Audited Financial Statements by Neil D Rischall CPA

Setting Fees for Services - Something for an Independent Contractor to Consider

2011-01-31T05:04:00.000-08:00

If there is one mistake I have seen with my independent clients that file a Form 1099 make is in the department of fee setting. It pays to consider the following when setting fees for services:

All is different when you have a service business, and you are marketing it on the web. Of course it all will depend on your service, but many are the kind that involves providing a quote to the prospective customer. Much depends on whether the quote is accepted, or not, but no matter what always tends to cause annoying after thoughts. If you get the gig, then you may be inclined to challenge yourself. It is normal to wonder what would have happened if your fee was higher. If you requested for more, would it be a fair price or exchange of value? One thing that is pretty frequent with service providers is more work can often happen with any job. We want to examine this unique aspect involving pricing for the service based businesses.

There are a thousand various service based businesses on the net, probably more. Why don't we take a minute to look at something that is actually pretty important. You are also, and more importantly, providing your clientele with a set of clear advantages for their business. There is a huge distinction that really is glaring if you are able to see it. You will find that people place a higher value on benefits they receive. When someone thinks of a service provider, or receiving a service, there is a tremendously basic feeling attached to it. We all get services of one kind every day, and once again no unique feelings about it. You want to position yourself through you marketing as not merely a service provider but rather as a specialist who confers benefits to businesses.

Did you ever seriously sit down and consider how much your time and what you supply are worth? Do you possess a clear understanding of how valuable your particular service is worth as done by you? The the greater part of service providers reflect people in general because what the providers do is grossly undervalue their real value. But on the other hand you should never swing to the extreme reverse direction. If you are relatively inexperienced, then you should charge appropriately. If you're a little stuck about the way to approach this, then a great place is by going to Google. Look at your competitors and simply see what the assortment of fees are. Of course that will provide you with a true world idea of what people are asking.

Beware falling for the trick of being willing to drop your fees when someone hints it - no fiddling around with your fees. That is where people will want to have advantage of you as much as possible. If you have your fees clearly displayed on your site, they will continue to do it as if they totally ignored it. The reason you should not engage in this destructive behavior is because it creates a perception that you do not value your work or yourself. The moment you do that, then it is downhill from that point on - and that is the truth; people will continue to try and take advantage of you.

IRS 1040 Form and Personal Finance Software on the Market

2011-01-30T03:47:00.000-08:00

In order to prepare a proper IRS 1040 Form it is helpful to use personal finance software though if you simply have a W2 Form then this would probably be like trying to kill an ant with an atom bomb!

Many people find that the best way to manage their household budget is by using personal finance software. Whether you want to make sure your bills are paid on time, keep track of your various accounts or plan a budget, there's a program that can make it easier. What follows are some criteria you should use when choosing personal finance software and a look at some of the leading programs on the market.

Many personal finance software programs offer you a free trial before you have to pay. If this is your first time attempting a new software you definitely want to consider the free trial period to ensure you really like the program you are considering.

You probably won't have FULL access to all features of the software you will have enough to give you a feel for it. It will be easy to see right off if the basic setup is acceptable to you and whether or not you find it easy enough to use. There's no point in buying a program that you're not sure about, so look for software that lets you try it out first.

If you want a program you can use anywhere you can get Internet access then you should look into Mvelopes Personal budgeting System. The focus of this software is budgeting and helping you reduce your expenses. Mvelopes is set up to help you identify all of your financial transactions so you can figure out where it's possible to save money. This web based software is designed for the user who merely wishes to focus on their budget. If you are looking for more in depth features you may need to look into Quicken or Microsoft Money.

If you have a Macintosh, iBank 4 is one of the personal finance software programs to take into consideration. This is a user friendly program that many Mac users find helpful to manage their finances. It is simple to track every one of your account balances, and additionally keep an eye on your investments. It allows you to import transactions from other programs like Quicken for Mac, as well as export to TurboTax to file your taxes. It presents to you a free 30 day trial, which includes support, so you can experiment with it for a full month before choosing to keep it. If you do want to continue using it, the price is quite reasonable at around $60. If you operate a Mac, then iBank 4 is a great choice if you desire a finance program with bunches of beneficial qualities.

