Small Business Financials

Audio is not supported in your browser The skills and attributes of a successful audit partner * This article was originally published here Check out https://www.johannakimball.com

Business tax * This article was originally published here Check out https://www.johannakimball.com

Audio is not supported in your browser John Carroll University's Professor Jerry Weinstein discusses recent changes in the standards for multiple deliverable arrangements. * This article was originally published here Check out https://www.johannakimball.com

Practice Excellence * This article was originally published here Check out https://www.johannakimball.com

The deadline to file a federal tax return has been extended to June 15, 2021 for all Texas residents and businesses. Due to the winter storm that left millions of Texans without power and water last week, the IRS has extended the filing deadline to allow those impacted more time to complete their returns. The extension specifics The original tax filing deadline for individual returns is April 15, 2021, and that date still stands for anyone who needs to file a federal return and lives outside of Texas. Likewise, all business returns for businesses operating outside of Texas must be filed by March 15, 2021. If you are a Texas resident or business, however, you now have two extra months to complete your returns and pay any taxes owed. You also have two extra months to make 2020 IRA contributions. The June 15, 2021 extension also applies to quarterly estimated tax payments originally due on April 15, 2021 as well as the following situations: Quarterly payroll and excise tax returns

Growth * This article was originally published here Check out https://www.johannakimball.com

Individuals * This article was originally published here Check out https://www.johannakimball.com

Citrin Cooperman appoints leader of entertainment, music and sports industry practice; Lindquist promotes four; and more CPA news. * This article was originally published here Check out https://www.johannakimball.com

I heard a great story recently about the late Philip Hardman (after whom the ICAEW Tax Faculty's annual Hardman event is named). This story dates back to the days when every tax specialist, team or office would have their own hard copies of what was then Butterworth's Yellow and Orange Tax guides.  Philip was head of tax for Thornton Baker, before it merged with Alexander Grant to become Grant Thornton. After a tour of the firm's offices, Philip reported back that he was disappointed by the lack of high level tax work being done around the firm.  His evidence was the number of Butterworth's yellow books that were NOT dog-eared! The tax teams were later admonished for not referring to the legislation sufficiently often. Back then there was no other way of checking what the law says.  To avoid repeated criticism the staff apparently found a solution. They would take the yellow and orange books off the shelves and 'bend their Butterworths'! Goodness only knows how

HMRC & policy * This article was originally published here Check out https://www.johannakimball.com

A potent mash of alcohol regulations, tax obligations and marketplace facilitator laws is brewing as the industry adjusts to living with the COVID-19 pandemic. * This article was originally published here Check out https://www.johannakimball.com

General practice * This article was originally published here Check out https://www.johannakimball.com

Like most financial instruments, special purpose acquisition companies present risks and rewards, and require due diligence from accounting firms to help avoid landmines. * This article was originally published here Check out https://www.johannakimball.com

HMRC & policy * This article was originally published here Check out https://www.johannakimball.com

Practice strategy Tags HMRC Payroll * This article was originally published here Check out https://www.johannakimball.com

Avalara launches its "Standing with Black-Owned Businesses" promotion; and Anders CPAs and Advisors releases its 2020 Community Impact Report. * This article was originally published here Check out https://www.johannakimball.com

  People never really understand what your job really involves The colour scheme on your spreadsheet is actually important It's infuriating when a balance sheet doesn't balance You're wasting our time when you promote stuff to us (as we have no buying authority) Having the auditors on site is a pain in the neck No one wants to know when your cash flow shows no flow Everyone thinks you can help them pay less tax Friends only call when they want financial advice New versions of Excel are really exciting Everything in life can be reduced to debits and credits * This article was originally published here Check out https://www.johannakimball.com

Finance & strategy Tags Charities Consolidation SORP * This article was originally published here Check out https://www.johannakimball.com

Earlier this week, the latest details of the third COVID-19 relief package were released. The package, which is expected to pass Congress in the coming weeks, includes a $1,400 stimulus payment for individuals and both child and non-child dependents. Let’s breakdown the details of what we know so far. Value of the proposed third stimulus payment According to information released by the House Ways and Means Committee , the proposed third round of stimulus payments would pay out up to $1,400 to individual Americans. As with the first and second payments, there are also income thresholds in place. As a Single filer, if you make less than $75,000 in adjusted gross income (AGI) you’ll receive the full stimulus amount of $1,400. If you are married filing jointly, you will receive the full stimulus amount if you earn less than $150,000 in AGI. The payments phase out for people with incomes above those thresholds. While the phase outs occurred for the first and second stimulus payments

Finance & strategy * This article was originally published here Check out https://www.johannakimball.com

General practice * This article was originally published here Check out https://www.johannakimball.com

HMRC & policy * This article was originally published here Check out https://www.johannakimball.com

