growing or expanding your business, it’s important to develop and execute a buy-sell agreement between all business owners. A buy-sell agreement can provide structure for an unexpected event such as a death or disability, and provide a road map for expected events such as a shareholder retirement buy-out. Setting up a buy-sell agreement in the early stages of your business planning can help you handle the unexpected and expected events more swiftly in the future – and with a lot less stress.

Tom Krause Named a Mentor of the Year by Engage! Cleveland

Corrigan Krause CPAs and Consultants is proud to announce that Tom Krause, CPA, has been named a Mentor of the Year by Engage! Cleveland.

Inflation Reduction Act – What It Means for Your Business

President Joe Biden signed the budget reconciliation bill H.R. 5376 into law Tuesday, August 16, 2022. Better known as the Inflation Reduction Act, the bill includes a number of tax provisions that may affect your business.

Congratulations! CK’s 2022 Promotions

Growing the Corrigan Krause team and promoting our professionals allows us to build the strongest and most effective team for our clients. During this past year, a number of our professionals have developed their skills and earned much deserved promotions.

Choose the Right Entity Structure for Your Business

You have a great concept for a business, but before you move on to developing your buy-sell agreement, do you know what the best structure or entity type is for you? The entity type is crucial to the success of a business and can have drastic legal and tax consequences for a company. As a business owner, it is your responsibility to understand the structure of the business you are creating and your personal stake within the company.

Fiduciary Duties for a Retirement Plan – What Are They and Who Has Them?

As a business owner, once you decide to offer a retirement plan for your employees, you become a plan sponsor with fiduciary duties. It is vital to understand the responsibilities that come along with the establishment of a retirement plan and who you may share this responsibility with. Individuals that assume fiduciary duties carry the weight of the interests of all employees participating in the retirement plan.

Retirement Plan Options for Employees – What Every Business Owner Needs to Know

As a business owner, implementing a retirement plan for your employees can be a crucial part of retaining your talent. Before jumping into a retirement plan or deciding it’s too expensive to undertake, take time to learn about your options and find the right fit for your team. There are more options out there, especially for small businesses, than you might think.

Fundraising Across State Lines: When Do You Need Charitable Solicitation Registrations?

Expanding your donor pool is a great way to develop new funding sources for your nonprofit. Before you decide to widen your reach, you will want to make sure you are compliant with every state’s fundraising regulations where you plan on fundraising. Often, this will mean filing a charitable solicitation registration (CSR).

Selling Your House – Will I Pay Taxes on My Profit?

You sold your house, congratulations! Depending on your situation, you may be eligible to exclude some or all of the profit from the sale from your taxable income. This is called the principal residence exclusion.

When Did You Last Update Your Withholding? It Might Be Time to Check.

If you experienced any life changes – got married, had children, took on a side hustle, etc. – since filing your most recent Form W-4, it may be time to check your withholding.

2022 Smart Women Progressive Woman Honoree Christine Eichmuller

Corrigan Krause is proud to announce Christine Eichmuller is a 2022 Smart Women Award Progressive Woman Honoree! The Progressive Woman category asked how Christine rose through the ranks over her career, and what challenges she faced – and overcame – along the way.

A Different Way to Do Business: Benefit Corporation

The state of Ohio recently amended Ohio’s General Corporate Law to allow for the creation and governance of benefit corporations. Benefit corporations are a kind of bridge between the traditional for-profit and non-profit models businesses traditionally use to structure their corporation. They try to balance earning a profit and supporting a purpose that betters society or the environment.

How to Reconcile Your Nonprofit’s Accounts in QuickBooks Desktop and QuickBooks Online

Reconciling QuickBooks, in either the desktop or online version, is just like balancing your personal checkbook; your bank balance should agree to your QuickBooks account balance plus or minus items that have not yet cleared the bank. Every month, collect your bank statements to make sure you’ve entered every transaction into QuickBooks.

Where is My Employee Retention Credit?

If you’ve recently filed or plan to file for the Employee Retention Credit (ERC), expect about a six-to eight-month wait to receive your credit.

Preparing for Tax Time – Documents and Tracking for Cryptocurrency Investors

If your cryptocurrency activity this past year included any taxable event, it’s important that you are tracking your activity properly and have the necessary documents when you file. If you’re not sure about which activities are taxable events, check out our blog on taxable cryptocurrency activity here.

How Does My Crypto Activity Impact My Taxes?

Investing in cryptocurrency and, more recently, NFTs (non-fungible tokens), has exploded in popularity. While it’s exciting to enter a new market, it’s imperative you’re documenting your activity properly.

Six Investments Construction Companies Should Consider This Year

As the first quarter of the year winds down, it is time to look at strategies and initiatives that will help your business grow. Below are six areas construction businesses should consider investing their resources in 2022.

To Retain Your Employees, Know Your ABCs

Your employees are the key to the productivity and profitability of your business. Retaining quality employees and top talent saves your business money, maintains and even increases your productivity, creates a positive customer experience, and more. To retain more of your employees for longer periods of time, you need to know your ABCs.

How Unrelated Business Income Can Affect Your Nonprofit

As a nonprofit, your tax-exempt status with the IRS is based on how your organization is organized and operated. Your tax-exempt status exempts your organization from federal income tax on income related to your organization’s exempt operations. However, in the process of actually operating your nonprofit, there are times you’ll engage in a certain amount of activity unrelated to your exempt operations that produces income. This income is called unrelated business income and it may be taxable.

Five Investments Manufacturing Businesses Should Consider This Year

The start of a new year is an obvious time to strategize for your manufacturing business, but really, any time is the right time to invest in strategies and initiatives that will help your business grow. Below are five areas manufacturing businesses should consider investing their resources this year.

Top Seven Policies Your Nonprofit Needs Now

The mission of your nonprofit is the foundation for all you do. How can you make sure what you build on your mission is strong? You need the support of clear and defined policies to help build out the programs that will benefit the groups your nonprofit is focused on. Here are the top seven policies your nonprofit needs now.

Surviving Your First Busy Season – A First Year Associate Tells the Tale

Spencer Helwig joined Corrigan Krause as a first year associate in September 2020. Starting his career during a pandemic was certainly a unique way to break into the accounting industry, but the pandemic wasn’t the only challenge ahead of him. Looming just after the holidays, before the first signs of spring, was his first busy season at a public accounting firm.

Before You File – Make Sure You Avoid These Common Filing Mistakes

Blog updated January 2022: As you’re gathering your documents to file your taxes this year, take a moment to check that you’re not making one of these common mistakes.

Utilize Corrigan Krause’s SafeSend Organizer and Returns Tools for this Upcoming Tax Season

It’s that time of year again, tax time is here! Our goal is to take the headache out of the tax filing process – we’re here to help you make tax time less taxing. Every year, we strive to provide you with the best experience possible, and we take necessary steps to make the process easier and smoother than the previous year.

Tax Considerations for Newlyweds

This blog has been updated for 2022. Marriage is an exciting time for couples however, along with most life changes; your tax situation also changes. It is important to understand basic tax considerations and consequences for newlyweds. This article explains some of the changes that will affect your tax filings after “I do.”

Get Ready for 2022: What New Construction Companies Should Know

Taking some time to get organized before it’s time to file will make the season run much more smoothly. The construction Services team at Corrigan Krause compiled the list below to help construction business owners to start getting prepared for tax season.

Tax Changes Included in the Infrastructure Investment and Jobs Act

President Joe Biden signed the Infrastructure Investment and Jobs Act into law November 15, 2021, and with that, a number of tax provisions are now in effect. Click here to read a list of the changes.

Our Westlake Office Moved!

We’re not going far – you can find us across the street in the south end of the Crocker Park shopping center at the corner of Main Street and American Blvd. Connected to the building is a parking garage where you can park for free and enter our new building without ever needing to brave the Northeast Ohio winter weather. As our plans solidify over the coming weeks, we’ll keep you updated right here.

Changes to Gift in Kind Presentation for Nonprofits

The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-07, Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets in September 2020. The FASB aims to make the presentation and disclosure of gifts-in-kind (GIKs) more transparent and consistent across nonprofit accounting.

Changes to Out-of-State Selling Sales Tax Responsibilities for Businesses

In 2018, a Supreme Court decision in the case of South Dakota v. Wayfair expanded retailers’ responsibilities to collect sales taxes on out-of-state purchases. This decision affects companies selling tangible personal property – including digital property, depending on the state – through a company website to anyone in a different state, despite the selling company having no other connection to the state where their product was purchased.

Proposed Change to DOL Audit Requirement for Defined Contribution Plans

The IRS, Department of Labor and Pension Benefit Guaranty Corporation proposed changes to IRS Form 5500 intended to improve reporting on multiemployer defined benefit pension plan funding. These proposed changes would fundamentally change Form 5500 regulations and be beneficial to all plan sponsors.

Enhancing Value for Succession Planning

After devoting so much time and effort to building your business, maximizing its value becomes more important as the timeframe for a succession plan grows near. Estimating a value for the business is one important step to undertake at the outset of the succession planning process.

Can Your Manufacturing Company Benefit from the R&D Tax Credit?

If your company is developing new or improved business components, including products, processes, software, techniques, formulas, or inventions, that result in new or improved functionality, performance, reliability, or quality, it’s time to take a look at the R&D (research and development) tax credit.

The Importance of Financial Statement Presentation for Construction Companies

Across all industries, financial statements provide valuable information about a company. Internally, the statements are a good way to keep track of where issues might arise throughout the year, ideally, catching a problem before it becomes expensive to solve. Externally, accurate financial statement presentation is the proof banks, bonding companies, and any other third party will want to see to determine if they will grant your company the line of credit, loan, or bonding coverage that you’re applying for.

Classifying Functional Expenses for Nonprofits

Implementing the financial accounting standards board (FASB) Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit entities can be confusing. The updated standard states nonprofits must present an analysis of expenses by their function and natural expense classifications in one location, such as in a statement of functional expenses.

How to Prepare for an Internship Interview

Interning at an accounting firm is a great way to learn about the industry, gain valuable experience and hone in on where you’d like to focus. Now that you’ve decided to start interviewing for an internship, how do you prepare for an accounting internship interview?

What to Expect During Your Accounting Internship

Internships are a vital part of the accounting industry, but it’s tough to know what to expect from the experience before you walk through the office doors. A few of the spring 2021 Corrigan Krause interns shared what future interns can expect from their internship.

Building Your A Team – Why Construction Companies Need Specialized Accounting and Legal Pros on Their Side

Every business should have an A Team. Your A Team is includes your trusted accountant, attorney and financial advisor. Having a strategic A Team in place allows your advisors to work together on the big picture.

Labor Shortages and Talent Retention: Can a Bonus Program Help?

Attracting and retaining talent for any business is a challenge, so once you have the team you trust in place, you want to keep those employees for as long as possible. A bonus program can be an integral part of your employee retention strategy.

