January 31, 2017
Even with the most comprehensive cyber liability insurance coverage, your business still has the responsibility to improve your internal privacy and security measures. Here are some tips to help: Reduce Cyber Liability...
January 27, 2017
See the latest issue of our client magazine now available on our website: "Advantage"
January 23, 2017
The calendar has turned to another year and we’re welcoming the chance to take a fresh look at finances, fitness and some fun, too.
Now that the year has started, it’s time to tackle your taxes. The sooner you can check them off of your to-do list, the better because you’ll not only breathe easier, but you’ll be able to avoid the stress of a last-minute rush....
January 20, 2017
The filing season next year will start on January 23 and continue until Tuesday, April 18 (unless you file for extension). The IRS expects 153 million electronic returns to be filed. If you are obtaining a refund for the earned income tax credit (EITC) or the additional child tax credit (ACTC), Congress requires the IRS to hold the refund until at least February
January 15, 2017
Taxpayers who moved should notify the IRS using Form 8822. Those who have name changes should notify the Social Security Administration. You will want to be certain that your Social Security records are updated so you receive appropriate credit for your
January 1, 2017
Mileage for 2017 – The 2017 business rates will be down by one half cent to 53.5 cents per mile. Medical and moving mileage rates will be 17 cents per mile. The charitable rate is unchanged at 14 cents per mile. You also have the option as a taxpayer to calculate actual costs for your vehicle
IRS & Truman Heartland Comm. Foundation
December 21, 2016
Before December 31 – You may make your charitable contributions this month. Credit card gifts are valid if made by December 31, even if you pay the bill next year. Checks are also deductible if postmarked by U.S. Mail by December 31. IRA charitable rollovers may fulfill the 2016 required minimum distribution (RMD). These are permitted for IRA owners age 70½ or older and have a...
December 17, 2016
All employers must complete and retain a Form I-9 for each employee at the time of hire. The form is used to verify a new hire's identity and work authorization. In November 2016, the U.S. Citizenship and Immigration Services (USCIS) released a revised version of the I-9. The new version includes several changes designed to reduce errors and make it easier for employers to complete it.
November 30, 2016
In veterinary school, they don’t often tell you that running your own practice means you’ll be time impoverished and constantly dividing your time between seeing furry patients and managing admin. It’s a lot to juggle, even for the savviest of multitaskers.
Fortunately, technology has come up with helpful tools to make the process of managing it all...
Scott Fullerton, CPA
October 20, 2016
Apps to Tame Timekeeping Troubles
If your small business is going to remain productive and profitable, you need to have a solid system for tracking employee hours as well as your own billable hours. While this may seem overwhelming at first, tapping into technology can ease the time-tracking burden. In our Read More...
October 5, 2016
a Next Generation Accounting Firm
We proudly serve you with innovative financial management services, powered by advanced cloud-based technologies. It’s the foundation of our relationship as your most trusted advisor. Experience the difference of working with a Next Generation Accounting Firm.
Intuit - QuickBooks Online
September 20, 2016
Reciept Bank - Key Benefits
+ Eliminate the need for manual data entry of accounts payable transactions. Every year by law, businesses have to report their expenses. Using Receipt Bank makes this process as easy as taking a photo.
+ Submit items on the go using a mobile app, via email and on Dropbox. Gain real-time visibility over the...
Scott Fullerton, CPA
September 10, 2016
529 Plan Tips
If you’re not familiar with 529 plans, you will be by the time you
finish this article. First, a quick definition: 529 plans are a savings
vehicle specifically designed to help you save money to cover
the costs of higher education. 529 plans also offer the added
benefit of significant tax benefits, which we outline here in...
September 5, 2016
Featured app: Fathom measures the metrics that matter
Fathom converts your QuickBooks data into useful business intelligence so you can see exactly how well your business is performing and take action when needed. When you connect Fathom to your...
June 25, 2016
Here are a few recent improvements to QuickBooks banking....QuickBooks
June 10, 2016
You asked and Intuit listened. QuickBooks Online has made several improvements to their inventory tracking system, making it easier to input, track, and update inventory. Because QuickBooks Online focused on service industries, its inventory module was left a bit lacking when compared to the QuickBooks Desktop version.
Thankfully, Intuit is committed to closing the gap...
President Obama, declaring that “Americans have spent too long working more and getting less in return,” ordered the Labor Department to revise federal rules on overtime pay for salaried workers that log more than 40 hours a week. The long-awaited rule change will extend overtime pay to an estimated 4.2M workers.
Under current federal regulations, only salaried employees...
May 8, 2016
Need QuickBooks help? We are certified QuickBooks advisors who can help you manage your accounting needs, train your staff, or take over the whole function so you can focus on the business of running a business. Call Scott at 816.224.4195 for more information.
Here is a QuickBooks Blog to help you get quick answers to everyday issues in your...
April 16, 2016
Growing businesses often reach a point where they need professional financial advice, but can’t afford a full-time CFO or controller.
If you’re fortunate enough to be in this position then we have the perfect solution for you. Our Part-Time CFO service gives you a professional financial manager who works with you to help guide your business to success.
The cost of...
April 1, 2016
The job market in the Kansas City area is strong and active. It is no secret that we have a popular place to live and work.
