Eric Neuman and Sammi Dittloff, Chortek's 2 employees being recognized on March 1, National Employee Recognition Day

Press Release: Chortek Celebrates National Employee Appreciation Day With an Emerging Leader and a New Employee

We are celebrating National Employee Appreciation Day by recognizing two milestones.

Waukesha, WI (March 1, 2019) – Chortek LLP, a CPA and business advisory firm with a 70+ year legacy of serving private businesses and individual clients throughout the nation, is celebrating National Employee Appreciation Day by recognizing our recent Emerging Leader award recipient, Eric Neuman, and welcoming our new Senior Digital Media Manager, Sammi Dittloff.

Eric Neuman, Senior Manager at Chortek, has been recognized as an Emerging Leader in Waukesha County. His efforts in building relationships and community both inside and outside of Chortek contributed to this award. Neuman helps implement new accounting standards at the firm as a technical leader for clients and colleagues. He also mentors internally and recruits for Chortek by presenting at local colleges. His volunteer work with several organizations, including the Wisconsin Special Olympics, Meta House, The Journey House, and more, were also taken into consideration for the award. Chortek looks forward to celebrating Neuman’s win at the Emerging Leaders Award Program in Brookfield on April 24, 2019.

Sammi Dittloff has joined Chortek as a Senior Digital Media Manager. Dittloff brings over a decade of combined marketing and academic experience to the company. She has an M.A. in Media Studies and a B.A. in Strategic Communications from the Journalism, Advertising, and Media Studies program at the University of Wisconsin-Milwaukee. Dittloff will be responsible for communicating Chortek’s business lines to current clients and new prospects. She will also be assisting Chortek in its recruitment efforts.

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Protect Your Records – Closing Your QuickBooks

Protect Your Records – Closing Your QuickBooks

Once you have entered all prior year activity and reconciled all accounts, you want to prevent mistaken prior year typos by closing your QuickBooks.  This is an easy step that your tax accountants and auditors will appreciate and saves you from potential headaches of trying to find the accidental changes to closed periods the following year.  Here are the steps for QuickBooks Desktop:

Go to Edit > Preferences – Go to the Accounting tab on left & Company Preferences tab on top:

Click Set Date/Password > Enter the Closing Date and Closing Date Password > Click OK

Part 1

You can do this monthly or quarterly too, but at a minimum perform annually!

You Closed Your Books But Need To Adjust Estimates

Applies to QuickBooks Desktop/Enterprise:

To maintain access to prior estimates, sales orders and purchase orders check the box above the closing date.

Go to Edit > Preferences – Go to the Accounting tab on left & Company Preferences tab on top:

Click Set Date/Password > Check the box above the Closing Date > Click OK

Part 2

Keep rolling without fear of affecting prior year!

Protect Your Records – Close Your Books In QuickBooks Online, Too

Ensure all activity is entered and reconciled then follow the below steps to prevent accidental changes to closed periods.  Here are the steps for QuickBooks Online:

Go to the Gear icon in the top right > Account and Setting > Advanced tab on left at bottom.

Within the top Accounting section, click the pencil at top right to edit.

Enter the updated closed period, chose ‘Allow changes after viewing a warning and entering a password’ and enter your password and click Save.

Part 3

Year-end headaches averted!

Any questions give Chortek’s QuickBooks Specialist, Ann Weaver, a call @ 262.522.8277

cybersecurity protection

Cybersecurity: If not us, who?

The statistics are sobering. Sixty-one percent of businesses that were hacked last year have fewer than 1,000 employees, according to Verizon’s 2017 Data Breach Investigations Report. One-third of small and medium businesses suffered a ransomware infection in the past year, forcing one-fourth of them to cease operations, according to a study performed by Osterman Research, “IT Security at SMBs: 2017 Benchmarking Survey.” The direct costs of a single breach are now averaging more than $36,000, according to a report in Security Magazine.

Over the past decade, multiple trends continue to expand: massive increases in the amount of data businesses store and rely upon for daily operations, increased use of multiple cloud-based vendors that house company data, and steady increases in the number of cyberattacks and data breaches perpetrated against businesses and consumers alike.

Cybersecurity should clearly be an issue getting direct attention from upper management and owners of small businesses. No longer should cybersecurity be relegated to the domain of the network administrator or outsourced IT support firm. Cybersecurity must be treated as a business risk issue, just as safety risk is in operations and competitive risk is in sales.

In this article published in WICPA’s “On Balance” magazine, Jan/Feb 2018, we will survey key elements of a successful cybersecurity program, an organized business process that is intended to protect data, thereby protecting customers and, in turn, businesses themselves.

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Tax Planning With Cost Segregation and Bonus Depreciation

Tax Planning With Cost Segregation and Bonus Depreciation

Cost segregation studies benefit businesses and investors who own real estate. These studies apply engineering and cost accounting principles to identify costs that can be reallocated to asset classes with shorter depreciable lives. A cost segregation study can also enhance the benefits of bonus depreciation and Sec. 179 expensing. Read More >

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It’s Time to Revisit the Research & Development Tax Credit

Last year’s Protecting Americans from Tax Hikes (PATH) Act made these critical changes to the Research and Development Tax Credit (R&D Tax Credit):

  • Smaller businesses (those with average gross receipts of $50 million or less over the preceding three years) can claim the credit against Alternative Minimum Tax (AMT)
  • Startup businesses (those in operation for less than five years with less than $5 million in gross receipts) can offset the credit against up to $250,000 in employer-paid payroll taxes.
  • The R&D tax credit is now permanent.

Read More >

chortek chess web

Managing Your IRA in a Declining Market

Whether you are still working or you are enjoying retirement, a declining market is a good time for traditional IRA owners to manage their IRA and consider tax saving strategies.  Overall income tax savings can be achieved by converting your traditional IRA to a Roth IRA when market conditions are favorable to do so. Read More >

cybercrime web

Cybersecurity Risk in Today’s Business Environment

Cybersecurity risk in today’s business environment prompts you to ask the question; “is it possible to run a business today in such a way that it is truly safe from cyber criminals?”  Media headlines would make one think it is impossible.  In my own practice, we have helped clients recover from many varieties of cyber attacks including direct hacking and theft, ransomware and phishing attacks.  Targeted clients run the gamut from a very small ten-employee warehouse distribution firm, to a 50 employee professional services firm, to a 700+ employee manufacturing firm. Read More >

taxid_web

Tax ID Theft – Fraudulently Filed Returns

Tax ID Theft

No question, tax ID theft is an increasingly common problem. If you have been unscathed so far, count yourself as lucky. Just ask around, and you will be surprised to see how many individuals have been impacted by this nasty problem. So, what do you do if you if you become a victim? Read More >

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ACA Reporting Requirements – Take Action Now!

ACA Reporting Requirements

It has been a few years since ObamaCare, also known as the Patient Protection and Affordable Care Act (ACA), was passed.  It’s probably been long enough that some employers have forgotten about the reporting requirements associated with the ACA. If you haven’t taken action to initiate the information gathering needed to comply with these requirements, immediate action may be required NOW. Read More >