A Certified Public Accountant (CPA) who prepares tax returns and a CPA who focuses on tax planning have distinct roles and responsibilities. While both are knowledgeable in tax matters, their primary areas of expertise and the services they provide differs. CPA That Prepares Tax Returns A CPA who prepares tax returns is primarily focused on
Author Archives: Whittaker
07
Jun
Jun
Intro Financial metrics are very important when it comes to analyzing how efficient your business is. Both cash cycle and operating cycle are a great way to measure your businesses financials. Often people think they are the same thing. While they are very similar, they have small differences that make them each very useful. What
Advisory|Tax, Strategic Guidance|Tax, Tax
What is the Difference: Amended Tax Return and a Net Operating Loss Carryback?
31
May
May
What is the difference between an amended tax return and a net operating loss carryback? During recent years with the ever-changing tax laws and updates related to COVID we have seen a dramatic uptick in the number of clients filing amended tax returns and net operating loss (NOL) carryback claims. This post explains the difference
24
May
May
Should I hire a CFO or Controller? When it comes to managing the finances of a company, two roles that often come up are that of a controller and a chief financial officer (CFO). While these two positions may sound similar, they have distinct differences. They differ in terms of their responsibilities and the level
17
May
May
What is a CPA? A Certified Public Accountant (CPA) has a lot of different roles when it comes to their job description. Most people think that CPA’s only do taxes but that isn’t always the case. While tax preparation and planning are common areas of expertise for CPA’s, they possess a wide range of skills
10
May
May
When does our business need to file income tax returns in other states? When a business operates in multiple states, it can be challenging to determine its state income tax obligations. One of the most critical concepts to understand is state income tax nexus. This refers to the connection or level of presence that a
03
May
May
Dealing with the loss of a loved one or a business owner can be an overwhelming and emotional experience. While you may be struggling to come to terms with your loss, there are several important steps to ensure that the necessary financial arrangements are made. Some of these steps need to be done right away
Advisory|Financial Reporting|Strategic Guidance, Advisory|Strategic Guidance
Internal Vs. External Accounting
26
Apr
Apr
A Question we often get asked is whether a business should hire an in house accounting team or outsource their accounting work. This can vary depending on the business but there are pros and cons to each option. Outsourcing With some of our clients, we see the business owners are primarily responsible for their accounting
Advisory|Strategic Guidance|Value Building, Financial Reporting|Strategic Guidance, Strategic Guidance|Tax, Uncategorized
Reasonable Compensation for S Corporation Shareholders
19
Apr
Apr
S-corporations are a popular choice among small business owners. They offer a range of tax benefits, such as avoiding double taxation and passing profits and losses onto shareholders. However, S-corporation shareholders must ensure they receive reasonable compensation for their services to the corporation to avoid triggering tax penalties from the Internal Revenue Service (IRS).
12
Apr
Apr
Why Is It Important to Correct Journal Entries? Accounting is a critical aspect of any business, as it helps in recording and tracking financial transactions accurately. While the process of recording transactions can be straightforward, it is not uncommon for errors to occur. These mistakes can have a significant impact on a company’s financial records,
