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The case for content

November 16, 2020

If your business has a website, you’ve heard about the importance of content. Lots of content— educational, timely, entertaining and frequently updated information that helps boost your search rankings and engage visitors.

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Retrain your brain for a more thankful Thanksgiving

November 2, 2020

This Thanksgiving, what are you grateful for?

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How to get the most out of a virtual conference

October 15, 2020

If you plan to attend a conference soon, it will likely be a virtual event. While some may dismiss virtual conferences as just sitting in front of a computer, the fact is they can be more comfortable (sweatpants, anyone?), more rewarding and every bit as enjoyable as an in-person event. If you’re a virtual conference newbie, here are some tips to get the most from your experience:

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10 fun activities for a socially distanced fall season

October 1, 2020

Even with summer in the rearview mirror, there are lots of opportunities to get out of the house and enjoy activities with family and friends (or others in your “bubble”). Here are 10 suggestions for fall fun that everyone in your crew—regardless of age—can enjoy.

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Online reviews: What you need to know

September 15, 2020

Do online reviews help or hurt a business? Depending on the type of review, of course, it could go either way.

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7 tips for surviving ‘back to school’ this year

September 1, 2020

It's hard not to be apprehensive about fall this year with many schools reverting to online learning at home for students. But if it helps, you're not alone. Recent statistics show that 51 percent of working parents said they'll be distracted to a "moderate" or "great" degree on days when their kids learn from home, and 42 percent are worried to the same extent about their job security due to the situation.

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Take some time to optimize your Google My Business profile

August 17, 2020

As summer comes to an end, many people go into business-clean-up mode—gearing up for year end. One item to add to your list is enhancing your Google My Business profile. The internet is where most consumers find a business, so make sure your information is engaging, accurate and current to elevate your visibility online.

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Back-to-school budget-friendly tips…

August 3, 2020

It’s back-to-school season, and that typically means buying a lot of stuff to prepare kids for the start of a new academic year. While 2020 may look a bit differently (some schools may enact online learning and/or hybrid models), kids will still need a few essentials—from backpacks to electronics. Here are a few tips to keep your back-to-school shopping within your budget.

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Upping data security for virtual workspaces…

July 15, 2020

For many businesses, COVID-19 forced them into a remote office model. Months into the pandemic and having had a successful experience, a lot of business owners have decided to maintain virtual workspaces. For those adopting this new normal, upping security must be a priority to keep data safe.

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The extended individual tax deadline is approaching fast…

July 1, 2020

It’s hard to believe that we are already into July. Even with the deadline for filing your return and making a payment (if you owe) being extended to July 15, 2020, it still seemed like it came upon us fast. With only a few weeks left, be sure to get any final documents to us and answer any outstanding communications immediately.

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Get your indoor herb gardening on!

June 15, 2020

New gardeners have come out of the woodwork this year, looking to create a sustainable food supply in their own backyards. Of course, not everyone has the space or the time to create a full-on outdoor garden. So, why not start small…and indoors?

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5 tactics to spending less this year

June 1, 2020

It’s safe to say that most people are laser focused on money right now—specifically on how to make it last longer. To help you do just that, we compiled the following list of tips for spending less in 2020:

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5 tips to getting your healthy on this summer!

May 15, 2020

With more of us likely staying close to home this summer, why not plan to either start a healthy and regular workout schedule or enhance your current routine? It’s never too late in the year to get your healthy on, so we’ve compiled a short list of tips to get you moving.

 

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Is this the year for a staycation? How to kick back, relax and vacation at home

May 1, 2020

Summer is typically the time people start planning vacations—Disney World…cruises…the beach. This year, however, travel may not be in the cards. But that doesn’t mean you have to sacrifice down time and fun with the family. Make this the year you plan a fantastic staycation! Here are some tips to make sure you can kick back, relax and have a memorable time with a vacation at home.

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Work-from-home best practices

April 15, 2020

The fact is that many of us are now working from home…and we’re not sure just how long this will be a necessity. With this in mind, we compiled a list of best practices to support a successful and secure work-from-home operation.

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How to minimize distractions while working from home

April 1, 2020

Working from home has increased in popularity over the past several years. But today, amidst the COVID-19 crisis, it’s not only popular, but required for many. Moving from a hustle-and-bustle professional workspace to a home office can be a major transition for many. To help you make the move successfully, here are a few tips to reduce distractions while working from home:

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Why file your tax return early? Lots of good reasons...

March 16, 2020

If April 15 always seems to sneak up on you, get out in front of this year’s tax deadline and file early. Here are a few top reasons why you should…

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What you need to know about changes to retirement and 529 plans

February 24, 2020

The new budget bill passed by Congress on December 20, 2019 impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a short list of the major changes that may affect you.