Clients * This article was originally published here Check out https://www.johannakimball.com

Clients * This article was originally published here Check out https://www.johannakimball.com

Many years ago when accountancy firms were more formal than they are today, the senior partner noticed a new trainee in the office and called out to him, across the older articled clerks: "Come over here! What's your name young man?"  "John," the new trainee replied.  "Look, I don't know where you grew up or what school or colleague you attended, but I don't call anyone by their first name," the senior partner scowled. "It breeds familiarity, and that leads to a breakdown in authority and respect. I refer to all my staff by their last names only: Smith, Jones, Baker, whatever. And you are to refer to me as 'Sir'. Do I make myself clear?"  "Absolutely sir!"  "Now that we've got that straight, what's your last name?"  The trainee sighed, "Darling, My name is John Darling, Sir."  "Okay, Then. Welcome to the firm John.” * This article was originally published here Check out https://www

There’s no doubting it: having kids is expensive. Between paying for diapers, daycare, and tons of other baby supplies, new parents can quickly find themselves overwhelmed financially. Fortunately, several tax advantages are available to parents to alleviate a little of the financial responsibility. 1. Child Tax Credit As a parent, you can take advantage of the Child Tax Credit (CTC) on your tax return if you have a child under the age of 17 who you claim as a dependent. Under the current tax law, the CTC is worth up to $2,000 per qualifying child. The credit value is reduced by 5 percent of adjusted gross income over $200,00 for single parents and over $400,000 for married parents filing jointly. The unique part of the CTC, however, is that it is partially refundable. That means if the credit value ends up exceeding the amount of taxes you owe, you can receive up to $1,400 of the remaining balance as a tax refund. That portion of the credit is otherwise known as the Additional Ch

One major difference between past audits and those of today are they are now being almost completely performed in a remote environment. * This article was originally published here Check out https://www.johannakimball.com

Individuals * This article was originally published here Check out https://www.johannakimball.com

Filing your taxes may look a little different this year. But if you’re worried the extra boost in funds you received as stimulus payments will negatively impact your tax refund, rest assured that is not the case. That’s because the stimulus payments are not considered taxable income; they are advances on a tax credit created to provide relief to the many Americans impacted by the COVID-19 pandemic.  That credit is called the Recovery Rebate Credit . Tax Credit Definition In order to understand how the stimulus payments don’t negatively impact your tax refund, let’s first start with the definition of a tax credit. Tax credits reduce the amount of income tax you owe to the federal and state governments. They are a dollar-for-dollar reduction on your tax liability. That means if you owe $1,000 in federal taxes but are eligible for a $1,000 tax credit, your $1,000 tax bill will drop to zero once the credit is applied. There are two different categorizations of tax credits – a nonref

ABP #32 - Metrics (Part 7, ROI) and Accounting Run Charts Accounting Best Practices with Steve Bragg     •     February 19, 2007, 10:24 pm Mark Polino (from Transit Television Network) discusses accounting run charts, and Steve covers return on investment measurements. ABP #218 - Shared Service Centers Accounting Best Practices with Steve Bragg     •     July 2, 2016, 2:40 pm Biden stimulus may be Democrat-only despite cordial GOP meeting The Latest     •     February 2, 2021, 3:26 pm President Joe Biden and congressional Democrats signaled they’re intent on a large pandemic relief bill, potentially without Republican support, even after a White House meeting with GOP senators on… How Struggling Businesses Can Keep Their Customers AccountingWEB     •     February 1, 2021, 10:21 am Clients AccountsIQ announces partnership with C

How would you like to pay off your student loans? As a mother of seven children who are young adults and college educated, I know what it is like to struggle to pay for school and manage student loan debt. Be free of student loan debt I believe that every person can be free from the worry of student loan debt and pay them off by following steps to save money. The key is to free up funds to put toward retiring those debts. It’s also important to write a check (or make a payment online) toward the loan at the time you save the money. If you need to, research repayment plans to make sure you can stay on track. Otherwise, your hard work at cutting back will only get reabsorbed into the family spending. Here are some key areas where you can begin to reach that goal. Save in Your Community Begin the savings adventure close to home by supporting your local schools and businesses. School Discount Cards – Help your favorite student by purchasing their schools discount card, almost

AICPA seeks minority students for 2021 George Willie Scholarship program The Latest     •     February 2, 2021, 3:49 pm The annual program provides up to $10,000 and an internship to 10 diverse accounting students pursuing the CPA license. ABP #127 - Streamlining Payroll, Part II Accounting Best Practices with Steve Bragg     •     August 11, 2011, 10:30 pm How to automate payroll data entry and reduce the number of payroll deductions Our Accounting Experts Will Answer Your Questions AccountingWEB     •     January 28, 2021, 12:51 pm Practice Excellence Check out https://www.johannakimball.com