Virtual Services of an Outsourced Accounting Firm: Your Questions, Answered

You may have already heard of the benefits of virtual accounting. Whether or not you work out of Nashville, using the virtual services of an accounting firm can help you access important financial data easily, enjoy the increased efficiency of digital bookkeeping, and save resources that would have been otherwise spent on maintaining an in-house accountant.

But what is it like working remotely with an accountant? Your questions can be answered right here.

Will I still retain control even while outsourcing?

You might wonder if things could slip right under your nose since you won’t be able to check in on the accountant poring over ledgers in your office. The truth is, just because you give up a brick-and-mortar setup doesn’t mean you’ll be ceding any responsibility or control.

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How Entrepreneurs Can Benefit from Smart Tax Planning with a CPA

Avoiding hefty fines for filing errors and inaccuracies isn’t the only reason why small businesses and entrepreneurs need to pay more attention to doing taxes. As any reputable CPA will tell you, tax planning yields plenty of advantages for your Nashville business. By analyzing your company’s financial situation from a tax perspective, you not only ensure tax efficiency but reduce tax liability as well. Here are some of the benefits you can look forward to.

Estimate Future Expenses

Tax planning can be extremely useful for predicting losses and expenses for growing companies. If you need to acquire new equipment or spend money for a business expansion project, you can take out a loan at the best time in terms of tax liability. Getting a loan when your peak income drops or near the end of the tax year will help you maximize tax deductions on loan interest. However, experts urge entrepreneurs to remember this rule of thumb: never incur additional expenses only to gain a tax deduction. It’s just not worth the risk.

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What the GOP Tax Overhaul Entails, According to a CPA Firm

After more than three decades, the U.S. senate approved the biggest overhaul in the tax system last December. Though the cut to corporate taxes might seem to be the most impactful element of the tax overhaul, a CPA firm will tell you that this is just one of the many things in the tax overhaul that may affect your business.

Under the tax overhaul, or the Tax Cuts and Jobs Act, modifications to the Internal Revenue Code, including changes to credits and deductions, have been implemented. Such modifications have been made in hopes of spurring economic growth. Businesses in Nashville, however, might face a different kind of tax overhaul in the near future.

How the tax overhaul will affect businesses

Perhaps the biggest change made by the federal tax overhaul is the provision lowering the corporate tax rate to a flat rate of 21 percent. By doing this, lawmakers hope to encourage large corporations to set up shop in the United States, thereby stimulating economic growth. Having said that, several factors are still at play before a foreign corporation can move to the US.

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A Financial Review by Your Accounting Firm: How Will It Help Your Nashville Business?

There may come a time when you need a loan or a grant for your Nashville business. Perhaps you’ll be testing a new product; perhaps you’ll need money to buy equipment; perhaps you’ll simply need the extra funding to keep operations rolling. Whatever the case, there’s one thing an accounting firm can do for you: conduct a review engagement.

What is a review engagement?

A review engagement is one form of attestation service – like an audit – that a CPA performs to assure stakeholders that the financial information you present them is fair and reliable. Essentially, it is a vote of confidence for your business.

If all goes well, a review report will state that nothing has come to the accounting firm’s attention to suggest that your financial statements are not in accordance with generally accepted accounting principles. No “material modifications” should therefore be done to them.

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Tips from Your Nashville CPA: How You Can Start the New Tax Year Right

Are you relieved that tax season is over? Returns filed and receipts in hand, you feel like you can finally get back to running your small Nashville business without worrying about numbers for the IRS.

While that might be partly true, the fact of the matter is it’s never too soon to start preparing for the next time you file taxes. Accounting, after all, is part of daily operations.

Here are a few tips from your Nashville CPA to ensure your books – and business – will be in order right from the start of the new financial year.

Track your finances more efficiently

Let’s start with the basics: If you were all over the place heading into the last tax season, you should organize your files better starting now.

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Running Out of Time Before April 17? Get a CPA Firm to Help You File a Tax Extension Instead

It can happen to anyone in Nashville: you thought you had everything prepared for the tax filing and paying deadline. But, now that April 17 is drawing closer, it seems you might not get your submissions sorted after all.

Rather than risk filing an incomplete tax return, you should do the next best thing by that deadline: request for a tax extension with help from a CPA firm.

A regular request

Tax extensions – which grant another six months to file taxes – are given regularly to those who request it by the year’s original deadline. They help ensure that taxpayers file their reports correctly and comprehensively.

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2018 Tax Season: The Crunch Time Checklist for Your Nashville Business and Your Partner Accounting Firm

Are you prepared to file federal taxes for your small business in Nashville? The deadline for reporting last year’s finances is fast approaching. By now, you should have gotten in touch with your trusted accounting firm to ensure all your statements will be in order.

Here’s a quick checklist of what you should be doing – or should have already started doing – heading into the crunch of the tax-filing season.

Know your deadlines

Simple, right? April 15 is the last day for filing taxes, year in and year out. Not quite. The due date for your business depends on the type of legal entity it is registered as.

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