BlogPosts By Category


Equifax Data Breach: What Does This Mean For You?

9/21/2017

The recent data breach of Equifax, one of three major U.S. consumer credit agencies, has created worry and panic among consumers. Such breaches highlight problems that will likely have an impact on future regulations and legislation. But what about you, the individual? 

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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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Relief Regarding Shortage of Appraisers

8/8/2017

Sometimes I don’t know if I’m the only one to get the news or the last to get it. I like to think of it as the art of juggling. In my defense this has been sitting in a ‘to read’ pile for months, but still in my peripheral vision. 

Basically, the federal banking agencies and the NCUA provided options to address the shortage of state certified and licensed appraisers, specifically for lenders operating in rural areas. 

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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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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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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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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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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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Cancellation of Debt Part One: Tax Consequences on the Horizon

6/8/2017

So, after several months of wrangling, testy email exchanges and awkward personal meetings where you’ve dragged along your attorney and CPA, that creditor who by now has become a household name (banker, or seller who took back a purchase money mortgage, or the credit card company, etc) agrees to forgive and formally cancel some or all of the debt you owe them, an issue that has been a thorn in your side for over a year.  

Your first reaction is to jump for joy, call the spouse, and plan a celebratory dinner - of course.  And that may be an understandable first reaction – after all you will not have to deal with the burdensome principal and interest payments, no more harassing emails, letters and phone calls, you can stop chugging that Pepto-Bismol® at lunch, and finally get to do something your friends say is quite an enjoyable pastime – What’s that they call it? - Oh yeah, sleep.

Not so fast.

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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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Saltmarsh Gives Back on CPA Day of Service

5/22/2017

The CPA Day of Service is an annual event where CPAs throughout Florida volunteer in their communities. On Saturday, May 20th, employees from our Tampa and St. Pete offices volunteered at Feeding Tampa Bay and the Ronald McDonald house. 

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Sponsoring a Health & Welfare Benefit Plan: Are You 5500 Compliant?

5/17/2017

Many employers/plan sponsors wonder, “Do I have to file a Form 5500 for my Health and Welfare Plans?”  While most employers/plan sponsors are very familiar with filing the Form 5500 for their retirement plans, many are not as confident about the Form 5500 filing requirement for their health and welfare plans. 

Health & Welfare Plans provide benefits such as medical, dental, and life insurance. In 2002, the Form 5500 filing requirement was amended by the IRS, but many initially believed that the requirement had been fully suspended.  However, the requirement was only lifted for some employers; but, for others (those not meeting the exemptions), the requirement remained in place and continues to be an annual requirement.

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5 Painless Ways to Achieve Financial Security

4/27/2017

We all know that it's never too early to start planning for retirement or to start building a nest egg for future expenses. Financial security is a goal that we all have in mind, but are you taking advantage of the easy opportunities that can help you accelerate the process? Other than utilizing sensible spending habits, here are some quick strategies to help you reach financial security sooner than you think.

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Are There Huge Tax Dollars In Your Walls?

4/21/2017

Would you invest $10 to get an immediate potential return of $100? Of course you would.

Would you call your CPA to find out what your estimated benefit might be if you could get that initial estimate for F-R-E-E?  Of course you would.

While the above $10 for $100 example is for illustrative purposes and your actual benefit may vary, that’s typically the cost benefit achieved when a cost segregation study is used to properly re-classify costs of a purchase or construction of a commercial building used in your trade or business or rented to others. And frankly, our experience shows that the benefit described above is not far from reality.

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Tax Scam Alert: Fudging Your Deductions

3/17/2017

You are supposed to pay no more than the taxes you owe. 

But,… no less.

Some taxpayers still think they can fudge their numbers and play “audit roulette” with the IRS hoping that they won’t get caught underreporting income or inflating their deductions.  Over the years, the IRS has implemented numerous systems and software programs to improve its ability to detect such things – often with dire consequences to taxpayers when they get that scary letter in the mail informing them that they are being audited.

This is why falsely claiming deductions, expenses or credits on tax returns remains on the annual “Dirty Dozen” list of tax scams.

 

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Do These 7 New Tax Rules Impact You? 2017 Edition

3/9/2017

A new year brings new changes from the IRS. Here is a short list of changes that may affect your 2016 tax return. Please feel free to contact your tax advisor with any questions or concerns you may have about these changes. 

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Beware of Fake CharitiesOne of IRS's Dirty Dozen

2/15/2017

Move over “fake news” here comes “fake charities.”

So you have decided to dedicate a portion of your hard earned money to a worthwhile cause in the form of donation.  You also know that in many cases, it’s nice to be able to get a tax deduction for that generosity, where possible.

But what if that charitable organization that came knocking on your door, or via the internet, or telephone call turns out to be a scam?

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Clines Visits Capitol for FICPA's Young CPA Leadership Forum

1/18/2017

Saltmarsh’s Chandra Clines, CPA was invited to participate in the Florida Institute of Certified Public Accountants (FICPA) Accel at the Capitol Event this January.

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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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Who's Counting Your Cash?

10/27/2016

In a world of credit and debit cards, it’s easy to forget the importance of proper cash handling. Hundreds of thousands of dollars disappear from medical practices each year simply because “no one was looking.”

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Year-end Tax Moves: Now is the Time to Start Planning

10/12/2016

Taxes are something business owners usually start thinking about early in the year as they get ready for the April 15 tax-filing deadline. However, waiting until then can be a costly mistake — because many tax strategies must be implemented before year-end to be most effective.

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Word to the Wise: How Will New Overtime Rules Affect Your Business?

9/5/2016

The Department of Labor recently published new overtime and worker classification changes to the Fair Labor Standards Act, which will impact more than 4 million workers and their employers.

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Creditors get More Guidance on Upcoming Military Lending Act Expansion

8/30/2016

Last July, the Department of Defense (DOD) expanded the reach of the Military Lending Act (MLA), which protects against high cost and predatory loans to covered members of the armed forces or their dependents.

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Past Posts By Category

Saltmarsh CPA - Who We Are

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Our professionals have the depth of experience, industry knowledge and worldwide resources to help you reach your goals. We put your success above all else as your trusted advisor.

Saltmarsh CPA - What We Do

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Saltmarsh offers a full range of professional services to accommodate your needs – from tax planning and accounting services to information technology and employee benefits consulting.

Saltmarsh CPA - Who We Serve

Who We Serve

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Contact Us

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