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“’Genuine Expert’ is the phrase that pops into my mind when I think about John.”

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“’Genuine Expert’ is the phrase that pops into my mind when I think about John. I have known John for many years both personally and professionally and consider him one the best partners that I’ve had the pleasure of working with. During my career I’ve rarely came across a real professional with his integrity and principles. John has earned my highest recommendation!”

–Rob Kemmerer, Sales Manager @ Smart Payroll Solutions

In 2021 We Helped Our Clients Manage Over 135 Million in Cash Flow.

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In 2021 We Helped Our Clients Manage Over 135 Million in Cash Flow.

www.HisCPA.com A Christian CPA Firm and Virtual CFO

Be Sure You CPA Works as Hard as You Do Towards Your Business Success

Unemployment Tax Law Changes

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Unemployment Taxability Changes

The American Rescue Plan signed March 11, 2021 allows each U.S. Taxpayer (does not apply to non-residents) to exclude in 2020 up to 10,200 of Unemployment from their taxable income as long as your Adjusted Gross Income is less than $150K.

“If you have already filed your 2020 Form 1040 or 1040-SR, there is no need to file an amended return (Form 1040-X) to figure the amount of unemployment compensation to exclude. The IRS will refigure your taxes using the excluded unemployment compensation amount and adjust your account accordingly. The IRS will send any refund amount directly to you.”  — IRS Website

To Read More Visit

https://www.irs.gov/faqs/irs-procedures/forms-publications/new-exclusion-of-up-to-10200-of-unemployment-compensation

Highlights of Round 2 of the Paychex Protection Program

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Highlights of Round 2 of the Paychex Protection Program

Hot off the Press….are Highlights of Round 2 of the Paychex Protection Program including:

-Expanded list of covered expenses including software that facilitate business operations and payroll processing fees.

-Ability to obtain a 2nd PPP Loan based upon the “necessity requirement” requiring borrowers to certify “current economic uncertainty makes this loan request necessary to support the ongoing operations…”.

-Eligibility for PPP Round 2 Funding are based upon business with a 25% revenue decline in any 2020 quarter compared to the same quarter in 2019.

-Covered expenses paid with PPP borrowings are now tax deductible and not taxable income.

-Ability to select either an 8 or 24 week reporting period for Round 2 PPP Loans.

-EIDL Advances will not reduce PPP loan forgiveness with guidance expected soon on how to amend your forgiveness application if your EIDL Advance has already been deducted from your Forgiveness Application.

To Learn More https://www.natlawreview.com/article/paycheck-protection-program-round-2-highlights

Year End Tax Planning

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Year End Tax Planning

As we all celebrate Thanksgiving it is time once again to do some year-end tax planning. 

I suggest doing tax planning before year end so there are no undue surprises going into next year. To help guide in the process I have provided the below two resources for your review/use.

To do formal Tax Planning please use out Tax Preparation Checklist in pulling your corporate data together for review being sure to include year to date financial statements and YTD Gross Wages by Employee and your last payroll stub showing your YTD salary and withholding.

Year End Tax Planning: What Businesses Should Do Now

If you fail to plan, you are preparing to be surprised. Learn how you can get ready now for your year-end liability and survive the year-end tax preparation process.

Year End Tax Planning: What Businesses Should Do Now!

Finding (and Tracking) Business Tax Deductions

Whether you are a new business owner or have owned your company for years, missed business deductions are a consistent cause of concern. Discover new ways and methods to improve your business tracking skills.   

Maximizing Deductions

A Christian Virtual CFO/CPA Serving 30A, the Emerald Coast, the Gwinnett & Metro Atlanta Area

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“It is VERY difficult to do one thing well.” These are words spoken to me several years ago that I will never forget. Complexity in business management for America’s entrepreneurs continues to become a way of life for today’s business owners. Working with a Virtual CFO will do much to help guide you through costly trial runs at success and help guide you ever closer to profit maximization and long-term success.

A Christian Virtual CFO/CPA Serving 30A, the Emerald Coast, the Gwinnett & Metro Atlanta Area

Success IS…..

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Success is something earned not granted. It is the end result of a day worked and lived minute by minute and is measurable at the end rather than at the beginning of a journey.

Success is a lifestyle and not an achievement as you do not achieve success but rather become through hard work, diligence and effort.

Success is the difference between being “done” and done “well.”  I have seen way too many examples in life of people who stopped working or were finished but yet did not complete a certain task to the best of their ability.

Success only comes when one has done their best! 

Success is not being awesome by others standards but buy one continuing to put forth their VERY best in EVERY Circumstance.

Ways a Virtual CFO/CPA Can Help Your GROWING Business.

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Ways a Virtual CFO/CPA Can Help Your GROWING Business.

1. Looking Ahead. Many tax preparers’ are historical in their view, focusing on the past that is already over.

2. Experience. A Virtual CFO of importance will have decades of experience and wisdom to rely upon when making short and long term strategic decisions.

3. Business Consulting. Though a Virtual CFO will never replace an attorney in terms of drafting legal documents he will “know the ropes” in order to best advise a course of action that is the most appropriate in the circumstances.

4. Rapidly Changing Business Environment. Financial dynamics are at play in your business 24/7. A Virtual CFO is “at home” in understanding and applying tactical opportunities to your advantage.

5. Tax Savings. A Virtual CFO can help guide in the prudent application of Best Practices to assist and guide in Tax Mitigation, Tax Compliance and Reporting ensuring “your business can focus on the issues of doing business”.