Head’s Up on New Pennsylvania Charity Reporting Requirements

Posted Leave a commentPosted in Accounting, nonprofit, Small Business

Executive Summary: Smaller Pennsylvania charities face revised state requirements for their submitted financial statements that may require additional advance planning. May 16, 2018 is the IRS filing deadline for filing 2017 information with the federal government for most nonprofit organizations. Some organizations haven’t had a need to focus on the details of recent legal changes affecting […]

New Jersey CPAs weigh in on legislative priorities

Posted Leave a commentPosted in Accounting, New Jersey

These are the legislative priorities of the members of the New Jersey Society of Certifies Public Accountants most recent member survey: Reducing property taxes Improving the state’s infrastructure — roads, bridges, tunnels and public transportation Converting public pensions to 401(k)s Auditing state agencies and programs for overspending, waste and revenue allocation Combining municipalities and/or school […]

Implications of blockchain in everyday accounting

Posted Leave a commentPosted in Accounting, cryptocurrency, Taxes

The AICPA co-published a new report on blockchain that is written primarily by accountants at Deloitte & Touche LLP. The report covers a range of issues from introduction of concept to a call for action for CPAs. It is not an accounting standards publication but rather a white paper on the issue of blockchain. The decentralized […]

Sample tax representation agreement

Posted Leave a commentPosted in Accounting, IRS, Tax Planning

I occasionally post sample current or previous engagement letters online. This one was an engagement letter/email used for tax representation services.     IF AFTER READING THIS YOU AGREE TO ALL THE TERMS, PLEASE RESPOND TO THIS EMAIL AND TYPE “AGREED“. PLEASE CALL WITH ANY QUESTIONS.   SUMMARY  OF THIS EMAIL Documents included: 1) Privacy […]

Husband and wife partnerships are complicated

Posted Leave a commentPosted in Accounting, Small Business, Taxes

I’m talking taxes here, not relationship advice. I’m the last person who should be giving advice on marital relationships. Unfortunately, I might not be much help on the tax and legal issues either. The best I hope to accomplish in this blog post is to list some of the issues, in bullet format, that should be […]

One door closes, another opens

Posted Leave a commentPosted in Accounting, Taxes, technoogy

“When one door closes, another opens; but we often look so long and so regretfully upon the closed door that we do not see the one which has opened for us”. – Alexander Graham Bell A poorly matched tax engagement ended early yesterday on the same day as I brought in a record amount of new business. I hardly have time […]

Quickbooks pricing revisited

Posted Leave a commentPosted in Accounting, QuckBooks, Small Business

I can save businesses $500+. But should I? Quickbooks remains by far the most popular small business accounting platform capturing about 4 in 5 businesses in this market. The services I most commonly work with – accounting, taxes, banking services, financial planning, payroll and benefits – often stem from this core accounting system. Over the […]

2018: The year for a Health Reimbursement Arrangement (HRA)

Posted 3 CommentsPosted in Accounting, Affordable Care Act, Employee Benefits

Summary: Small businesses with middle-income employees may use a Health Reimbursement Arrangement t(HRA) o help cover out-of-pocket medical costs or individual insurance premiums as one of the easiest ways to cut 2018 taxes at minimal administrative and setup cost. The Tax Cuts and Jobs Act increases the incentive for middle-income workers to look for alternate ways […]

The Impact of “Funny Numbers”

Posted Leave a commentPosted in Accounting, Ethics, Taxes, Values

Will the ‘tone at the top’ trigger an increase in tax fraud? There are a few topics that I don’t talk about or write about in this blog. It’s usually because they are some combination of distasteful, unethical. illegal, immoral, controversial and a ‘no-win’ situation. One of those topics is accounting fraud. I covered the […]

Five reasons to not extend your business tax return due date

Posted Leave a commentPosted in Accounting, Small Business, Tax Planning

As a tax planner and an advocate of automated accounting systems, I’ve said many times that preparation of the tax return is the least important and certainly least valuable service that I provide. I’ve used the phrasing, even over the objections of tax preparers, that the business tax return should almost effortlessly “fall out” of […]