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If your advisor is not writing this email to you in October, then get in touch with GP CPA. At our firm, planning for the future starts on day one so that this is the type of email we can send to you during the 4th quarter.
I am returning your voicemail for earlier this morning with an email, because we are otherwise going to play phone tag for the rest of the day.
Let me congratulate you on the good news in securing the large new contract! Having a substantial amount of revenue guaranteed by an existing client is certainly a good scenario. As to your question about timing and taxes, I have good news. When you agreed to increase your withholding taxes (through payroll) early in January, that payroll has run for nearly 10 months. The result is that you have a substantial amount of payroll taxes withheld, which will greatly reduce any additional taxes that you may owe on the new contract revenues. I understand that you may not collect the entire contract amount during the next 90 days, but do not worry about carrying it over to next year. We can continue your additional payroll withholding into next year for the duration of the contract to prevent any surprises next year and carry forward the plan we established earlier this year.
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. Thanks for keeping us in the loop and we look forward to a great year end with your business!
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”) has had some upgrades and retrofits to some of the basic calculations with the most recent (12.27.20) CARES Act changes.
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.
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.
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.