BlogPosts By Category


Howdy Partners! IRS Partnership Audit Rules Have Changed

9/13/2018

Reminder: As of January 1, 2018, the landscape for how the IRS audits (or “examines”) a partnership tax return has changed. A new “centralized partnership audit regime” is now in place for tax years beginning in 2018. 

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A Practical Guide for Understanding Business Valuations

9/6/2018

The value of a business can be reported through two basic, but very important, formats: Valuation Engagements and Calculations of Value. When the value of a business needs to be substantiated or documented, for any reason, one of these services would be used. 

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Advisory Insights: Introducing the New Lease Standard

6/14/2018

During my years in the financial institution industry, we made every effort to classify any lease agreement we entered as an operating lease as opposed to a capital lease. Not only did we want to avoid recording an asset and its corresponding liability on the entity’s balance sheet, we also did not want to expend the effort of the requisite capital lease accounting afterwards. 

This is no longer necessary, thanks to the new lease standard, ASC 842. 

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Common Tax Return Red Flags to Avoid

5/31/2018

Your federal return for the periods shown above has been selected for examination.

Have you ever received one of these letters? If so it can be a very stressful event! Your first thought is “Why am I being audited?”

Sometimes it is pure luck that your return has been selected for audit by the IRS, but most of the time it is due to “red flags” that the IRS has identified. “Red flags” is a term used for items of income or deductions in a return that may stick out as unusual or may be an irregularity for that year.

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Don't Fall Victim to Cyber Crime!Protect Your Personal Information

4/26/2018

You are driving to a meeting with a new prospective client.  Your boss calls and needs those reports for her meeting that starts in 10 minutes.  Whipping into the local coffee shop with free wi-fi, you can shoot those reports out, buy a round of lattes for the meeting and still make it on time.  Out comes the laptop as you find a small table in the corner, and you connect to the CoffeeShoppe_Guest wireless network. The New Email button is clicked, the reports are attached, you add the recipient and click Send.  

 But, did you just expose your personal information?  Will you be a victim of cyber crime?  The most frequent target for cyber criminals is personal information

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Non-Profits 101: Overcoming Obstacles to Tax-Exempt Status

4/18/2018

In my last blog, I discussed the basics of receiving and maintaining tax-exempt status. Yet, many new non-profits encounter common mistakes and errors that complicate these efforts. Two areas where obstacles are most commonly encountered are payroll and fundraising.

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Tax Scams Across the Nation Part Three: Have You Seen My Tax Refund?

3/27/2018

Identity-theft tax refund fraud occurs when someone uses your stolen Social Security number or Individual Taxpayer Identification Number (ITIN) and then files a tax return on your behalf claiming a fraudulent refund.

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Industry Check-Up: How New Accounting Standards Will Impact Healthcare

3/22/2018

Some of the most significant accounting changes in recent years are right around the corner. Two new standards will have a great impact on healthcare and other entities: revenue recognition and lease standards.

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Leadership in Your CommunityHow to Choose the Right Organization

3/13/2018

As a young professional moving back home to Pensacola over a year ago, I've had the opportunity to start from scratch in building my community involvement. Thankfully, I've found the community to be welcoming and appreciative of young professionals wanting to get involved. In fact, I would take it further to say the community truly embraces new and young professionals trying to make their way. Below are the pieces of advice provided by others that impacted my choices in determining where and how to get involved. 

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Non-Profits 101: Intro to Obtaining Tax-Exempt Status

3/1/2018

Non-profit status and tax-exempt status: what exactly do those terms mean from a tax perspective? Is my non-profit automatically tax-exempt? How do I become tax-exempt? These are just some of the questions I have received over the years. Before we discuss how to earn and maintain the tax-exempt status, you need to understand how the two statuses relate! 

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No More Free Lunches... Or Rounds of Golf!Meal & Entertainment Expenses under the Tax Cuts & Jobs Act

2/21/2018

The provisions of the Tax Cuts and Jobs Act will impact every individual and business. One of the provisions that has not been widely publicized but will have significant  impact is the new rules related to meal and entertainment expenses

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The Truth About Getting Rid of Tax Debt

11/30/2017

If any of you have listened to satellite radio or watch TV, I will assume you have heard those commercials from those specialty tax firms that claim they can settle your debt for “pennies on the dollar.”  Is this too good to be true? Probably.  Is this as common as those commercials say? Absolutely not.

Can you settle your debt for 10 cents on the dollar?  Yes, you can…if you meet the right criteria. 

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Conference Prep: Don't Forget Networking Opportunities

10/26/2017

Seasoned conference pros know that every conference is an opportunity to network, whether you go to attend, exhibit, or both. Here are some networking tips to consider before, during, and after the conference.