There are many personal finance software programs to choose from, and some will suit your needs better than others. So that you choose a program with the right features carefully consider what you want it to do. This information should point you in the right direction to discover the right personal financial software for you. So you can enjoy the benefits of tracking your finances, be sure to get the program you choose up and running quickly.

Form 1099 and Cost Segregation Analysis

2010-10-18T05:51:00.000-07:00

Can you think of two more different topics than form 1099 and cost segregation analysis ?

The point though is that the topics and fields being an expert in as a CPA are many. So can you expect to truly have competence in all of them not really. So it pays to do your own research besides the help of your local accountant or CPA to make sure the information you are getting is up to date and correct to the fullest extent possible.

Audited Financial Statements and the Benefits And Drawbacks

2010-07-16T01:34:00.000-07:00

If you are considering getting a set of audited financial statements for a particular purpose but on are on the fence this is for you. Fine, let us get started. On one side you have the "Pro", the positions in favor: The very first point in support of audited financial statements is going to be they will be respected more than a review or compilation. A 2nd point in favor would be they are required for many regulatory authorities. The 3rd supporting point is going to be they are the best and highest form of assurance. The 4th point in support of audited financial statements will be that it may be the only way you can get a buyer to consider purchasing your business. Lastly, the 5th point is why start with a review or compilation and later have to upgrade. For balance then let's hear from the other side, those opposed, the "Con" side: The primary point against audited financial statements is the higher cost than reviews or compilations. The 2nd point against will be the time it may take to get it done. A 3rd significant point against is you will need to use a CPA to produce them. Your fourth point against is the expense may never pay off. And 5th and last, but not necessarily the least, consideration against is perhaps you do not want to open up your books to an outsider.

So there we have all the arguments for each side.

Finally then, what is the "bottom line" here? Are audited financial statements good or bad?

We now have a "Yes" answer to both questions! audited financial statements definitely seems to be both good AND bad! It is left up to your reader to determine which side, the good or the bad, outweighs the other...

Online Savings - Online Tax Accounting

2010-05-14T06:32:00.000-07:00

Even though in the past the Internet was not the place to get assistance with tax accounting services. Much has changed with the progress of the Internet and there are many good solutions to find tax accounting services through the World Wide Web.

Keep More Cash

If you're looking to keep more moola and tax accounting services there is some advice that I can give you as a practicing certified public accountant. As most services are, fees and costs are mostly calculated as a product of multiplying hours by a rate of pay. The reason this is important for a small business or any taxpayer looking to get tax accounting services is that you can save cash by using accounting programs that will reduce the hours required for the tax preparer to do the necessary compliance.

Accounting Software for Tax Accounting Savings

Whether you are using accounting software such as Google Docs or simply using a spreadsheet to summarize expenses it is likely that you will be saving your accountant time and that will save you money. Though you should be sure that what you are doing will not need to be redone by the person doing your tax accounting. This means that the information should be easily summarized and able to show that it is matching your bank statements.Keep in mind what tax accounting services you will require.

Tax Compliance

The most basic services are called compliance. The understanding why it is called compliance is because it helps the taxpayer comply with federal, state and city tax laws. This can include filing corporate returns, sales tax returns, as well as commercial rent and other local filings. When you employ an accountant to do compliance tax accounting then you should not expect to necessarily get much consulting. In such a situation it is likely that price will be the major determinant of who you choose.

Tax Consulting

At times the compliance with tax laws can be done internally without the need for a tax accountant. Then the other reason you may be because you need advice on what needs to be prepared and how you can plan to save money. You would be surprised how a little bit of preparation in advance can save a very significant amount of cash.

Google Wave for Business

2009-11-28T10:48:00.000-08:00

On friday I received my invite for Google Wave. Considering that I am a big fan of Google and a user of many of their products I accepted their invitation promptly.

So why am I excited about Google Wave?

Collaboration - The ability to bring new people into a Wave and get them up to speed quickly.
Best of email and instant messaging plus much more.
Amazing potential for support

What are my reservations?

