Brian McDonald

Running a business is no simple task. There's managing employees, keeping customers happy, planning for growth...and then there's the accounting. Bookkeeping, taxes, financial reporting, audits, compliance - it can all start to feel like a second job you never asked for. An endless parade of receipts, spreadsheets, and numbers that make your head spin. Get in touch today to find out more about how we can help!  https://lnkd.in/eaCRqSZ8 #businessowner #smallbusiness #accountan #accountingservices

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Starting with debt financing can be a strategic choice for SaaS companies looking to fuel early growth without diluting ownership. Debt provides the necessary capital to accelerate development while setting a solid foundation for sustainable growth. As your business matures and valuation increases, you can explore equity financing to unlock further opportunities. Learn more. https://lnkd.in/gvGUH_gY #EquityFinancing #DebtFinancing #SaaSFounders

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🚀 Struggling to Scale? Unlock Growth Potential with Fractional CFO Services! 🚀 Running a small business can be tough, but growth doesn’t have to be overwhelming. A fractional CFO can guide your financial strategy to fuel sustainable growth while optimizing cash flow and profitability—all without the cost of a full-time CFO. 💡 Get expert financial guidance to create a roadmap for long-term success, including budgeting, forecasting, and strategic planning. Turn challenges into opportunities and gain the confidence to make informed decisions. 🎯 Ready to start scaling? Discover how a fractional CFO can help you grow smarter. Reach out today for a consultation! #FractionalCFO #BusinessGrowth #FinancialStrategy #SmallBusinessTips #ScalingUp

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Schedule J? On July 22, 2024, the IRS released early version of 2024 form 1120. This release showed changes to Form 1120 Schedule J. It now requires much more detailed reporting of specified transactions, such as PFIC related items, disposition of amortizable assets under Sec. 197, partnership related items, and etc. Similar to Form 5471 Schedule P and other expansion of detailed data reporting which taxpayers should have been maintaining all along. I would not be surprised to see the IRS requiring further details in the attachments such as details of asset allocation which resulted in the amount allocated to goodwill and the amortization across years till disposition. We will have to wait and see until the instructions are released. This clearly follows the trend of the IRS requiring supporting detail reporting as part of the U.S. tax return. In the larger context, I would think other countries may follow this trend as well. They have been following U.S. tax filing in some aspect, such as related party transaction detail reporting. From the corporate tax department's perspective, it means that it will have to maintain much more detailed data and have much better control over such data. Tax Series is already built to support and document detail transactions across the years. Use Tax Series.

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HP or PCP? Understanding the Tax Implications for Company Electric Cars We’re often asked about the tax implications of company electric cars but recently we received an interesting question regarding the tax differences between hire purchase (HP) and personal contract purchase (PCP). You’d think a simple question warrants a simple answer. Unfortunately, tax is usually anything but simple. Our advice? Check the agreement details carefully rather than relying on the agreement name or description. The tax treatment of HP and PCP style contracts can be significantly different. Hire Purchase (HP): ◾ HP is akin to a loan. ◾ Your company buys an electric car, pays a deposit, repays the loan by instalments and owns the vehicle at the end of the HP period. ◾ Your company can claim a first-year allowance on the purchase cost of the electric car and get corporation tax relief for the interest costs during the HP period. Personal Contract Purchase (PCP): ◾ PCP usually includes an option to purchase at the contract end which is subject to the payment of a guaranteed minimum future value (GMFV). ◾ If the GMFV matches the expected market value, the PCP agreement is likely to be a treated as an operating lease or contract hire agreement. ◾ Monthly payments are likely to have VAT added and only some of the VAT can be reclaimed. ◾ No entitlement to first-year allowance or capital allowances but corporation tax relief can be claimed on the monthly “hire” charges. Although electric cars should be unaffected for the time being, note that where the emissions rating is over 50g/km, cars acquired under a PCP “hire” style agreements are subject to a corporation tax restriction equal to 15% of the car hiring costs. PCP monthly payments may look more attractive than their HP counterpart but it's worth checking the tax consequences before making your choice.

