Notebook

NEWS, TIPS & UPDATES

We post information periodically to share our notes, tips and updates with clients and prospects.
Each small business needs to understand the risk of information, systems, and networks that support their business. As a Trusted Advisor, the Data Security Resource Guide for Tax Professionals helps us identity steps that we take to better protect our...
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You should know the difference between sales and use tax because consumers are liable for both.  It is up to businesses to collect and remit sales tax from consumer purchases unless the transaction is exempt.  There are different regulations that...
The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax (OASDI) in 2019 will increase to $132,900. This is up from $128,400 for 2018....
Hi, I am Dustin McQuillan, a CPA and entrepreneur in Tampa, Florida. For more than ten years, I have managed my firm, McQuillan & Company, and worked with numerous clients that have private investments including small business equities.  We engage...
Intuit’s QuickBooks Online is ideal for any business. We value your time and money. That’s why we recommend upgrading to the #1 online accounting solution that is affordable and easy to use. For less than $2 per day, you can...
If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. Individuals, including sole proprietors, partners, and S corporation shareholders generally have to make estimated tax payments if they expect to owe tax...
Taxpayers who do not pay prescribed amounts of tax during the year through withholding or estimated payments are subject to the penalty for underpayment of estimated tax. The two most common ways to pay taxes throughout the year are withholding...
The IRS has released the final version of the 2018 Form 1065 (U.S. Return of Partnership Income) and draft instructions for that form. The form incorporates changes made by the Tax Cuts and Jobs Act (TCJA) and the new centralized...
A significant new tax deduction was provided by the 2017 the Tax Cuts and Jobs Act (the Act). For tax years beginning after 2017 and before 2026, individuals, estates, and trusts may be able to deduct up to 20% of...
The business deduction for meals & entertainment expenses has been changed. Congress has historically been skeptical that businesses claim expenses for activities that are unrelated to their essential functions.  As a result, entertainment expenses are no longer deductible but meal...
Complete your annual income tax organizer and meet with a financial information professional today.  A CPA will prepare your individual tax return, Form 1040 including Schedules A & B. We also help you project next years’ taxable income to calculate...
Reconcile bank and credit accounts with statements. Record depreciation and amortization. Review and reconcile your payroll records, payroll tax returns, and payroll taxes. Record all income and expenses, deposits, and adjusting entries needed each month....
Process payroll online with QuickBooks for up to 10 employees.  Employer quarterly and annual tax forms are prepared and filed for your.  Employer tax payments are submitted to federal and state agencies on your behalf.  W2s and 1099s are mailed...
Gain access to the #1 online accounting software by Intuit with a monthly subscription to QuickBooks Online....
As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop...
House lawmakers passed the Tax Reform 2.0 bill on Friday, September 28th.  The bill amends the Internal Revenue Code of 1986 to promote new business innovation, make permanent certain provisions of the Tax Cuts and Jobs Act affecting individuals, families, and...
The Tax Cuts and Jobs Act passed in December 2017 affects your tax.  Now is a good time to work with your CPA and calculate an estimate your  quarterly income tax liability and organize plans.  We also recommend that you...
A Revocable Living Trust provides the ability to better manage and protect assets for beneficiaries while also minimizing probate costs. A Revocable Living Trust is a grantor trust for income tax purposes. Similar to a disregarded entity (i.e. single member...
Channelside Bay Plaza to be remade as Sparkman Wharf, with waterfront lawn, beer garden, outdoor dining and loft-style offices. Read the Full Story.  07/26/18.  Tampa Bay Times.  490 First Avenue South.  St. Petersburg, FL  33701....
The recently enacted Tax Cuts and Jobs Act (TCJA) is a sweeping tax package that will affect your 2018 income tax. Here’s a look at some of the more important elements of the new law that have an impact on...
Channelside Bay Plaza to be remade as Sparkman Wharf, with waterfront lawn, beer garden, outdoor dining and loft-style offices Full Story.  Tampa Bay Times, 10:23am on July 26, 2018...
Vanderbilt’s Summer Estate – Biltmore Vanderbilt named his estate Biltmore derived from “Bildt,” Vanderbilt’s ancestors’ place of origin in Holland, and “More”, Anglo-Saxon for open, rolling land....