The main reservation I have is that the way invitations have been dolled out the number of users is limited. This means that the main reason for using Google Wave, collaboration, is difficult without other users to collaborate with.

Do you want to Wave?

I have some invitations left. So if you would like to collaborate with me. Or possibly be refered by me then drop me an email and I will likely send you an invite.

BD Audited Financial Statements

2009-11-24T07:52:00.000-08:00

Broker dealers have had a longstanding requirement to submit annual audited financial statements to FINRA, the Financial Industry Regulatory Agency, and the SEC, Securities and Exchange Commission.

Beginning with the year ended December 31, 2008 these audited financial statements must be conducted by a CPA that has been registered with the PCAOB, Public Company Accounting Oversight Board.

The process that a CPA must undergo to be registered is not always simple. The CPA's internal process of quality control is put to scrutiny even in the registration process. The CPA must explain their means of assuring the following:

Independence Integrity and Objectivity
Engagement Performance
Personnel Management
Acceptance and Continuance of Client Engagements
Monitoring

There are in the range of 3,000 CPA's and CPA Firms that are registered with the PCAOB. This is a small fraction of all CPA's and CPA Firms worldwide.

In theory the audit's conducted should not have changed from prior years and as such the annual fee should be comparable. Many broker dealers have found the fees they are being quoted are not similar to the prior years.

That any firms or CPA's fees are higher when they are subject to more scrutiny and regulation should make sense. Yet some small broker dealers feel to be victims of excessive regulation in a year that they have been affected as much as the rest of us have been by the depressed economy.

As much as possible I have made myself available via email and phone to see if I can perform a Broker Dealer audited financial statement for a reasonable fee. Please understand though that an engagement to conduct an audited financial statement is extensive and requires careful planning and takes time. There is never a fee to discuss the options of preparing the audited financial statements for a client and I welcome the opportunity to talk to you.

Would you consider a job in accounting?

2009-11-23T03:56:00.000-08:00

Accounting is not as glamorous as many other professions. In fact it is
probably the least prestigious when compared to medicine and law.

If you would want an online accounting degree this video will be helpful.

Yet there is a benefit that accounting been considered by many to be
recession proof. Though it seems that this downturn is not your
normal recession because even accounting is being affected.

Sometimes an online accounting degree can be the difference that gets you the job. So
consider looking a this video and articles.

VISA Financial Football Training Camp

2009-11-19T08:05:00.000-08:00

VISA has put quite a lot of time and effort into creating an excellent method of teaching financial concepts to Americans with their VISA Financial Football Training Camp. Though as someone who has recently seen clients that are carrying balances of $ 150,00 to $ 300,000 when these same couples earn between $ 250,000 to $ 500,000 respectively, the problem of carrying credit card balances can be very serious. Please visit the link above to see my WARNING.

The Story That Tells the Power of Audited Financial Statements

2009-11-12T12:49:00.000-08:00

By http://ezinearticles.com/?expert=Neil_Rischall Neil Rischall

Most potential clients that request audited financial statements do so because they feel compelled to have their accounting examined by a CPA. This could be do regulatory oversight such as the SEC or NASD or PCAOB for public companies that are traded on the major stock exchanges or involved with the business perhaps as stock brokers. Some feel compelled because they are required by the government such as non profits or those that deal with Housing and Urban Development. Others must get audited in order to get or comply with a bank loan they are seeking or have.

The most common question that those that are compelled to get their books reviewed is "How much this will cost?". Due to such questions I have devoted pages on my web site to give people comfort and knowledge about how to figure out what audited financial statements will cost. In addition I make myself available for free consultations via the phone or email to give those that are curious an answer to their questions.

Though I am often disappointed that so many people in business fail to understand the power of audited financial statements and what they provide besides compliance with outsiders that require them. That what is being provided is not just a letter stating an opinion without any further value.

When I was wet behind the ears and not even certified as a Certified Public Accountant something happened in the CPA firm that I worked that brought out the point that I am trying to make. The firm I was working for was engaged to do the audit of a brokerage firm that had offices in Manhattan ( in fact quite close to Wall Street and the World Trade Center ). Even though our firm was fairly small we always brought in as many people as possible on the first day of an audit in order to make a good impression. Well it seems that we made a very big impression on one of the employees of the brokerage firm. The reason I know that is that within a short time after our arrival this employee admitted to a major fraud that he had stolen a significant amount of money from the brokerage firm's clients.

