Our Blog

September 15 - Estimated Tax Payment Due

September 13, 2017

 

For calendar year taxpayers (individuals and most small C Corps), the third installment of 2017 estimated taxes is due.  You need to have the envelope post marked by 9/15/2017.  Feel free to call us with any

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Seasonal Fruit Jam in a Snap

"Advantage" Magazine

August 28, 2017

One of the most delicious parts of summer’s bounty is all of the abundant fruits. From apricots and blackberries to plums and peaches, most summer fruits make great jam. Before you dismiss homemade jam as something you don’t have time to make, consider this

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Everyday Habits That Can Make You a Millionaire

August 21, 2017

Years ago, achieving “millionaire status” was quite an audacious goal. From today’s perspective, while a million dollars is still a significant sum, it’s not a goal that is completely out of reach to the average person—if they really want to achieve it.  What do you need to do to make your million? Lifehack.org’s Jonha Revesencio recently shared the...

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Easing Empty Nest Syndrome

August 14, 2017

If your kids are leaving for college, or finally getting out of your basement to start their first job, you may find the transition from full house to empty nest a little rough. Here are some ways to help make the changes to your family structure less challenging from experts at today.com.

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Tips to Cool Off Your Energy Bills

August 7, 2017

Although cranking up the air conditioning at home and the office is a surefire way to find relief from the heat, it’s remiss not to consider the environmental and economic impacts of doing so. Check out these tips below from Consumer Reports magazine to help cool off your energy bills and keep your home and office energy-efficient this summer—and beyond.  

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Short-term rentals may bring long-term tax issues

Accounting Today

August 2, 2017

Short-term rentals, often called vacation rentals, have exploded onto the travel scene, becoming hugely popular with homeowners and travelers alike. With the help of technology, it is incredibly simple for a property owner to broadcast their rental across the world.  Though sometimes overlooked, sales and lodging taxes are an entire class of taxes that expose you to a significant...

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Kids and Money

July 3, 2017

Is your family’s money mantra, “Easy come, easy go?” Does your family ever talk about saving money or setting financial goals? No matter where your family is on the financial literacy spectrum, it’s important to help your kids learn the value and wise management of money so they grow up to be financially responsible.  While you may not need (or want) to discuss...

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Who Knew? HIPAA Issues Lurking in Everyday Activities

Andrew Ky Haynes w/Haynes Benefits

June 30, 2017

Haynes Benefits is a nationally recognized firm here in the Midwest.  They primarily focus on employee benefits and human resources law.  Do you use flash drives, cloud computing/software, rental cars, and bluetooth?  Enjoy this very informative article written by Andy Haynes..

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Finances for Parents of Special Needs Children

June 28, 2017

Financial experts estimate that raising a child to age 18 costs $250,000 or more. For parents with children that have disabilities and special needs, that cost can be as much as 10 times greater. So how can you make sure that a family member with Down syndrome, cerebral palsy, spina bifida or another condition that impacts their financial independence is taken care of? These tips from...

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Employee Retention

June 23, 2017

Fortify your company with these tips to reduce unnecessary staff turnover [LINK TO EMPLOYEE RETENTION

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Day-to-day accounting

June 20, 2017

Did you fall behind in day-to-day accounting for your business? If so, now is the time to get caught up!  Find out what we can do to help! Click here -

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Happy Father's Day!

Scott Fullerton

June 18, 2017

Happy Father's Day!  What I learned from my father...

  • School is important, including writing, which I hated.
  • Give more than you get.  Dad always volunteered for something, and always took his kids with him.  Optimist Club fundraisers, Special Olympics track meets and bowling tournaments, cleaning trails at local parks, you name it we did it.  Now...

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AICPA tells Senate corporate tax cuts should also go to small businesses

Accounting Today

June 16, 2017


More in
Small business
Tax reform
Corporate taxes
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An official from the American Institute of CPAs testified Wednesday before the Senate’s Small Business and Entrepreneurship Committee in favoring of lowering taxes for small businesses as much as corporations.

