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The holiday’s are in full swing, which we know is “official” because the Halloween themed items are sitting side-by-side with Christmas related
stuff kitsch decorations in almost every store.
During this most wonderful time of the year, GP CPA looks forward to as much snow as possible (NC skiing anyone?) and giving clients good news about their business performance. And, taxes. A LOT has changed since Gary started GP CPA in the mid-90s, although one item that has remained constant over the years is a client’s concern over taxes, which peaks during the final 60 days of the year.
Even during the final hours of Halloween and sometimes through the time change in early November, taxes are still at the bottom of a honey-do list crumpled in pair of jeans somewhere. Then, suddenly (just like how that “extra” daylight savings hour is never used wisely) it is all about TAXES. Although we are in contact with our clients throughout the year providing regular updates on their particular tax situation, we have always noted how focused everyone is during November and December.
A typical year end request usually starts with “what do I need to buy….”, which we usually finish with “what do you need?” Vehicles, equipment, bonuses, real estate, other businesses, have all been answers over the years, and depending on the client, usually followed up with a question about whether it can be financed or purchased outright. This current tax year is unique due to those tax changes we have been hearing so much about all year long.
We at GP CPA are not so sure that the IRS even has a grip on what congress intended, although there is no shortage of advice from every corner of the internet on who/what/how to make it work for you and your business. If you have questions about the QBI, withholding changes, itemized deductions, designated Opportunity Zones, and any other zany congressional inspired deductions, let’s get in touch.
GP CPA has been working at our year end tax planning routine for nearly three decades and while we would prefer to be skiing, we are as focused as our clients on taxes during those final days of the year. It’s certainly not too late to start focusing on your business’ taxes, although the clock is ticking. Let’s get started and make this a most wonderful time of the year for your taxes/business because GP CPA is your advisor.
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.
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.
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.
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.
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.