Trump Tax Reform – Pass Thru Update

Trump administration officials and congressional Republican leaders are negotiating the terms of a tax reform bill. While they have not introduced legislation or a detailed plan, here are some of the latest news items detailing what we know so far about their goals and possible intentions with respect to taxation of income flowing through pass-thru entities—and only applying to pass-thru entities. The following update is based on what they have said so far, as published in a July 27, 2017 report by the Washington Examiner.

However, to gain a more up-to-date overall perspective of what has transpired up to this point with tax reform, please refer to the article at the CPAGardens website entitled Trumps Tax Plan Unleashed, category “Tax Strategies,” posted on January 11, 2017.

Focusing On Pass-Thru Taxation

Perhaps one of the most significant reforms noted has to do with the policy question of “Pass-Thru Taxation.” This term is more accurately described as “taxation of income flowing through pass-thru entities”:

1.  Pass-throughs are businesses that pay their taxes through the individual income tax code rather than through the corporate code.

2.  In contrast, traditional C corporations can retain earnings without distributing them immediately to any particular shareholder.

3.  However, there are multiple interpretations of the proposed tax plan because the plan is not finalized.

Currently, the clearest understanding of the current plan is as follows:

• Pass-throughs are not eligible for a single 15 percent tax rate on the individual income that their owners report.
• At best, they may be allowed to adopt some kind of tax status similar to that of C-corporations, either on a temporary or permanent basis.

As noted, some of the latest news has the House Republicans favoring a new special top tax rate for businesses that file through the individual side of the tax code. The House Republican plan would set that rate at 25 percent, while the Trump plan would make it even with the corporate rate at 15 percent.

A joint statement between the Republication House and the President didn't specify where the rate would be. However, the special tax rate would ensure that mom-and-pop businesses get tax cuts with giant C-corporations. A significant portion of pass-through income goes to big businesses, and about half flows to the top 1 percent of income earners.

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Order Cake for Your Desired Day Online

Are you waiting for your desired day?  Are you excited to know how your cake will look? You must be that type of busy bee and lack time to go to the shop and order your favorite cake. But there is a way out. Study the catalogue online and we are sure you will be able to order your cake with ease.


There are many ways to book for online cake delivery Glendale. If you have a party today and planning to surprise your friends, then log in to the website of Art’s Bakery, and you will find a range of choice.  Apart from cakes, you may choose from the range of cookies, pastries, cupcakes, bread, and candies. We are specialized in cakes meant for various occasions like- wedding, birthday, baby shower, graduation and much more.

Well, if you are living in Glendale, there can be many reasons why you should ordercake online Glendale.

• Our cakes  are available online in various designs
• We take the minimum time to deliver
• There is a whole range of customized cakes for you to choose.
• You may select from the designs and then order your own cake.
• We are specialized in making cakes for various occasions- wedding, engagement, anniversary, kid’s birthday, graduation, her birthday, his birthday, designer cakes, christening, sports theme and other occasions.
• We have special expertise in specialty cakes like-fruit tarts, cakes, mousse and quarter sheet cakes.

Staying in Glendale and you want to book your cake? 

You must be wondering where to go for booking a cake.  You must be scared of getting stuck in the bad traffic or getting some free time from your busy schedule. There are various other responsibilities like venue decoration, flower arrangement, catering, and function. Cakes are a vital part of every occasion, and it has to be executed in excellent condition. Don’t panic. You can go to our website and select your cake.  Pay online, and your countdown begins for the day when you desire to see the cake. Take advantage of the service online cake ordering Glendale.





Where can you book pastries?  

Are you having a party at home? And looking towards booking some snacks for your guests? Go ahead and book pastries for your guests by ordering online. You may book other savories online through Pastry Glendale. You may choose from a range of pastries like- Cannoli pastry, Chocolate banana tart pastry, Vanilla éclair pastry, Almond Micado pastry, Nutella cupcake pastry, Apple turnover pastry, Bird milk pastry, Chocolate cake pastry, Chocolate porcupine pastry, Chocolate roulette pastry, Cream cheese roll pastry, Fruit tart pastry and many more.





