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Informative Articles, Notices and Resources

Bradshaw, Gordon & Clinkscales, LLC

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  • Retirement Plan Early Withdrawals: Make Sure You Meet The Requirements to Avoid a Penalty

    Retirement Plan Early Withdrawals: Make Sure You Meet The Requirements to Avoid a Penalty Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified…

  • Auditing Accounting Estimates

    Auditing Accounting Estimates When companies report financial results, they often rely on estimates made by management. Examples include the allowance for doubtful accounts, warranty obligations, costs of pending litigation, goodwill impairment and the fair values of acquired intangible assets. How do auditors evaluate whether amounts reported on the financial statements for these items seem reasonable?…

  • Why You Might Want to File Early and Answers to Other Tax Season Questions

    Why You Might Want to File Early and Answers to Other Tax Season Questions The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline…

  • Tax-Saving Ways to Help Pay for College — Once Your Child Starts Attending

    Tax-Saving Ways to Help Pay for College — Once Your Child Starts Attending If you have a child or grandchild in college — congratulations! To help pay for the expenses, many parents and grandparents saved for years in tax-favored accounts, such as 529 plans. But there are also a number of tax breaks that you…

  • 5 Benefits of Outsourcing Your Accounting Needs

    5 Benefits of Outsourcing Your Accounting Needs CPA firms do more than audits and tax returns. They can also help you with everyday accounting-related tasks, such as bookkeeping, payroll and sales tax filings. Should your organization outsource its accounting needs? Here are five potential advantages to consider when evaluating this decision. 1. Professional Advice Outsourcing…

  • Getting Into Data Analytics Without Breaking The Bank

    Getting Into Data Analytics Without Breaking The Bank   Most business owners would probably agree that, in today’s world, data rules. But finding, organizing and deriving meaning from the terabytes upon terabytes of information out there isn’t easy. How can your company harness the power of data without throwing dollars into the technological void? By…

  • Tax-Wise Ways to Save For College

    Tax-Wise Ways to Save For College    If you’re a parent or grandparent with college-bound children, you may want to save to fund future education costs. Here are several approaches to take maximum advantage of the tax-favored ways to save that may be available to you. Savings Bonds Series EE U.S. savings bonds offer two…

  • Update On Remote Auditing

    Remote work became a buzz topic when the United States went into lockdown mode in 2020 to combat the effects of COVID-19. Like many companies, audit firms quickly shifted to remote auditing with video conferencing and drones. Now that the country has largely reopened, will auditors continue to work remotely? Remote auditing “definitely continues to…

  • Is Unused PTO a Problem? Consider a Contribution Arrangement

    A new year has arrived. For many businesses, this means employees’ paid time off (PTO) arrangements have reset. And at companies with “use it or lose it” policies, workers have likely left a few or perhaps many unused hours on the table. It’s a Growing Problem A July 2022 survey conducted by Sorbet, a provider…

Bradshaw, Gordon & Clinkscales, LLC