Stories and Opinions From Our Tax Experts.
I received funds from the Restaurant Revitalization Fund (RRF) program, now what do I do with the money?
First off, the funds are expected to be spent before the end of 2021, as an annual report to the SBA will be required at some point in the future. We are still waiting for guidance from the SBA regarding what this annual report will look like. It may make sense to draft a spending plan or budget to make sure all of the funds are spent on time and in accordance with the program rules. GP CPA can help you with this planning, so you can prevent a surprise surplus of funds. Spend wisely and timely!
The Employee Retention Credit (ERC)
The Employee Retention Credit (“ERC”) has had some upgrades and retrofits to some of the basic calculations with the most recent (12.27.20) CARES Act changes.
Trending Topics
NC Sales Tax
Tax Cuts and Jobs Act (TCJA)
S-Corporations
Qualified Business Income (QBI)
Taxes
Guides
Home Office Deduction
Xero
Good Riddance, 2020
What is new in 2021? Meals in 2021 are once again 100% deductible, the next round of PPP funding is coming and the Employee Retention Credit (ERC) has been changed.
How to Persuade Clients to Change Banks. Listen to Justin Prusiensky’s Guest Appearance on the Relay Financial Webinar
Our expert accountant Justin Prusiensky was recently interviewed as a guest speaker by Relay Financial to discuss how to persuade clients to change banks.
What Tax Breaks Changed From 2018?
Congress extended some of the tax breaks retroactively to January 1, 2018. They now expire on December 31, 2020. Learn more about tax breaks that have been extended.
Tax Planning with GP CPA
GP CPA offers a wide range of business advisory services that are tailored to the needs of business owners. For those small businesses who need someone to keep the books, we can do that.
Your Business Payroll in 2020
Take control back from the big box payroll companies and work with someone who can guide you to a better payroll process. GP CPA + GUSTO is the modern way payroll runs and the partnership that moves your business forward.
Moving at the speed of business
GP CPA has relied on cloud-based accounting technology for many years now and devotes a significant amount of time toward testing and learning the latest and greatest systems out there.
Gusto
Certified Financial Planner
Audit Management
Affordable Care Act (ACA)
Dear Client, I have good news!
Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly.
GP CPA Charlotte Sales Tax News Update
As many area businesses know Charlotte Sales Tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling.
Meet Michael R. Acosta, CFP® (Certified Financial Planner)
A CFP® is a Certified Financial Planner professional that focuses on taking a holistic approach to goals-based planning.
Q&4 – The all important Q4 is almost upon us…
While it may not feel like Fall is anywhere close by, the date tells us that we have barely 100 days left in the year.
IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts
IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions.
Hi GP CPA Client!
At the rate the company is going, you will end up with an $18,000 tax bill at the end of year.
NC Sales Tax Quizes
Accounting
Extension
Cost Segregation
Changes at GP CPA
We have changed the name of our firm to GP CPA, P.C. effective March 2019. “Gary M Prusiensky, CPA, P.C.” and “GMP CPA” had a substantial overlap on Google search with another CPA firm in Texas and we needed to act before Google acted for us.
Court-Approved Way to Defeat IRS Penalties
Like you, GP CPA does not like IRS penalties. That’s why we keep you up to date on new ways you can beat the IRS at its penalty game.
Technology that GP CPA is currently using
We are approaching mid-year (for those of us on a calendar year…) and enough time has passed that we can reflect back on some of the technology that GP CPA has been using and is no longer using in 2019.
TCJA Allows Bonus Depreciation on Purchase of Leased Vehicle
Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed.
Backdoor Roth IRA Opportunities Still Available After TCJA
As you likely know, the Roth IRA is a terrific way to grow your wealth with a minimum tax downside because you pay the taxes upfront and then, with the proper holding period, pay no taxes after that.
Xero and electronic payment processing options (PayPal, Stripe, IntegraPay, Square, Plooto)
For clients that will use invoices as the primary method of billing, there are quite a few options for that are better than “the check is in the mail” (spoiler alert, it never is).
GP CPA Client’s Letter – May 2019
Dear Client: It was good seeing you both again. Each time we meet the numbers and growth are getting better and better.
Wonder how GP CPA’s “takeout drawer” looks after the end of tax season?
This is what the GP CPA “takeout drawer” looks like after tax season ends…
GMP CPA is now a GP CPA, P.C.
GMP CPA (aka Gary M Prusiensky, CPA, P.C.) has now officially become “GP CPA, P.C.” Since 1996 GP CPA has served the greater Charlotte area with accounting, tax, and payroll services in one form or another.
Extensions season continues…
GP CPA recently had an opportunity to speak with Tina Orem, author and journalist at Nerd Wallet, about personal income tax extensions.
What the Section 199A is about in new Tax Cuts and Jobs Act (TCJA) tax reform
The Tax Cuts and Jobs Act tax reform added new tax code Section 199A, which created a 20 percent tax deduction possibility for you if your rental property (a) has profits and (b) can qualify as a trade or business.
Employee Recreation and Parties Survive TCJA Tax Reform
When you know the rules, you can party with your employees and deduct 100 percent of the cost. Interestingly, if you feed your employees during a training program, your deduction is only 50 percent.
How to Deduct Medicare as a Business Expense?
Premiums for Medicare health insurance can add up to a substantial sum. That’s especially true if: you have a high income, and you’re married and both you and your spouse are paying premiums.
March 2019 Tax Update. Home Office Deduction and QBI (Qualified Business Income)
When possible, you want to claim that your office in your home qualifies as a principal place of business because of this classification gives you the home-office deduction, andeliminates commuting from your home to your regular office.
Extensions
Extensions are a dirty word at our office. Nearly all of our clients are able to get their business’ books closed and personal tax information to us in plenty of time to make the filing deadlines.
Home Office Deduction – Walkthrough by GP CPA
Dear Client, the home office deduction is rather limited for your tax situation (and most people other taxpayers), especially in the trade-off between S-corp and schedule C.
Let’s talk about Basis!
“Basis” is a loaded word for accountants. It is very much described in the same regards as “time”, in that there never seems to be enough time when it is needed most.
Intuit is raising their prices!
GP CPA’s arch-nemesis, Intuit, is raising prices across the board. That isn’t even the worst part, as Intuit will be offering “live” bookkeeping as an add-on service for their QBO subscribers.
Long-term strategies and the ACA (Affordable Care Act)
As serial entrepreneurs grow businesses and expand their overall business footprint, there is a tendency for advisors (such as GP CPA) to explore the idea of consolidating certain elements of the businesses.
The 2018 tax filing season is in full swing
The big focus this year has been on tax refunds, which were expected to be quite a bit different this year due to the tax changes that happened last year. A lot of taxpayers are finding reduced refunds or other surprises this year, for many different reasons.
Newsletters are the new… newsletters?
GP CPA has an affinity for all things current events, and sometimes, just sometimes, they are not even tax-related.
Depreciation options
Dear GP CPA Client: We are wrapping up the Company’s tax returns and would like to make you aware of an option that the Company is eligible to make based on the new tax laws passed in 2017.
Qualified Business Income (QBI) walkthrough for our clients
Your ownership of a pass-through trade or business can generate a Section 199A tax deduction of up to 20 percent of your qualified business income (QBI).
Why your children are model employee’s?
Working with family in a small business environment tends to be either very rewarding or makes for even more awkward holiday gatherings.
Want to see how we work? Read exemplary audit management letter by GP CPA!
We recently had an engagement that required GP CPA to gather data from several different accounting softwares and create enough of a documentation trail to support an audit.
2019 Payroll w/Gusto
Using the Gusto platform, GP CPA can offer a customized, flexible, payroll process for any small businesses that will help efficiently manage cash flow.
2019 – Happy New Year
Welcome to 2019! We start the year off a little ominously; a partial government shutdown, looming international trade issues, and a rollercoaster stock market.
