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STREAMLINING OF ACCOUNTING RECORDS

STREAMLINING OF ACCOUNTING RECORDS

Posted: January 17, 2022

Streamlining of financial records was key for this business, who came to us with so many records, tax issues and strategic questions they weren’t sure where to start. They had three separate sets of financial records and we worked with them to come up with one. Because we did that, their property taxes were properly prepared and filed. On the accounting side, we provided guidance on how to book certain types of transactions and empowered…

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IRS AUDIT AND TAX RETURN FILINGS TAKEN CARE OF

IRS AUDIT AND TAX RETURN FILINGS TAKEN CARE OF

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This company came to us in the middle of an IRS audit. “Everything was a disaster,” they recalled later, “and we didn’t even realize it.” Whittaker worked together with the company’s highly qualified team to put the pieces together, stabilize the accounting records, provide guidance, and work with the team on how to move forward. “They didn’t just come in and solve the problem,” the company says. “They gave each qualified person on the team…

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TRUE FINANCIAL PICTURE SOLVES LONG-STANDING ISSUES

TRUE FINANCIAL PICTURE SOLVES LONG-STANDING ISSUES

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This company had an opportunity for his business to be acquired, and asked us to be a sounding board throughout this process. We held a meeting with the owner and his management team. “I was able to state my specific vision for each team member in a way I was never able to before,” he says. We showed them that there were three sets of numbers: tax returns, financials, and the internal accounting records. We…

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FINANCIAL VISIBILITY RESULTS IN MASSIVE PROFITS

FINANCIAL VISIBILITY RESULTS IN MASSIVE PROFITS

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For this business, the powerful results of seeing profits go from $500k to $6.7 in a period of 18 months were primarily the result of implementing a financial dashboard, and holding monthly meetings. It sounds simple, but these two solutions are based on what we know works for businesses of this type. First, it’s critical for you as the business owner to have full visibility on the financial results of your day to day business…

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Business Deductions for Meals and Entertainment Expenses

Business Deductions for Meals and Entertainment Expenses

Posted: June 30, 2021

The Tax Cuts and Jobs Act (TCJA) imposed new limitations on business deductions for meals and entertainment expenses that were incurred or paid after December 31, 2017, the effective date of the applicable Tax Cuts and Jobs Act (TCJA) provisions. The Consolidated Appropriations Act of 2021 (CAA) allows a 100% deduction for certain business meal expenses paid or incurred during calendar year 2021 or 2022.   This table summarizes these changes and how business meal…

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Lessons from a Less-than-Ideal Cost Segregation Analysis

Lessons from a Less-than-Ideal Cost Segregation Analysis

Posted: August 21, 2020

A cost segregation study categorizes the component parts of a commercial property for tax purposes, which allows the owner to optimize depreciation claims. A textbook cost seg analysis takes place not long after a property is acquired or a new building is completed, so the owner can begin taking full advantage of depreciation in the first years of ownership. In the storybook version, the owner has all the records neatly organized and completes the process…

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The Federal R&D Tax Credit is an Untapped Resource for Many Businesses

The Federal R&D Tax Credit is an Untapped Resource for Many Businesses

Posted: July 31, 2020

How much time and money does your business spend figuring out how to do something new or something better? We talk to businesses all the time who don’t know their activities could qualify for the federal research and development (R&D) tax credit. Meeting the requirements of the credit takes effort and planning, but a business that commits to a disciplined approach can achieve substantial tax savings, especially once it has a process in place for…

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Catching Up with Daniel Sohn

Catching Up with Daniel Sohn

Posted: July 22, 2020

Whittaker & Company Senior Manager Daniel Sohn moved a lot when he was younger. Born in Korea, Daniel later moved with his family to Vancouver, Canada. Next they swapped coasts for New York City, then hopped back west to a variety of cities in Orange County. The constant change likely informed his aversion to stasis. In fact, Daniel says he thrives on the unknown, making him a perfect fit at Whittaker & Company. Daniel joined…

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WHY WHITTAKER?

There’s a difference between an “owner mindset” and a “manager mindset”. Those with an owner mindset are those we not only have experience working with: it’s who we really like. We see the changing tax landscape, the critical financial issues, and more.