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Make Your Move: Game Planning for the CPA Exam

9/28/2017

Now for the final piece in our 5 part CPA Exam Series!

It is absolutely imperative that you develop a game plan for test day.  Going into these exams with the mindset of “I’m going to take it one question at a time” is big mistake. Get tips from Brandon Heppler, CPA on how to be ready for test day!

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No Time to Lose: Prioritizing Your Responsibilities

9/1/2017

Your State Board of Accountancy has approved you to sit for the CPA exams. You have purchased your review course, and you are ready to start studying. Now it's time to get real and ask yourself: “How much time should I commit to studying?” “When will I know that I'm ready to take any of the four exams?” “How long does all this take?” The answer to these questions depends on… you!

Everyone’s learning style is different. However, one thing you must do before you begin studying is this: objectively assess your current responsibilities and prioritize them around your study time.

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Set Your Course: Finding the Right Review Plan

8/2/2017

You are working on your education requirements, have applied to your state board, and are waiting for your application to be reviewed. What’s next? Wherever you are in the journey to become a Certified Public Accountant, it is never too early to start considering what review course may work for you, fit your budget, and match your study style. 

 

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Navigating the Social Workplace

7/20/2017

Social media platforms are legitimate business tools; therefore, companies must place a high priority on developing social media etiquette.  Participating on your company’s social media platforms (Twitter, Facebook, blogs, LinkedIn, etc) can benefit both you and your company.  

Here are some things to consider when you participate on your company’s social media platforms.

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You May Be Seated! Preparing to Sit for the CPA Exam

7/13/2017

As discussed previously, passing the CPA exam is a daunting challenge, yet it is only a step along the journey toward one ultimate goal – to become a Certified Public Accountant. A successful exam preparedness plan begins with researching what is required to be a licensed CPA in your chosen state and then crafting a plan of attack to fulfill all of the state’s licensure requirements. 

I cannot stress enough the importance of these initial steps. I began my CPA journey with a misunderstanding about the educational requirements needed for licensure, and it hindered my progress by more than a year. My failure to plan correctly wreaked havoc upon my financial planning, affected my timeline for taking the CPA exam and delayed starting my career in public accounting.

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Jen Mostert Earns Certified Government Financial Manager Designation

7/13/2017

We are proud to announce that Jen Mostert has passed the Certified Government Financial Manager examination and has officially earned the designation of CGFM by the Association of Government Accountants (AGA). 

Congratulations, Jen!

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Cancellation of Debt Part Two: Exceptions to the Rule

7/6/2017

In my last blog, I discussed the “normal” tax consequences of having a debt canceled by your creditor. But, there are exceptions to the “norm.” These exceptions do allow for the forgiven debt to be “erased” from your income; however, this exclusion from income could reveal that you are even in worse shape than you thought! 

Let’s discuss the six primary exceptions for your canceled debt.

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CPA Exam Prep: From Daunting to Doable

6/29/2017

The CPA exams are difficult. Unfortunately, no magic Tips on How to Pass or 5 Do’s/Don’ts or even the top-rated study materials can guarantee you a passing grade on your exams for CPA licensure. What you can do is ensure that you’ve prepared for every step of the process. 

We asked four young CPAs who have recently passed or are in the process of taking their exams what they wish they had known before taking their first step towards getting their CPA license.

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Your Credit Report: Some Things in Life are Free

6/23/2017

Your credit history plays a key role in so many things (e.g., loan approvals, apartment leasing, job opportunities, etc.) that it's crucial to ensure the information in your credit report is correct.  You are entitled by law to a FREE copy of your credit report from all three consumer reporting agencies (Equifax, Experian and TransUnion) every 12 months.  You can obtain the report in several ways!

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Working Remotely: Perks & Pitfalls

6/14/2017

So you want to work remotely?  Being able to work from home, out of the office, or off the job site sounds like a great idea, and it can be! But like anything else, it comes with unique perks and pitfalls of which you need to be aware.  Here are a few simple “Do”s and “Don’t”s to aid in your decision to work remotely and help you become successful at it.

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4 Reasons Why Your Start-Up Needs a CPA

5/25/2017

Accounting is the language of business.  You have probably heard this phrase before. But what if you aren’t fluent?  Should you be spending hours and days learning a new language when you are launching a new business? Not at all!  Let a CPA help you.

 

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Is It Time for a Full-Time CFO?

11/11/2016

Personnel and staffing issues often weigh heavily on a business owner’s mind. It’s important, of course, to have the right people in the right jobs, but executive hiring decisions aren’t always easy.

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Past Posts By Category

Saltmarsh CPA - Who We Are

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