Archive for - October, 2015

Advantages of owning property held by a separate entity

Oct. 29, 2015

Do you own a business and operate out of your own building? Oftentimes, a business owner will personally own property and rent or lease it to the operating company. There […]

Social Security Update

Oct. 29, 2015

A recent budget bill passed by the House and now awaiting Senate approval will eliminate the “file and suspend” strategy for claiming Social Security spousal benefits. Beneficiaries that are currently […]

Walthall CPAs moves up to 15th largest accounting firm in NEO

Oct. 28, 2015

In the most recent list of the largest accounting firms in NEO by Crain’s Cleveland Business. Walthall CPAs was ranked 15th. Last year, the firm was ranked 17th.

Retirement planning for small business owners

Oct. 27, 2015

Five things that small business owners should keep in mind when approaching retirement Contemplating the sale of a company in anticipation of retirement can be a daunting task for small […]

Walthall Promotes Seven

Oct. 26, 2015

WALTHALL PROMOTES SEVEN CLEVELAND – Walthall CPAs, a leading regional CPA and business advisory firm, is pleased to announce the promotion of five employees in two of its offices. City […]

Estate planning and income tax basis

Oct. 24, 2015

Should you make gifts during your lifetime or transfer property after your death? It is important to think through as income tax basis for the person receiving the property is […]

Check withholding to ensure correct amount is withheld

Oct. 23, 2015

The earlier in the year they check their withholding, the easier it will be to get the right amount of tax withheld. The IRS recently issued the following information: Besides […]

Value of a 529 account included in an estate

Oct. 23, 2015

Have you wondered if the value of your 529 account will be included in your estate? Contributions to 529 college savings plans are considered present interest gifts, so the value of […]

IRS issues tax provisions and 2016 tax rate tables

Oct. 22, 2015

The IRS released the annual inflation adjustments for more than 50 tax provisions and the 2016 tax rate tables for individuals and estates and trusts (Rev. Proc. 2015-53). The Journal of Accountancy article goes […]

Alert for IRS scam phone calls

Oct. 22, 2015

#1 – The IRS will not call you (without prior communication) #2 – The IRS will not email you #3 – The IRS will not ask for payment over the […]