You may have missed our announcement about our CARES Act Overview and Resource Center This post has many critical resources that are also in our resource center which I wanted to highlight, as well as updated information we have put together from all of our research. We believe that the “PPP loan to grant” program is worth reviewing. We have gotten word that our banking partners do not have complete… Read more
Hoping you can spot the dolphins playing in the stormy water today. In times like this it’s the little things that make a difference, like spotting dolphins swimming by during my morning walk. Last night I hosted the first of what I hope will be the first of many valuable and informative webinars: “Successful Personal Cash Flow Strategies During Times of Uncertainty” and as the news keeps changing I will update… Read more
Today’s “to do list” started with a walk on the beach at sunrise and a deep breath. It’s time to start planning; the Senate passed the relief package the C.A.R.E.S. Act and expectations are high that the bill will pass in the House and then be presented to President Trump for his signature by Friday. So now the questions start: “What do I have to do to get this money… Read more
I have been checking the New York Times Morning Briefing daily as well as my online accounting and business newsletters, the IRS and NYS website, et al, to see what’s going on with our country, our government, our economy, taxes and of course, the Coronavirus. Here’s the link for today’s NYT briefing My team and I have also been researching valuable resources for loans, grants, and best health and business… Read more
On Tuesday, March 17, the Treasury Department announced that taxpayers will be able to defer paying their taxes for 90 days past April 15th. BUT…there are some things you need to know: The filing deadline has not changed, it is still April 15, 2020. An extension is required to extend the filing of your 2019 tax return. Income tax payments for returns with a due date of April 15, 2020,… Read more
There are special deductions and credits which help working parents defray some of the bite from child care costs. Follow the specific rules and receive tax benefits for qualified child care while you are at work and breathe easy knowing your child is in a safe secure environment. Interested in finding out more about this and other employment related benefits and how they can reduce your taxes, contact us,… Read more
It’s tax season and it seems that the rest of the country finally figured out that Tax Simplification is anything but… Now the big question is how do I find the best CPA or Tax Professional for me. The question seems “simple” too. But is it? Today was the second time this article was published in the last few weeks, click through to read it. How to Find the Best… Read more
I was asked to contribute to a feature in a short video montage at Intuit’s QuickbooksConnect conference. Several accountants spoke about aspects of accounting. I was happy to answer “what do you love about your clients?” Any guesses as to what I replied? Here’s the gist: I love that I’m able to speak with my clients and they understand what I’m saying. At A. Parness Company CPA we believe in… Read more
For medical practices and other professional practices the risk of data breaches and fraud is high, so taking all the necessary steps to protect your patient’s or client’s sensitive data is a must. Unfortunately for many practitioners the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid… Read more
Is email the new silent killer? At one point in time everyone thought it would vastly improve communication while freeing up time. It still is a great way to communicate and under the right conditions can help create efficiencies for medical practice or small business owners and their staff. It seems like we wade through hundreds of emails in our inbox each day; the productivity killer arises from those who… Read more
These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a bit of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It will… Read more
You and your staff can really benefit from using technology to handle repetitive administrative work; this will help free up staff time to be used for higher level tasks like speaking with customers and analyzing the data. These days, you can use technology to take care of almost any issue facing your business. Artificial Intelligence can be used as an interface with other software so that you and your… Read more
No one really likes talking about their death, which makes updating—or even writing—a will an unpleasant experience. Often, people put off thinking about their will for another day, assuming they have a lot of time to deal with it. Along comes the SECURE Act and we see the importance of proactive planning, not just for your retirement, but for your beneficiaries as well. NEIL D. KATZ, J.D., LL.M., CPA Last… Read more
What comes to mind when you think about a business conversation? I picture sitting at my computer or surface, starting off my meeting with a wave and a smile. It’s possible that this is the first “in person” meeting we are having, so starting off with a video chat is a great way to fast track a relationship. I hosted a recent video chat meeting with a new contact while… Read more
I offered my top tip for accountants and their clients for an article which was published last week, then I googled communicate and this is what I found: com·mu·ni·cate verb 1. share or exchange information, news, or ideas. Similar: liaise, be in touch, be in contact, be in communication Use it in a sentence “We as effective tax advisers communicate with our clients so we can understand what their needs are… Read more
I was asked to contribute to this online article as posted by Intuit for other tax professionals. My tip: “We find that our business and individual clients are still confused about how the TCJA affects various issues, such as their overall tax liability, entity structure, retirement benefits and deductible expenses. We will continue to encourage strong communication and engagement with our team of professionals. Our clients are comforted when they see that we are there… Read more
You may feel overwhelmed by this new form and the calculations involved with setting up sufficient 2020 tax withholding. We certainly understand as it seems that to do it correctly you need to be a tax professional or have a really good grasp on how your income is earned as well as what deductions and tax credits you are entitled to. Watch this video to see our reaction to the… Read more
I recorded this video over the summer (right, I am not standing on the beach in this gear in December!) A Plan with Small Actionable Steps Will Help Create the Goals we Have in Mind for Our Business and Ourselves and what better time to put this tip to use than now… This message is just perfect for this time of year. We are all hoping to start 2020 with… Read more
It’s been exciting to see how several of our clients were able to save some serious dollars and reduce or eliminate their fourth quarter corporate and individual tax estimates by instituting Year-End Micro Tax Minimization Plans. We will be rolling up our sleeves again in January to start working on full blown plans for the 2020 tax year. Click through to see a blog and video on the process and…… Read more
I was asked to write an article for Tax Pro Center for the Intuit ProConnect site, you can click through and read it here: “How to Channel More Positive Energy in Your Tax Firm”. Then watch this video about our firm: Final Thoughts Positive energy resulting from respect, appreciation and support of ideas can bolster most relationships. What works for accounting firms works for other businesses as well. Watch the… Read more