Many visitors of my site have been pleased to become more educated about the services that a CPA can provide for them as well as getting their own specific questions answered.

Neil Rischall is the CPA behind the CPABookkeepers site there you can sign up for some email lists about audited financial statements that can save you significant money. As well as finding out about services provided by a CPA Firm.

Article Source: http://EzineArticles.com/?expert=Neil_Rischall http://EzineArticles.com/?The-Story-That-Tells-the-Power-of-Audited-Financial-Statements&id=3155562

Audited Financial Statements Procedures

2009-11-12T12:46:00.000-08:00

Audited Financial Statement Procedures

Audited Financial Statement Procedures
By Neil Rischall

Audited financial statements, which have been prepared by an independent Certified Public Accountant (CPA), are used to provide financial credibility, accountability and accuracy for a business. There are specific procedures performed by the CPA during the audit process.

An engagement letter, which is a letter of agreement which stipulates the services to be performed by the CPA and the fees associated with such service, is signed by both the CPA and the company having the audited financial statement done. This letter is designed to prevent misunderstanding between both parties and to reduce the risk of law suits.

The accountant will request financial reports from the company to review. These reports include the income statement, balance sheet, and statement of cash flow along with financial documentation to support these reports. The auditor will review the company's internal control system to determine what controls are in place and assess the control risk of the controls failing to detect or correct any material misstatements in the accounting records which could affect the financial statements, review specific financial statement items required by the AICPA Statements on Auditing Standards (SASs), and documentation about financial statement items they deem necessary. The auditor is also required to: confirm accounts receivable, observe the inventory count, inquire with client's lawyers regarding any litigations, claims, or assessments, evaluate accounting estimates made by management confirm business activities and account balances with outside entities, assess the degree of risk that fraud will cause a misstatement in the financial statements, document the fraud risk factors, and detail the client's response to these risk factors.

A client representation letter is provided to the company to sign at the conclusion of the audit. The purpose of this letter is for the client to take responsibility for the written statements explicitly or implicitly given to the auditor by management; such as management's acknowledgment of its responsibility for the fair presentation of the financial statements, compliance with laws and regulations, assertion that they are unaware of any fraudulent activity and have implemented procedures to detect and prevent fraud.

From this information the CPA creates an audited financial statement which will include an opinion, either qualified or unqualified, about the nature of the financial documents. The intention of the audit of financial statements is to gather evidence that will ultimately produce and support an opinion about the audit as well as defend the auditor if a lawsuit resulted from reliance on the audit opinion. The goal of an audited financial statement for a company is to provide the CPA with a reasonable basis for an unqualified opinion that the financial statements are free of material misstatements or false/missing information. With an unqualified opinion, the audit is found to be accurate, complete and fairly presented to meet the requirements of the US GAAP (Generally Accepted Accounting Principles). A qualified opinion indicates that the CPA is not in agreement with aspects of the company's financial statements or accounting procedures and is not confident in the accuracy of the financial statements.

Neil Rischall is the CPA behind the CPABookkeepers site which has a wealth of information about audited financial statements as well as all services provided by a Certified Public Accountant.

Article Source: http://EzineArticles.com/?expert=Neil_Rischall
http://EzineArticles.com/?Audited-Financial-Statement-Procedures&id=2540511

Small Business Accounting Software Free Download

2009-11-04T05:12:00.001-08:00

Take a look if you are interested in a small business accounting software free download and also a funny video about accounting software. It is so rare that accoutning software makes us laugh.

What are audited financial statements ? Part I

2009-07-21T10:04:00.000-07:00

Have you ever wondered what audited financial statements are and who needs them?

Audited financial statements, which are prepared by an independent Certified Public Accountant (CPA) for a business, are the reports used by a company to show how the business is doing and prove that the numbers are correct. All businesses, whether privately held, publicly owned, or nonprofit should prepare statements on their financial performance. These statements also enable management to make business decisions, enable banks to see if they want to loan the business money, and provide individuals who may want to buy a part or the whole business with the information they need to make a good decision.