Congratulations! CK’s 2021 Promotions

Growing the Corrigan Krause team and promoting our professionals allows us to build the strongest and most effective team for our clients. During this unique and challenging year, our team more than rose to the challenge, working together to keep our clients informed and up to date on financial and legislative changes. A number of our professionals developed their skills and earned a much deserved promotion.

Ohio’s TechCred Program: Employers Can Receive Reimbursement for Employee Training

On August 1, 2021, applications reopened for Ohio’s TechCred program, which provides reimbursement to employers for valuable technology training for employees. This will be the program’s 10th application period.

Lease Accounting for Nonprofit Companies

Lease accounting standards are changing, aiming to improve transparency and make it easier to compare statements. Here’s what nonprofits need to know.

Lease Accounting for Construction Companies

Lease accounting standards are changing, aiming to improve transparency and make it easier to compare statements. Here’s what construction companies need to know.

Lease Accounting for Manufacturing Companies

Lease accounting standards are changing, aiming to improve transparency and make it easier to compare statements. Here’s what manufacturing companies need to know.

What to Do If You Receive a 6173, 6174 or 6174-A Letter

Lease accounting standards are changing, aiming to improve transparency and make it easier to compare statements. Here’s what nonprofits need to know.

Making Sense of the Employee Retention Tax Credit

Updated December 2021: Over the past fourteen months, the employee retention tax credit has undergone a number of changes since it was initially introduced. The most current information is in the Current Employee Retention Tax Credit Standards: American Rescue Plan Act – March 2021 section, but we recommend reading everything below to understand the full picture of the employee retention tax credit.

Child Tax Credit – What You Need to Know

Blog updated June 2022: In May of 2022, the IRS issued updated guidance in the Frequently Asked Questions (FAQ) section of the Child Tax Credit. The updates focused on taxpayers who may have continued to receive advance Child Tax Credit payments they were not eligible for any longer.

PPP Loan Updates and Reminders

The deadline to apply for first- or second-draw Paycheck Protection Program (PPP) is May 31, 2021. Here are some important reminders as the deadline approaches: What is a PPP Loan? A PPP loan is a loan provided by the U.S. Small Business Administration in response to the financial crisis many small businesses continue to face […]

The American Rescue Plan: Restaurant Revitalization Fund

On March 11, 2021, President Biden signed the American Rescue Plan Act into law. Included in the act is the Restaurant Revitalization Fund (RRF), which provides much-needed support for the recovery of the greatly impacted restaurant industry. Applications open Monday, May 3, 2021 at noon Eastern time for priority restaurants for three weeks. After this […]

Navigating the Alternative Minimum Tax (AMT)

Blog updated for 2022 Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability. Long-Term Contracts and AMT When [...]

Special Tax Considerations for Self-Employed Individuals

This blog updated January 2022. Filing income taxes when you are self-employed can present a different set of considerations and challenges than working for an employer. Planning ahead and staying organized will help you stay on top of your tax responsibilities while you build your business. Am I Considered Self-Employed? The IRS has three different [...]

IRS Impersonation Scam Targeting College Students

College and university students should be on alert for an IRS-impersonation scam targeting educational institutions, including anyone with a .edu email address. The phishing scam sends the recipient an email that looks like it comes from the IRS and has a subject line like “Tax Refund Payment” or “recalculation of your tax refund payment”. There […]

Latest Stimulus Bill: What’s in it and What it Means for You

President Biden signed the American Rescue Plan into law Thursday, March 11, 2021. The $1.9 trillion economic stimulus plan contains a number of pieces of legislation aimed at supporting individuals through the continued Coronavirus pandemic. Direct Payments Stimulus checks are a big part of this latest bill. Individuals who earn less than $75,000 and married […]

Second-Draw PPP Loans Affiliation Rules

As businesses move forward in applying for a second-draw Paycheck Protection Program loan, or PPP2, it is important to remember the maximum loan size is capped at $2 million for businesses, as well as their affiliates. That means the total amount a business and its affiliates can apply for is capped at $2 million. Businesses […]

Small Businesses Should Be on Alert for Loan Application Scams

The U.S. Small Business Administration (SBA) has seen an influx of fraud surrounding applications for federal aid. The most common fraud occurring is email phishing where a scammer impersonates the SBA via email with the goal of collecting personally identifiable information (PII). Those who have applied for the SBA’s Economic Injury Disaster Loan Program seem […]

Tax Credits Available for Manufacturing Businesses: Are You Taking Advantage?

Tax planning isn’t something that just comes around at the end of each year. To ensure your company is taking advantage of all available opportunities to lower your tax responsibility, consider the following as you plan for 2021: Research and Development Tax Credit While any qualifying activity must pass the four-part test (permitted purpose, technical […]

How a Donor Advised Fund Could Benefit Your Nonprofit

Charitable giving is appreciated at every level. Any time an individual gives, no matter the amount, it is a precious gift. Some donors may be in a position to give to a nonprofit they are passionate about. In this case, a donor advised fund (DAF) might be an effective way to maximize their gifts. Donor […]

Donor Thank You Cards: What Requirements Non-Profits Need to Remember

Sending a thank you note after receiving a charitable gift to your nonprofit seems like a simple, but polite, way to recognize a donor. In reality, this acknowledgement is an extremely important piece of the donor/nonprofit relationship. More Than Thank You A thank you note is truly more than just a thank you. The IRS […]

Heightened Identity Theft Involving Unemployment Benefits

There has been a marked increase of fraud cases surrounding unemployment benefits, particularly in the state of Ohio. This amounted to at least $330 million in fraudulent pandemic unemployment benefits distributed between April and December 2020. To combat this very serious issue, the state of Ohio launched a new resource portal ( for employers to […]

Get Organized for Tax Season: Organization Tips from the Corrigan Krause Tax Team

It’s that time of year again – tax time! At Corrigan Krause, we are ready to help you get organized and guide you through tax season this year.

What Your WIP Schedule Can Tell You

The monthly work-in-progress (WIP) schedule your team puts together can be so much more than your financial statements. It can help you manage and plan throughout the entire year to better manage your jobs, maximize your profits, and assist with tax planning. Make Sure Your WIP is Accurate To start, make sure your WIP schedules […]

Do I Need an Exit Plan for My Business?

Exit planning is not usually the first thing entrepreneurs and business owners are thinking about. The daily demands of growing a business often take priority over long-term planning, but it’s the long-term planning that can transition current success into something that lasts a lifetime. 99% of business owners say that their transition strategy is important […]

Important Tax Credit Updates Under Latest COVID-19 Relief Bill

Employee Retention Tax Credit Back in March of 2020, The CARES Act granted eligible employers a credit, the Employee Retention Tax Credit (ERTC), against employment taxes equal to 50 percent of qualified wages paid to employees who are not working due to the employer’s full or partial suspension of business or a significant decline in […]

Tax Implications of Consolidated Appropriations Act for December 2020

On December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (H.R. 133) into law.  Below are the significant individual and business provisions. Extension of Unemployment Insurance Compensation Benefits An 11-week extension of unemployment insurance benefits.  This will provide an additional $300 per week along with state unemployment insurance. Stimulus Checks to Individuals Similar to […]

UPDATED FOR 2021: Tax Considerations for Newlyweds

Gwyn Broski is a supervisor in the tax department at Corrigan Krause. Update from Scott Serfozo, supervisor in the tax department at Corrigan Krause.   Marriage is an exciting time for couples however, along with most life changes; your tax situation also changes. It is important to understand basic tax considerations and consequences for newlyweds. […]

New Relief Package and Deductibility Update

Late in December 2020, Congressional leaders announced the next round of relief: the Consolidated Appropriations Act, 2021 (H.R.133). The long-awaited $900 billion relief package includes additional aid for small businesses and individuals impacted by the COVID-19 pandemic and addresses key PPP issues. Former President Donald Trump officially signed off on the stimulus package as of […]

Additional Funding for Healthcare Providers

The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is announcing $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments will be invited to apply for […]

Ohio Small Business Relief Grant

State of Ohio Designates $125M of CARES Act funding to Small Business Relief Grants Governor Mike DeWine recently announced the allocation of $125 million of federal CARES Act funding to provide $10,000 grants to aid small businesses hurt by the current crisis. Additional funding was also announced for bars and restaurants, higher education, and nonprofits […]

Good News for Borrowers with loans of $50,000 or less

On October 8, the SBA released Form 3580S, a simpler loan forgiveness application for PPP loans of $50,000 or less. According to Secretary Steven T. Mnuchin, “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs. Today’s action streamlines the […]

Important PPP Update for Borrowers Mid-Transfer

On October 2, the SBA released a Procedural Notice regarding PPP Loans regarding transfer guidelines. For purposes of the PPP, a “change of ownership” will be considered to have occurred when: (1) at least 20 percent of the common stock or other ownership interest of a PPP borrower (including a publicly-traded entity) is sold or […]

What’s Next for PPP Forgiveness

Even with questions still lingering, many “covered periods” are coming to a close for PPP loan recipients, and business owners are looking for guidance on the forgiveness process. What are the next steps? The Journal of Accountancy said it best, “The PPP was born in a flash — the U.S. Small Business Administration and Treasury […]

Payroll Tax Deferral Considerations

On August 8, 2020, President Trump signed an executive memorandum calling for a payroll tax holiday for Americans making less than $104,000. This results in a deferral of the employee portion of the social security taxes owed between September 1, 2020, and December 31, 2020. On Friday, August 28, the IRS released further guidance. When weighing […]

IRS Issues: Unprocessed Paper Payments and Tax Refund Interest

COVID-19 has left few things unscathed this year, the IRS included. In March, the IRS temporarily closed offices due to the public health emergency and announced the postponement of the filing deadline from April 15 to July 15. In addition, lawmakers then tasked the agency with distributing millions of stimulus checks at the beginning of April. With […]

Provider Relief Fund Now Open to Dentists

UPDATED: The deadline for dentists to apply is now August 3. Dentists are now eligible to apply for financial assistance through the CARES Act Provider Relief Fund. On July 10, 2020, the Department of Health and Human Services (HHS) announced a change to the Medicaid and Children’s Health Insurance Program (CHIP) Provider Relief Fund. Before […]

What You Need To Know About RMDs In 2020

A lot has happened so far in 2020, and changes to RMDs are no different. RMD Basics A required minimum distribution (RMD) is the amount of money that must be withdrawn from a traditional IRA, SEP, or SIMPLE individual retirement account (IRA) by owners and qualified retirement plan participants of retirement age. For 2020, RMDs […]

New PPP Forgiveness Applications

The SBA released two new applications for PPP forgiveness, as the follow-up to the PPP Flexibility Act that recently passed in Congress. The SBA developed a simplified application, the EZ application, which is three pages, and the regular application is now five pages. To use the EZ application, you must meet one of the below […]