Where do you want to buy wedding cakes from?
Wedding being an auspicious occasion, you may order cakes online from weddingcake Glendale.  There are various types ranging from several steps to a simple one. You may choose from the catalogue, select your favorite design, and then finally make payment through online method. You can even talk to our experts and add a bit of your imagination to it.

Never was ordering cakes so easy in Glendale before we had our presence in the city. So, make utilization of our exclusive services and order cakes online.

Corporate Events Cake Glendale

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 www.artsbakeryglendale.com

Do You Have An Interest In Exporting?

Small businesses looking to increase sales and profit, reduce dependence on the domestic market and stabilize seasonal fluctuations should consider exporting. Consider these facts: 

• Nearly 96 percent of consumers live outside the U.S.
• Two-thirds of the world’s purchasing power is in foreign countries.

Today, as noted by Export.gov, it’s easier than ever for a company like yours, regardless of size, to sell goods and services across the globe. Small and medium-sized companies in the United States are exporting more than ever before.

In 2013, for example, more than 300,000 small and medium-sized U.S. companies exported to at least one international market—nearly 28 percent more than in 2005. The value of goods and services exports was an impressive $2.28 trillion, nearly a 25 percent increase since 2010. And 2014 topped the previous year, with exports valued at $2.34 trillion.

The following list is of sales channels are available to global trading partners active in the export process,

Sales channels can include:

• Direct to end-user
• Distributors in country
• Supplier to the U.S. government in a foreign country
• Your e-commerce website
• A third-party e-commerce platform where you handle fulfillment
• A third-party e-commerce where they handle fulfillment
• Supplier to a large U.S. company with international sale
• Franchise your business. 

You are not limited to one of these channels. As it is also noted in the Export.gov study, today’s global trading system is ideal for the smaller company employing more than one marketing and sales channel to sell into multiple overseas markets. But most U.S. exporters currently sell to one country market—Canada, for example. And the smaller the company, the less likely it is to export to more than one country. For example, 60 percent of all exporters with fewer than 19 employees sold to one country market in 2005.

Tips For Potential And New Exporters

In a recent report from Shipping Solutions, these seven tips will provide helpful guidance for businesses new to exporting:

Tip #1 – Make a Commitment

Businesses new to exporting can expect to face numerous challenges such as redesigning packaging or establishing a new distribution channel. 

Tip #2 – Do Your Research

To be successful overseas, do some research on potential markets. Which countries have the lowest duties? Write an international marketing plan, which addresses a range of potential issues such as unique labeling requirements.

Tip #3 – Focus Your Efforts

For example, first-time exporters in Minnesota often target Canada as the first international market to enter. The proximity of Canada and the benefits of the reduced North American Free Trade Agreement (NAFTA) tariffs are advantageous for new Minnesota exporters ramping up on their export knowledge.

Tip #4 – Set Aside Resources

Entering new markets requires resources—primarily time and money. Companies in the best position to export already have an established track record of domestic growth and a steady revenue stream. For many companies, gearing up a business to export means having to reallocate resources from domestic business opportunities.

Tip #5 – Increase Your Company’s Export Knowledge

Look for opportunities to develop and expand the export knowledge of your staff. Work toward credentials to ensure you develop a baseline of skills. For exporting companies, encourage staff to attain the Certified Global Business Professional credential. 

Read complete post here: Tax Services in Arizona

Tax and Accounting Services inArizona- Compasspointcpa

Tax law is complicated and constantly changing. Through continuous professional education and participation in industry briefings we stay current with the tax laws and regulations that can benefit you. This enables us to offer a full range of tax services and for you to minimize your tax liabilities.

Tax Planning

Proactive planning is the key to minimizing your tax liability. We work with individuals and businesses to help you pay the least amount of tax required by law. Your unique circumstances will determine the strategies that we can employ to maximize the amount of money you keep in your pocket.

