The Major Reasons a Virtual CFO Can Help Your Business Thrive
On a basic level, a virtual CFO (or vCFO for short) is exactly what it sounds like. This is someone who performs all of the services normally associated with a chief financial officer, only in a third-party capacity. Instead of going to the trouble (and expense) of hiring, training and bringing someone with these qualifications into your organization, you're getting access to someone who can handle all of this remotely on a schedule that works best for all involved.
Start Off on the Right Foot for the 2019 Tax Year
Individuals and small businesses should consider various ways of starting off on the right foot for the 2019 tax year.
The Tax Filing Deadline Is Around the Corner
As a reminder to those who have not yet filed their 2018 tax returns, April 15, is the due date to either file a return (and pay the taxes owed) or file for an automatic six-month extension (and pay the an estimate of the taxes owed). Caution should be exercised when preparing the extension application, which is IRS Form 4868. Even though this form is described as “automatic,” the extension is automatically granted only if it includes a reasonable estimate of the 2018 tax liability and only if that anticipated liability is paid along with the extension voucher. It is not uncommon for taxpayers to enter zero as the estimated tax liability without figuring the actual estimated amount. These taxpayers risk the IRS classifying their forms as having been improperly completed, which in turn makes the extensions invalid. If you need an extension, please contact this office so that we can prepare a valid extension for you.
A Government Shutdown Isn't Going to Save You From an IRS Audit
Yes, it’s true that we’re just coming out of the longest government shutdown in the history of the United States. It will take many government agencies — including the Internal Revenue Service — a significant period of time to get back up to speed. But if you think that all this means that the chances of your getting audited are lower than ever, you’re going to want to think again.
Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year.