Paycheck Protection Program Flexibility Act

More changes, but more flexibly! Now signed by the President, the PPP Flexibility Act protects and promotes the original intent and goals of the Paycheck Protection Program: to help borrowers reach full, or almost full, loan forgiveness. While things are still not yet final, here’s what we know right now: The Changes: The Act changes […]

Applying for PPP Forgiveness Instructions

Now that the official forgiveness application has been released, here’s what you need to know about the application process and what documentation you’ll need. As a reminder, borrowers will need to complete this application at the close of their 8-week period. The following components are outlined in the application: (1) the PPP Loan Forgiveness Calculation […]

Highlights from SBA Guidance on Forgiveness

The SBA and Department of the Treasury have released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions. Most of our outstanding questions have been answered but a few still remain. We’ve put together a summary of what you need to know regarding this additional guidance: Aligning Eight Week Forgiveness Window to Payroll […]

PPP Loans Under $2 Million Automatically Meet Good-Faith Certification

The SBA and Treasury Department announced today, May 13, 2020, the following as it pertains to safe-harbor certification: Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of […]

PPP Frequently Asked Questions

We’re still receiving many questions regarding the Paycheck Protection Program (PPP). As we continue to await further guidance, here’s what we know: What are the three measurement areas related to loan forgiveness? At least 75% of the loan amount must be used for payroll costs; Employee Full Time Equivalents (FTE) count must be maintained during […]

PPP Repayment For Safe Harbor Date Extended to May 14th

Treasury and SBA issue new guidance on Paycheck Protection Program UPDATE: Announced on May 13, all PPP loans under $2 million automatically meet good-faith certification. The SBA and Treasury Department has extended the deadline to repay PPP loans from May 7 to May 14. Borrowers now have until May 14, 2020 to decide whether to return PPP […]

IRS Notice 2020-32: Expenses Paid with PPP Funds Deemed Nondeductible

Late yesterday, the IRS released Notice 2020-32, clarifying how the IRS will treat expenses paid with funds from the Paycheck Protection Program (PPP). The PPP provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during the COVID-19 crisis. If the employer maintains payroll, the portion […]

What Employers Need to Know: Expanded Unemployment Benefits & Recalling Employees

Under the CARES Act, individuals have the benefit of additional administrative funding and expanded unemployment insurance. While these benefits can provide much needed support to individuals who have been affected by the pandemic, it also poses a variety of questions for employers. Expanded Benefits The CARES Act expands the scope of individuals who are eligible […]

Additional Tax Credits Available

In addition to funding opportunities provided by the SBA, business can also take advantage of the following tax credits aimed at helping businesses through these tough times. Employee Retention Credit The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. […]

What to do now that you’ve received funding?

Over the past couple of weeks, our team has helped many clients apply for the Paycheck Protection Program and some have started to receive funding. On April 16, the SBA announced it is no longer accepting applications because all of the approved $349 billion had been distributed. But as of today, April 24, President Donald […]

More Relief On The Way

The CARES Act was signed into law on March 27, and swiftly distributed all $350 billion of funding allocated to the Paycheck Protection Program within a couple short weeks. With many small businesses left without funding, the second round of relief is critical to keep many small businesses afloat. More relief is on the way. […]

Economic Impact Payments – Frequently Asked Questions

The IRS announced over the weekend that they started direct depositing the first wave of Economic Impact Payments (stimulus checks) to those who qualify. A treasury spokesperson said that up to 70 million people will receive their payments via direct deposit by today, Wednesday, April 15th. The Economic Impact Payments provides a $1,200 refundable tax […]

The Impact of the CARES Act on Your Retirement Plan

COVID-19 has sparked many changes nationally and caused a large amount of uncertainty. Our mission as trusted advisors is to provide our clients with the proper resources to make the best decisions for their company. One of the most frightening issues during any recession revolves around an individual’s plan to retire and the balance of […]

Best Practices to Ensure Loan Forgiveness After Receiving Funding

You’ve talked to your banker, you’ve submitted your Paycheck Protection Program (PPP) application and you’re awaiting funding. But that’s not where your work ends. What happens once the funds are received? There’s much to consider once you receive the funds and proper documentation will be critical to ensure your loan is forgiven. When can I […]

PPP: What Independent Contractors Need to Know

  The COVID-19 pandemic continues to present new challenges for small businesses and relief programs continue to pose new questions. What am I eligible for? When should I apply? When can I expect funds? If you are an independent contractor, or a gig worker, here’s what you need to know. The Paycheck Protection Program (PPP) […]

COVID-19 Firm Communications

Stay updated with the latest information from Corrigan Krause regarding COVID-19. April 1, 2020: CK Coronavirus Crisis Team Introducing the CK Coronavirus Crisis Team We are aware that business owners are facing many challenging issues right now. Maintaining strong cash flow is essential to the financial health of all businesses and due to the COVID-19 crisis, […]

Introducing SafeSend Returns

It’s that time of year again, tax time is here! Our goal is to take the headache out of the tax filing process – we’re here to help you make tax time less taxing.

Every year, we strive to provide you with the best experience possible, and we take necessary steps to make the process easier and smoother than the year prior.

New this year, we are happy to offer our clients the choice of using SafeSend Returns™ technology. Forget the printers, pens, stamps, envelopes and scanners – take care of the delivery, review and signature of your federal and state tax returns from the convenience of your computer, smartphone or tablet!

How the Newly Implemented SECURE Act Affects You

The recently passed appropriations bill includes the long-awaited SECURE (Setting Every Community Up for Retirement Enhancement) Act and other retirement-related rules. This act went into law on January 1, 2020.  This is the most significant change in retirement plan rules since 2006.  Here is a summary of the major components: The minimum distribution age increased […]

Getting Organized for Tax Season: 5 Organization Tips from a Corrigan Krause Senior Tax Manager

Chris Eichmuller, CPA is a senior manager at Corrigan Krause. In 2019, we learned about revolutionary new methods of cleaning and organizing our homes and workspaces. We here at Corrigan Krause do not recommend throwing away everything that does not spark joy – as that would likely make your 2020 tax season even more difficult […]

Transitional and Miscellaneous Considerations for the New Lease Standard

Looking at Leases with Molly Stinn: A Six-Part Series Molly Stinn, CPA, is an Equity Director at the firm. The new lease standard presents sweeping changes in the way we think about and record leases in our financial statements. Previous blog posts have discussed elements of the new standards specifically. Understanding the impact of the […]

Reviewing Disclosures Under the New Lease Standard with Corrigan Krause’s Assurance Director 

Looking at Leases with Molly Stinn: A Six-Part Series Molly Stinn, CPA, is an Equity Director at the firm. FASB ASC 842, Leases, otherwise known as the new lease standard, requires many changes in how we account for leases. The biggest impacts of the new standard will be (a) felt on the balance sheet as […]

Exploring Changes in Operating Leases Under the New Lease Standard with Corrigan Krause’s Assurance Director

Looking at Leases with Molly Stinn: A Six-Part Series Molly Stinn, CPA, is an Equity Director at the firm. The new lease standard has revolutionized the way we report operating leases. By definition under the new lease standard, an operating lease is “an agreement that has an identified asset and a right to control the […]

Looking at New Definitions in Finance Leases with Corrigan Krause’s Assurance Director

Looking at Leases with Molly Stinn: A Six-Part Series Molly Stinn, CPA, is an Equity Director at the firm. The new lease standard has introduced new terminology. What we have become used to calling “capital leases” will become “finance leases” with the implementation of FASB ASC 842. While balance sheet reporting and income statement expense […]

Addressing the New Lease Standard: Discussing GAAP Changes with Corrigan Krause’s Assurance Director

Looking at Leases with Molly Stinn: A Six-Part Series  Molly Stinn, CPA, is an Equity Director at the firm.   Why is there a new lease standard?  In its review of SEC registrants, the Financial Accounting Standards Board (FASB) noted that publicly-held companies disclosed over $1 trillion of off-balance sheet leases. Per the current lease […]

Breaking Down the Newest ASU: Discussing GAAP Changes with Corrigan Krause’s Assurance Director

Looking at Leases with Molly Stinn: A Six-Part Series  Molly Stinn, CPA, is an Equity Director at the firm. Business entities and not-for-profit organizations that report their financial statements in accordance with the U.S. generally accepted accounting principles (GAAP) are subject to the accounting standards codification (ASC) promulgated by the Financial Accounting Standards Board (FASB). […]

Corrigan Krause Managing Director Earns CEPA Designation

Corrigan Krause is proud to announce that Managing Director Tom Harrison recently earned the Certified Exit Planning Advisor (CEPA) designation after completing the Institute’s intensive 4-day executive MBA-style program in Atlanta, GA. Tom joins an elite group of business advisors who have received this designation and are a part of the Exit Planning Institute’s international […]

Ohio House Bill 166 Highlights: What Businesses and Individuals Need to Know

Eric Dorenkott, CPA, MT is a director at the firm and the head of the tax department. On July 18, 2019, Governor Mike DeWine signed into law the 2020-2021 Ohio budget (House Bill 166). The following blog outlines the issues that could affect you and/or your business this year and into the future: Individuals (effective […]

“Back to School” Sales Tax Holiday Begins Friday, August 2!

Beginning in 2019, Sub. S.B. 226 provides for a permanent sales tax holiday on the first Friday, Saturday, and Sunday of August each year. For 2019, the sales tax holiday will begin on Friday, August 2 at 12:00 am and end on Sunday, August 4 at 11:59 pm.  During this time, approved purchases are exempt […]

Congratulations On Recent Promotions!

For the past 30 years, Corrigan Krause has continued to grow and expand.  Growing our team and promoting our members internally has been a top focus, which has allowed us to build the strongest and most effective team for our clients.  Over the past year, many of our employees have worked hard and shown their […]

Common Types of Fraud and How to Protect Your Company

Elizabeth Friswold, CPA, CFE is a manager at Corrigan Krause. What is Accounting Fraud and What are the Different Types? Many individuals want to know, what exactly is accounting fraud?  There are three different types of common accounting fraud: Misappropriation of Assets: For example, stealing inventory or cash. This is the most common type of […]

What is EBITDA and Why is it Important?