The financial documents used by an accountant to prepare audited financial statements are provided by the company. The CPA will examine the documents to verify they support figures within the financial statements, assess the way numbers where calculated, and evaluate the overall financial statement presentation. In addition the CPA will evaluate the companies internal control system. An internal control system is the way that a company makes sure that the business is safe from people cheating the business and or giving out false numbers.

In my next blog post I will explain what I add to the financial statements given to me when I audit them.

If you have any question about this post or how you can your companies financial statements audited please email me : cpa@post.com or call my toll free phone number (866) 559-6434.

What is the PCAOB for Audited Financial Statements

2009-07-08T09:20:00.000-07:00

Just updated my CPA website to more clearly reflect the focus on audited financial statements. The first of several informative articles on PCAOB was also added to my site. The new article is called What is the PCAOB for Audited Financial Statements. Please check this new information out if you have an interest in audited financial statements and the relationship of certain CPA's and the PCAOB.

Also added a quiz to my site's home page due to the positive results from my first test of the quizzes placed on this blog. Special thanks to MyStudiyo.com for your amazing service. Anyone can get their great looking interactive quizzes by clicking on the link here or on the quizzes here on this blog.

2009-07-08T05:53:00.001-07:00

accounting_software_faq

2009-07-06T08:09:00.001-07:00

audit_&_finance_quiz

Audited Financial Statments Articles

2009-06-30T05:20:00.001-07:00

Two new articles I have written have been accepted by Articlesbase they can be found at:

http://www.articlesbase.com/accounting-articles/audited-financial-statement-procedures-1000925.html

http://www.articlesbase.com/accounting-articles/audited-financial-statements-1001003.html

Audited Financial Statements for a Non Profit Organization

2009-05-24T13:09:00.000-07:00

Sometime it is a necessity for a non profit organiation to get an audited financial statment. If you need more information about Audited Financial Statements for a Non Profit Organization then check out the link just mentioned.

How to find business bookkeeping services

2009-05-24T13:04:00.000-07:00

Are you looking for business bookkeeping services? Then you will want to click her to see how to find business bookkeping services . Business bookkeping services can make your business more organized as well as more profitable.

How to get an audited financial statement

2009-04-30T03:08:00.000-07:00

On a daily basis I speak with business owners and non profit directors who want to know how to get an audited financial statement. If you visit the page in the link you will find out that the process really boils down to three easy steps. So do not get confused, take it slowly and focus on one step at a time and you can get it done. If you are wondering about the cost of an audited financial statement there is a resource for that also.

Ever wondered about the cost of an audited financial statement

2009-04-28T07:28:00.000-07:00

The first question most potential clients ask when discussing audited financial statements is how much it will cost. At that point it is usually to late to do much to lower the cost. However if you know before you get your cpa financial report audited you could do things to mitigate the expense.

Fear, taxes and accounting

2009-03-17T03:26:00.000-07:00

Fear is a primary motivator perhaps even the primary motivator.

So it is fair for an accountant or CPA to use it to motivate clients and shape behavior?

In the past I have seen posts and communications from other accountants that have used that to convince clients to take certain or action or perhaps become a client. Usually I find it offensive to try to scare someone into doing something they would not do otherwise if the fear is overstated. However if the fear is likely and not being exagerated then it may have it's place.

At the same time it seems clear to me that stress hurts people. So why increase the stress levels when the same can be accomplished in a calm and serene manner.

My toll free number just got succesfully ported so it working again. The number is (866) 559-6434 - please feel free to give me a call. In fact if I do not pick up ( considering the time of the year I may be busy ) leave a message and my virtual assistant Heather will relay the message and we will get back to you promptly even during busy season.

Kinder gentler IRS ?

2009-02-03T07:36:00.000-08:00

Commissioner Shulman says that the IRS wants “to go the extra mile to help taxpayers, especially those who’ve done the right thing in the past and are facing unusual hardships.”

According to a January news item from the IRS they are trying to balance their responsibilities of collecting tax with "economic realities facing many American citizens today".

