Blog

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

FBAR Filing Reminder

Filing Due Date for 2014 FBAR is June 30 Taxpayers with an FBAR filing requirement to report their foreign assets should be reminded that the filing due date for 2014 FBAR’s is June 30.  Taxpayers with an interest in, or signature or other authority over, foreign financial accounts whose aggregate value exceeded $10,000 at any…Read more

Naperville Area Chamber of Commerce

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. We’ve been actively involved with the Naperville Area Chamber of Commerce for over ten years, taking advantage of all the resources and connections it…Read more

Section 179 Deduction

Small Business Tax Tip:  Save money on taxes with a Section 179 deduction Every year business owners save thousands of dollars in taxes by taking advantage of Section 179 of the IRS Tax Code. Section 179 was originally enacted by congress as an incentive for businesses to expand operations and invest in themselves. It allows…Read more

What Audit Services Can Do For You

Tax season is never fun — not even for accountants! The endless calculations, the myriad of paperwork to sift through, the paystubs, the receipts… Suffice to say, it can get quite overwhelming. Every year, American taxpayers spend approximately 7.6 billion hours completing their taxes. Overall, the general public spends more than $140 billion on taxes…Read more

7 Reasons You Need to Hire an Accountant

There are dozens, if not hundreds, of tax preparation software companies out there, promising an easy process on a self-service tax return. Many Americans choose to do their own taxes for one reason or another- in 2014 it was reported that 27 million people filed from a home computer. However, this is not always the…Read more