Archive for category: Blog

OUR INDUSTRY EXPERIENCE AND CAPABILITIES

Be Sure Your CPA Works as “Hard as You Do” to Help You Achieve Entrepreneurial Success!

In the Real Estate industry we are well poised to work with Developers, Tradesmen including Electricians, Plumbers, Painters, Decking Contractors, Waterproofing, Sheet Rocker/Drywall, Carpenter, Decorators Framers, Concrete Suppliers/Installers, General and Subcontractors, Landscapers, Window/Glass Installers, Carpet/Hardwood/Tile/Flooring Contractors, Flooring Companies, Granite & Countertop Contractors, Kitchen Cabinet Contractors, HVAC & Insulation Companies, Residential & Commercial Home Builders, Foundation Contractors, Security Systems, Smart House Contractors, Well Contractors, Sprinkler Systems, Kitchen & Kitchen Remodeler, Bathtub Refinishing and Bath Remodelers, Pest/Termite Control & Exterminating, Vacuum & Sound Systems, Scaffolding, Swimming Pools, Waterproofing, Tinted Glass, Architects, Stone/Brick Masons & Movers & Real Estate Agents to help you get from point A to B.

How and Why I Run My Own Business

Recently I received an inquiry from a fellow CPA who was looking to start a CPA firm. In drafting my reply to them I was able to remind myself how much I love being a CPA and helping others.

The below was my response….word for word.

Great to get your note and CONGRATULATIONS on your decision to go out on your own. Have been doing for now 31 plus years and still love it as much as Day 1.  Have always felt have done better financially and a better quality of life as a result of this ride.

I opted based upon my background to market exclusively to business owners and believe it was best strategic decision I have reached. Several clients over the years have generated annual revenue close to as much and more than I was generating when I was previously working as a CFO for one company.

Entrepreneurship to me is a lifestyle and one I LOVE.

If you find a niche that fits you the best I would market that almost exclusively. Have found that being an active member of Business Groups (Gwinnett Chamber etc) is key point in both giving back to the community and serving others!

I believe it essential to have a good web site that tells the story of who you are and what you do. Over the years I developed mine to be a resource center both for my work and those who found my web site.

Day 1 when I started my business and for the first several years I was meticulous about tracking my marketing efforts by category, the time involved and the success of each. Soon I learned what I liked the best and what worked best for me in my efforts. I always sought when and where appropriate to let others know what I do and how I best do it.

Praying you ever success!!!!!!

Nobody Likes Doing Their Taxes….But as Long as You HAVE to Have them done Be sure you Pay Your Lowest Legal Possible Tax

Updates on Internal Recording on Your Financial Statements and Tax Deductions for PPP Loan Covered Expenses

Below are rules as I understanding both the accounting and tax consequences of Debt Forgiveness of PPP Loans.

If you are preparing financial statements for a bank you will want to follow the attached rules on when to take the PPP loan off of your financial statements. This will be when both your bank and the SBA concur on the Forgiveness amount which may be five months after your initial application.
In both preparing financial statements for a bank as well as for your tax return mainstream wisdom leads towards showing the amount/partial amount of PPP Loan Debt that is Forgiven as an Other Income Item on your financial statements rather than as as reduction of covered expenses.

For Tax Purposes…Whether you have or have not submitted your PPP Forgiveness Application by the end of 2020 and either have or have not received a formal response to your PPP Forgiveness Application request by the end of 2020, you are required to take into income in 2020 the full amount of the loan reasonably expected to be forgiven (regardless of if your PPP loan is forgiven in either tax year 2020 or 2021).
The option of selecting a year for deduction applies only to the portion of the PPP loan if your Forgiveness Application is denied in whole or in part or if you opt to never request PPP Loan Forgiveness. 

For those desiring more detailed reading:
Two Approaches for PPP Loan Accounting | RKL LLP

https://www.irs.gov/pub/irs-drop/rr-20-27.pdf

https://www.irs.gov/pub/irs-drop/rp-20-51.pdf