This may be the best time to negotiate instead of letting cases linger on.

Perhaps this could be your personal bailout from the government.

Balance Sheet Explained

2008-07-01T13:11:00.000-07:00

Balance sheet explained is essential reading. Because when the crap hit's the fan all the excuses will not help. So whether you have an acountant or not you better take responsibility for your own education.

Are we afraid to say the word Depression

2008-06-02T05:28:00.000-07:00

A friend who is also a CPA and owns a practice asked me today if I was noticing a slowdown in collections. As it turns out my experience confirmed his. This makes me wonder, as we are finally hearing the recognition of that the US is going into a recession, should we be discussing depression.

This is a hard point for me to make considering my firm belief in the law of attraction. So perhaps my even mentioning this would could create the reality. If I thought that was true then I would not be making this post.

There are cycles that spiral within a range going back and forth. Then there are those that continue in a cycle that tend to go down with one event causing an accelerating downward spiral. In housing it may start with mortgage defaults going up which gets worse when even potential buyers finding it difficult to get a loan. So with a lack of buyers prices fall even lower bringing more people into default who before may have been able to sell their house.

This may happen with a business whose sales and collections drop. So the business has to let employees go. These employees put a drag on the economy by limiting their purchase of goods and services which cause more layoffs.

If we believe perception creates the reality then we may agree with the media and politicians who would want to limit discussion of this. Yet on an individual basis would we not be better prepared the earlier we deal with this reality?

To me it seems clear that the time for people to look at their situation and state it before the media or politicians get a chance to spin it. So if you are experiencing economic issues please comment and share what you see.

Accounting and Tax Services

2008-05-13T14:04:00.000-07:00

I am very proud of the new page that takes a direct approach at resolving issues related to accounting and tax services. If this is something that you are dealing with and you have an opinion please weight in with your comments.

Free Accounting Software Offer Ending

2008-05-10T11:51:00.000-07:00

About six months ago I started offering free accounting software to be accessed online. Since that time over 600 users have signed up to get this offer. Though many people have signed up for the software, no one has used it on a consistent basis. The only apparent reason I can suggest is that the software is not nearly as user friendly and easy to use as Quickbooks is. Therefore I am discontinuing my offer for free accounting software.

In fact Quickbooks and other very large software companies offer free accounting packages that are very user friendly and have some great features ( especially for the price :) ).

In the near future I will be concentrating on helping people get the most out of Quickbooks at the following blogs:
Exploring the utility of Quickbooks vs Quicken www.quickbooks-vs-quicken.com
News and Views about Quickbooks www.the-quickbooks-blog.com

Chat with a CPA

2008-01-30T04:03:00.000-08:00

Can I have a word with you?

This may not be a good question when the person asking that question is big, strong and angry. It might mean that it's time to consider running really fast! However when it is a friendly CPA is asking you that question it might be an offer you should not refuse.

So if are interested and would like to chat with a cpa then you should click here.

You may think that your issues are not able to be resolved, however often that is not the case. Recently a friend was considering whether he should purchase a flock of sheep as a new business venture. In fact he spent several weeks learning and working literaly in "the field". This was a venture that I found particularly interesting so I was getting updates form him in this new business opportunity. So I was very suprised to find out that he was abondoning this business because of the ever rising commodities used as feed.

He was very shocked when I explained to him that he could hedge his risk to rise in commodities by purchasing options. We went over his options and he was very happy to understand that he may not have to walk away from this new venture.

You may also may not be aware of answers that I may have for the issues that are hurting your business. If you are curious please feel free to go to http://www.cpabookkeepers.com/ or simply call me on my toll free# (866) 559-6434 .

Filing NY Corporation Tax Return

2008-01-29T12:57:00.001-08:00

To find out :
Filing NY Corporation Tax Return information and outline as well as how to get it prepared easy

Free Accounting Software Download Free

2008-01-20T08:07:00.001-08:00

To find out:
Free Accounting Software Download for Accounting Software just download

your user name and password for free after sending an email

Free Small Business Accounting Software

2008-01-20T06:26:00.001-08:00

To find out:
Free Small Business Accounting Software is a solution for any small business who needs free accounting software

The Accounting software wreck solution

2007-12-11T10:45:00.000-08:00

Is Quickbooks and other accounting software packages a lie ?