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Smart tax tips for 2020

February 17, 2020

It’s that time of year when everyone can agree on one thing: Paying taxes is a drag. As we progress into a new tax season, follow these tips to help avoid a heavy tax burden this year: 

 

 

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5 tips for hosting magical meetings

February 3, 2020

Okay, so maybe not magical…but there are things you can do to rev up engagement in your meetings. After all, it’s likely that you spend at least 25 percent of your professional time in meetings, so why not put a little work into making them more appealing for all those involved. To get you started, give the following five tips a try:

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Set your career goals for 2020

January 15, 2020

There’s no better time to talk about goals than the start of a new year. And what better topic than your career? The following are a few tips to help you set reasonable and achievable goals this year:

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Financial resolutions for 2020…Get on a healthy track as the New Year kicks off

January 2, 2020

The New Year is the best time to take stock of your finances. So, as you begin the season of self-reflection and goal-making, take the time to review your spending and start making plans for a financially healthy 2020! Here are a few tips to get you started:

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A healthy twist on holiday dessert favorites

December 16, 2019

The holidays are all about spreading cheer…not calories and cavities. So, why not try a few dessert recipes that put a healthier spin on some holiday treat favorites. We offer a few tested (and delicious) recipe ideas for you here:

 

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How to run QuickBooks Online up to 46% faster - QuickBooks

QuickBooks

November 12, 2019

QuickBooks apps for Mac & PC allow you to run QuickBooks Online up to 46 percent faster when visiting the client page.* And, it’s free to download and begin using immediately if you’re already a QuickBooks subscriber.

You can always use QuickBooks through your browser, but here are some of the unique features of the QuickBooks app that will make your time more...

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Tax Tips for Family Members Working in a Family Business

CPA Practice Advisor

November 5, 2019

One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and employment tax rules apply. Here are some facts to know when working with a spouse, parent or child.

Both spouses carrying on the trade or business

If spouses carry on a business together and...

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Benefits of Outsourcing Your Payroll

October 9, 2019

Reduction of costs, use of technology (more secure), direct deposit employee pay, avoid mistakes and penalties, and free up time to work on your business.

Let us handle your complex payroll work.  Go here for more

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Workplace Culture

ERC

August 13, 2019

Culture trumps everything at work.  If you focus on culture first, most of everything will fall in line...employee engagement, customer satisfaction, business growth, etc.

Workplace Culture: What It Is, Why It Matters, and How to Define It

Culture is the character and personality of your organization. It's what makes your business unique and is...

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U.S. corporations are contributing the smallest share of federal tax revenue in a generation.

Alex Tanzi - Bloomberg News

June 1, 2019

U.S. corporations are contributing the smallest share of federal tax revenue in a generation.

That’s one of the findings in the Data Book for 2018, released by the Internal Revenue Service on Monday. In the fiscal year covered, the IRS processed more than 250 million tax returns and collected nearly $3.5 trillion in...

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Small business owners should keep good records

IRS Tax Tip - Small Business

May 24, 2019

Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.

Here are some questions and answers to help business owners understand the ins and outs...

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Taxable Fringe Benefits

IRS

November 26, 2018

The Internal Revenue Service counts fringe benefits - goods, services, and experiences given to employees in addition to standard wages - as a form of taxable income. In most cases, time spent using your company car for personal use is considered a taxable fringe benefit, and if your small business pays you a salary, you would owe tax on the financial equivalent of that benefit. While...

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401(k) and IRA Contribution Limit Changes

IRS

November 5, 2018

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

 

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.

 

The limit on annual contributions to an IRA, which last...

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Missouri Business Tax Credit

Scott Fullerton

October 29, 2018

The Missouri Work Opportunity Tax Credit Program offers tax credits to businesses that hire employees from a variety of target groups. All new hires can fill out the described forms to determine if the employer is eligible for the credit. Below are the steps:

 

1.      All hired employees may fill out IRS Form 8850 to determine if they answer yes...

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Beware of a New Round of Impostor Scams

AARP

August 24, 2018

The Social Security Administration (SSA) is warning Americans about scammers posing as employees of the agency in order to steal their personal information.

The SSA and its Office of the Inspector General (OIG) are sounding the alarm this week about two types of scams. In the first, an individual gets a phone call with an automated recording saying that his Social Security...

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2018 Tax Changes Individuals and Businesses Should Know About

February 5, 2018

2018 Tax Changes for INDIVIDUALS

Effective date: 1/1/18 for most items. Most of it expires 1/1/26.

