Claudia Pieropan

Numbers Toolkit highlight: Craig Macfie CPA, PAg, founder and CEO of Spring CFO, contributed his Building Blocks of Farm Finance checklist so that you can easily identify areas of your #farmbusiness that need a bit of financial fine-tuning. Download the checklist and more financial worksheets, guides, audio and checklists at https://lnkd.in/gzBAmV25 #cdnag #farmmanagement #farmfinances #farmbusinessgrowth

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For those tax practitioners who are CPAs there has always been an unfair playing field on CPAs advertising, versus tax professionals in general. Tax professionals are unrestricted, able to make claims, as we can get you the highest refunds, at a minimum. But CPAs cannot make such claims. It appears that the AICPA and NATP have woken up and hopefully will address the disparity. Since I am not a tax practitioner, I hope all the CPAs who practice taxes can hold the AICPA and NATPs feet to the fire to help level the playing field. At C-Suite Support we can help you prepare tax packages and coordinate with your tax preparer to help them. We can also go through a checklist of items, based on your business, to make sure you are taking advantage of all the deductions available. Paul Whitley Taber Wetz Chris Gauvin Jayson Potts, MBA C-Suite Support

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Many OZ investors are worried about the looming capital gain tax bill due in April 2027 for their deferred gains from 2026. However, a savvy developer working with a cost segregation engineer and a qualified CPA can help you minimize or even eliminate this tax liability. The key to this strategy lies in suspended losses from bonus depreciation. Here's how it works: Cost Segregation Study Engineers allocate the purchase price to each component of the building (roof, sidewalks, etc.) and assign useful lifespans, allowing for accelerated depreciation. Bonus Depreciation  In 2024, building owners can deduct 60% of the cost of items with a 15-year or less depreciation schedule in the first year. This can result in substantial passive losses for investors. Suspended Losses  Passive investors may only be able to write off a portion of these losses against their passive income. The rest becomes a suspended loss. Offset 2026 Tax Bill  These suspended losses can be incredibly valuable for OZ investors, as they can be used to offset the deferred tax liability due in April 2027. Eliminate Future Tax  When selling an OZ investment after 10+ years, investors pay no capital gains tax due to the step-up in basis. The suspended losses then become "unsuspended" and turn into net operating loss carry-forwards, which can offset various types of income for up to 20 years. By understanding and leveraging these concepts, OZ investors can significantly reduce or even eliminate their 2026 tax bill and enjoy substantial tax benefits for years to come. If you're invested in an Opportunity Zone, make sure your developer is working with a cost segregation engineer and a knowledgeable CPA to maximize your tax advantages. Proper planning and execution of this strategy can make a significant difference in your overall return on investment. We are actively raising a 2024 OZ Fund focus Dallas Multifamily and taking advantage of everything mentioned here. It's important to note that this strategy will not work for everyone. Passive losses from depreciation will not offset every deferred tax liability. You'll need to consult with your CPA to see if this is applicable to your specific situation. However, we are sharing this information because we have found that this specific scenario is applicable to a majority of the limited partners that we are speaking with. #opportunityzone

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The so called MA Millionaires Tax had an impressive year 1... The 4% surcharge on income over $1M led to $2.2B in tax revenue last years which was $1B more than projected. However, experts urge caution in drawing conclusions from the 1st year data as taxpayers who migrated in reaction to this, may not have done so right away. Despite the excess collections, the MA tax budget is still lagging behind. The state is still $233M off from their budget projections but have only said this is from a decrease in "income, sales tax, and business" tax revenue. Let's see what year 2 brings, with some more notable taxpayers already having announced their move from MA...

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Want to know how the nation's largest restaurant groups and franchises have set up their financial reporting periods (13 x 4-week periods, 12 x months, 4/4/5, etc.)? The results are available in the article below. Spoiler alert: Out of the 28 companies we reviewed, only four restaurant chains (including Chipotle Mexican Grill) and five restaurant franchises (including McDonald's) use a monthly reporting cycle; the rest use some variation of a 52/53-week year (including CAVA and Shake Shack). #restaurants #restaurantfinance #restaurantcfo #cpatips #accounting #bookkeeping #restaurant #hospitality #CPA #controller #restaurantcontroller

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What does it take to #build a true accounting advisor? I have asked myself this question, and my partner and leadership team (Melissa K. Diaz, CPA, Jay Kimelman, CPA, Shawn Elliott, Kristy Monahan, and Chris Geno) many times over the years while building High Rock Accounting. I have been in the #accounting industry for longer than I want to admit and I have seen incredibly talented humans come and go. This #fasttrack program is the formalization of what I have seen work over the years to truly develop advisors. Many times, people need to know where they are headed 🛫 and what exactly they need to focus on to land there. Unfortunately, that is difficult to organize individually and tends to be poorly communicated. It is a major reason I hear from candidates applying with us – their prior employer either was unwilling to promote them and pay them for their work, or they had no idea what the future could look like for them. They felt they were at a dead-end job. I want everyone to know where they stand. It's hard to manage that communication through the ranks of teams. It's hard to ensure every manager will give equal thought and time to their team members' careers and their development to qualify for the next level. If someone is not naturally demanding of this attention; they frequently don't get. This is true even with talented managers. So I figured it was time to try something new. Old, if you look at large corporate executive development tracks, but new in the small CAS firm world. I will let you know how it goes.

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Ready to delve into fixed asset depreciation? Learn how to leverage depreciation schedules, maximize tax benefits, and streamline asset tracking to drive cost savings and efficiency for your business. With our practical tips and expert advice, you'll uncover the hidden potential within your assets and propel your financial strategy to new heights. Our latest blog offer valuable strategies to navigate this essential aspect of asset management with confidence: https://hubs.la/Q02Ff2Gq0 #FixedAsset #DepreciationInsights #AssetManagement

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Many investors don't know that cost segregation is not always a great tax strategy for everyone. If not done right, it can have consequences. Why? 🤔 If cost segregation is done by a taxpayer who cannot use accelerated depreciation, that net loss is trapped as passive losses. So before doing cost seg, answer these questions 👉 1. Will you have passive income that the losses from your cost seg can offset? 2. Will you be able to use accelerated depreciation to offset your income sources (W2 or business income)? 3. How much in taxes do you expect to save, and is that more than the fees you would pay to get the cost seg done? Answer these questions first before you get a cost segregation study done! Because when done correctly, it becomes an awesome strategy that can save you a ton of taxes.

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I am so frustrated with one of our accountants. They made a huge error failing to include a key expense account on one of our company's P/Ls for November. I'm glad our executive team caught the mistake, but it just goes to show how important it is for CEO's to have a CFO in their business. Imagine thinking your company is having a stellar month, it overpays in taxes, and you never realize you're overpaying with cash that never existed! Founders please please please have a controller or CFO in your business. You cannot rely on a simple bookkeeper or accountant to ensure everything is being reported correctly. They are slammed with work all the time and things fall through the cracks. Having a dedicated checks and balances operator is CRUCIAL. It's one of the biggest things investors will be expecting you to have. Errors like this can become lawsuits quickly. Mistakes in accounting are more common than you think and you simply cannot afford to be cheap by trying to get by without a dedicated finance operator in your business. This is why our management company exists. We expertly assist in managing all the core functions a CEO cannot do by themselves. This situation reminds me of the time we discovered a $100,000 discrepancy in one of our newer client's payment processing platform which eventually led to us uncovering over $600,000 in revenue the company was missing out on. They were doing $3M in topline for context. Having an individual who knows how to track bread crumbs is an invaluable player on your team. Make sure you have one!!! And double check your books for November while you're at it too! Have a great week!

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