Bryan O'Connell

Find out how cost segregation transformed the financial outlook of a Fairburn, GA self storage facility. ETS's study revealed substantial tax benefits. Read more here: https://lnkd.in/eFfsUHiH #realestate #taxes

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Do you know about Texas franchise tax? If you live outside of Texas you probably don't, but if you're doing business in Texas then you need to be aware. In LedgerGurus latest video, Kelley Birrell goes into all the details: ✔ What is TX franchise tax ✔ The changes in the law in 2024 ✔ Who needs to worry about it and who doesn't ✔ How to fill out the EX Computational report ✔ How to fill out the Long Form report Now you know. #texasfranchisetax https://lnkd.in/gxEQaEst

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Convergence 2024 is a wrap! Armed with new actionable knowledge and thrilled about some new connections. Time to process and rest, then gear up for what’s next. #knowledgeispower #bettertogether #convergence2024 #txcpa #txcpadallas

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3 Reasons why NOT to hire a multi-state tax professional… 1. You already proactively manage your multi-state tax obligations and you are fully compliant. ✅ 2. You already maximize your tax savings and minimize your risks of potential penalties and audits. ✅ 3. You already have in-depth knowledge and expertise in navigating complex multi-state tax laws and regulations. ✅ If you have all 3 bases covered, you’ve truly done some excellent work (Hint though - we find many companies who THINK it’s all in order, but may not be). However, if you need assistance in bridging the gap between your business and complex multi-state tax laws, hiring a multi-state tax professional alongside your existing sales tax software will help you to achieve compliance, while you focus on the growth and profitability of the business. Do reach out if we can be of assistance at Miles Consulting Group, Inc. #SalesTax #MultiStateSalesTax #TaxCompliance

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Interim financial reporting is essential to running a successful business. Monthly, quarterly and midyear reports can provide valuable insight. For example, you might evaluate year-to-date revenue, gross margin and working capital accounts for potential problems and take corrective actions before year end. However, when reviewing these reports, you should recognize their potential shortcomings. They might not be as reliable as year-end financials unless a CPA prepares them or performs agreed-upon procedures on specific accounts. Once your staff generates your business’s midyear financial reports, contact an Axley & Rode advisor to interpret them and for tips to help your business finish the year strong. Read more on our blog https://bit.ly/3V35LOX #axleyrode #trustedadvisor

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Boost your financial growth with Henriquez Accounting! 📊 With over 20 years of expertise, we specialize in delivering top-notch controller services that enhance financial reporting and analysis. Our team ensures organized and accurate financial systems, helping you stay compliant and make informed decisions. 💡 Whether you're navigating tax complexities or seeking strategic planning, we've got your back. Let us streamline your processes and uplift your business performance. 🌟 Maximize efficiency, increase cash flow, and embrace new opportunities with our dedicated support! #FinancialGrowth #HenriquezAccounting #BusinessSuccess

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Are you keeping up with the legislative and judicial updates that may affect your business? 👀 CEOs, CFOs, financial executives and advisors — CBIZ Accounting & Tax's Eye on Washington Quarterly Update is specially designed to give you insights to help prepare you for tax developments that matter to your business. CPE: This webinar is eligible for 1.2 CPE credits in Tax. #TaxUpdates #LegislationUpdates #FreeWebinar #CPEcredits

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A tax planning company selling too good to be true strategies has been shut down... The DOJ entered permanent injunctions recently against Capital Preservation Services. They targeted doctors mainly and took legit strategies and took them too far from what we can see. According to the complaint: "This included false claims that (1) customers’ businesses could take deductions for paying large, unnecessary “marketing fees” to newly-created, sham marketing companies; (2) the marketing companies could employ family members, including minor children, and take deductions for family meals, vehicle expenses and tuition, among other items; and (3) customers could “rent” their homes to their businesses on a short-term basis at exorbitant rates and avoid paying taxes on the rental income." 1) Marketing fees cannot be a sham. A management or marketing co needs a business purpose 2) The Augusta rule being abused. Not going to work unless you have FMV valuations Shockingly the DOJ estimates a $130M in lost tax revenue...

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1099 Season is upon us!! And it’s the most wonderful time of the year. 🎄 If you need help with your 1099s, don’t wait until January. Send me a message NOW so we can get the party started. 🎉 #1099 #W9 #IRS #tax #taxcompliance #smallbusiness #nonprofit #accounting #bookkeeping #contractor

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Tax season is just around the corner! 🎯 At Henriquez Accounting, we understand that effective tax planning & preparation are key to your financial success. Whether you're a small business owner or an individual filer, our expert team is here to navigate the complexities of tax laws for you. From maximizing deductions to ensuring compliance, we've got you covered. Let us help you minimize your tax burden and plan strategically for the future. Ready to stress less and save more? 📈 Schedule your consultation with us today and experience the Henriquez Accounting difference. 💼💡 #TaxSeason #HenriquezAccounting #TaxPlanning #TaxPreparation #FinancialSuccess

