Hiring in-house accounting staff may seem like the next logical move as a business grows and financial needs become more complex, but there is another option that companies can consider. Outsourcing the accounting and bookkeeping function to an outside provider, like a CPA firm, can have some significant benefits over adding an employee or trying…

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Per the IRS guidelines, payments made in the ordinary course of a trade or business are required to be reported on Form 1099-MISC to report certain payments to reportable vendors. Examples of the types of payments reportable on Form 1099-MISC include: 1. at least $10 in royalties or broker payments in lieu of dividends or…

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The congressional conference committee released its final report outlining the compromised version of the Tax Cuts and Jobs Act. This final bill has kept some parameters directly from the original House Bill and Senate Bill, while other provisions were thrown out or tweaked. Below are the major provisions of the conference committee bill. For a…

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A final tax bill appears eminent. The House and Senate agreed to the reconciliation of their competing bills and most people expect it to be passed before the end of the year. On Wednesday, December 13, 2017, the Conference Committee issued a reconciliation of the House and Senate proposed tax legislation. A copy of the…

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Form W-2 and payroll returns provide information to your employees and various government agencies. It is important that information reported on those filings is complete and accurate. In order to help you with this process, we have listed a couple important tips. 1. You are required to file copies of Form W-2 and W-3, submitted…

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****Important: Filing deadline for certain 1099’s is 1/31/2018 for both the recipient and government filing copies!!!**** Form 1099 is used to report payments made to reportable vendors. In addition to the penalty imposed by the IRS for failing to file Form 1099, the California Franchise Tax Board can disallow deductions when a business fails to…

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Converting an Individual Retirement Account (IRA) to a ROTH IRA is a great tool to reduce taxes in the right situation. If you were always over the limits to make ROTH IRA contributions, this can be your chance to take advantage of this type of retirement account. If you already have a ROTH IRA, this…

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If you’re looking ahead to the tax season in early 2018, it’s not too late to maximize your tax deductions. There are some excellent strategies that you can implement today that will pay dividends come tax return time. Plan ahead for these deadlines, and ensure that you get every deduction that you can. Donate to…

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All too often we read headlines about major companies that have some sort of breach, Equifax, Target, Sony, Home Depot, just to mention a few. Most people think, “wow, how could they be that careless and then go about their day?” Recently, the Equifax hack hit home for most Americans because it virtually affected all…

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We are proud to announce that Los Angeles Business Journal has named Elizabeth Hugh one of the Most Influential Women in Accounting for 2017! LABJ’s list highlights outstanding women accountants in the LA region. One common thread of similarity that exists across the unique group is a propensity to focus on the big picture and…

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