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SOC 2 – what is it and do I need to comply?
SOC 2 is an auditing procedure ensuring that organizations securely manage data to protect the company and the privacy of its clients. Its goal is to make certain that controls are in place to assure security and confidentiality of customer information. For...
7 points to consider when selling your home overseas
Under the Eligibility Test, if you have both owned and lived in your home for at least two of the last five years, then you are eligible to exclude a gain of up to $250,000 ($500,000 for married taxpayers) from tax If you don't meet the Eligibility Test, you may still...
The High Tax Risks of Cannabis
For all of the excitement, opportunity and money surrounding the emerging national and international cannabis markets in 2018, there could not be a more confusing accounting and tax environment for starting a new business. The continued prohibition at the...
Does Your State Collect Sales Tax? Here Are Necessities for Sales Tax Compliance.
Almost all states have a sales tax, only a handful don’t (Alaska, Oregon, Montana, New Hampshire and Delaware). Because of the variety and complexity inherent in sales/trustee taxes in every state you need to make sure you are correctly accounting for sales tax in your books. Sales tax is considered a “trustee tax” meaning it is collected from your customer, held in trust by the business owner and remitted to the state/city at regular intervals. The burden of calculating, collecting and remitting sales tax falls firmly on the business owner and the tax authorities are very unforgiving of mistakes when it comes to this responsibility
How to Know You Are Ready for A CFO
A CFO, or Chief Financial Officer, oversees the financial future and health of a company. They engage in activities that enhance performance, facilitate growth, increase profitability. Sounds great, right?
Basics of Tax Preparation: 10 Important Questions to Answer Before You Do Your Taxes
For those just beginning their “work life”, tax preparation and planning is a new and usually frustrating experience. Below are 10 questions designed to help you prepare for a meeting with a tax consultant/professional.
1. What is my filing status?
Listed below are the different filing statuses and their requirements.
Audit-Proofing Your Business Meals with Quickbooks Online
If you are managing your own bookkeeping through the use of Quickbooks Online (or any comparable accounting software) there are built in functions that make “audit-proofing” your records easy and comprehensive. When entering expenses, either through the bank feeds or chart of accounts, you have the option to enter information in the “Memo” section. A good rule to have for your business meals is to enter who you had the meal with and what business you met about over the meal on that Memo line.
IRC 199A: What It Is & What I Should Do About It
A 20% deduction can be claimed by the owners of S-Corporations, Partnerships, Sole Proprietorships, and beneficiaries of trusts (all, usually, do not pay tax at the entity level). The income is passed through to the owners.
IRC 199A does not usually pertain to business that provide services, such as doctors, lawyers, accountants, athletes, stock brokers, and many others.
The EXCEPTION to this rule: when the service provider has taxable income of less than $315,000.00 (married) or $157,500.00 (individual). This benefit begins to be phased out at these income thresholds. The deduction is completely phased out at $415,000.00 (married) and $217,500.00 individual. However, excluded from the long list of service providers are architects and engineers, meaning the deduction can be claimed by them without restriction.
Tax Extenders: Making Sense Of The New Laws
On February 9, 2018, at the 11th hour Congress passed the budget bill and it was signed into law. In an unprecedented move, Congress extended a few tax deductions and credits to 2017 that had expired on December 31, 2016. Because there was absolutely no advanced...
Moving to Kirkland, WA!
Address Update! GPL Tax & Accounting will be moving to Kirkland, WA on Thursday and Friday (December 29th and 30th) and will be up and running in our new location on Tuesday, January 3, 2017. Meanwhile, phones will be down but we are available via emails. Our new...
SOC 2 – what is it and do I need to comply?
SOC 2 is an auditing procedure ensuring that organizations securely manage data to protect the company and the privacy of its clients. Its goal is to make certain that controls are in place to assure security and confidentiality of customer information. For...
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