Maillie LLP

Job opening alert! 📢  We’re hiring talented Audit/Assurance associates across multiple specializations. If you have 3+ years of experience and are looking to take your career to new heights with an accounting firm that prioritizes employee growth and a tight-knit culture, you can apply on our website or find out more about our current opportunities.

Controlling costs is a fundamental task for every business. But where and how to address this challenge can change over time based on various factors. One recent survey revealed three top categories for cost-cutting initiatives: 1) Supply chain; identify your top vendors and see whether you can consolidate spending with them to put yourself in a stronger position to negotiate volume discounts. 2) Labor; be sure you know precisely how much you’re truly spending. A metric called labor burden rate can help. Outsourcing and tech upgrades may help, too. 3) Marketing and sales; choosing and monitoring the right metrics is essential for controlling these costs as well. Contact us for help. https://bit.ly/4bJJZpT

Bookkeeping refers to the systematic storing of financial documentation and recording of daily financial transactions. Bookkeepers record journal entries for each transaction using accounting software. They also may be responsible for sending invoices, processing payments and payroll, conducting banking activities, and reconciling accounts. The records maintained by the bookkeeper are used to generate historic and prospective financial statements. These reports provide financial insights that help management and external stakeholders evaluate financial performance. Contact us to help you set up and maintain a reliable system of reporting financial transactions in an accurate, timely manner. https://bit.ly/4bFx5ZP

Can you tell we like to swing for the fences? Last week, the Big Bad Bookkeepers wrapped up another pitch-perfect softball season, and we're already looking forward to the next. 🤝 Want to join our winning team at Maillie? Visit maillie.com/careers. #nowhiring #joinourteam #publicaccountants

Unlocking the secrets of social media mastery! 📚✨ Our HR team had an enriching experience at the TriCounty Area Chamber of Commerce Marketing Summit. We learned invaluable tips and tricks to grow our presence through social media, storytelling, and branding across all platforms. A big thank you to guest speakers Terese Brittingham and Rizzo, Samantha Cole, Lisa Baldi, and Bill Haley for sharing their expertise. Excited to put our new knowledge into action! 🚀

A board of directors is critical to keeping a not-for-profit focused over the years as it grows. But how do nonprofit boards change over time? In the early stages, they tend to be entrepreneurial and play an active role in day-to-day operations. As organizations mature, they usually add members who are wealthier and more influential, often with specialized expertise. They also typically add committees and shift to setting strategic objectives and dealing with governance issues, such as audits. To help ensure your board remains open to new ideas and perspectives, ask board members to agree to serve limited terms.https://bit.ly/3xKWjIA

When companies are ready to sponsor a qualified retirement plan, they have many options. One under-the-radar choice is a 412(e)(3) plan. Unlike 401(k) plans, these are defined benefit plans funded with insurance and annuity contracts. Older business owners who want to maximize retirement savings in a short time may want to check out 412(e)(3)s. Why? Because, assuming they have few if any highly compensated employees, owners can take a large share of the financial benefits while also enjoying tax deductions for plan contributions. As is the case with defined benefit plans, however, sponsors must have the financial stability to support the plan indefinitely. Contact us for more information.https://bit.ly/3Lae1s4

Are you philanthropic? If you’re 70½ or older, you may want to consider making a cash donation from your IRA to an eligible charity. This potential tax-saving strategy is called a qualified charitable distribution (QCD). How does it save tax? When required minimum distributions (RMDs) are taken out of traditional IRAs, federal income tax (and possibly state tax) must be paid. But not if you transfer IRA assets to charity via a QCD. In 2024, you can direct up to $105,000 of RMDs to charity. The money given to charity counts toward your RMDs but doesn’t increase your adjusted gross income (AGI), which may allow you to qualify for other tax breaks. Questions? Contact us.https://bit.ly/3Y81ZHt

We're celebrating the land of the free and home of the brave! In honor of the holiday, our offices will be closed on Thursday and Friday, giving our team an extended weekend to enjoy fireworks 🎆, BBQs 🍔, and all things red, white, and blue. Have a safe and spectacular Independence Day! #4thofjuly #mailliellp #accounting

If you own a closely held corporation, you can borrow from it for personal purposes at rates below those charged by a bank. But be sure to set up a bona-fide loan to avoid adverse tax consequences. For example, draft a formal written agreement that establishes an unconditional promise to repay a fixed amount under a repayment schedule or on demand by the business. The minimum interest rate the business should charge to avoid triggering the complex, generally unfavorable below-market loan rules is the IRS applicable federal rate (AFR). For July 2024, AFRs are: 4.95% for short-term loans up to 3 years; 4.40% for mid-term loans 3 years to 9 years; and 4.52% for long-term loans over 9 years.https://bit.ly/3zrNNyt