Did you purchase Quickbooks with the the expectation that when you had finished entering your data you would have useful financial reports? Now, tell me if you do not have useful, accurate financial reports is that because you were misled? Of course you were as were many others.

Now if your free bookkeeping software did not cost you a penny where you any less misled? No!

Make no mistake, that makes me just as guilty as those who sold you software that would not get you the end result you were expecting.

So that's why I am going to give you the reason why your accounting software is probably producing a flawed product that has no use.

Accounting Software Error #1

Are all deposits the same? Not at all. Some deposits are liabilities and equity others are income. If you do not classify these deposits correctly your Income Statement will be wrong and useless.

Accounting Software Error #2

Are all checks the same? Not at all. Some checks are not an expense but rather a reduction of a debt . If you are paying down loans and classifying it like any other expense your income statement will be wrong.

Who should fix these errors?

You probably would not do your own brain surgery or plumbing. These are jobs we all understand are better off left to a an experienced professional. Your accounting is not any different. So I strongly recommend that you call me at (866) 559-6434 or visit my website at http://www.cpabookkeepers.com/

One plus one equals ?

2007-11-13T05:30:00.000-08:00

There is an old joke about a business owner that is interviewing accounting candidates for a job. Each one is asked the same question, "How much is one one plus one" and then dismissed when they answer two. Finally one person was hired. His answer was different.

What do you want it to be ?

Yes some accountants can make numbers appear as they want it to be. Most people are not comfortable with that approach. Truth be told there are legitimate ways to portray financial statements differently than tax returns.

The other way that one plus one does not equal two is when there is collaboration. The collective efforts of two people working together is much more than the sum of their individual efforts.

There are some excellent free tools on the Internet that are collaborative. Google Docs is a free service that allows more than one user to work at the same time on the same document or spreadsheet. Though the early reviews were not that great, quietly Google has been improving this product.

Another free product that is collaborative is the free accounting software available at :
http://www.cpabookkeepers.com/accounting-software.html

What is great about this accounting package is you can collaborate with me. Please feel free to contact me via email cpa@post.com or chat on my website http://www.cpabookkeepers.com/ or call me toll free (866) 559-6434

The important thing to remember is that when we are open to work with others the potential for our growth is exponential. So no matter what it is that you are doing today, especially if progress is slow consider how you can avail the use of others to accelerate progress.

Yes I am proud to be an American

2007-02-18T01:00:00.000-08:00

And I am even more proud to field a question for someone willing to stake their life for me. As I am sure everyone feels whether they agree or not about wether we should be in Iraq. So I was happy to answer the following question today:

I served in Iraq for the year of 2006. I recently received my W2 from the U S Government Military and Box 1 has the wrong amount. They said I earned $ ***** however my SSwages Box 2 shows $ ****** . How can I get a corrected W-2 from the Military as soon as possible?
(actual numbers left out for privacy issues)

So my answer was that his W2 was correct ! The reason why his gross wages were drastically less than his social security wages is that "combat pay" is not taxable. I also refered him to an excellent article on how to maximize the benefits of combat pay.

This question came to me because of a resource that you can find on my website that helps you out in case you have lost your W2 form.

Employee recognition ? new spin on employee recognition ..

2006-06-20T19:10:00.000-07:00

You probably think that employee recognition means when an employee is singled out for a great contribution and a job well done. However some people have put a new spin on employee recognition. Now the recognition is for the employee who has the worst boss. So there is a web site sponsored by the AFL-CIO that has a contest for the most awful story about an employees bad boss. Before you go to the site which I will supply the link for please read on to see why it may be a place you can do without.

Wikipedia has a great definition of the law of attraction:
"The Universal Law of Attraction is basically the notion that likes attracts like, and that means that what you focus your mind on will manifest in your reality."

