This article by Edward Mendlowitz in AccountingToday reminds us in a funny way that you not only have to work hard, you have to look like you are working hard so everyone will know! http://www.accountingtoday.com/news/Art-of-Accounting-Now-Starting-Work-69296-1.html You just have to remember that perception is important! It is the old saying “Looking busy is more important that being busy!” So make sure everyone knows that as a CPA or tax preparer you are always busy, because a CPA who doesn’ t look busy, especially during tax season, must not be very good because no one uses him. Promote yourself! If anyone asks if you need more work, say “I am always busy, but I am always looking for new business!” For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Has been Featured On https://twitter.com/bstonercpa
Musings of a Burbank CPA: Six Business Topics and Trends to Study for 2014
Happy New Year! The New Year brings new areas to benefit from and be aware of. You’ve likely heard these topics mentioned in the news. The question is, have you stopped and thought about how they will be impacting your business this year? The Biggie: The Affordable Care Act This new law impacts both employer insurance and taxes of small businesses. The law is complicated with many definitions and varying effective dates. It impacts self-employed individuals, business with fewer than 25 employees, and businesses with fewer than 50 employees. You may be eligible for tax credits, and under certain circumstances, you could be subject to penalties if you don’t act. It’s best to consult with a tax professional to sort out what it means to you. Big Data and Data Transparency In large businesses, big data refers to all of the data that is collected from customer’s habits and purchases. In small businesses, we do not collect data on the scale that large businesses do, but we do collect customer information. It will become more important than ever to be transparent about what data is being collected and how it is used. If you do not already have a privacy [...]
Tax Musings of a Burbank CPA: Here is a Great Explanation of S Corporation Reasonable Compensation!
If you have been reading my blog over the last few months, I have spent a lot of time discussing S Corporation ‘reasonable compensation’ issues for corporate shareholders and why the IRS is starting to target this issue. I found a really good discussion and explanation of how ‘reasonable compnsation’ works in this posting on AccountingToday by David J. Kautter. He spells it out pretty good: http://www.accountingtoday.com/news/Best-Practices-Setting-Reasonable-Compensation-Small-Business-Owners-69219-1.html If you are an S Corporation owner and have looked at this article, now you have enough information to be able to ask, what do I do! If you want to call or email me, we can talk about planning issues that should help in the future. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Has been Featured On https://twitter.com/bstonercpa