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Ready to streamline your year-end close and ace your audit prep? Zeroed-In Consulting has you covered with our complimentary 2024 Year-End Checklist! This time of year can be daunting, but a structured approach makes all the difference. Our guide is packed with essential steps to help you tackle everything from financial statement reviews to audit sample testing and technical accounting considerations. 📌 Key sections: - Year-End Close: Review statements, reconcile accounts, and document internal controls - Technical Accounting: Address complex transactions, including new leases, goodwill impairments, and debt/equity updates - Audit Prep: Prep for a smooth audit with checklists for revenue, fixed assets, stock compensation, and more Whether you're an accounting veteran or navigating your first year-end close, this checklist is designed to keep you organized and on track. 👉 Download now to ensure a seamless close (link in comments). Need specific guidance? Our team is here to support you through the year-end process! #YearEndClose #AuditPrep #Accounting #ZeroedInConsulting #USGAAP #ZeroedInsights #FinancialReporting

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Teka Miller-Alston, Robert Broome, CAE and I were privileged to spend the day with Kelli Roberts and Julie Williams with CLA (CliftonLarsonAllen) discussing the pipeline and CLA's efforts with their pilot Academy in conjunction with the Hispanic Leage of Winston-Salem and Forsyth Technical Community College. My takeaways from our incredible conversation: - There are no quick fixes. Taking something from concept to application involving so many individuals from around the country takes time, perseverance and agility if you want to create something sustainable. - Show up and plan to stay! Yes, we need to plant routes, we can't fix a people problem like we're sourcing raw materials for a widget. We need to show up, invest and plant roots in the community. Those roots will grow into the beautiful garden like CLA is growing. - Lead with love! Jen Leary shared the sentiment with me back in May when she spoke about this pilot program. Listening to the dedication and compassion of the CLA family to identify, develop and support their first cohort is inspiring on so many levels. We heard countless stories of the CLA family willingly sharing extra time to help others reach for dreams never thought possible. We talk about how the profession gets a bad rap and that we need to change the narrative. We need to focus on the heart of this profession. CPAs, and especially the CPAs at CLA, have incredible hearts for their teams, their clients and especially their communities. Sharing stories of how one firm, in a pilot phase, changed the lives of 11 individuals and is creating a model to ramp up talent development locally is a testament to what WE can do and North Carolina Association of CPAs (NCACPA) is here for it! #leadership #CPAs #NCACPA #TEAM #CEOonthego

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“Our software solution takes care of all of our sales tax compliance.” Obviously, gone are the days when people put pencil to paper, prepare a return and send it in! Right? Certainly, for the most part. At Miles Consulting Group, Inc., the majority of our clients are multi-state taxpayers and file in many states, so they really do need a software solution of some kind to help manage their sales tax and make filing that bit easier. But is software enough to effectively manage sales tax compliance? This is a topic I continue to come back to, here are my current thoughts... ❌ Software won’t deal with retroactive sales tax exposure. You need a human for that. ❌ Neither will software automatically code and understand your revenue generating products and services. You also need a human for that. ❌ Software doesn't understand a product that might have mixed use elements so that the correct amount of tax is charged. You absolutely need a human for that. We KNOW there are good software and SaaS solutions out there and of course we also use software to assist our clients with compliance at Miles Consulting. That being said, the right solution for sales tax compliance is one which incorporates both software and the human element of consulting. Don’t get me wrong, this isn't an argument for or against using the tech - there is no doubt that the great software options out there (and there are a lot) are essential to help manage sales tax compliance but, you really do need more than the software alone, you need expert humans too. Do reach out if we can assist you here with your human requirements of sales tax compliance. 😁 #SalesTaxCompliance #SalesTax #SalesTaxSoftware #TaxCompliance

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FYI…I’m representing 2 new clients with correspondence exam regarding Material Participation, Depreciation, and REPS! One of the them is a STR where they claimed Material Participation, took a cost segregation and bonus depreciation for 2021. Naturally, the IRS wants to see the time log for material participation. The other one a mix of STR & LTR. Interest the IDR is requesting supporting documentation for the 750 hours. But, there is nothing regarding material participation for the STR. I’m collecting evidence from clients…let’s see how it goes. STR loophole pair with a cost segregation is a great strategy as long as you have the supporting documentation. Make sure you meet of the 7 test for material participation Reg. Section 1.469-5T(a) Most common ones 1. The individual participates in the activity for more than 500 hours during such year; Or 3. The individual participates in the activity for more than 100 hours during the taxable year, and such individual's participation in the activity for the taxable year is not less than the participation in the activity of any other individual (including individuals who are not owners of interests in the activity) for such year; The key is to track your hours and the hours of the other individuals. Spending extra 30mins doing your time log will be huge in case your tax return gets picked up by the IRS. #realestate #realtor #realestateinvesting #shorttermrentals #rentalproperties #realestateinvestors

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How much do you know about the Research & Development (R&D) tax credit? >> What Is The Research & Development (R&D) Tax Credit? The R&D tax credit is a federal incentive offering a dollar-for-dollar reduction in a company's tax liability, aiming to encourage research and development activities. It is calculated based on a company's eligible wage, supply, and contract research expenses. >> Do I Qualify? R&D incentives are available for a variety of activities and expenses. These include software development, payroll expenses related to R&D activities, the creation of new manufacturing processes, and product innovation, among others. Activities that would otherwise be considered “day-to-day operations,” such as designing new products or analyzing market trends, are eligible under this credit! >> Does my industry qualify? Companies of all sizes and industries can qualify for this tax credit. Curious if your business may qualify for the Research & Development (R&D) tax credit? Then I invite you to fill out the form here: https://lnkd.in/dfJUr7UD #business #future #success

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We just published a new blog post about the June 2024 Individual Due Dates, learn more from your friends at MTS Professional Tax Service Inc. Just click below.