Major tax reform enactment is a rare event, with the last occurring back in 1986 under President Ronald Reagan. As a result, current discussions could pan out to be much ado about nothing; however, with the solid majorities that Trump and the Republicans hold in both houses of Congress, there is real potential for tax reform to pass.
Financial Services Blog
Now that the weather is reminding us that Fall is here, it's time to think about year-end financial tasks. If your business uses QuickBooks as your accounting system, then auditing QuickBooks should be a regular November or early December activity. Looking over the accounting records is important, even if you don't expect a formal IRS tax audit of the books. Making sure accounts and balances are reconciled now can point out any areas of concern in plenty of time to look for supporting documents, like receipts and pay stubs.
IRS guidance on the tax treatment of cryptocurrencies already exists. Right now, the IRS considers cryptocurrencies to be "intangible assets." As a result, they are subject to capital asset treatment. However, recent developments complicate matters.
At Lindemeyer, CPA, we are excited that we are growing as a company and expanding our resources for clients! We are thrilled to be offering a new position and opportunity, which you can learn more about in this blog or by visiting our Careers page.
Businesses rely on effective financial planning to succeed. Two of the most common business reports used for strategy sessions are financial forecasts and projections. These reports are very similar and yet are developed and utilized in different ways. If you are starting a business and possibly seeking investors or looking for the best way to expand your existing business, then knowing how to produce and apply this type of financial information can help you plan effectively for the future of your business.
You can pay off your mortgage, never again seeing a bill from the bank for principal or interest, but you can never pay off your property taxes. Property taxes also, unfortunately, only seem to go one way – UP! You’ll never be able to get rid of your property taxes completely, but you can take steps to lower them or reduce increases.
Keeping up with the cash flow for your business is essential if you want to get and stay profitable. You do this primarily by tracking the money in (sales) and the money out (expenses). This makes sense, of course, but it isn't always easy to achieve - especially if you are a small business owner and must wear the "bookkeeper cap" to accomplish it. And getting behind in bookkeeping tasks can create an overwhelming accounting mess that could threaten the long-term health of your business.
If you own a business, then you know that "maintaining the books" is crucial for success. Knowing the ebbs and flow of cash through your business is essential to productivity, efficiency, regulation compliance, and growth. But did you know that actually handling the bookkeeping tasks in-house is not a necessity? And especially for small businesses, it can be a burden or even a hindrance to your business' success. Outsourcing the bookkeeping function could offer an important advantage to building and maintaining a viable business and it's even easier now with so many online capabilities available.
Bundled in with a 2015 law, Congress gave the IRS a directive to give private debt collection agencies the task of collecting certain types of delinquent tax debt. This isn’t a first; in fact, a similar tactic was attempted about two decades ago resulting in a myriad of complaints about harassment and dubious collection practices. Another stab at private collection was again attempted during George W. Bush’s tenure in office and yielded similar results.
Here at Lindemeyer CPA, we strive to provide the financial planning and accounting services that help small businesses thrive. And we love to hear from our clients about how our services are helping them be more successful!