Welcome to Business Accountant!
Each of our clients is extremely important to us! We apply knowledge and expertise accumulated over many years to give direction and customized advice to each client. We are not merely historians but are directly involved in creating and influencing the unfolding of history. Our objectivity and overall understanding of our clients' needs enable us to provide critical business advice in a variety of situations. Please browse our site and contact us if your needs match our services.
News added, Los Angeles, May 13th, 2009: Good News For First time Home Buyers:
The first time home buyer’s credit increases to $8000 and no longer needs to be repaid for homes purchased in 2009. However if the home is sold within three years of purchase, the credit must be paid back.
News added, Los Angeles, May 10th, 2009: Education Tax Breaks:
The Hope credit will be expanded for the 2009 and 2010 tax years.
Previously the credit had a $2,000 nonrefundable maximum for the first two years of undergraduate, full-time study. The new credit, renamed the American Opportunity Credit, increases to $2,500 and is for four years of college. It is partially refundable, AGI limits are higher and qualifying costs also cover books instead of just tuition.
News added, Los Angeles, May 1st, 2009: Small Business Relief:
2008 losses can be carried back for 5 years instead of 2. Businesses qualify if they averaged $15 million dollars or less in gross receipts over the past 3 years.
Small business owners can pay less estimated taxes in 2009 without penalty. Taxpayers with a 2008 AGI of less than $500K, with more than half of their gross income from their business qualify for the relief. Instead of the usual 100 – 110% of prior year’s liability, business owners estimates can be based on 90% of 2008 liability.
News added, Los Angeles, April 15th, 2009: IRS Crackdowns:
Expect random employment tax return audits in 2010. The Service is honing in on misclassification of workers and other employment tax errors.
News added, Los Angeles, April 1st, 2009: Tax Day:
Tax day coming up April 15th, 2009!
News added, Los Angeles, March 3rd, 2009: Real Estate:
First time home buyers can qualify for tax credit of up to $7,500. The purchase must occur between April 8, 2008 and July 1, 2009.
If you have not owned a home during the past three years you get the same treatment as a first time buyer. Income restrictions are up
to 170K for married couples and 95K for singles.
News added, Los Angeles, February 27th, 2009: Retirement:
If your IRA investments have been suffering from the market slump, it may be wise to consider a Roth conversion.
Income tax on the conversion will be lower because of the decline in value. When the market rebounds, the qualified distributions will be
tax free. For 2009, only taxpayers with an AGI of 100K or less can take advantage of this opportunity.
News added, Los Angeles, November 25th, 2008: Residential Energy Credit:
The Residential Energy Credit will return for 2009. Save your energy efficiency home improvements until January to take advantage of the 10% tax credit.
Biomass fuel stoves will be added to the list of qualifying energy efficiency improvements.
News added, Los Angeles, November 21st, 2008: Social Security Wage Limit:
The Social Security wage limit will rise to $106,800 for 2009.
The IRS estimates that more than half of schedule E filers are underreporting their net income from rental properties. The Service hopes to
improve compliance by sending reminders about correctly filing schedule E. About 30,000 renters will receive the reminders next year.
News added, Los Angeles, November 3rd, 2008: Basis Reporting:
Brokers will be required to report the basis for securities sold by their clients.
This will facilitate correct tax reporting for individuals.
To give financial institutions time to comply, the reporting requirement will only affect securities bought after 2010.
Keep yourself covered in the event of an audit of misclassified workers.
1. The contract between the outside contractor and employer should clearly state disqualification for employee benefits. Pay should be per project as opposed to hourly rates. Do not include restrictions on how they run their business.
2. Be sure to have the independent contractor’s EIN, business name and address. Also hold on to their business card or letterhead stationary. This will help support their status as independent.
3. Don’t treat them as you would employees. Do not give them an employee handbook or a company email address. Do not invite them to events held for company employees.
4. Do not pay independent contractors through your payroll account. Treat them as an ordinary accounts payable payee, and issue payment after they bill you for services.
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Proactive tax planning to take advantage of timely tax saving opportunities.
Comprehensive business services that integrate income tax compliance
and planning with investments and insurance choices.
Consulting services that review businesses to find hidden opportunities to
increase wealth accumulation and retention.
Foreign investor tax services.
Individualized accounting system setup for new businesses.
State of the art payroll tax services and sales tax preparation.
Preparation of business and individual tax returns and financial
statements.
Budgeting and projection preparation and monitoring, facilitating the
creation and tracking of events.
Assistance in selection and installation of computer hardware and
software, ongoing monitoring and updating of systems.