Tax Preparation

Even simple tax returns require multiple forms, schedules, and worksheets. The instructions and guidance from the tax authorities can be confusing and often generate more questions than answers. While a computer software program may help, there is no substitute for the personalized quality of service and advice you will receive from our experienced tax professionals.

Tax Problems

If you are currently dealing with the tax authorities, we can help you assess the situation, advise you of your options, and resolve the issue at the lowest possible cost. We will also work with you to review your prior tax years to make sure that all of your tax filings have been submitted accurately and that you have taken full advantage of the tax laws. Then we will help you set up an easy system to keep your records current going forward. Contact for Tax Services in Arizona

Accounting Services

Businesses of all shapes and sizes depend on accurate, insightful, and timely financial information to manage their day-to- day operations. We lend our expert support to meet your accounting needs, so you can focus your time and energy on building a stronger business.

Financial Statement Preparation

Professionally prepared financial statements are an essential resource when dealing with creditors or investors. When we prepare your financial statements we can also help you assess the health of your business and frame strategic initiatives to aid in your business growth. Staff accounting services Arizona

Bookkeeping

To ensure that you have a complete and accurate picture of your financial position we can create and maintain proper accounts to capture all of your business transactions, identify and resolve discrepancies, and prepare all the necessary federal, state, and local tax returns.

Payroll Support

Managing the employee payroll is not a simple matter of calculating the amounts due, writing, checks, and handing them out. There is a host of government reporting and record keeping requirements that comes with the job – and adverse consequences if you get it wrong. We are happy to help you through the complicated payroll process.

For more detail visist site www.compasspointcpa.com

Do You Have An Interest In Exporting?

Small businesses looking to increase sales and profit, reduce dependence on the domestic market and stabilize seasonal fluctuations should consider exporting. Consider these facts:

• Nearly 96 percent of consumers live outside the U.S.
• Two-thirds of the world’s purchasing power is in foreign countries.

Today, as noted by Export.gov, it’s easier than ever for a company like yours, regardless of size, to sell goods and services across the globe. Small and medium-sized companies in the United States are exporting more than ever before.

In 2013, for example, more than 300,000 small and medium-sized U.S. companies exported to at least one international market—nearly 28 percent more than in 2005. The value of goods and services exports was an impressive $2.28 trillion, nearly a 25 percent increase since 2010. And 2014 topped the previous year, with exports valued at $2.34 trillion.

The following list is of sales channels are available to global trading partners active in the export process,

Sales channels can include:

• Direct to end-user
• Distributors in country
• Supplier to the U.S. government in a foreign country
• Your e-commerce website
• A third-party e-commerce platform where you handle fulfillment
• A third-party e-commerce where they handle fulfillment
• Supplier to a large U.S. company with international sale
• Franchise your business.

You are not limited to one of these channels. As it is also noted in the Export.gov study, today’s global trading system is ideal for the smaller company employing more than one marketing and sales channel to sell into multiple overseas markets. But most U.S. exporters currently sell to one country market—Canada, for example. And the smaller the company, the less likely it is to export to more than one country. For example, 60 percent of all exporters with fewer than 19 employees sold to one country market in 2005.

Tips For Potential And New Exporters

In a recent report from Shipping Solutions, these seven tips will provide helpful guidance for businesses new to exporting:

Tip #1 – Make a Commitment

Businesses new to exporting can expect to face numerous challenges such as redesigning packaging or establishing a new distribution channel.

Tip #2 – Do Your Research

To be successful overseas, do some research on potential markets. Which countries have the lowest duties? Write an international marketing plan, which addresses a range of potential issues such as unique labeling requirements.

Tip #3 – Focus Your Efforts

For example, first-time exporters in Minnesota often target Canada as the first international market to enter. The proximity of Canada and the benefits of the reduced North American Free Trade Agreement (NAFTA) tariffs are advantageous for new Minnesota exporters ramping up on their export knowledge.

