Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised is taxable depends upon the purpose of [...]
Congress has approved the 21st Century Cures Act, which includes a provision allowing small employers to reimburse their employees for medical expenses under a health reimbursement arrangement without being liable for the draconian, $100 per day penalty for violating the Affordable Care Act’s rules. President Obama has indicated his approval of the bill. Background: Stand-alone [...]
Before remote services were readily accessible online, businesses were limited to their local areas for bookkeeping and tax services. Sometimes this meant hiring in-house year round and/or going to a local CPA for yearly tax preparation. Times have changed since then, but businesses can use this to their advantage. We'll discuss this more as we [...]
Many small business owners recognize the importance of hiring a CPA, yet underestimate how essential it is to choose precisely the right one. If you would like to know how to find the perfect CPA for you, a good way to start is by ensuring you avoid some of these very common mistakes. Mistake [...]
How do you know when you've found the perfect CPA for you?What does that even mean? Finances are so important in our current economy and life in general. We work hard for our money and when we have the opportunity to invest and watch that hard work multiply, the thought of making a poor [...]
Step #1. Carefully Think About Which Financial Services You Will Need Before you begin your search, think about your financial needs first. Why do you need a CPA? What are your financial goals? Are you interested in working with someone who can offer long-term financial planning? Or do you want someone who can help [...]
From time to time business owners will replace vehicles used in their business. When replacing a business vehicle, the tax ramifications are different when selling the old vehicle and when trading it in for a new vehicle. If the vehicle is sold, the result is reported on the taxpayer’s return as an above-the-line gain or [...]
Hiring a CPA is a big step in a company growth plan and should be taken pretty seriously. Just like you interview employees or check out other potential vendors, a CPA should be vetted to match your specific needs. A couple months ago I was taken through multiple steps which was not the norm. [...]
Let's talk about a CPA or Certified Public Accountant in a nutshell. Well actually there is no such thing as a CPA in a nutshell. We are a profession that is fairly old and that means there are a bunch of different types of CPA’s. Just like lawyers, there are specialists in their field and industries [...]
If the IRS kept all or a portion of the federal refund you were expecting, it may be because you owe money for certain delinquent debts. If that is true, the IRS or the Department of Treasury's Bureau of the Fiscal Service (BFS), which issues IRS tax refunds, can offset or reduce your federal tax [...]