Tom Krause, CPA is a Founding Director at Corrigan Krause. Have you ever considered selling your business? Do you anticipate selling in the future? If yes, it’s important that you familiarize yourself with EBITDA and how it could affect the future sale of your business. What is EBITDA? EBITDA stands for Earnings Before Interest, Taxes, […]

Corrigan Krause Named Top Workplace for Sixth Consecutive Year

Corrigan Krause has been awarded a 2019 Top Workplaces honor by the Plain Dealer for the sixth consecutive year.  For the 10th year in a row, The Plain Dealer evaluated the best workplaces to work in Northeast Ohio.  The standings are based on a third-party survey given to employees to fill out administered by research […]

Estate, Gift and Trust Planning After The Loss Of A Loved One

Lynda Doland, CPA, MT leads the Estate, Gift and Trust niche at Corrigan Krause.   Estate, gift, and trust planning after the loss of a loved one can be difficult, but with the proper guidance the process can go smoothly and efficiently. The key is proper planning to ensure everything is taken care of prior […]

Upstream Planning Becomes a Valuable Strategy to Consider

Lynda Doland, CPA, MT is a Director at Corrigan Krause.  When we think of family gifting strategies, we usually think of wealthy parents giving to their children and grandchildren. However, with the new tax law, new opportunities have opened up for appreciated assets. Because the estate exemption is now $11.4 million, clients with assets that […]

Turn that Charitable Donation into a Deduction through your IRA

Required to take an IRA distribution?  Like to be charitable? A popular way to transfer IRA assets to charity is via a tax provision which allows IRA owners who are 701/2 or older to direct up to $100,000 per year of their IRA distributions to charity. These distributions are known as qualified charitable distributions, or […]

The Art, and Benefits, of Business Valuation

Derek Solomon, Senior Manager and David Long, Director, at Corrigan Krause In business, it is commonly known that “valuation is an art, not a science.” This essentially means that when creating a valuation analysis, it important to go beyond the numerical analysis and get to the story “behind the numbers”. This also refers to the […]

The Effects of Tax Reform on the Real Estate Industry

Sean Brady is a manager at Corrigan Krause. Similar to other industries, the Tax Cut and Jobs Act (TCJA) has impacted the real estate market, especially for investors. As the real estate industry constantly responds to market-driven factors, modifications created by tax reform allow the industry to remain highly attractive for investors and business owners. […]

What to Consider BEFORE Choosing an Inventory Management System

A manufacturing company’s inventory includes goods in various stages of production; from raw materials to finished goods, assembled and ready to ship to customers. Due to the complexity and frequency of manufacturing processes, a management system can provide benefits for the organization, assembly and production of goods.

The Importance of Vendor Relationships for Manufacturers

A vendor provides goods and services that are critical to your business. Regardless of the size or function of your organization, vendors can save your company money and time as well as decrease any unforeseen complications that may arise. As vendors are an essential piece of an organization, it is important to cultivate strong relationships.

Impact of Technology in Construction

Dennis Dlugosz, CPA is a Director and the leader of the Construction Services group. Technological advancements have affected several industries, forcing businesses to adapt to these innovations or fall behind. Similar to other service related fields, construction has also been affected by these changes, which has heavily promoted technological developments within the past decade. Some [...]

Divorce Issues Through the Eyes of a CPA

David Long, CPA, CVA is a director at Corrigan Krause. Going through a divorce can be financially draining if you do not have the right team supporting your financial decisions. Settling a divorce agreement requires more than an attorney, especially if your wealth is at stake. Consulting with a public accountant is critical in steering […]

What Is Estimated Tax and Whom Does It Apply To?

Rob O’Neil is a manager in the tax department. Estimated tax payments are a  method of paying tax on income that is not subject to withholding tax. This includes income from self- employment, business earnings, interest, rent, dividends and other resources. The IRS generally requires estimated tax to be paid in four equal installment payments […]

Tax Considerations for Newlyweds

Gwyn Broski is a supervisor in the tax department at Corrigan Krause. Marriage is an exciting time for couples however, along with most life changes; your tax situation also changes. It is important to understand basic tax considerations and consequences for newlyweds. This article explains some of the changes that will affect your tax filings […]

Unique Challenges Manufacturers Have and Combating Those Challenges

Sal Caroniti is the Chief Operating Officer at Corrigan Krause. Regardless of the specific industry within the manufacturing sector, today’s companies face a variety of challenges ranging from employment issues, international competition and margin compression due to pressures placed on them from their customers. With the national and State of Ohio unemployment rates being 3.9% […]

Navigating the Alternative Minimum Tax (AMT)

Ryan Slenicka is a supervisor in the tax department at Corrigan Krause. The Tax Cuts and Jobs Act of 2017 brought forth many changes to tax laws, including the elimination of the alternative minimum tax (AMT) for c-corporations beginning in 2018. However, AMT has not been eliminated for individuals. This post will focus on pass […]

The Tax Cut and Job Acts Creates Revisions in Employee Benefits: What You Need to Know

Sheri  Terens is a director in the assurance services department at Corrigan Krause.  Employee benefits have become increasingly important with the shortage of talent and increased competition for top employees. The addition of benefits increases loyalty, productivity, and attendance among current employees and provides incentives for recruiting. According to a recent survey 79% of employees […]

Manufacturing Costs: Is the price of the product right?

The most important decision after deciding when, where and what to sell, is at what price. It is common for manufactures to achieve strong top-line sales and still have a loss or less than desirable profits.

Individual Year-End Tax Planning Reminders

Chris Eichmuller, CPA is a senior manager at Corrigan Krause.  December came fast and the end of the year is quickly approaching. Questions are still looming about how tax reform will impact both individuals and business but it’s not too late to make tax planning moves to improve your tax situation for 2018. Here’s what […]

Things to Consider BEFORE Year-End for Trusts

Lynda Doland, CPA, MT is a Director at Corrigan Krause and leads the Estate, Gift and Trust niche at the firm. What are the year-end moves you should make if you are a trustee? When you are collecting your personal tax data, watch for items sent that are issued in a trust ID number. Once […]

Manufacturers: Ways To Improve Cash Flow

Borrowed funds can be expensive for businesses. Being able to improve internal cash flow can help a manufacturing company reduce its need for borrowed funds.

Meet Our New Team Members

As we continue to grow, our Core Values remain the same. It’s most important to us that we continue to provide exceptional service to all of our clients. We continually add members but also promote members internally to allow us to build the strongest and most effective team possible. We are excited to introduce our […]

5 Best Practices for Construction Accounting

Construction accounting has its own unique set of accounting complexities not faced by other industries.  Whether you are the bookkeeper or owner of a construction company, you are affected by the accounting practices your company elects.  This article provides different best practices that your accounting team should consider when determining the best accounting approach for your company.

Need Machinery, Equipment, Or A New Roof Before Year-End? Write It OFF!

Pat Lang is a senior associate at Corrigan Krause. Accelerated depreciation is a tax strategy that businesses have been utilizing for quite some time.  There are two types of accelerated depreciation: Section 179 Depreciation and standard Bonus Depreciation.  A huge advantage of accelerated depreciation to business owners: the full cost of the purchase may be […]

What is Your Nonprofit Board’s Succession Plan?

Nonprofit Boards Need a Succession Plan Nonprofit organizations need a succession plan in place to ensure the continued existence of the organization during transitions of the board members, in the same way that a for-profit business puts these plans into place. Nonprofit organizations have a board of directors in addition to management staff. While attention [...]

Managing Your Accounts Receivable: What if Your Customer Doesn’t Pay? Are You Covered?

Sean E Brady, CPA Being in business is not easy considering common challenges such as labor issues, raising supply costs and slow paying customers, but not much stings worse than when a customer of yours defaults on their trade receivables and your company does not get paid for a product you have already produced and […]

Qualified Opportunity Zones: Strengthening Our Economy While Deferring Taxable Income

Carleigh Machock, CPA It’s no secret that the economy is currently on the upswing. In Northeast Ohio, new construction and building renovations are prevalent throughout the region. There are ample opportunities for economic growth as property values rise, new businesses emerge and more investors tie money into the market.  Cleveland is a great example of […]

What You Need to Know About Section 199A Deduction

Eric Dorenkott, CPA As we move into Q4, now is the time to begin year-end tax planning. The new Section 199A may be the most radical change of last year’s historic tax reform bill, and one not to be overlooked. Section 199A gives a 20 percent deduction of qualified business income to pass-through entity owners. […]

College Savings (529) Plans: The Benefits and Rules

Updated February 2022: College Savings Plans (529 Plans) can provide great tax benefits to people trying to save for their children’s or grandchildren’s college education.  These plans can be set up for just about anybody though (a relative, friend or yourself)!

Accounting Internships: What to Expect

Chris Eichmuller, CPA explains what students can expect from their first accounting internship. Today, many colleges require students to complete an internship as part of their course work to earn their degree. If you’re considering a career in accounting, landing an accounting internship will allow you to gain valuable experience and help to determine your […]

IRS Urges Paycheck Checkups

The IRS is strongly encouraging everyone to perform a “paycheck checkup” due to recent tax law changes. The Withholding Calculator helps you make sure you have the right amount of tax withheld from your paycheck. According to the IRS, there are several reasons to check your withholding: Checking your withholding can help protect against having […]

NFP Financial Reporting Changes Series: Topic 2 – Functional expense changes and cash flow statement changes

Topic two rounds out our NFP Financial Reporting Changes series! To recap, in 2011 the FASB began a project to improve Not-for-Profits’ (NFPs’) financial reporting after concluding that the existing standards are sound but that it was time to determine improvements that could be made.  In 2015, the FASB presented its findings/improvements to the public […]

Back to School Sales Tax Holiday This Weekend!

Chris Eichmuller, CPA has information about the “Back to School” Ohio sales tax holiday. Ohio’s annual tax holiday starts this Friday, August 3 and ends Sunday, August 5 at midnight. During this time, approved purchases are exempt from sales and use tax. Items that fall under the exemption are as follows: An item of clothing […]

Nonprofit Organizations Beware of Unintended Tax Consequence

Nonprofit organizations facing increased competition for donor dollars may start to seek out income diversification, meaning they are considering alternative revenue streams outside their exempt purpose. While this may raise additional funds, it could potentially subject tax-exempt entities to unrelated business income tax (UBIT). Why UBIT? Congress added the UBIT provisions to the Internal Revenue [...]

Benefit From Charitable Contributions With QCD

Lynda Doland explains how taxpayers older than 70 ½ can still benefit from donations to charity even if they can no longer itemize. The number of taxpayers who will itemize starting with 2018 is estimated to drop by 50% due to the changes made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97, 12/22/2017). […]

Is your Company Prepared for the New Revenue Recognition Policies?

Beth Friswold, CPA, CFE shares what to expect with the new revenue recognition policies. If you are a privately held company or not-for-profit organization, coming January 1, 2019, your company will need to determine if you are in compliance with Generally Accepted Accounting Principles (GAAP). The Financial Accounting Standards Board (FASB) has redefined the requirements […]

CK News: New Faces and Promotions

We have great news to share and our continued growth is a wonderful sign of our progress as an organization. We continually add members to our team, and also promote members internally, to allow us to build the strongest and most effective team possible. We are excited to announce a few recent changes that will […]

Quill Case Overturned: Sales Tax for Online Retailers

James Kilgore explains how this new ruling may impact your business. As online shopping becomes increasingly more popular, how will the recent South Dakota v. Wayfair ruling impact online retailers, local businesses and consumers? South Dakota v. Wayfair In mid-June, the U.S. Supreme Court made a decision in the South Dakota v. Wayfair case. The […]

Corrigan Krause Named Top Workplace For Fifth Consecutive Year!