It seems as though that is especially the case for Chief Financial Officers and other key accounting personnel. The market for those individuals is very good right now, and that is certainly the case in this area.
In addition to those positions...
March 17, 2016
1. When Setting Up Your Chart Of Accounts, Less Is More
Your chart of accounts is the complete list of all of the items you need to categorize your business activities and is there to help you understand where your company’s money goes and where it comes from. You can get very detailed when setting up the chart of accounts, but remember, the more time...
CPA Site Solutions
March 1, 2016
More than 50 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2016. Let's take a look at the ones most likely to affect taxpayers like you.
The tax rate of 39.6 percent affects singles whose income exceeds $415,050 ($466,950 for married taxpayers filing a joint return), up from $413,200 and $464,850, respectively. The other marginal...
February 20, 2016
For qualified energy property placed in service before Jan. 1, 2015, a taxpayer could claim a credit up to a $500 lifetime limit (with no more than $200 from windows and skylights) over the aggregate of the credits allowed to the taxpayer for all earlier tax years ending after Dec. 31, 2005. The credit equalled the sum of: (1) 10% of the amount paid or incurred by...
February 11, 2016
Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the President on December 18. The PATH Act not only revives expired breaks for 2015 but also makes many breaks permanent, generally extends...
February 1, 2016
Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016:
Type of limit 2016 limit
Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1) plans $18,000
Contributions to defined contribution plans $53,000
Contributions to SIMPLEs $12,500
Contributions to IRAs $5,500
January 28, 2016
On January 26, the White House released a Fact Sheet in which it announced proposals that would expand access to workplace retirement savings opportunities and increase the portability of retirement savings. The proposals will be detailed further in President Obama's fiscal year 2017 budget. FACT SHEET: Building a 21st Century Retirement System, issued by the White House...
January 25, 2016
In an ongoing effort to keep you informed of IRS changes, we have a new and important one to report. And this time, the change eases your filing burden.
Within the last month, the IRS significantly simplified the paperwork and recordkeeping requirements for small business by raising the safe harbor threshold for deducting certain capital items from $500 to $2,500. This applies to...
Per Ninth Circuit Court
January 22, 2016
The Court of Appeals for the Ninth Circuit, affirming the Tax Court, has determined that a dental practice wasn't entitled to deduct purported management fees paid to a related entity. The fees weren't ordinary and necessary within the meaning of Code Sec. 162; there was no indication that the entity actually performed any services in exchange for the fees. The Court also upheld the...
January 19, 2016
On January 13, Rep. Devin Nunes (R-CA) introduced H.R. 4377, the “American Business Competitiveness Act” (ABC Act). Key features of the ABC Act are that it would lower the tax rates on business income to 25% or less (with a surtax of up to $5,000 for a corporation with annual net business income over $100,000); allow 100% expensing in the year of purchase; eliminate all business...
January 17, 2016
Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
54 cents per mile for business miles driven, down from 57.5 cents for 2015
19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015
14 cents per mile driven in service of charitable organizations
The business mileage rate...
November 30, 2015
Planning for 2015 Tax Increases and Potential Expiration of Tax Relief Provisions
S Corporation Built-In Gains Tax: An S corporation generally is not subject to tax; instead, it passes through its income or loss items to its shareholders, who are taxed on their pro-rata shares of the S corporation's income. However, if a business that was formed as a C corporation...
November 23, 2015
Subnormal Goods: You should check for subnormal goods in your inventory. Subnormal goods are goods that are unsalable at normal prices or unusable in the normal way due to damage, imperfections, shop wear, changes of style, odd or broken lots, or other similar causes, including second-hand goods taken in exchange. If your business has subnormal inventory...
November 19, 2015
Small Employer Pension Plan Startup Cost Credit: Certain small business employers that did not have a pension plan for the preceding three years may claim a nonrefundable income tax credit for expenses of establishing and administering a new retirement plan for employees. The credit applies to 50% of qualified administrative and retirement-education...
November 17, 2015
SHOP Exchanges: In 2016, the Small Business Health Options Program is available for employers with 100 or fewer full-time equivalent employees. Coverage must be offered to all full-time employees working 30 or more hours per week. Each exchange will offer its own SHOP marketplace. Self-employed persons with no employees cannot use the SHOP Exchange.
Premium Health Care Credits: Small...
November 16, 2015
Self-Employed Health Insurance Premiums: Self-employed individuals are allowed to claim 100% of the amount paid during the taxable year for insurance that constitutes medical care for themselves, their spouses, and their dependents as an above-the-line deduction, without regard to the general 10%-of-AGI floor. Self Employed Health Insurance...
November 13, 2015
Deferring Income into 2016
Deferring income to the next taxable year is a time-honored year-end planning tool. If you expect your taxable income to be higher in 2015 than in 2016, or if you anticipate being in the same or a higher tax bracket in 2015 than in 2016, you may benefit by deferring income into 2016. Of course, in the case of an individual exposure to the...
It's a New Brand Day at Fullerton CPAs! We are excited to announce the recent launch of our firm’s new brand. We’ve been working very hard to enhance our website, develop helpful new client communications, and give our firm a facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue...