Stories and Opinions From Our Tax Experts.
NC Sales Tax
Tax Cuts and Jobs Act (TCJA)
Qualified Business Income (QBI)
Home Office Deduction
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.
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.
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.
Certified Financial Planner
Affordable Care Act (ACA)
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.
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.
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.
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.
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.
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).
NC Sales Tax Quizes
Dear Client: It was good seeing you both again. Each time we meet the numbers and growth are getting better and better.
This is what the GP CPA “takeout drawer” looks like after tax season ends…
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.
GP CPA recently had an opportunity to speak with Tina Orem, author and journalist at Nerd Wallet, about personal income tax extensions.
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.
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.
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.
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 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.
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.
“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.
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.
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 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.
GP CPA has an affinity for all things current events, and sometimes, just sometimes, they are not even tax-related.
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.
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).
Working with family in a small business environment tends to be either very rewarding or makes for even more awkward holiday gatherings.
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.
Using the Gusto platform, GP CPA can offer a customized, flexible, payroll process for any small businesses that will help efficiently manage cash flow.
Welcome to 2019! We start the year off a little ominously; a partial government shutdown, looming international trade issues, and a rollercoaster stock market.
Recent client question from a CFP (Certified Tax Planner) to GP CPA.
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.
In Notice 2018-76, the IRS states that client and prospect business meals continue as tax deductions under the Tax Cuts and Jobs Act.
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 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.
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.
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.
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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).
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.
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.
Having a management company (“MGTCO”) can often be part of an flexible long term strategy, particularly when the overall owners are considering an exit.
An S-corporation is a federal tax election and can be formed from a regular company (a C-corp) OR an LLC.
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.
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.
As the accounting function becomes more real-time, there are time savings based on streamlined processes and the availability of more information.
At GP CPA we believe that surprises are best left to birthday parties, engagements, or random acts of kindness and definitely NOT taxes.
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.
July marks the midpoint of the calendar year and most often brings the hottest days of the year (especially in Charlotte!).
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”.
For most purposes, an S-corp distribution is defined simply as money you take out of the company that is not taxed through payroll.
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.
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.”
North Carolina has relatively stable and low sales tax rates for a mid-Atlantic state with nearly 8 million residents.
If your business involves repairs, maintenance, or installation services related to vehicles then this quiz will test your knowledge of current NC sales tax law for HVAC.
If you business sales tangible items to the public this quiz will test your knowledge of current NC sales tax law.
If your business involves repairs, maintenance, or installation services related to vehicles then this quiz will test your knowledge of current NC sales tax law.
If your current accountant is not the advisor you hoped them to be, or you want more dark chocolate M&Ms in your life, GP CPA would love to talk to you about your business.
While real estate may hold great value, many real estate purchases end up feeling more like the Money Pit when investors discover all the money they invested in their commercial real estate is not tax deductible in the year paid.
The battle of supremacy between S & C corporations continues to rage with the new tax law changes.