With Saltmarsh S.A.F.E. you can easily and securely transfer data directly to your Saltmarsh accountant.

Saltmarsh BRIDGE is a service that allows you to have instant access to your own QuickBooks virtual desktop already installed and ready to use.

Featured Video

CPA - Featured Video - Qualifying for the Research and Development Tax Credit

Qualifying for the Research and Development Tax Credit

The R&D tax credit is a Federal incentive provided by Congress to U.S. Manufacturers to offset the cost of innovating. As it is a credit as opposed to a deduction, it is a dollar for dollar offset to your tax liability. Also, since the credit is open for the 3 immediately preceding tax years, filing a claim for refund for the credit for past years can be a direct cash infusion into your company. This video explains the tax credit and how Saltmarsh can help your business claim the credits you deserve.

Featured News & Articles

Molly Murphy Recognized as Distinguished Alumni Posted -Monday, April 08, 2013

Saltmarsh shareholder, Molly Murphy, was recently recognized at the University of West Florida’s annual Alumni brunch, where she received the Distinguished Alumni award.

» Read More

Green Construction: It's More Than Just a Fad Posted -Friday, March 01, 2013

In 21st century America, it seems that everybody is “going green.” It’s hard to open a newspaper or magazine or watch TV without hearing about one organization or another that’s going green or implementing new environmental “sustainability practices.”

» Read More

Summary of the Taxpayer Relief Act of 2012 - H.R. 8 Posted -Wednesday, February 27, 2013

International Tax and Miscellaneous Provisions

» Read More

Featured Blog Posts

Jacksonville Community Bank CFO Roundtable Posted - Tuesday, May 14, 2013

Real Estate Professionals Posted - Monday, May 13, 2013

Tax Reform: A Hot Topic Posted - Tuesday, May 07, 2013

Saltmarsh News & Articles Top stories from Saltmarsh's Pensacola, Fort Walton Beach, Tampa, and Orlando offices

BP and the MC252 Oil Well Incident in The Gulf of Mexico

Release Date: Monday, May 10, 2010

CFO Sink provided the following tips for businesses:

First: Take detailed records of cancelled reservations. News reports suggest that many condominium owners, hotels and restaurants are already having increased cancellations, and it’s important that when these cancellations occur, the cancelling party is questioned whether the cause is because of the oil spill. If the answer is yes, keep a record of the person’s name and contact information, and also the revenues lost as a result of the cancellation.

Second: Calculate estimated losses for a six-week period and be able to provide records, sales receipts and documentation to support such a claim. A good idea would be to compare business now to a five-year average of revenues between May and June, which can offer insight as to the damages incurred.

Third: Make a detailed list of assets – including non-structural – and include appropriate records to support the list. For example: if your member’s hotel or restaurant is within walking distance to the beach and that beach has oil reach its shores, the business’ assets are damaged even though there is no physical damage to the structure, and it is important to record this depreciation.

Fourth: Be wary of insurance settlement scams. For businesses who may have already begun the claims filing process with BP, first, make sure you are dealing with authorized representatives from BP and not scam artists; and be careful not to sign waivers of liability too quickly without getting adequate legal and financial counsel.

For lost profits, supporting documentation may include, but not necessarily be limited to:

Photographs
Tax returns for loss year and previous three years,
Income Statements for loss year and previous three years,
Balance Sheets for loss year and previous three years,
Cash Flow Statements for loss year and previous three years,
Receipts or other proof of revenue combined with proof of expenses
Reports from the Federal On-Scene Coordinator (FOSC), fire department, police, or other responder

Information on Coast Guard or EPA notification

Newspaper reports describing the spill

Any other documentation you feel supports your claim

Featured Video View all CPA Videos

Qualifying for the Research and Development Tax Credit

The R&D tax credit is a Federal incentive provided by Congress to U.S. Manufacturers to offset the cost of innovating. As it is a credit as opposed to a deduction, it is a dollar for dollar offset to your tax liability. Also, since the credit is open for the 3 immediately preceding tax years, filing a claim for refund for the credit for past years can be a direct cash infusion into your company. This video explains the tax credit and how Saltmarsh can help your business claim the credits you deserve.

Archived News View all CPA News & articles

More News...

Follow our feeds.

Pensacola CPA on Facebook Pensacola CPA on LinkedIn Pensacola CPA RSS Feed Pensacola CPA on Twitter Pensacola CPA on YouTube

Areas of Expertise

Locations

Pensacola
CPA and Bank Consultants - Pensacola, FL 900 N. 12th Avenue, Pensacola, FL 32501
Local Phone: 850.435.8300 • Fax: 850.435.8352
Fort Walton Beach
CPA and Bank Consultants - Fort Walton Beach, FL 34 Walter Martin Rd, Ft Walton Bch, FL 32549
Local Phone: 850.243.6713 • Fax: 850.243.4137
Tampa
CPA and Bank Consultants - Tampa, FL 201 N. Franklin St., Ste 2720, Tampa, FL 33602
Local Phone: 813.287.1111 • Fax: 813.207.0201
Orlando
4767 New Broad Street, Ste 222, Orlando, Florida 32814
Phone: 800.477.7458

Resources

Quick Downloads

Toll Free: (800) 477-7458 • Email: info@saltmarshcpa.com

Website by Grendelfly Studio - A Division of SC&G

(c) 2013 Saltmarsh, Cleaveland & Gund • Certified Public Accountants And Consultants • Serving Florida And The Southeast