Flip boar rendering of the year 1969

How the Workplace Has Changed Over 50 Years

Halt, Buzas & Powell is 50 years old! We are excited to be celebrating half a century of helping clients fulfill their unique visions of success. While “success” looks different for everyone, office expectations and behavior tend to be more or less consistent across the country – but not across time!  As part of our Focus on 50 anniversary celebration, we’re taking a look at some of the huge workplace changes we’ve witnessed over the years.

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payroll expenditure or revenue account, profit or loss

What Business and Nonprofit Leaders Should Know about Payroll Tax Audits

What comes to mind when you hear you’re about to be audited? If you’re like most people, it’s an unpleasant idea focused solely on proving the accuracy of recent income tax returns. That’s not the only type of audit though; the IRS conducts a number of less familiar audits that often take business and nonprofit leaders by surprise. Payroll and employment tax audits are a prime example. (While nonprofits aren’t always subject to the same employee taxes as businesses, they must still comply with laws regarding federal withholding, Social Security, Medicare and other applicable payroll taxes.)

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View from above of three gentleman sitting at table discussing audit

Preparing for the Uniform Guidance Audit (Formally known as OMB Circular A-133): Are You Ready?

Do you work for a nonfederal entity? Does your organization receive federal grants and awards? Does your organization expend $750,000 or more in these awards in one fiscal year? If you answered yes to all of these questions, then your organization is subject to a what is commonly called a Uniform Guidance audit or formally known as single audit in accordance with the Office of Management and Budget’s (OMB) Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards.

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Woman examining data papers for internal audit

Internal Audit Processes for Small Businesses

The word “audit” covers a lot of ground. Upon hearing it, most people immediately think of an IRS review of tax returns, a Single Audit under Uniform Guidance or another of the various legally mandated audit types. Those are big deals, to be sure, but it is the often-overlooked and purely voluntary internal audit that frequently brings the most value to an organization. An internal review of processes and procedures can identify significant issues and provide insight that helps organizations of every size mitigate risks, strengthen internal controls and improve operations.

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back of college graduates during commencement.

Invest in Your Children’s Education–Contribute to a 529 Plan!

Contribute to 529 plans–it’s never too early or too late to start putting money away for a child’s college education. The education days will be here sooner than you think and likely more expensive than you were planning on! 529 contributions are not limited to parents; this is for grandparents, aunts, uncles or anyone with interest in helping provide the means necessary for a child’s higher education.

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Piggy bank and tax concept

Tax Incentives for New Businesses

Starting a business means paying business taxes. While that’s not something most business owners get excited about, here’s a fact that might inspire more enthusiasm: in addition to the tax deductions for routine business expenses, there are a number of federal tax credits that can reduce the tax burden on businesses.

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