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CFOs Struggle to Manage Complexities of State Tax Filings Tax season might be over. But then again, there’s always next year. As Wendy Walker, solution principal at Sovos, told PYMNTS, the complexities of tax reporting will still demand that organizations of all sizes gear up for changes in the tax code and rigorous reporting requirements that will always be fluid and complex. But one thing is simpler: The IRS’ Combined Federal and State Filing program seeks to simplify some of that complexity by taking things online. As Walker told PYMNTS, direct state reporting takes place — as the name implies — when an enterprise files 1099 tax information directly with a state government. “Generally speaking, if you are required to issue a 1099 to the IRS, there is going to be a state requirement as well,” she said. Tax laws require that states use most of the information contained in 1099s, W-2s and other returns that are filed with the IRS to compare income and withholding amounts on state income returns. Enforcement Is Ramping Up Although state tax reporting is nothing new — it’s been around for decades — Walker noted that enforcement has seen some renewed vigor in terms of making sure that all the information matches up. Missteps or failure to file those forms with the states winds up having consequences, chiefly in the form of penalties. “Sometimes states have a per-failure penalty rate, so they will charge a certain dollar amount for each information return that has not been filed,” she said. “Other states will levy penalties based on the income reported on the returns that were not filed.” “There can be pretty stiff penalties, depending on the state,” she added. Amid the stepped-up enforcement, complexity reigns too. This is becoming more apparent as states lower direct-reporting requirements below IRS thresholds. Walker offered the example where some states now require direct reporting of Form 1099-K for transactions done through online apps such as Uber and DoorDash at a $600 threshold, while the IRS only plans to lower the federal threshold to $5,000 for 2024 reporting. Although the IRS’ combined filing program seeks to allow states to file information with the IRS — and the IRS shares the info with the states — the fact remains that the IRS does not (yet) support all the information that states require. California, in just one instance, requires information returns for cancellation of debt that are not included in the combined program. “So, if you are in California, you would have to file those returns directly with the state instead of being able to rely on the IRS,” Walker said. In other cases, some states are listed as participating in the combined program, but their websites say that companies must file directly. “This can all get a bit confusing,” Walker said. News credit PYMNTS #news #fintechnews #finance #financenews #trendingnews #viralnews #dailynewsupdates #dailynewsletter

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Scaling an accounting practice is no small feat. Juggling client demands, keeping up with industry changes, and trying to grow your firm can be daunting. In this panel conversation with Ron Baker, Stacey Feldman, CPA & Andrew Seguin, you will uncover three critical strategies for scaling your firm: ✅ niching ✅ pricing ✅ automation Pulling from their years of experience implementing these strategies, they’ll share why and how to identify the right strategy to grow your firm. You don’t want to miss this. Save your spot with the link in the comments.

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Want the expertise of a CFO without the full-time cost? Our Fractional CFO Services offer tailored financial leadership that adapts to your needs—just in time to prepare your business for a successful 2025. Get strategic budgeting, cash flow management, investor access, and more without the overhead. Reach out to us to learn more and see how we can help you scale smart! #FractionalCFO #CostEffectiveFinance #SMEGrowth #WOWSGlobal #2025Ready

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Do you have the right team in place for tax season success? Intuit Select Pro Staffing connects firms like yours with Intuit-vetted tax professionals, helping you: ✔️ Scale quickly to handle increased workloads ✔️ Improve margins with efficient staffing solutions ✔️ Boost productivity so you can focus on clients Accounting professionals, like Elmer Howard, have already discovered the benefits—now it’s your turn. Learn how Intuit Select Pro Staffing can help your firm thrive this season: https://bit.ly/41jY0c4

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The saying is that the only things that are certain are death and taxes. And yet the complex rules and obscure procedures have injected great uncertainty in tax payments in the United States. I'm encouraged to see this #IRS plan and roadmap for modernization.

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Read how Cogneesol helped its client, a CPA firm, to build flexibility in its operations, and tackle seasonal loads by overhauling its resource allocation methodology and redefining its workflow. By deploying a dedicated expert team, leveraging technology, and optimizing workflows, we reduced turnaround times, enhanced accuracy, and cut costs. Our approach helped the client build customer confidence, and made it resilient for continuous workload expansion, and future growth. Click ➡️ https://lnkd.in/geVsUDKf #BusinessProcessManagement #TaxBPM #Taxation

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