Passthrough Entity Tax Payments (PTE) a Great Deal👍🏻👍🏻: Let’s Make Sure You Make a Timely⏰Election!

Weekly Take Away: Try to be proactive, prepare for contingencies and work with a knowledgeable tax professional🦉 to take advantage of tax saving benefits💵💲… Pass through entities and the tax advantages most states provide, encourage businesses to pay the personal taxes for their owners as a federal business expense and then show those payments as a credit on their personal state tax returns.  I write about this every year as…  Read more

Looking to Cook the Books 🍲🥄? Let’s Analize Your Medical Practice 🩺 &/or Business KPI’s & Benchmarking Instead 🤩Monitor/Evaluate/Tweek/Repeat

It’s still the beginning of the year and I feel this is still the best time to set your medical practice, law firm or business on the right track to have a successful AND less stressful 2025.  Over the past few weeks I have discussed: creating or updating your business plan, listed out several important general best practices or business tips, averting a cash flow crisis, and utilizing input from…  Read more

The Battle 🥊💪🏻🥊of the #’s KPI’s vs Benchmarking? Align 🤩the Two to Monitor and Evaluate Your Data to Help Improve Business Performance👍🏻👍🏻✅💰

Our firm is working with a medical practice group, a consulting client; who is looking to understand their business performance, identify weaknesses and grow in the right direction.  Based upon need and staff expertise, their practice seems to be doing really well.  Their patient base is growing, their staff is experienced and their patients are happy working with them.  On first glance their medical practice is thriving and as such,…  Read more

Whoa…BOI, Here We Go Again My My … 🎶🎵🎹🎷 – Sung to the Tune of Mama Mia

Whoa, BOI…Oh NO Here We Go Again… Beneficial Ownership Information (BOI) reporting requirements are covered in the Corporate Transparency Act (CTA); P.L. 116-283. FinCEN has estimated that 32 million small businesses would have to file BOI reports. BOI in the BOX I was all set to schedule my post about Tax Strategies for Financial Growth and Quality of Life, when we received news that the Supreme Court has lifted the…  Read more

Avoid a Cash Flow Crisis with Tips from the Trenches 💲🏧💰✅📩🔳❔❕

Weekly Take Away:  Last Thursday January 16th, I joined and hosted a panel presentations with fellow CPA’s for our professional group – one of the topics we discussed was cash flow.  Yes, even tax and accounting professionals struggle with cash flow, billing and collections from time to time, or at least work to create processes and sytems to avoid those struggles.  We accounting professionals look to help reduce the administrative…  Read more

Beginning of the Year Business Tips for a Successful 👍🏻🍾😊🤸🏻💰🎇Year 📅

Weekly Take-Away:  Communication is key, especially when updating processes.  This blog was scheduled to post on Tuesday (as per our new system of two general informative blogs per week).  Even though this blog features the crazy time at year-end, as an accounting firm our year-end work “bleeds” into January with required estimates and requests for planning meetings and final information requests.  This past week our work included firming up personal…  Read more

Stop Putting Off the Little Things/Boost Firm Productivity By Following & Tweaking Our Processes

Our weekly take-away for the new year 🥂🍾:  Stop putting off the little things to boost firm productivity by following processes to ensure client satisfaction… I know that I like many other busy people tend to create to-do list’s with small and large projects; many times the small items get pushed to the bottom or onto the next page and then don’t get addressed until they become a big problem…  Read more

Weekly Update–December 27th 2024: Happy Holidays 🎅🏻🤶🏻🎄🕎 & the BOI Gift of Uncertainty🎁

How great to have an overlap of Christmas and Hanukah this week. It seems like almost everyone is celebrating with friends and family.  Decorating their homes, lighting the menorah and Christmas tree and cooking up a storm. I love seeing and sharing holiday photos along with my usual sunrises on the beach(working from West Coast to the East and South to North-I think I got it right)… Christmas in Southern…  Read more

Weekly Update–December 20th 2024: Holiday Giving/Charitable Giving 🎁📦👗👖🧥🍞💲💲& the Gift of BOI

It’s been another jam-packed week as we head for the new year. Our office is continuing to work on tax minimization plans, help determine bonus payments, and calculate estimated tax payments as we navigate the ever-changing Beneficial Ownership Information (BOI) landscape.  Although I love walking on the beach in the morning I was really glad it was raining Monday enabling me to sleep in.  I am happy to share some…  Read more

Weekly Update-Lucky Friday December 13th 2024 🍀Utilizing Banked Solar Power☀️🌦️

The countdown to the end of the year is a “mixed bag” as usual: holiday parties and planned get-togethers with friends and family, hoping for/dreading a snow day ❄️ ❄️ ❄️, picking out gifts 🎁 while contemplating our own wish list📃, looking forward to vacation time while scrambling to complete necessary projects.  We had a busy “mixed bag” week here as usual as we worked on tax minimization plans, calculated…  Read more