Corrigan Krause has been awarded a 2018 Top Workplaces honor by The Plain Dealer for the fifth consecutive year. The list is based solely on employee feedback gathered through a third-party survey administered by research partner Energage, LLC (formerly WorkplaceDynamics), a leading provider of technology-based employee engagement tools. The anonymous survey measures several aspects of […]

3 Things You Need to Know Before Starting a Side Hustle

Chris Eichmuller shares what you should consider when starting a side business. Are you considering starting a side business? The business plan is drafted, your concept is solid and you’ve acknowledged the time commitment and the financial risk. Now what? Where should you start? Here’s what you should know to set a strong foundation to […]

NFP Financial Reporting Changes Series: Topic 1 – Net asset classification and disclosures

As mentioned in our series intro, in 2011 the FASB began a project to improve Not-for-Profits’ (NFPs’) financial reporting. The FASB concluded that the existing standards are sound but that it was time to determine improvements that could be made. Indeed the current not-for-profit financial reporting has held up since 1993, well over 20 years, […]

Financial Statement Presentation Changes for Not for Profits

In 2011 the FASB began a project to improve Not-for-Profits’ (NFPs) financial reporting. There are two phases to the project and phase one has since been concluded. The new standard will be effective for annual periods in fiscal years beginning after December 15, 2017 and interim periods in fiscal years beginning after December 15, 2018. [...]

Industry Changes and Opportunities: Manufacturing

Brian Weisbarth explains the growing local opportunities in the manufacturing industry. Today’s workforce is ever changing; baby boomers are retiring at record rates, technology is changing every day and millennials are getting more and more  involved in the work force. For most, the path to the American dream is earning a college education followed by […]

Entity Selection: Should my company be a C Corp or S Corp?

Robert O’Neil, CPA explains how to determine which entity is best for your situation. In the months after the recent Tax Cuts and Jobs Act was signed into law, we’ve received many questions from business owners regarding the new 21 percent corporate tax rate and if it applies  to them.  In almost every case, the […]

Client Portal Update Effective April 29, 2018

A portal update from Laura Lee.  Beginning April 29, 2018, 2-step verification will be mandatory for all users logging into CCH Axcess™ Portal. With recent rises in tax-related identity theft and phishing attacks, we want you to know that we take your information security seriously. A multi-factor authentication option has been added to your CCH […]

Thank You for a Great Tax Season!

With another tax season in the books, we would like to take a moment to thank all of our clients, new and established, for your organization, your patience, your kindness and your continued support of Corrigan Krause.   It was another great season and we’d also like to thank our staff for working hard and […]

Corrigan Krause Recognized at Smart Culture Conference and Smart Women Breakfast

As tax season comes to a close, we want to pause for a moment and acknowledge a couple recent accolades Corrigan Krause has received. First, Corrigan Krause was selected as an award recipient at the Smart Culture Conference & Awards, presented by Alliance Solutions Group and Smart Business. Ten members of the team attended the Smart Culture Conference […]

2018 Tax Deductions: Key Changes from the Tax Cuts and Job Bill

Pat Lang explains how the new tax bill can have a big impact on 2018 taxes. Itemized vs. Standard Deductions – 2017 and Prior Filing Years When filing Form 1040 each year, individual taxpayers have the ability to reduce their taxable income by claiming itemized deductions on their tax return or taking the simpler method, […]

What does it mean if I received a 5071C letter?

Blog updated March 2022 Scammers continue to be busy in 2022. The IRS is working diligently to identify fraud attempts as quickly as possible, so if you receive a 5071C letter, you may have steps you need to complete in order for your tax return to be filed. What is a 5071C letter? The IRS [...]

Education Credits and Deductions 101

Gwyn Broski, CPA breaks down education credits and deductions. Paying for college is expensive and finding ways to stretch your dollars can be difficult. Thankfully there are a few tax credits that can help you reduce your tax bill and the financial burden of higher education. Credits By far the most popular education credit is […]

Are you ready for your employee benefit plan audit?

Lindsey Homan, CPA shares how you can prepare for an employee benefit plan audit. Who is required to have an audit of their employee benefit plan? The Employee Retirement Income Security Act of 1974 (ERISA) requires annual audits for companies that have 100 or more eligible participants in their 401(k) plan. If this sounds like […]

Ohio Unemployment Insurance Program Updates

Shirley Wu shares important updates for the Ohio Unemployment Insurance program. Two important updates employers must note: Quarterly Reports Must be Filed Online Beginning with the first quarter 2018 reports, which are due April 30, 2018, all quarterly state unemployment tax reports must be filed online. The reports can be filed either through the Employer Resource Information Center […]

What Tax Reform Means for the Construction Industry: Digging through the “Tax Cut and Jobs Act”

Ryan A. Sklenicka, CPA explains how the recent tax reform impacts the construction industry. The “Tax Cut and Jobs Act” that was signed into law December 22, 2017 will affect many industries beginning January 1, 2018. This has been the biggest reform to the tax code in over 30 years and this article will focus […]

Bipartisan Budget Act of 2018

On February 9, Congress passed the “Bipartisan Budget Act of 2018.” In addition to a plan to fund the federal government through March 23, the act contains a host of tax law changes. Included in the act were the following extenders that were previously set to sunset after 2016: The following INDIVIDUAL provisions were extended for […]

Life Planning: Prepare now for the unexpected

Many celebrity deaths from Prince to Whitney Houston have highlighted what can happen to an estate in the event of an untimely death. So, how can you prepare for the unexpected? Do you know what to do when your older relative falls and breaks a bone? There can be a lot of decisions to make.  Where […]

Preparing For Tax Filing

Chris Eichmuller shares how you can make tax time easier. Are you ready? The time has come! We’ve been waiting to see what the government was going to do with our taxes for 2018, and then the end of 2017 and tax filing season snuck up on us! (Not really, that’s virtually impossible.) So, what […]

US Tax Reform – Foreign Income and Tax Updates

Robert O’Neil, CPA  explains the key changes to foreign income taxation under the “Tax Cuts and Jobs Act.” The new tax law under the “Tax Cuts and Jobs Act” passed just before the end of the year, resulted in a lot of changes mostly taking effect as of 1/1/2018.  In addition to the many changed provisions that […]

IRS Releases Updated 2018 Withholding Tables

Liyuan (Shirley) Wu , explains what you need to know as employers and employees.  The IRS released Notice 1036 (see link below), which updates the income-tax withholding tables for 2018 reflecting changes in tax rates and tax brackets, increased standard deduction and repeal of personal exemptions that were included in the new tax reform law Tax […]

New Way to Pay IRS Online

Carleigh Machock provides advice on how to pay online. In a world that is dependent on mobile banking, quick money transfers and instant online payments, taxpayers want a fast and easy way to pay the IRS. It’s taxing enough to organize finances, let alone figure out what information is required to be sent out with a […]

Ohio Tax Amnesty Program: Apply by February 15 to Avoid Penalties

Chris Eichmuller shares how you can avoid penalties and pay less interest due of unpaid taxes through Ohio’s Tax Amnesty program. Resolving a problem like unreported taxes can be a difficult challenge for many taxpayers. Ohio Tax Amnesty is a limited-time opportunity for individuals and businesses to pay qualified back taxes with NO penalties and […]

Client Portal Reminders for 2018 Tax Season

Laura Lee explains the importance of using a secure portal and gives instructions for using ours: As CPAs, we are adaptable to serve the unique needs of our clients. CPAs are expected to be flawlessly organized, trustworthy, and responsible in resolving client issues, and equally so in handling sensitive client information. The extraordinary level of responsibility that comes […]

Corrigan Krause CPAs opens third location in Medina, Ohio

Continued Growth Allows the Firm to Expand Its Geographic Footprint Corrigan Krause, a regional full-service accounting firm, has combined with Gorsek & Co. out of Medina, Ohio effective December 1, 2017. This allows the Westlake-based firm to better serve its client base through continued expansion and continue to add to its talented team of professionals. […]

What to Expect with Tax Reform

Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. Since most of the changes will go into effect next year, there’s still a […]

Year-End Tax Planning Tips

Tax planning is an important part of personal finance, and everyone likes to save money! These tips from Chris Eichmuller, CPA can help you do just that.  *This post was originally published 12/01/16 The holiday season is upon us. So many people to see, cards to address, and so much food to eat. What a joyous- and […]

Examining IRS Code Section 460: What You Don’t Know Can Hurt You

Dennis Dlugosz – Director, Corrigan Krause This article was first published in the November 2017 issue of Properties Magazine.  With construction accounting, there are a number of allowable choices to consider when determining the correct and most beneficial tax method to use. Under Internal Revenue Code § 460 (460), the percentage-of-completion method (PCM) of accounting [...]

Maximize Your Giving with Enhanced Tax Deductions for Charitable Contributions of Food

Chris Eichmuller, CPA is a manager at Corrigan Krause. As the holiday season rapidly approaches, food drives and charitable donations are common giving opportunities that many businesses participate in. Did you know your company may be entitled to an enhanced tax deduction if you donate food to a qualifying organization? Qualifying Donations Charitable contributions of […]

The Proposed Tax Reform: How It Could Impact You and Your Business

Hank Gingerich is a Director in the Tax Department. I am getting a lot of questions from my clients about the effect of the proposed tax bill.  The bill, known as the Tax Cuts and Jobs Act, proposes significant changes for both individuals and businesses. This will be the first significant overhaul of the U.S. […]

QuickBooks Tips and Tricks: Advice from a ProAdvisor

This content is contributed by Maria Angotti, the Director of Operations at DMS Management Solutions. DMS is a strategic partner of Corrigan Krause. QuickBooks is a tool widely used by many accountants, bookkeepers and CFOs. It allows businesses to stay organized by keeping everything in one place. From QuickBooks, clients are able to track transactions, […]

What Mid-Size Firms Expect from New Accounting Grads

Chris Eichmuller shares key points that new accounting grads can highlight when interviewing for their first job. There are significant differences between big four firms and small to mid-size accounting firms. Do you know which is the best fit for you and your career? Find out what small and mid-size firms look for in new […]

MSI Month: Celebrating Our Membership

Throughout September, MSI member firms from around the world participated in a variety of activities that promoted the benefits of MSI membership internally and externally as a part of MSI month. Corrigan Krause is a proud member of MSI Global Alliance, one of the world’s leading international associations of independent legal and accounting firms. MSI […]

Avoid Hefty Penalties by Filing Unclaimed Funds by November 1

Sal Caroniti explains who must file and the penalties for failing to report unclaimed funds.  November 1 marks Ohio’s annual unclaimed funds reporting deadline for all companies, with the exception of Life Insurance companies. What are unclaimed funds? Most commonly in savings or checking accounts, stocks, uncashed dividends, security deposits, IRS refunds and more, these accounts […]

Equifax: How to Protect Your Assets and Credit

Lynda Doland shares advice on what you need to know to protect your assets and credit. The Equifax data breach is a trending headline this week. Announced last Thursday, the breach involves the potential compromise of the personal data of 143 million consumers. Who is Equifax? Equifax is one of the nation’s three major credit […]

Has Your Recent Merger or Acquisition Triggered an Employee Benefit Plan Audit?

