Andrew Vargas

#ICYMI: E. Martin Davidoff presented at the CPA Academy, "IRS Offers In Compromise: A Case Study - Condensed Version," on Friday, April 19. Topics included keys to navigating IRS financial disclosures for offers in compromise, learning how to compute reasonable collection potential, determining installment agreements, and advising clients on pre-submission planning. Stayed tuned for the next course. #yourworldworthmore #taxcontroversy #IRS

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Accounting Fun Facts: Auditors of Ancient Rome 🏛️📜 Welcome to this week's "Accounting Fun Facts" at CJ CPAs! Today, we're traveling back to ancient Rome to discover the origins of auditing. Did you know that the Roman Empire had its own version of auditors known as "quaestors"? Quaestors were public officials tasked with a vital role: auditing the financial affairs of the state and military. Their responsibilities were crucial for maintaining the financial integrity and efficiency of Roman governance and military endeavors. These early auditors not only managed and tracked public funds but also ensured that financial practices adhered to the laws of the time. The role of the quaestor highlights the longstanding importance of financial oversight and accountability, principles that continue to underpin modern accounting practices. It's fascinating to see how ancient practices have evolved yet fundamentally remain rooted in ensuring trust and accuracy in financial management. #AccountingFunFacts #AncientAuditors #RomanQuaestors #FinancialHistory #CJCPAs #AccountingOrigins #CPA #Accounting

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🚀 Level Up Your Accounting Game with Levvy's Free Workflow Templates! 🚀 Elevate your efficiency and client satisfaction with Levvy’s top five workflow templates. These templates are Crafted by industry pros and tailored for outsourced accounting firms like you. And the best part? They’re FREE! 🙌 Don't miss out! Click below to get your free workflow templates and start optimizing your accounting processes today. 🚀 https://1l.ink/F6NXT55 #Accounting # AccountingWorkflows #EfficiencyBoost #LevvyTemplates

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Check out Molyet Bookkeeping & Accounting LLC's new blog post!

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🌟 From Tax Expert to AGT Contestant: My Unexpected Journey to Season 20! 🎭 Headline: "Breaking News: Your Favorite Tax Professional is Auditioning for America's Got Talent Season 20!" Tomorrow!! Friends and colleagues, I'm thrilled to share some exciting news! 🎉 I've been selected to audition for America's Got Talent Season 20! Yes, you read that right – your go-to tax expert is stepping out of the office and onto the big Virtual Audition stage for AGT! My story: For years, I've been crunching numbers by day and honing my hidden talent by night. I will still keep my job since this is not a daily thing. Now, I'm taking a leap of faith to showcase a different side of myself to the world. Who says accountants can't have star power? 😉 This journey reminds me of how our careers can take unexpected turns. I will still be a Tax Accountant, just a Singing Tax Girl. Just like how a single tax strategy can save a client thousands, one audition could change everything! ❓Question for you: What hidden talent would you showcase if you had the chance? I'd love your support on this wild ride! Here's how you can help: Share your words of encouragement in the comments If you have AGT experience, I'd love to hear your tips! Bello Nock ! Stay tuned for updates on my AGT journey Remember, whether it's mastering tax laws or conquering stage fright, growth happens outside our comfort zone. What will you do today to challenge yourself? #AGTAudition #TaxProTurnsPerformer #AmericasGotTalent #DreamBig #CareerPivot #HiddenTalents #AGTSeason20 #FromSpreadsheetToSpotlight #TaxesAndTalent #ChaseYourDreams #BelloNock #SingingTaxGirl #Taxpreparers #TaxProfessionals #NATP #TaxProfessionals #TaxPrep #TaxEducation #ContinuingEducation #TaxLaw #TaxCompliance #TaxUpdates #AccountingProfessionals #TaxSeason Let's show the world that talent comes in all forms – even in a tax professional's suit! 💼🎤