[Frequently Asked Questions] CFP (Certified Tax Planner)
Recent client question from a CFP (Certified Tax Planner) to GP CPA.
Cost segregation
Cost segregation is the magic sauce that breaks your real property into its components and some of these components can depreciate much faster than the typical overall standard 27.5 or 39 year periods.
Tax Cuts and Jobs Act (TCJA) – November Update
In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act.
GP CPA Business Advisor
The buzzword “Advisor” or offering “Business Advisory Services” have been trending for a while now. Traditionally, the advisory titles and services were the exclusive territory of “consultants” and ex-auditors, although that is changing.
GP CPA 2018 Year End Calendar
GP CPA exclusively uses Gusto for our payroll processing and we couldn’t be happier with them. We encourage you to check out Gusto and see if it might make your payroll experience more pleasant.
The most wonderful time of the year…
During this most wonderful time of the year, GP CPA looks forward to as much snow as possible and giving clients good news about their business performance.
QuickBooks Online (QBO) vs Xero a practical dissertation
Xero is a technical masterpiece for accountants, it is the one tool that allows us to work remotely and closely with a business owner at the same time.
FICO presents the UltraFico Score
(980) 237-1714justin@pruscpa.comMon - Thu 09:00-17:00FICO presents the UltraFico ScoreEstimated Reading Time: 55 seconds For those of you who bemoan your credit score, FICO, the company that everyone recognizes as behind that magical number is making some changes!...
Are you living in the most tax-friendly state?
If you live in New England, New Jersey, New York, or California, an info-graphic confirms the pain you experience when it comes paying high state taxes (income AND sales taxes).
Drive Time Increases Odds of Deducting Rental Property Losses
Your rental properties provide tax shelter when you can deduct your losses against your other income. One step to deducting the losses is to pass the tax code’s 750-hour test. And one step to finding the hours you need to pass the time test may be your drive times.
How to create the paper trail for rental real estate deductions
Whether your real estate investment is for appreciation (or speculation), flipping, or renting, the ability to prove what you did and when during the year is often an afterthought.
Forming a Management Entity
Having a management company (“MGTCO”) can often be part of an flexible long term strategy, particularly when the overall owners are considering an exit.
A guide to tax savings with S-corporations
An S-corporation is a federal tax election and can be formed from a regular company (a C-corp) OR an LLC.
Automation in the automotive industry
At GP CPA, we work with several clients in the automotive field, from classic car restorations to rebuilding transmissions, this part of the economy has been stable for a while.
Foreign accounts and the IRS
One of the key elements of the case against Mr. Manafort is the lack of proper reporting of foreign income or control over foreign bank accounts.
Future of accounting: GP CPA adopts a robot
As the accounting function becomes more real-time, there are time savings based on streamlined processes and the availability of more information.
Extension season is coming… are you ready?
At GP CPA we believe that surprises are best left to birthday parties, engagements, or random acts of kindness and definitely NOT taxes.
Payroll with Gusto
For payroll, GP CPA has tested and used nearly 20 different payroll platforms/softwares since 2013. And finally, we found the perfect payroll platform: Gusto.
A mid year tax checkup with GP CPA
July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!).
Commercial leasing the greater Charlotte, NC area
As the economy picks up steam and our clients are growing they are inevitably outgrowing their space and seeking the next place to call their “office”.
What are S-corp distributions?
For most purposes, an S-corp distribution is defined simply as money you take out of the company that is not taxed through payroll.
S-corporations – What’s not to love?
The majority of GP CPA’s clients own and operate S-corporations (“S-corp”), as our firm specializes in the administration, accounting, and taxation that is unique to this type of business entity.
How do I become an S-corporation?
S-corporations (“S-corps”) is the technical term for the federal tax election, aka IRS Form 2553, and are named after their place in the IRS code, subchapter “S.”
NC Sales Tax: The Impact of the Latest Decision of the Supreme Court
North Carolina has relatively stable and low sales tax rates for a mid-Atlantic state with nearly 8 million residents.