Sheri Terens explains what to consider during a merger or acquisition to make sure your employee benefit plan remains compliant.  Employee benefits plans are necessary but can be complex, especially when mergers and acquisitions are in the picture. When is an audit required? The Employee Retirement Income Security Act of 1974 (ERISA) ensures that plan […]

Don’t be Bashful: How to Navigate the Annual Career Fair

Lisa Satonick shares tips on how to navigate upcoming Meet the Accountants nights.   Every year colleges host career fairs to help students network and, more importantly, find a job!  This is a great undertaking for the colleges and lots of planning and preparation go into these events.  For most students, this is an exciting […]

Corrigan Krause Recognized by ERC as Northcoast 99 Winner

Corrigan Krause CPAs is proud to be recognized by ERC as one of Northeast Ohio’s 99 best places to work. This is the second time that Corrigan Krause has received the award. NorthCoast 99 is an annual recognition program presented by ERC that honors 99 great workplaces for top talent in Northeast Ohio. NorthCoast 99 […]

New Faces and Changes at Corrigan Krause

Sal Caroniti shares recent internal changes and expansion at Corrigan Krause.  As we continue to grow, our Core Values remain the same. It’s most important to us that we continue to provide exceptional service to all of our clients. We continually add members but also promote members internally to allow us to build the strongest […]

Peer Reviews: Audits of the Auditors

Molly Stinn, CPA explains what a peer review is and gives an update on Corrigan Krause’s most recent peer review findings. The purpose of a peer review is to promote quality in the accounting and auditing services provided by CPA firms. Peer reviews ensure that CPA firms are preforming at a high standard and offer firms […]

Are Teaming Agreements the New Joint Ventures?

Elizabeth Friswold, CPA explains the benefits of teaming agreements and things you should consider. Are you familiar with teaming agreements? Did you know that teaming agreements could benefit your company? Learn the basics and benefits of these types of agreements. The Basics Where did teaming agreements come from? Born from the Small Business Jobs Act of […]

Documentation Requirements for Noncash Charitable Donations

Gifts of property to charity throughout the year can result in beneficial tax write-offs. Noncash charitable donations are held to strict record keeping requirements, and the acceptance of the deduction depends greatly on the quality of records associated with the donations. What items should I donate? Clothing and household items are the most common types [...]

What to Consider When Starting a Business

Carleigh Machock provides advice on what to consider before and during your journey as a business owner. Starting a new business is a dream for people. Maybe you have a great idea for a startup company, but aren’t quite sure where to start or what you should consider. Aside from motivation and a strong will to succeed, there […]

How to Prepare For Your First Internship and What to Look For

As college students begin their search for upcoming internships, Chris Eichmuller provides advice on the best things you can do to prepare for your first internship and explains what you should look for in a program and a firm. Gaining internship experience is invaluable and making a positive first impression and excelling during your internship […]

Choosing the Right Retirement Plan

Employees are the greatest asset that a company can have. Therefore, it’s important to provide valuable benefits that attract and retain talent. Retirement benefits are one of the most important benefits an employer can offer. Where do you start when choosing a retirement solution? There are many types of benefit plans, including: Payroll Deductions IRAs […]

Do You Know the Value of Your Company?

65% of business owners don’t. This alarming statistic was presented at the National Association of Certified Valuators and Analysts (NACVA) 2017 Annual Consultants’ Conference held in June in Chicago. Determining the value of a business can be done both formally and informally. Having a solid understanding of the value of your business through its life […]

LENSC Community Service Day

Members of the Corrigan Krause team spent the afternoon on June 26 at the Lake Erie Nature and Science Center in Bay Village, Ohio. The center is a nonprofit organization that offers educational programs, live animals on exhibit and a world-class planetarium. Corrigan Krause’s staff participated in a community service day, helping the center with […]

Corrigan Krause Named Top Workplace for Fourth Consecutive Year

Corrigan Krause CPAs is pleased to announce that it has been selected again as one of The Plain Dealer Top Workplaces. The Top Workplaces are based solely on employee feedback, which is gauged by a survey and questionnaire. The survey is administered by WorkplaceDynamics, LLC, a leading research firm that specializes in organizational health and […]

Which Method is Right for You: Completed Contract or Percentage of Completion?

Identifying the best accounting method to report your income and expenses is not always an easy task. Many rules and regulations apply and making the incorrect choice can negatively impact your business. It’s important to understand how each method differs, paying special attention to the impact on your taxes and your long-term business goals. The two primary accounting methods for financial and tax reporting are the Completed Contract method and the Percentage of Completion method.

Capturing Volunteer Time on the Books

Many not-for-profit organizations are able to utilize the generosity and the skills of their volunteer force for essential tasks and projects. It is important to capture these hours and apply a value to increase the organization’s top line revenues for services. A few examples would include: Working in the organization’s museums or retail shops Answering [...]

How to Properly Protect Your Financial and Tax Records

Floods, fires and other disasters are unpredictable. Are you properly storing and protecting your financial and tax information? The IRS recently published an article about how to protect your important records in case of natural disasters, such as hurricanes and floods, in light of Hurricane Preparedness Week. Documents that should be securely stored: • banking […]

A Recent Graduate’s Guide to Navigating Personal Financial Administration

Carleigh Machock, CPA, shares some nuggets of financial knowledge for a new college graduate:     One of the hardest parts of transitioning out of college is learning how to be financially responsible without support from mom and dad’s bank account. Dealing with inescapable paperwork and paying bills are necessities to adulthood. So is setting […]

The Importance of Password Best Practices

Laura Lee shares some important password reminders for cyber security:     Password protected accounts are integral for navigating the web these days, but no two websites handle password creation in the same way. Some might allow you freedom in the characters you choose but not in the length of your password, while others may limit […]

Top Tips for Not-For-Profit Fundraising

Al Harsar, CPA recommends some tips for keeping the “fun” in fundraising:     One of the key roles of a non-profit organization’s management and board of trustees is to raise funds. This ensures the organization is cash-positive so it can keep its mission going strong. Every organization should consider applying for grants that may qualify […]

Thank You for a Great Tax Season!

Lynda Doland, CPA gives a recap of the 2016-2017 tax season:     Well, we did it. We all made it through another “tax season!”  Thank you to all our clients, new and established, for your organization, your patience, your kindness and your continued support of Corrigan Krause. To our new Solon office clients, thank you […]

I Made a Mistake Running my Employee Retirement Plan. Now What?

  Sheri Terens, CPA shows how to handle common mistakes in retirement plans:     So, you’re a great employer that started an employee retirement plan to offer the added benefit to your employees. Of course you want to do the right thing to run your plan, but are you?   First, you need to […]

Stress Relief Tips for the Workplace

Lisa Satonick, SPHR, SHRM-SCP gives some ideas for keeping your staff motivated, even during the busiest times:     At an accounting firm, we are very familiar with busy times of the year. Tax season can be difficult, with long hours and lots to do! The best way to keep staff motivated and show that […]

Does Your Business Need an Audit?

Sean Brady, CPA shares some key benchmarks that may indicate it’s time for an audit:     “The times, they are a-changin’,” is not just a title of a well-known Bob Dylan song. It’s commonly indicative of why your organization may need an audit. Audits are typically brought about by change, primarily a change in the stakeholders. To […]

The Value of an Outside Advisory Board

Sal Caroniti, CPA has some advice for any business owner considering an advisory board to assist with their company:     It’s no secret to a business owner that small businesses often face resource limitations. For example, the small size of the company may mean there are not enough margins to be able to absorb […]

How to Conquer the CPA Exam or Anything Else: Strategies for Reaching Your Goals

Carleigh Machock, CPA knows first-hand the hard work and dedication that goes into achieving a major goal, and has some tips to pass on:     As I was wrapping up my studying one Saturday night at a local Starbucks, I was stopped by a man who recognized the Becker study book I was packing […]

Top Five IRS Refund Myths

Lynda Doland, CPA shares an article dispelling some common myths about your tax refund:     I recently read this article, which expanded on some common myths that taxpayers often believe. I encourage you to read the article and visit the IRS’s website for more information, but the myths are listed below: “All refunds get […]

How to Survive an IRS Audit

Rob O’Neil, CPA has some experience walking clients through an audit and can set your mind at ease:     While no one enjoys the prospect of being audited, it is important to always be prepared in the event that an audit takes place. There are known “red flags,” but anything can potentially lead to […]

A New Way to Think About Growing Your Business

Tom Krause, CPA has many tried-and-true tactics for encouraging business growth. He expands on one of them below:     Anywhere you look, there are tips given for growing your business: books, online articles, podcasts, and more. Many of these sources have helped our firm and clients grow in significant ways. Growth strategies I’m familiar with have ranged […]

Data Security in Today’s Workplace

Laura Lee reminds business owners of the safety mechanisms necessary for a cyber-secure workplace:     Employers are faced with a daunting challenge as new technologies enter today’s workplace. Successfully navigating the intersection of privacy and data protection while maintaining a technology-driven workplace requires addressing the following: Reduce the risk of a workplace security breach […]

Driver’s License or State ID Number Needed for Ohio Returns

The Ohio Department of Taxation requires a driver’s license or state ID number on all electronic returns. If you don’t have either, you must declare so on the return.

Making College Tuition More Affordable

Ann Emery, CPA has some tips for parents who are looking for ways to make college tuition payments manageable:      If you are a parent with college-bound children (or your children are already college age,) there are approaches that seek to take maximum advantage of tax benefits to minimize your expenses. Here are a […]

The Importance of Labor Law Posters

Lisa Satonick, SPHR, SHRM-SCP suggests a simple way to help keep your business in compliance with labor laws- by keeping your labor law posters current:     Did you know that if even you have one employee, you are required to post labor law posters? Labor law posters define those federal and state employment laws that […]

Client Portals: The Benefits to Corrigan Krause and Our Clients

As CPAs, we are adaptable to serve the unique needs of our clients. CPAs are expected to be flawlessly organized, trustworthy, and responsible in resolving client issues, and equally so in handling sensitive client information.

Is it Safe to Clear Out My Old Income Tax Records?

Lynda Doland, CPA gives some insight on which records you should keep, and for how long:     All too often, our files get cluttered with old records that we hold on to “just in case.” When it comes to tax returns and other supplemental documents, this article I found from CPA Practice Advisor has […]

Corrigan Krause Volunteers in the Community

The Corrigan Krause staff participates in “Community Service Day” twice a year. This winter, the staff took shifts sorting donations at the West Side Catholic Center in Cleveland’s historic Ohio City neighborhood. The West Side Catholic Center is a homeless shelter that offers hospitality, hot meals, clothing, and services to the underprivileged men, women, and […]

Corrigan Krause CPAs opens second location in Solon, Ohio

Update: The CK East location moved from Solon to Mayfield Heights in February 2021.