Weekly Update–December 6th 2024-Happy Holiday 🦃 & BOI News After TX Court Preliminary Injunction

I love the holidays, it’s great to visit friends and family and then arrive home with a day or 2 to settle in before jumping back into work.  This year we pushed visiting time to the max giving us little time to settle in, but we wanted to squeeze every possible second in during our visits.  Although we missed seeing and visiting with Jessie’s good friends who are her California…  Read more

Weekly Update –November 29th, 2024-Best Black Friday Deals…

It’s Friday November 29th AND Black Friday, a day to look for the best deals around!  I am hoping many of you are able to take advantage of some of the best Black Friday deals out there, I know I am… closing your office early the day before a national holiday, like Thanksgiving/closing your office the Friday after a national holiday like thanksgiving so my staff has an extra-long paid holiday…  Read more

Weekly Update-November 22th 2024-More on BOI & Tax Law

What a difference a week makes; last week at this time we were traveling to MI for a long weekend visit with my daughter Emily, son-in-law Jeff and grand-dog Rory. I took this shot of sunrise over Jamaica Bay as we waited for take off… Sunrise Friday Over Jamaica Bay were able to hike on some local trails, our flights were delay free AND the sunrises over the lake were…  Read more

Weekly Update–November 15th 2024-My Bags are Really Packed ✈️💼AND We Are Still Updating Our Office Process for Client BOI Reporting Support …

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. My bags really are packed and include a special squeaky toy” for my grand-dog Rory; we certainly want to make sure he is happy to see us and candy is a no-no.  As we head to Michigan for a long weekend visit we are thrilled that the weather there…  Read more

Weekly Update–November 1st 2024 – Some Un-Spookey News 🎣🐋🎃👻 AND Looking Forward to an Extra Hour of Sleep 😴💤

In last week’s blog I mentioned we were updating our website using the “slash and burn” method as we like to refer to edits or  our “less is more” approach to simplification… the review and edits have begun.  You can still find this week’s blog at the bottom of our home page; prior blogs are now in the “Latest News” Tab (we have eliminated the newsletters, Covid-19 sections and trimmed down our videos to…  Read more

Weekly Update–October 18th 2024-TGIF 😃🙌🏽 Focusing on Tax Minimization/Tax Reduction Plans 💰💲🪙 & More Details on Disaster Relief ⛈️🌈

TGIF and TGTSO – thank God it’s Friday and thank God tax season 2024 is over.  I stayed in the office late Tuesday evening to submit extended 2023 individual tax returns and C Corporation tax returns and then literally crashed.  Of course, as a habitual early riser I woke at 5:30 and headed down to the beach for a walk and to catch the sun rising. Saturday Sun Rising Tuesday…  Read more

Weekly Update–September 27th 2024-Counting Figs 🌿 & Days 📅 Until the End of Tax Season 2024

It’s countdown time here again with extended 2023 trust returns due Monday the 30th, but we made it to this deadline too. Yes, it seems it’s always tax season here as we start the next countdown for extended 2023 individual and C Corporation tax returns, due October 15th.  It’s also green fig season in my garden, we have harvested over 200 super sweet ripe ones and have run out of…  Read more

Weekly Update–September 20th 2024-Good News: Tax Minimization May Still Be Possible for Some Extended Tax Returns 🌈😊

With summer coming to an end and fall closing in the sun is rising later each day (sunrise was 6:42 today), I can take my time starting off on my morning walks.  This morning at 6:25, I was admiring the cloud formations and sky as I walked to the top of the berm at the beach. The sky looked ominous but beautiful while the water was smooth, just right for…  Read more

WeeklyUpdate–Lucky Friday September 13th 2024 ☀️🍀🌈💛

Let’s call it Lucky Friday the 13th as we accounting professionals get an extra day to meet our major deadline this Monday and it’s a beautiful day out as well!  Monday September 16th is one of our hardest deadlines to meet as extended S-Corporations and Partnerships are due along with business and individual estimated tax payments for 2024 tax returns.  I am so grateful to be able to walk on the…  Read more

Weekly Update–September 6th, 2024-Can Good Planning Really Reduce My Next Two Estimated Tax Payments?

Our Labor Day weekend has stretched through this upcoming weekend, end of summer…not yet please.  Even with the unofficial last day of summer, the first few days of the school year, and the last few days until our major deadline, I am not ready to give up yet.  Just this morning, I skipped my walk to sleep in a bit so I could continue to enjoy our guests over a…  Read more

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