Blog

The Top 5 Things to Consider When Starting a Business

Dreaming of starting a business is a very exciting time, but when not well thought out that dream can quickly turn into a nightmare. Here are the top 5 things to consider when starting a business. Your Idea – You probably have a brilliant idea for your thriving business that you know is a sure fire…Read more

Free Money! Learn How To Take Advantage Of College Tax Credits

Every year, we hear about the struggle of college students and how hard it is for them to pay their tuition debts. Students and parents alike are looking for ways to help them ease their debt. Klein Hall can help. There are two federal tax credits that are applicable to  students: the American Opportunity Tax Credit and…Read more

Understanding Tax-Related Identity Theft

Becoming the victim of identity theft is never something that is a pleasant experience. Along with the fear regarding the actual event, there is also the aftermath that must be considered and dealt with. It can sometimes take years to completely see the full effects of identity theft, but by learning more about the different…Read more

Overtime Changes for Salaried Employees

Would it surprise you to find out that your salaried employees may have a legal right to overtime pay?  According to the Fair Labor Standards Act (FLSA), a “white collar” exemption, which can protect a business from the liability of paying overtime for certain salaried positions, must meet reasonable criteria to be accepted by the…Read more

What Constitutes an Independent Contractor?

In mid-July, the Department of Labor set forth an Administrators Interpretation on the standard in the identification of employees who are misclassified as independent contractors. Essentially, this statement from the Department of Labor reinforces the redefinition of what a contract employee is (and is not). No longer does a contract agreement between an organization and…Read more

The Importance of Documenting Procedures

Documenting procedures is vital for increasing the value of your business and preventing what’s known as tribal knowledge. Why you need to document your procedures Tribal knowledge refers to the unwritten knowledge of how things are run in your organization. Collectively, your employees hold a great deal of tribal knowledge, which can have a negative…Read more

Why Managers Trust Their Books To Professional CPA Firms

You’ve probably heard that America is more divided than it’s ever been before. Yet there’s at least one thing that both sides of the partisan divide can still agree on – U.S. tax laws and regulations are way, way too complicated. Every year, U.S. citizens spend a staggering 7.6 billion hours preparing their taxes. And…Read more

Exchange Club of Naperville

Klein Hall CPAs proudly makes a difference in the community, offering our support by serving in director positions and supporting volunteer roles for a variety of local organizations impacting our community.  Klein Hall CPAs actively supports the great work of The Exchange Club of Naperville. Partner, Scott Duenser, has the privilege of currently serving on…Read more

Form 990 for Not-for-Profits

As your nonprofit continues to grow, please keep in mind that once your gross receipts collected for the fiscal year exceed $200,000, you will have to complete the full form of the 990. The longer form includes a lengthier questionnaire, and requires additional detailed information on revenues and expenses by function. Once an Organization exceeds…Read more

How to Properly Track Your Finances

If you’re young and getting used to tracking your own finances, it can seem pretty difficult in the beginning. It may feel overwhelming, but there are several things you can do to make it easier. As you look for ways to get your money managed and trackable, you’ll find that you need to take the…Read more