Dependent Care Benefits Can Help You Achieve Balance

Kelly Linden, CPA has the scoop on this helpful tax benefit:     It’s not easy juggling all of the responsibilities of today’s working adult, especially if you’re a caretaker for children and family members. Mental and physical strain aside, financial resources can take a hit as well. However, dependent care benefits can help! Dependent […]

Important Payroll-Related Changes for Employers

**UPDATE: This post has been updated as of 12/22/16** As we approach year-end, there are a few important updates to filing deadlines and rate changes to keep in mind. Shirley Wu, CPA explains:   New filing deadline for forms W-2 and 1099: Beginning with the 2016 forms (e.g. those filed in 2017), Form W-2 and Form […]

Year-End Tax Planning Tips

Tax planning is an important part of personal finance, and everyone likes to save money! These tips from Chris Eichmuller, CPA can help you do just that:     The holiday season is upon us. So many people to see, cards to address, and so much food to eat. What a joyous- and hectic- time! […]

The Latest News on the Fair Labor Standards Act

The Society for Human Resource Management is keeping everyone up to date on the Fair Labor Standards Act. Lisa Satonick, SPHR, SHRM-SCP summarizes:     As you may know, the final Fair Labor Standards Act’s (FLSA’s) overtime rule was set to go into effect Thursday, December 1. A federal judge in Texas put the brakes […]

Charitable Giving From an IRA

Chris Eichmuller, CPA has information on a different way to make charitable donations:   Are you over 70 ½?  Are you required to take distributions from your IRA?  Are you a charitably-inclined person? The recently enacted “Protecting Americans from Tax Hikes Act of 2015” contains a permanent extension of the popular rule allowing tax-free IRA […]

Giving Tuesday is Coming Up!

Al Harsar, CPA on the power of Giving Tuesday:     In just over a week, preparation for holiday season gift-giving will be in full swing. But what about focusing on something other than presents during this charitable time of year? Giving Tuesday was a movement started in 2012 to set one day aside each […]

Have You Thought About Succession Planning Recently?

Mike Bigrigg, CPA/ABV recently gave a presentation on business valuations and succession planning. Here is what you need to know:     Two-thirds of businesses in the United States are owned by entrepreneurs over the age of 50. It is estimated that 10 million of those business owners will retire in the next 10 years. […]

Why Should You Outsource Your Bookkeeping?

Susie Johnson gives a rundown of the benefits to outsourcing this important piece of your business:     Bookkeeping. Anymore, business owners look at this task as a chore that no one really wants to take the time to accomplish. However, if neglected, responsible financial decisions will be overlooked. There is a simple solution to […]

Strategic Planning for Not-for-Profits Presents Unique Challenges

However, these challenges have solutions! Erin Currie, CPA shows the creative planning that must take place in the not-for-profit world:     In today’s not-for-profit world, it is extremely important to have your yearly budget in place and continuously reviewed. However, your strategic plan is what really holds the key to your future. Funding and […]

This Tax Planning Strategy Can Save You Tons When You Transfer Your Business

Successful business succession planning comes with lots of planning. Intentionally Defective Grantor Trusts, according to Tom Krause, CPA, can keep things simple and save you money.     There are a number of businesses that will be transferring ownership over the next ten years.  Why? Baby boomers. There is a large population of baby boomer […]

Have You Outgrown Your Retirement Vehicle?

Dennis Dlugosz, CPA shares his experience with retirement planning and offers sound advice:     Not long ago, I was like most Americans who start saving for retirement. My mindset was, “It is so far away- why worry now?” Now, working with businesses and individuals and witnessing my parents’ retirement, I can clearly see that […]

Are You a Contractor? ‘Percentage-of-Completion’ Should Ring a Bell.

Andy Pena takes a look at this method of recording long-term contracts:     In order to comply with generally accepted accounting principles (GAAP), your construction company’s financial statements are required to recognize revenue a certain way. GAAP requires revenue to be recorded in the period it is earned, regardless of when it is billed […]

Consider Choosing Your CPA to be Your Trust Advisor

According to Al Harsar, your CPA can help with much more than just your tax returns:     Many people trust their CPA to prepare their personal and business taxes and to consult with them on important financial decisions. This makes sense since their CPA understands not only their tax situation, but is usually privy […]

Top 5 Ways to Improve Efficiencies Within Your Accounting Department

It might be easier than you think. Aaron Apathy, CPA has tips:     Business owners are always looking for ways to improve their business and make more money.  One way to do so is to improve the efficiencies within their accounting department. By accomplishing this, the accounting department can spend more time generating budgets, […]

When Did Your Healthcare Practice Last Have a Check-Up?

Ann Emery emphasizes the importance of a CPA firm to a healthcare practitioner:     If you’re running a healthcare practice, your primary concern is your patients. But how often are you checking in on the health of your business? Just as essential to a successful practice is timely financial information for effective management decisions […]

How an International Association Improves a Business

In honor of MSI Month, let us explain how membership in an international association improves our firm every day:     Corrigan Krause is a member of MSI Global Alliance, one of the world’s leading international associations of independent legal and accounting firms. How does membership in such a group help us do our job […]

Succession Planning for the Family Business Owner

Tom Harrison, CPA shares his tips for successful transitioning of a family business:     Succession planning is defined as, “Making the preparations necessary to ensure the harmony of the family and the continuity of the business through the next generation.” Succession planning may be the single most important process that a business owner enters […]

What Do I Need to Know About My Homeowner Association?

Molly Stinn, CPA has experience with common interest realty associations, or CIRAs:     If you own a home or rental property in a condominium or in a housing development where the homeowners share certain common property, you are probably a member of a condominium owners or homeowners association – collectively referred to as a […]

Are You Paying a Higher Price for Loyalty?

Sheri Terens, CPA asks the tough questions when it comes to your employee benefit plans:     The hot topic over the last few years has been 401k fees. There are so many service providers associated with 401k plans that it’s hard to keep them straight: investment advisor, third party administrator, custodian, record-keeper and more. […]

Business Valuation is an Art and a Science

Mike Bigrigg, CPA/ABV explains the inner workings of a business valuation:     I was recently giving a presentation at a local continuing education conference when I received an interesting comment in front of an audience of 200-plus attendees.  I had just finished a presentation on a few recent business valuation case studies and left […]

The Annual CK Golf Outing Was a Success!

Every year, the CK staff takes a summer afternoon off to get out of the office and play nine holes in our yearly golf outing. Last week, we played at Mallard Creek in randomly-assigned teams, and it was a lot of fun! Here’s a glimpse into the fun:

A Sales Tax Holiday is Coming Up!

James A. Kilgore, CPA has information about the “Back to School” Ohio sales tax holiday:     Ohio will have a one-time sales tax holiday from Friday, August 5 at 12am until Sunday, August 7 at 11:59pm. During this time, approved purchases are exempt from sales and use tax. The following items qualify for this […]

SSARS 21 Offers Business Owners a New Level of Financial Reporting

“SSARS 21” is a somewhat complicated professional standard, but Beth Friswold, CPA breaks it down for you:     Here’s some background to SSARS 21, a new professional standard that can all you to select a new level of service for your financial statements: In October 2014, the Accounting and Review Services Committee of the American Institute of Certified Public […]

A Voluntary Disclosure Agreement Could be Right for You

To disclose or not to disclose, that is the question that Renee Hawke, CPA answers:     Recently, we assisted a dental practice client in filing a sales tax voluntary disclosure agreement with the Ohio Department of Taxation. Here’s the situation: There was a change in sales tax law that affected certain dental practices. So, […]

Get the Most from Your Accounting System

Sal Caroniti, CPA has insights that small business owners need when it comes to efficient and timely financial reporting:     One of the many attributes of a successful company is the ability of the accounting personnel to adequately, accurately and efficiently report its financial results to management and ownership.  Having an efficient and accurate […]

A House Bill 5 Summary for You, the Taxpayer

Shirley Wu, CPA gets you up to speed on the changes involved with House Bill 5:     Starting this year, there are a lot of changes to Ohio municipal tax under House Bill 5, which was passed in late 2014. We are listing some key provisions here and want to make you aware of […]

Performance Evaluations Don’t End After Reviews

Lisa Satonick, SPHR, SHRM-SCP reminds business owners that employees need year-round evaluation of their goals and performance:     One of the biggest mistakes a company can make is approaching the performance evaluation process with just a one-time annual meeting. While having an annual performance evaluation is better than no feedback at all, consistent feedback should […]

Corrigan Krause is a Top Workplace!

Corrigan Krause CPAs is pleased to announce that it has been selected as one of The Plain Dealer Top Workplaces for the third consecutive year. The Top Workplaces are determined based solely on employee feedback, which is gauged by a survey and questionnaire. Here is this year’s list, and here’s our feature! At Corrigan Krause, […]

Deferred Compensation Could Protect Key Employees

Looking for a way to shelter some income for your key employees? Al Harsar has information on setting up a nonqualified deferred compensation arrangement:     A plan that provides for deferral of compensation is potentially subject to Code Section 409A. Section 409A of the Internal Revenue Code allows for certain non-qualified deferred compensation arrangements […]

Why Your Will or Trust Should be a Priority

Lynda Doland, CPA, shares the complications that ensue for your family and loved ones when you’re not prepared with a will:     It is incredibly important not only to have a will or trust, but to also keep them updated.  Don’t believe me?  Let’s look at an example of someone who did not have […]

Is the Sale of Your Personal Residence Taxable?

Chris Eichmuller, CPA, explains the circumstances in which the sale of your home could be tax-free:     Selling your home and moving into a smaller house or a condo is seldom an easy decision, but at least part of the decision-making process is a little easier in light of an exclusion that eliminates most […]

Community Service Day Was a Success!

Corrigan Krause’s staff participated in a Community Service Day at the Lake Erie Nature and Science Center (LENSC) in Bay Village, Ohio. As a part of the Community Service Program initiated by Corrigan Krause, the staff is given a paid afternoon off twice a year to volunteer together for a local organization. In November, the […]

A Withholding Rule Could Affect Your Real Estate Transactions

Shirley Wu, CPA has tons of valuable experience with real estate transactions between an American and a foreign person:     Have you thought about buying American real estate property from a foreign person? Or maybe, you are a foreign person and considering selling U.S. real estate property. If so, it’s important that you know […]

Why Does My CPA Use Outside Consultants?

