Corrigan Krause Director Eric Dorenkott recently talked with Smart Business. Below is the full interview, which appeared in the September 2024 issue of Smart Business. It can be the case that companies are operating under an inferior business classification — an issue that’s more common than many would think. “They might have chosen a classification as a startup that no longer fits — they ... Read More The post Find Your Fit: Your Company’s Business Classification is Worth Another Look appeared first on Corrigan Krause | Ohio CPA Firm | Cleveland Accounting Firm ..read more

Corrigan Krause Harrison Harsar CPAs, along with its strategic partners DMS Management Solutions and CKE Financial Services, proudly announces its 35th anniversary. Corrigan Krause is a locally owned and operated accounting and consulting firm headquartered in Westlake, Ohio, with additional offices in Medina and Mayfield Heights, Ohio. The firm’s unwavering commitment to supporting closely-held businesses established it as a cornerstone of the local business community. The post Corrigan Krause Harrison Harsar CPAs Celebrates 35 Years of Small Business Excellence appeared first on Corrigan Kra ..read more

As part of the manufacturing industry, you’re following the advancements in digital transformation. But how can you best leverage the hottest new manufacturing technology without breaking the bank? Corrigan Krause looks at the top new tech in manufacturing and how to keep it affordable. The post How to Leverage Digital Transformation in Manufacturing appeared first on Corrigan Krause | Ohio CPA Firm | Cleveland Accounting Firm ..read more

Growing the Corrigan Krause team and promoting our professionals allows us to build the strongest and most effective team for our clients. During this past year, a number of our professionals have developed their skills and earned much deserved promotions. The post Congratulations! CK’s 2024 Promotions appeared first on Corrigan Krause | Ohio CPA Firm | Cleveland Accounting Firm ..read more

Corrigan Krause is proud to announce HR Manager Kelly Stofko was named a 2024 Crain’s  Excellence in HR Award Finalist! First and foremost, Kelly is the main driver to the positive employee experience and incredible employee retention we have at Corrigan Krause. Because of her dedication to our employees, our firm has grown not only in numbers, but in the power of our culture. Kelly is the keystone of every employee-focused initiative, providing the strength Corrigan Krause needs to build up our employees and launch our firm into the future of accounting. Kelly is directly involved i ..read more

Corrigan Krause Senior Manager Alex Ferrara recently talked with Smart Business. Below is the full interview, which appeared in the July 2024 issue of Smart Business. FASB ASC 326, current expected credit losses (CECL), is an accounting standard for businesses with trade receivables that required adoption by private entities in 2023. With CECL, if historical experience and future expectations suggest that some receivables or assets will not be collected, the business must immediately recognize an allowance for credit losses, which reduces the assets carrying value with a correspondin ..read more

In September 2023, the Department of Labor (DOL) proposed new regulations under the Fair Labor Standards Act of 1938 (FLSA). The proposed changes will have far-reaching impacts on many businesses across the country—including nonprofit organizations. Background Behind FLSA Changes Since the FLSA was implemented in 1938, one of its core concepts has been the promise of a 40-hour work week. Under the FLSA, workers are entitled to overtime pay for any hours worked after 40. Over the years, however, many exceptions to this rule have been written into law, creating unfair work conditions for many Am ..read more

The employer/employee relationship can be quite complicated from a legal point of view, with employers having a range of obligations to their employees. Some of these obligations may vary based on laws in an employer’s state, county or city, while others apply nationwide under federal law. Employers’ duties typically include paying a minimum wage and overtime compensation, maintaining minimum safety standards and preventing workplace discrimination and harassment based on certain factors like race or disability. These obligations only apply to workers who meet the legal definition of “employee ..read more

Bringing home a new child is exciting, but it’s important for parents to remember their tax situation likely changes with the addition of a dependent family member. There are tax breaks specifically geared toward helping to alleviate some parenting expenses. These can result in a lower tax bill and a higher refund. Before the next individual tax filing season rolls around, new parents should: Get the child a Social Security or Individual Tax Identification number To claim parental tax breaks, you must have your child’s or dependent’s Social Security number, Adoption Tax Identification Number ..read more

Business owners need to become familiar with a wide range of documents to keep their finances in order and protect their bottom line. One of the most important documents a business owner will need to use on a regular basis is that of a balance sheet. With a better understanding of what a balance sheet is, what it entails and how to create one, business owners can get a better handle on their finances and make informed decisions. What Is a Balance Sheet? Specifically, a balance sheet is a document that is meant to give business owners, accountants and even investors/creditors a better idea abou ..read more