What this means is that if we focus on a certain result it seems to come about. So simply stated spending time reading stories about who has the worst boss, and voting on who has the worst story, may make that your reality. I would rather focus on a pleasant employer, who is caring, thoughtful, considerate and gracious in doling out compensation. My wish for you is that the boss I just described is yours or your present employer is getting closer to that ideal. Then maybe we can go back the old idea of employee recognition such as a raise or a new corner office.

If after all that you're you are still curious about the site, or perhaps you think your story is so awful that you might win the contest then here is the site my bad boss.

Save or pay when you incorporate online

2006-06-13T15:52:00.000-07:00

Problem
Today I heard from two clients who utilized the services of one of many of the companies that help people incorporate online. The individual who was disappointed had made a false assumption that because he paid an extra fee he was automatically an S Corp. He was unaware that the pretty form filled out with his corporate papers had to be signed and mailed to the IRS in order to have an s corporation. So now a year later he is looking at the prospect of paying double taxes, in his corporation and then personally.

Answer
This is why I advise my second client to pass on the additional services such as getting an ID number and the s election. you can do the same thing by filing the links that I will supply. To get an employer identification number from the IRS follow this link. In order to do an s election you can click on the following link for the form 2553.

I hope you found this helpful so that you can feel comfortable when you incorporate online, saving significant attorney's fees, and getting the right services.

Good news about the new offer in compromise

2006-06-09T13:24:00.000-07:00

If we look hard enough at an issue there is always a positive angle. A good example of this would be the new and improved IRS offer in compromise program. I failed to mention in my post two days ago that included in the new legislation is that offers not rejected by the IRS within 24 months are considered accepted.

Due to the July 16 deadline, when the new changes will take effect, there has been an abundance of filings prior to the change. What this means is that it is very likely that the IRS will be overloaded with cases based on the the old system. Considering how antiquated their computer systems are I wouldn't be surprised if filings posted right after July 16 might not get responded to within 24 months. In fact even though I truly believe the IRS has become much improved, there has still been a wealth of stories where deadlines had passed with no action.

If one feels that they have a strong case for acceptance of their offer then I would suggest they go with it before July 16 so they do not have to make a 20% down payment. Because the strategy of hoping that there will be no response to an offer sure sounds like a longshot.

IRS - it really is the internal revenue SERVICE

2006-06-08T20:30:00.000-07:00

Today I was really pleasantly surprised to find the service I received from the IRS. I called on a collection matter for a client and the phone was answered with a hold time of less than a minute. We actually enjoyed the conversation and resolved more than one issue.

There is one secret that I would like to tell you about how I accomplished what I did. Most of us have a sick yuky feeling when we hear the word IRS. This might be natural but it is not helpful.
Sometimes we forget that the person representing the IRS is just that a person, usually working under conditions that they take a lot of abuse. So if we get on the phone with them with a smile on our face ( yes people feel your smile even over the phone ), you will probably get that smile back. You are then more likely to get the best possible resolution - like an abatement of penalty ! So I got on the phone with a big smile and a warm hello and by the end of the call over $ 400 of tax was abated, not bad for a twenty minute conversation(and a lot less stressful too).

Offer in compromise - an offer you can't refuse ?

2006-06-07T19:26:00.000-07:00

I was really disappointed this week to find out that the IRS is changing the offer in compromise program. First let's discuss below what was really great about this program. An offer in compromise lets a taxpayer who cannot afford to pay all his taxes to make an offer to pay a percentage of what they owe. It is really government acting in a very humane manner. Just like a regular businessman will sometimes make a deal with the customer who has fallen on tough times, this program allows the same thing to happen at the IRS.

Well as of July 16 this program will not be the same anymore. If you want to make an offer in compromise you must first give a down payment of 20%. If the IRS does not accept your offer you don't get the 20% back. I'm not sure why anyone in their right mind would make an offer in that position, knowing that they might show nothing for their efforts but a loss of 20% of what they owe.

Remember the old joke that if pro is the opposite of con then what is the opposite of progress, that's right Congress. I don't know why they would want to fix a program that brings in revenue to make it so flawed that no one would want to use it anymore. When in the past few years many states have gotten bountiful tax revenues by offering amnesty we now find the IRS going in the opposite direction and making it even harder for a taxpayer to clean up his act.