GP CPA P.C.
Stories and Opinions From Our Tax Experts.
Tax Projections vs. Tax Planning: Why Knowing the Difference Matters
At GP CPA, we help business owners make informed financial decisions year-round—not just during “certain times” of the year.. One common point of confusion we encounter is the difference between tax projections and tax planning. While these two services are closely related, they serve distinct purposes and deliver very different outcomes.
Why We Use Relay Financial—And Why You Might Want to, Too
At GP CPA, we’re always on the lookout for tools that help small business owners save time, stay organized, and keep cash flow running smoothly. One of those tools? Relay Financial—and we don’t just recommend it, we use it ourselves.
Trending Topics
NC Sales Tax
Tax Cuts and Jobs Act (TCJA)
S-Corporations
Qualified Business Income (QBI)
Taxes
Guides
Home Office Deduction
Xero
Navigating the Unexpected Closure of Bench: GP CPA, P.C. Is Here to Help
In contrast to Bench, (RIP?), GP CPA, P.C. is a Certified Public Accounting firm located in the Southeastern United States. We are second generation CPAs and business advisors. We can take over for wherever it is that Bench left off and with us, you won’t experience a data hostage situation with our firm.
Don’t Panic: What to Do When You Get a Tax Notice
Picture this: You’re sifting through the mail, dreaming about coffee or a vacation, and then—bam! There it is. An ominous letter from the IRS or your state tax agency. Before you launch into a full-blown panic spiral, let’s talk through what this means and how to handle it. Spoiler alert: ignoring it won’t make it disappear.
Why Waiting Until January to Find a New CPA is Too Late
As a small business owner, managing your financial health is crucial not only for your business but also for your personal wealth. Yet, many business owners make a critical mistake—they wait until January to start searching for a new Certified Public Accountant (CPA).
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!
GP CPA was featured on WCNC Charlotte about “Are Unemployment Benefits Taxable?”
We are glad to inform you that Justin Prusiensky, Chief Executive Officer of the GP CPA P.C. was featured on WCNC Charlotte coverage about “Are Unemployment Benefits Taxable”.
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.
Certified Financial Planner
Audit Management
Audit Management
Gusto
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.
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.
NC Sales Tax Quizes
Accounting
Extension
Cost Segregation
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.
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.
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.
Test your knowledge about NC Sales Tax for HVAC Services [QUIZ]
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.
Are you a Retailer? Test your knowledge about Retailers NC Sales Tax! [QUIZ]
If you business sales tangible items to the public this quiz will test your knowledge of current NC sales tax law.
Test your knowledge about NC Sales Tax for Automotive Services [QUIZ]
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.
A recipe for taxes…
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.
Unlocking value in real estate
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.
What S Corporations and C Corporations should consider
The battle of supremacy between S & C corporations continues to rage with the new tax law changes.
NC Sales Tax
State and local taxes (SALT) are often more complex than the IRS tax law and represent one of the largest compliance burdens that a business faces.
Pros and Cons of 401(K) Loans & The Tax Impact of a Child’s Investment Income
Investing can teach kids about the time value of money, the importance of patience, and the rise and fall of business success. But it can also deliver a harsh lesson to parents who aren’t fully prepared for the tax impact.
Home Office Deduction & Household Employees
One of the great things about setting up a home office is that you can make it as comfy as possible. And the other is Home Office Deduction