State & Local Income Taxes plus Real Estate Tax on primary home, plus Personal Property Tax capped at $10,000 ($5,000 for Married Filing...

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3 things more important than tax reform in 2018

AICPA website - guest blogger

January 23, 2018

1.  Everybody needs to fully reevaluate their accounting.
To start with, after two years of delays, US GAAP is undergoing its biggest changes in decades with implementation of FASB’s new revenue recognition and lease accounting standards. Aside from the high-profile changes for software providers, virtually every business in America that...

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Sending a 1099-MISC

January 15, 2018

If, as part of your trade or business, you made any of the following types of payments, you probably need to send a 1099-Misc:

  • Services performed by independent contractors or others (not employees of your business) (Box 7)
  • Prizes and awards and certain other payments (see Instructions for Form 1099-MISC, Box 3. Other Income, for more information)
  • Rent (Box...

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How to Build a Startup Business From Scratch in 2017

https://www.entrepreneur.com/

January 8, 2018

1. Find one problem and solve it more thoroughly than anyone else.

What will my company be known for? That's where I normally begin. I don't want to start like others; I want to start with specificity.

When people ask me how to do this, my answer is simple: Find a specific problem and know all you can about it. Become obsessed with that one problem,...

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Google’s ‘Dutch sandwich’ shielded $19.2 billion from tax

Bloomberg News

January 4, 2018

Alphabet Inc.’s Google moved 15.9 billion euros ($19.2 billion) to a Bermuda shell company in 2016, saving at least $3.7 billion in taxes that year, regulatory filings in the Netherlands show.

Google uses two structures, known as a “Double Irish” and a “Dutch Sandwich,” to shield the majority of its international profits from taxation. The setup involves...

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Standard Mileage Rates for 2018 Up from Rates for 2017

IRS

January 2, 2018

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017.
  • 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017.
  • 14 cents per mile driven in...

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When Will New 2018 Tax Reform Law Take Effect?

CPA Practice Advisor

January 1, 2018

On the Friday before Christmas, President Trump signed the new tax reform bill into law. The Tax Cuts and Jobs Act will take effect today, January 1, 2018, but when will most taxpayers see the effects? When will they see more money in their wallets?

How much will the new Tax Cuts and Jobs Act save you?

It depends on what your income level is, how much comes...

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Happy Thanksgiving!!

all Parenting

November 20, 2017

Thanksgiving Day facts:

  • The first Thanksgiving was held in the autumn of 1621 and included 50 Pilgrims and 90 Wampanoag Indians and lasted three days
  • Thanksgiving didn't become a national holiday until over 200 years later!
  • No turkey on the menu at the first Thanksgiving
  • No forks at the first Thanksgiving.  The first Thanksgiving was...

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Gifts to Charity: Six Facts About Written Acknowledgements

IRS

November 16, 2017

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things:

  • Have a bank record or written communication from a charity for any monetary contributions.
  • Get a

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Tax Preparer matters

Accounting Today

November 9, 2017

The IRS is sending due diligence letters to preparers who may be noncompliant in meeting due diligence requirements and who completed questionable refundable credit claims.

These letters are sent to raise awareness of questionable returns and assist preparers in meeting due diligence requirements. The IRS will continue to monitor the refundable credit returns prepared...

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IRS will enforce health coverage reporting on 2017 returns

Tax Adviser - AICPA

November 2, 2017

The IRS updated its page on health care reporting requirements to inform taxpayers and tax practitioners that it will not accept electronically filed 2017 individual income tax returns unless taxpayers indicate that they and everyone on their return had health care coverage, qualified for an exemption from coverage, or will make a shared-responsibility payment (under Sec. 5000A)....

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2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

IRS

October 26, 2017

Highlights of Changes for 2018

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,000 to $18,500.

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute...

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Some YE tax planning...

IRS

October 19, 2017

Taxpayers still have time to take these three actions that may affect the 2017 tax return they will file in 2018. 

Charitable contributions. Taxpayers can deduct contributions that they make to charitable organizations only in the year the donation is made. There is still time for taxpayers to contribute to a charity before the end of 2017. After several storms...

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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
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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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12 ways QuickBooks can power growth in your fast paced business

QuickBooks

November 30, -0001

Intuit® recently expanded its solution set to include a desktop and an online offering for medium-sized businesses that are quickly expanding in size and scope. Both upgrades serve companies with 10-100 employees and/or $500K-$20M in revenue.

QuickBooks Online Advanced adds functions that might have previously caused you to out grow QuickBooks.  With more...

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