When Should You Outsource?

Whether they own a small business, a mid-sized regional organization, or a multi-national corporation, business owners have a host of options when it comes to accounting services. For some companies, handling routine accounting in-house and relying on an outside accounting firm for attestation and assurance makes sense. For others, turning over all accounting duties, including payroll and tax preparation, to a CPA is the best option.

Ideally, an accountant should be able to give your business custom service so you can choose what works for your business. Staying local with a New York accountant also ensures you will work with someone who knows state and local tax regulations thoroughly. Here’s a look at other factors to consider when finding an accounting firm for your business.

Time

How much time do you currently dedicate to bookkeeping, tax preparation, and other routine accounting tasks? Even in companies that have in-house personnel who can manage daily bookkeeping, it may save you time to work with an accounting firm instead. An accountant who works with payroll, tax preparation, and other essential accounting tasks on a daily basis can work quickly and efficiently, freeing your in-house finance professionals to focus on company-related work.

Experience

Entrepreneurs often have to wear many hats, particularly in their companies’ early years, but as organizations mature, their accounting needs become more complex. Sales, mergers, and acquisitions require experience that an accounting firm can provide. Your organization may go through only a few major events such as a sale or merger during its lifetime, but a CPA is familiar with these processes and has gone through many of them. An outside accounting firm also has in-depth knowledge of different accounting software platforms and can facilitate mergers that would be challenging for in-house personnel.

Money

Many business owners find the cost of hiring an outside accounting firm is less than the cost of maintaining in-house staff full time. By taking full advantage of deductions and benefits at tax time, your accountant can save you money at tax time. Working with a client-focused CPA firm that can customize services to meet your organization’s needs also makes financial sense.

Accessibility

The most available accountant is one whose office is down the hall from yours, but an outside accounting firm can be just as close. An accountant who is available to calls throughout the day and outside of business hours may even be more accessible as they are willing to answer questions and prioritize their clients in a way that an in-house bookkeeper may not be able to do. If your current accounting personnel are stretched thin or unavailable, consider an outside accountant to alleviate the pressure.

How Will Tax Reform Affect You?

2017 Tax Reform Proposal

President Trump’s recently released one-page tax reform proposal, linked here from the Journal of Accountancy, suggests sweeping changes to current tax codes intended to “grow the economy and create millions of jobs.” From dramatic simplifications of income tax brackets to a possible repeal of the estate tax, these shifts could have major implications for you and your business.

While an overview of proposed changes can help clarify how proposed reforms may affect your personal and corporate tax responsibilities, it’s best to speak with an experienced accountant who is familiar with your specific goals. Working with a Long Island CPA with a thorough understanding of federal, state, and local tax law is vital to preserving your wealth and building capital for new growth. Continue reading

Is Your Online Business Ready for Tax Season?

NY Tax Season

Thanks to technology, telecommuting, and the internet, office life has been transformed. Remote staffers work from anywhere in the world, your workspace has expanded into the cloud, and contractors contribute their unique expertise to your organization. While many of these changes make business easier to conduct than ever, they present unique challenges during tax season. A New York CPA with thorough knowledge of state and federal law can help you manage the new complexity of your organization’s online activity. Continue reading

Should You Choose a Roth IRA or a Traditional IRA?

Whether retirement is decades away or a few years off, the changes you make to your investment plans can have a significant impact on your post-retirement lifestyle. One big question many investors have is about Roth IRAs and traditional IRAs. Specific state and local regulations can also affect your saving strategy, so choose a New York accountant with a thorough understanding of how state laws intersect with your investment strategy. It’s best to seek the input of a qualified financial adviser before making investment decisions, but this quick guide will give you useful suggestions to discuss with your CPA. Continue reading

What You Need to Know about Social Security Benefits for 2017

For the nearly 90 percent of Americans over the age of 65 who collect some or all of their retirement benefits through Social Security, 2017 could be a year of changes. For those who are planning to retire within the next five years, current changes to Social Security could have a lasting impact on their benefits too. While the best guide to maximizing your benefits and protecting your wealth is a knowledgeable CPA who can personalize your retirement planning, reading up can help you know which questions to ask when talking to your accountant or financial planner. Continue reading

The Biggest Tax Mistakes Businesses Make – And How You Can Avoid Them

The Biggest Tax Mistakes Businesses Make – And How You Can Avoid Them

The Biggest Tax Mistakes Businesses Make – And How You Can Avoid Them

Individual tax returns can become complicated enough, but businesses face even greater challenges. For an organization, a small mistake at tax time could spell significant fines and penalties down the line – costs that could limit your company’s growth for years to come. The good news is that most such mistakes are easily avoidable. Here are some of the most common tax mistakes and how to protect your company from making them.
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Take Charge of Your Company’s Year-End Taxes Today

Take Charge of Your Company’s Year-End Taxes Today

Take Charge of Your Company’s Year-End Taxes Today

When it comes to the little things, procrastination has its rewards. Sleeping in an extra few minutes or putting off errands until after your alma mater’s big game can feel good. When talking about your business’ 2017 taxes, though, it’s never too early to start. Every year brings new changes to tax laws, and organizations that prepare to implement next year’s tax strategy early gain a significant chance to make the most of what’s new. With the help of a New York accountant who has already done the necessary homework on local, state, and federal tax law for the coming year, you ensure your company benefits from every deduction and credit you’re owed. Continue reading

Retirement Planning at Any Age

How much do you need to save for retirement? What’s the safest plan for your retirement savings today, and will that change as you get closer to retiring? How can small changes now add up to meaningful retirement income in the future? People are right to ask these and other important questions about retirement. It’s easy to think about retirement savings as a future problem, but the solution happens now. Whether you’re founding a start-up, building a family, or building on a lifetime of career successes, this is the right time to think about your long-term financial security. Your CPA is your most valuable financial planning resource, and here are some points to discuss with your accountant. Continue reading

Estate Planning for Everyone

Estate Planning For Everyone

Estate Planning For Everyone

Federal estate tax laws have changed recently, reflecting shifts in how families pass along wealth. The current exemption threshold is indexed for annual inflation, and as of this year, that figure is $5.45 million. This higher threshold means that the great majority – more than 98 percent – of a New York CPA’s clients have estates that are exempt from the national gift and estate tax. Continue reading

Does Your Business Qualify for Research and Development Tax Credits?

Long Island Certified Public Accountants for Business

Long Island Business Tax Credits

Within the administration’s documentation on plans for the coming 2017 fiscal year are provisions that could spell significant tax relief for many organizations. In an effort to stimulate economic growth and reward businesses for investing in research and development, Congress recently expanded the scope and availability of R&D tax credits. While a qualified CPA will give you specific details on how the new legislation affects your business, here’s an overview to show you where your organization may be able to apply these expanded credits. Continue reading