Year End Planning

Year End Planning

It is the time of year where we are beginning to think about year end tax planning. We look at this as an opportunity touch base with clients before the end of the year and evaluate what strategies they may wish to implement. This may involve timing of tax payments or charitable contributions, additional contributions to tax deferred retirement plans, purchasing new business assets, or buying/selling investments that may yield capital gains or losses. This planning process also allows us to work with clients whose tax position may have changed from the previous year. This could be because of new job, new business venture, a move, the birth of a child, etc. If you have questions about your taxes or what strategies you should consider before the end of the year, please contact an accountant at The CPA Group...
Business Valuation

Business Valuation

Perhaps the best way to explore this topic is to ask: what, why, how and who? What is it? Business valuation is a process where a valuation analyst uses a set of documents (such as financial statements) and other pertinent information (such as economic and industry data) to provide an opinion or conclusion of the value of an entity or of an investment in an entity. Why do it? If you own an interest in a public company, it’s easy to determine the value – you can just look it up on-line or in the Wall Street Journal.  However, determining the value of a company or investment that is not publicly traded is no simple matter.  Although there are “rules of thumb” and “guideline values”, most often the situation requires a more thorough and supportable process and outcome.   Business valuations are useful, and sometimes required, for many different purposes.  The most common uses we encounter are: financial or estate planning; facilitating ownership changes; the sale or purchase of a business; ESOP retirement plans; divorce; charitable gifts; and estate tax, estate settlement or basis step up matters. How is it done? Business valuation requires the analyst to gain an understanding of the subject of the valuation, both from a historical perspective and from a forecast or earnings potential perspective.  Often the value of a business is related to the expected benefits to the owner rather than its historical performance or its current financial position.   There are also different standards of value and different approaches to computing a value.   Pass through entities (LLC’s, Partnerships, S Corporations) require special valuation considerations.    The...
Online Access Wherever, Whenever

Online Access Wherever, Whenever

The CPA Group PC is now offering clients the opportunity to access their important tax documents and financial records online. Clients will be able to access documents such as tax returns, financial statements, payroll tax reports, W-2’s and 1099’s, and personal financial statements from computers, tablets and mobile devices. Through this access, clients will also have the ability to safely and securely exchange files, including Quickbooks files and documents needed for tax preparation, with The CPA Group PC. If you are interested in setting up online access, please contact your accountant at The CPA Group PC or email us at...
Merry Christmas

Merry Christmas

All of the staff at The CPA Group PC would like to wish our clients and the many other professionals we work with a MERRY CHRISTMAS and HAPPY NEW YEAR. As we reflect on 2013 we are grateful for the opportunity we’ve had to work with each of you. We’re excited to see what 2014 will bring and look forward to seeing many of you this tax...
Preparing for 2014

Preparing for 2014

014 is right around the corner and there is no better time to review the retirement contribution limits for the coming year.  Reviewing these limits now will allow employees to to adjust their payroll deductions and self employed individuals to begin saving so that contributions can be maximized by year end.  For those participating in 401k or 403b plans, the maximum contribution limits remain unchanged from 2013 at $17,500 for those under age 50 and $23,000 for those 50 and older.  IRA and Roth IRA contribution limits also remain unchanged at $5,500 for those under 50 and $6,500 for those 50 and older.  Simple IRA contributions are limited to $12,000 again this year for those under age 50.  If the Simple IRA plan allows, those 50 and over may contribute $14,500.  The contribution limits for a SEP or Keogh plan were increased this year to $52,000.  As with many of these plans, there are income requirements and limitations when maximizing contributions.  We would be happy to discuss the specifics of each type of plan with...