Singing Tax Girl Tax Tips 📊 Tax Scenario: Puerto Rico to North Carolina Move 🏝️➡️🌲 As a tax accountant, I recently tackled a complex case. Let's break it down: 🔹 Client lived in Puerto Rico 2017-2022 🔹 Moved to NC in October 2022 🔹 Bought home in PR in 2019, sold in 2023 🔹 PR applied sizeable capital gains tax on sale 🤔 Key Questions: Does the PR capital gains tax qualify for a credit on the 2023 US tax return? How do we calculate the Section 121 exclusion considering PR residency? 💡 Answers: 1️⃣ Foreign Tax Credit (FTC): • Yes, PR tax may qualify for FTC under IRC Section 901 • Report on Form 1116 for individuals • Limited to U.S. tax on the same income 2️⃣ Calculating Section 121 Exclusion: a) Ownership Test: ✅ (Owned for 4 years) b) Use Test: ✅ (Used as main home for 3+ years) c) Look-back Period: 5 years before sale date 🧮 Exclusion Calculation: • Max exclusion: $250,000 (single) or $500,000 (married filing jointly) • Prorate if part of 5-year period wasn't main home • Formula: (Days used as main home / 1826 days) × Max exclusion Example: • If used as main home for 1500 days in 5-year period: • (1500 / 1826) × $250,000 = $205,366 exclusion 3️⃣ Puerto Rico Considerations: • PR residents may qualify for exclusion on both U.S. and PR returns • PR has its own exclusion rules - coordinate with PR tax laws • May need to file Form 8898 for change of residency from PR 4️⃣ Reporting: • U.S.: Form 1040, Schedule D, Form 1116 for FTC • PR: Form 480.2 (if required) 👉 Key Takeaway: Coordinate U.S. and PR exclusions and credits for optimal tax treatment. Precise calculations are crucial! 💼 Remember: Tax laws are complex. Always consult a qualified tax professional for your specific situation. #TaxAdvice #InternationalTax #PuertoRico #CapitalGainsTax #ForeignTaxCredit #Section121 #TaxAccountant #FinancialPlanning #Expatriates #TaxCompliance #RealEstateTax #CrossBorderTaxation #TaxProfessional #LinkedInLearning #Form1116 #TaxStrategy #HomeOwnership #Taxes #IRS #CPA #TaxProfessionals 💬 Have you encountered tricky residency-related tax issues? Share your experiences or questions below!

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Terminology Tuesday! This infographic should help clarify the differences between CPAs, accountants, and Tax Preparers. Hopefully, we can shed some light on who exactly may be best to consult for your accounting needs. 💸 ❗-Not all Tax Preparers are Accountants: Tax preparers focus on preparing and filing tax returns. Some tax professionals also provide tax planning. They may not have formal accounting education or credentials. Some may be Enrolled Agents (EAs) certified by the IRS. ❗-Not all Accountants are CPAs: Accountants have degrees in accounting or related fields. CPAs (Certified Public Accountants) pass a rigorous exam and meet state requirements. CPAs can conduct audits for publicly traded companies and provide attestation services. ❗-Not all Accountants and CPAs are Tax Preparers: Accountants and CPAs can specialize in areas other than tax preparation, such as auditing, financial planning, forensics, corporate accounting, and consulting. CPAs who focus on taxation may also offer strategic tax planning and advisory services in addition to tax preparation. Save this post for when you need to brush up on your terminology. If you have any questions regarding accounting for your small business, feel free to schedule a chat with us today. Find the link in our bio. #accounting #accountant #taxpreparers #taxprep #smallbusinessaccounting

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Big News! I’m excited to share that I’ve officially passed the "QuickBooks Online Payroll" Certification Exam! This QBO Payroll certification enhances my ability to provide even deeper expertise in QuickBooks Online, helping clients with more complex accounting needs, advanced reporting, workflow automation, and streamlined financial processes. Thank you to all my clients and colleagues for your continued trust and support! I’m ready to take your bookkeeping and accounting to the next level with this new skillset. Let’s achieve more together! #QuickBooksCertified #quickbookspayroll #quickbooksonline #AdvancedCertification #AccountingExcellence #FinancialSuccess #BusinessGrowth

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A few weeks ago, I had the opportunity to share my knowledge and experiences with aspiring entrepreneurs, discussing why financial statements matter. It's always an incredible honor to represent Novii and help others kickstart their entrepreneurial journeys. 💚📈 Keep an eye out for future presentations!🫡 #Entrepreneurship #Finance #Novii #FinancialStatements #BusinessGrowth

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#ICYMI - The ABA Tax Section May Tax Meeting was Friday, May 3, 2024. E. Martin Davidoff, CPA, Esq., was a featured panelist on "Liens: Navigating Difficult Issues Before, During and After Appeals", and Nicole Bononi-Wilson, JD, MAFM, was a moderator on "Tax Collection, Bankruptcy, and Workouts". This premier event brought together the nation's top tax attorneys, government officials, and professionals for insightful discussions on the latest federal, state, and local tax policies. Stay tuned for the next meeting! #yourworldworthmore #taxcontroversy

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