Have you ever wondered about this? Tom Krause, CPA clarifies:     Our Firm’s primary job is to assist our clients in the best way possible. This is why clients rely on us. But, as the saying goes, “You cannot know everything.” This is more appropriate today than even 27 years ago when I started […]

DOL Announces Final Updates to White Collar Overtime Exemption

Lisa Satonick, SPHR, SHRM-SCP, explains breaking news regarding The Fair Labor Standards Act:     After months of speculation about the final rule, the Department of Labor announced on Wednesday that the new minimum salary threshold for overtime exemption will be $47,476 as of December 1, 2016. With the new rule in place, all salaried […]

IRS Issues Penalties in Error

Kelly Linden, CPA gives a quick update on the IRS’s erroneous penalties:     The IRS announced that it’s working to resolve an error in which taxpayers that made payroll deposits after April 15th, 2016 but before April 18th, 2016 were issued failure-to-deposit penalties. Because the deadline for employers to make payroll tax deposits was […]

A G400 Designation Gives Corrigan Krause a Leg Up

What is the G400, you may ask? Molly Stinn, CPA has the answers:     I just returned from the 2016 AICPA G400 Conference in Denver, which was an insightful and inspiring meeting of firms like ours. The G400 is a wonderful resource for CK, and I want you to know more about it. The […]

Capital Campaigns: It’s Not Just Bricks and Mortar

Al Harsar, CPA has experience with many avenues of fundraising for a non-profit organization, and he’s happy to explain:     Did you ever wonder what it takes for a non-profit entity to get the momentum rolling to fund a capital project? It starts with the Board’s desire to follow through on a plan, raise […]

Handling Emotion in the Business Setting

Sal Caroniti, CPA knows that emotion can cloud judgement. He advises not to let it get in the way of important business decisions:     Not too long ago, I wrote a post about dealing with stressful situations in managing a business. One of the steps I identified in dealing with stressful situations is to […]

How Do I Sell My Business?

Mike Bigrigg, CPA/ABV lets you in on the important aspects of preparing for a business sale:     Selling a company can be a daunting task for a small business owner. With countless legal experts, consultants, bankers, and accountants from which to choose, a small business owner may be asking, “What services do I need […]

Maintaining a Respectful Workplace

A fair, collaborative, inclusive, and respectful workplace is vital to the success of any organization. It is crucial that the leaders of the organization embrace this concept by living up to their core values, which should include these tenets. While leaders set the tone, all employees need to be committed to supporting an environment where [...]

Another Tax Season for the Books

Lynda Doland, CPA gives a wrap-up of this past tax season.     Phew! Another tax season is now under our belts, and here at Corrigan Krause we’re feeling relieved to have the long hours behind us, excited to enjoy the springtime weather with our families, and grateful for the clients who keep our “busy […]

Can a Roth Conversion Help You Retire Comfortably?

Al Harsar, CPA gives away the secret to making a Roth conversion work for you:     I’ve written recently about planning ideas specific to your IRA or Roth IRA. When it comes to your retirement account, the planning opportunities are endless. When you’re planning on security for your future, tax losses can seem like a […]

Persistence: We Have What it Takes

Molly Stinn, CPA, dives in to the details of what it takes to be a CPA.     Ever wonder what it takes to be a CPA? A preference for summer golf over winter skiing? Not really. Besides a proclivity for numbers, persistence may be a CPA’s best attribute. Before setting out to advise clients […]

CK De-Stresses With Yoga

During the busy tax season, we actively look for ways to maintain our mental and physical health. One such way is by defeating stress. The staff recently enjoyed a meditation class and a yoga class from local yoga studio Inner Bliss, located in Westlake. The meditation class offered us an opportunity to focus on breathing, […]

Make Sure Your Business Survives

Mike Bigrigg, CPA/ABV suggests a buy/sell agreement to keep your investment from failing:     When an entrepreneur begins a business venture, there are hundreds of tasks to undertake. Even after the business is up and running, the entrepreneur is often engulfed in the immediate needs of the Company: “How can I increase sales?” “At […]

Your Employee Benefit Plan May Not Be Audited Correctly

Sheri Terens, CPA has information you may not know about the standards of EB Audits:     The Department of Labor requires that certain retirement plans be audited annually according to the auditing standards of the AICPA. These standards are designed to protect the retirement savings of millions of Americans. It is the responsibility of […]

Get Into That Routine

Aaron Apathy, CPA lays out the best routine for a useful month-end closing process:   You may have heard the saying, “If you don’t know your numbers, you don’t know your business.” It’s true. But how do you get into a routine of checking your numbers? The best way for a business owner to understand […]

Accounting Housekeeping for the Potential Sale

Molly Stinn, CPA helps you make sure you’re ready for the sale of your business- be it now or sometime down the road:     Mergers and acquisitions, succession planning, equity infusion. Each of these transactions potentially requires an outsider to take an up-close-and-personal look at your business. Your company may be on a fast, […]

Enhance Your Retirement

Al Harsar, CPA gives tips for tax-free retirement savings:     Saving for retirement is a no-brainer. But, wouldn’t you like to earn your retirement money on a tax-free basis? As a taxpayer, you have that option by using the benefits of a Roth IRA to save for your retirement.  Here’s how it works: Contributions […]

Making Decisions in Stressful Situations

Sal Caroniti, CPA gives advice on making the right choice in the face of stress:     What they say is true: with success comes adversity. As a small business owner or high net worth individual, you probably already know this all too well. Being confronted with stressful situations is nothing new; in fact, it’s […]

Tax-Free Charitable Donations: Here’s How

Al Harsar, CPA gives a tip on donating to charities tax-free:     Good news for those who donate to charities! With the PATH Act of 2015, our government finally made permanent a beneficial part of the code for 501(c)(3) Tax Exempt Organizations: the ability for an individual to roll over a portion of their […]

5 Things to Avoid When Creating Your Niche Plan

Molly Stinn, CPA, gives advice on successfully building your presence in a niche market:     Google “niche marketing articles” and you’ll get hits on all kinds of advice. Strategies for successful niche marketing, why niche marketing matters, ways to ace niche marketing – the recommendations are endless. How do you know where to start? I […]

2016’s Identity Protection Outlook

James Kilgore, CPA gives a summary of this year’s identity protection hot-button items:     It is the unfortunate truth that fraud is ever-present in this day and age. Last year, Ohio combatted a record number of fraudulent tax returns, and our clients deal with telephone and email scams all of the time. This year, […]

Start off Your Year with a Bang

Dennis Dlugosz, CPA, on planning for the best 2016 possible:     2015 is long over, and you had a great year- lots of growth in revenue and net income for your company.  Time for some much needed rest and relaxation, right? Wrong! Don’t lose that momentum; carry it over to start off 2016 with […]

Tackling the Cost of College Tuition

Ann Emery, CPA outlines the keys to valuable savings on college tuition costs:     The rising cost of college tuition can seem insurmountable. However, there are savings opportunities and planning strategies you can take advantage of, and your CPA has the knowledge to help! Here are three ways to make the cost of college […]

6 Ways to Get Organized for Tax Season

According to Chris Eichmuller, CPA this tax season can be your most effortless one yet with some simple organization tips:     Getting your files and receipts together before filing your taxes can seem like an overwhelming job. The truth is, staying organized is an everyday habit instead of a yearly task, and it can make your […]

Don’t Miss a Networking Opportunity

Tom Krause, CPA shares some networking experiences and warns of the possible pitfalls:     I recently came across this article, which has some great advice concerning networking or potential new client meetings not only for CPAs, but any service provider. Some of these points appear to be rather simple, but they make a big […]

Recommended Reading: Appreciative Leadership

Dennis Dlugosz, CPA, gives his thoughts on a great read for small business owners:     Title: Appreciative Leadership – Building Sustainable Organizations Author: Jack Ricchiuto   Human nature is a wonderful thing; it makes us who we are and separates us from all other species. Human nature also predisposes us to always be looking […]

Using LinkedIn as a Recruiting Tool

Lisa Satonick, SPHR, SHRM-SCP explains why you can’t undervalue this social networking tool when you’re recruiting new candidates:     As small business owner, you wear many hats. Your ever-shifting role may even take the shape of the company recruiter, and anyone who has the task of recruiting knows it’s a full time job.  Recruiting […]

Preventing Fraud is Easier Than You Think

Brian Weisbarth, CPA, CFE explains the easy ways your company can prevent employee fraud:     We had an interesting conversation at our recent Business Development Meeting. Shannon Cain and Cynthia Allen of Cain & Associates presented to us on trends in the forensic accounting industry. They asked how many of us had worked with clients […]

The PATH Act: What You Need to Know

Ann Emery dives in to explain the PATH Act of 2015 and how it could affect you:     President Obama has signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015, which provides a number of significant tax changes for both individuals and businesses. The PATH Act includes the retroactive extension of […]

What is a BB Gun Worth?

The “fair market value” of a standard BB gun is about $20. Yet, if the right BB gun is sold to the right buyer, the “synergistic value” could be 500 times that.

Beware of IRS and Treasury Department Scammers

Lynda Doland, CPA warns of fraudsters looking to steal your identity:     Imposters will often call people claiming to be from the IRS in an effort to obtain private information. Beware of any phone calls from individuals claiming to represent the Internal Revenue Service (IRS) or U.S. Treasury Department. These scammers will often demand [...]

New Faces at CK

Corrigan Krause CPAs announced today the addition Salvatore J. Caroniti, CPA to their staff as Chief Operating Officer (COO.) Caroniti has over 30 years of experience in the finance field, with both public accounting and leadership experience. Most recently, Caroniti served as President and Chief Financial Officer of Standby Screw Machine Products Company, a privately-held […]

Is Your Employee Benefit Plan Audit Deficient?

According to Sheri Terens, CPA, a deficient employee benefit plan can have grave results:     An overwhelming amount of employee benefit plan audits are deficient, according to a new report issued by the United States Department of Labor (DOL). From a sample of 400 plan audits, 39% of the audits contained major deficiencies with […]

Exciting Awards for CK

Corrigan Krause CPAs has been named to the Crain’s Cleveland Business Magazine’s “Crain’s 52” list, a ranking of the fastest growing companies in Northeast Ohio, as well the 2015 Accounting Today’s Best Accounting Firms to Work For list. Formerly known as the Crain’s Fast 50, the contest and award was rebranded this year to pay […]

I Want to Write off Real Estate Losses: Is This Your Situation?

Molly Stinn, CPA details how real estate losses could benefit you come tax time:     Losses from real estate can generally only be used to offset income from “passive activities.” Any remaining losses must be carried forward — unless you’re a real estate professional. There’s another catch: Even real estate professionals must pass a […]

Inherited IRAs Bring Special Tax Issues for Surviving Spouses

Hank Gingerich, CPA advises on the various options of inherited IRAs:     When inheriting an IRA, a surviving spouse has several options. He or she can remain the beneficiary of the account. As an alternative, if the spouse is the sole beneficiary, he or she can instead treat the inherited IRA as his or […]

Analyzing Net Working Capital in Business Transactions

Mike Bigrigg, CPA/ABV, shows why you may need a business valuation: We often perform business valuations for clients involved in the potential sale or purchase of businesses. Many times, the buyer and seller disagree over how net working capital, which is typically defined as all non-cash current assets less all non-debt current liabilities for business [...]