“Tax relief should not mean a rate reduction for C...





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Missouri Refunds

June 16, 2017

Many taxpayers have not yet received their Missouri refunds, even though they filed over 60 days ago.

Go to the Missouri Return Inquiry System to track your refund.

For refund-related questions, contact the Missouri Department of Revenue.

Note: If you haven't...

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IRS Warns of New Phone Scam

IRS

June 15, 2017

IRS Warns of New Phone Scam Involving Bogus Certified Letters; Reminds People to Remain Vigilant Against Scams, Schemes this Summer

WASHINGTON – The Internal Revenue Service today warned people to beware of a new scam linked to the Electronic Federal Tax Payment System (EFTPS), where fraudsters call to demand an immediate tax payment through a prepaid debit card. This scam is...

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Mid-Year Planning

June 14, 2017

Now that the 2016 tax return is behind you, it’s an ideal time to look at your finances from a mid-year perspective and make any necessary changes for the rest of 2017 [LINK TO MID YEAR PLANNING FOR...

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Advantage Magazine

June 14, 2017

From the Firm: Mid-Year is Here!
 
It’s hard to believe that we’re already approaching the midpoint of the year. Where does the time go?

Now that tax season is behind you, it’s time to look at your finances from a mid-year perspective and make any necessary changes for the rest of 2017. If you have kids of any age, part of your mid-year planning might...

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Cyber Liability

"Advantage" Magazine

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...

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"Advantage" Magazine for Jan/Feb

Fullerton CPAs

January 27, 2017

See the latest issue of our client magazine now available on our website: "Advantage"

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Welcome to 2017!

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....

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Filing Returns

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

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Moved or Name Change?

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

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2017 Standard Mileage Rate

Fullerton CPAs

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

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IRS End-of-Year Advise for Donations

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...

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New I-9 Form Required

ADP

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.

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8 Tools to Help You Run Your Vet Practice

VetGirl

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...

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Apps to Tame Timekeeping Troubles

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...

Next Generation Accounting Firm

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.
Visit us

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Receipt Bank

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...

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Saving for School - 529 Plan Tips

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...




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Fathom - metrics that matter

Intuit

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...

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QuickBooks banking update: June 2016

Intuit

June 25, 2016

Here are a few recent improvements to QuickBooks banking....QuickBooks

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Track Inventory Easier with New Feature in QuickBooks Online Plus

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...

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Overtime Pay Eligibility Expanded – What Businesses Need to Know

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...

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QuickBooks Blog

Intuit

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...

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Part-Time CFO Controller Services

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...

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What If Your CFO (Or Accounting Director) Leaves?

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...

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5 Small Business Bookkeeping System Setup “Must Dos”

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...

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Tax Brackets, Deductions, and Exemptions for 2016

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...

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Nonbusiness energy property credit is retroactively extended and modified.

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...

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Congress Passes “Extenders” Legislation Reviving Expired Tax Breaks For 2015

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...

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No Changes to Retirement Plan Contributions for 2016

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
Catch-up...



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White House announces retirement savings incentives that will be in 2017 budget.

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...

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IRS Simplifies Filing and Recordkeeping for Small Business - Hooray!!

Rootworks

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...

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Dental practice's “management fees” weren't deductible.

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...

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Business tax reform bill introduced in House.

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...

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2016 Standard Mileage Rates

IRS

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...


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2015 Year-End Tax Planning for Businesses #5

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...

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2015 Year-End Tax Planning for Businesses #4

November 23, 2015

Inventories

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...

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2015 Year-End Tax Planning for Businesses #3

November 19, 2015

Business Credits

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...

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Health Care Planning

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...

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2015 Year-End Tax Planning for Businesses #2

November 16, 2015

Business Deductions

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...

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2015 Year-End Tax Planning for Businesses

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...

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It's a New Brand Day!

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...

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