Tip #4 – Set Aside Resources

Entering new markets requires resources—primarily time and money. Companies in the best position to export already have an established track record of domestic growth and a steady revenue stream. For many companies, gearing up a business to export means having to reallocate resources from domestic business opportunities.

Tip #5 – Increase Your Company’s Export Knowledge

Look for opportunities to develop and expand the export knowledge of your staff. Work toward credentials to ensure you develop a baseline of skills. For exporting companies, encourage staff to attain the Certified Global Business Professional credential.  Read Complete Post here:  Tax Services Arizona

Common Bookkeeping Mistakes

Before getting into a discussion of common bookkeeping mistakes, it is worthwhile to address the importance of sound bookkeeping in general.

The importance of sound bookkeeping is frequently lost and ignored by management. It is apparent that the main reason management tends to ignore the bookkeeping function is because it is focused on the “big picture.” What management fails to recognize is that there is no “big picture” to look at without bookkeeping first doing its thing in the details.

Bookkeeping

Bookkeeping can help keep your business organized and able to yield a profit. Many small businesses fail due to poor financial management. By applying sound financial principles, you may be able to prevent this fate from befalling your business.

The following are some of the benefits that are generated by an accurate bookkeeping environment, as noted by QB Express:

1.   Improved financial analysis and management

Cash flow management is something that your business should start focusing on right away. Once your invoices are delayed, there will be zero follow-ups on customer payments. With accurate bookkeeping, you can systematize your follow-ups and be invoicing, while making on-time payments to suppliers.

2.   Fulfil your tax obligations on time 

Bookkeeping can help you keep a track on all the information required to accomplish your tax obligations. When the time for tax comes, you will no longer need to rush everywhere to hunt for your bills or try to remember your expenses. An organized Balance Sheet, Profit & Loss, and Cash Flow also make filing your Tax Returns a lot easier. Your tax advisor can also finally give you some sound tax advice instead correcting incorrect entries in your financial statements.

Check affordable and professional Tax Services in Northern Arizona

3.   Enjoy easy reporting to your investors

With regular and accurate bookkeeping, you will no longer need to worry about reporting to your investors and sharing the financial status of your company. From graphs to charts and the lists of data, you can easily present everything to your investor right from your accounting books.

4.   Make informed business plans

With the Balance Sheet and Profit & Loss statements, you can check if your company is on the right track financially. Based on your financial status, you can make informed and effective business plans.

5.   Keep a proper record, as required by the Law 

With bookkeeping, you can keep a record of all your financial dealings and keep everything organized right from your big to small invoices.

Common Bookkeeping Mistakes

The foregoing section above focused on a discussion of the benefits that can flow out of a sound bookkeeping system. Such a system shouldn’t be taken for granted, however. Frequently, bookkeeping mistakes can creep in and weaken the bookkeeping infrastructure as well as the systems in the organization that relies on the bookkeeping system.

The following is a list of common bookkeeping mistakes that bookkeepers and others should always be on the lookout for.

1.   Skipping an Accounting System

As Business2Community notes, your business may be so small that you decide to save money by not using software that is specifically designed for accounting.

However, even if you use spreadsheets and a well-organized file system to keep track of where your money goes, you are missing out. As Doug Boswell, an accounting expert, points out: “…before having your taxes done, the tax preparer needs to cobble together some sort of makeshift system that will allow your tax return to be prepared, but it almost surely won’t capture all your deductions.”

2.   Not Double Checking Everything

Not Double Checking Everything

Another good point from Business2Community: adopt the habit of double-checking everything and be consistent about it. As their report notes, a mistyped number, a lost receipt, and other human errors can result in inconsistent figures. Prevent such problems from piling up by reconciling your records with your bank account statements every month. Keeping track of your businesses money will be easier if you try to use cash as little as possible. Credit and debit transactions will show up on your statements so you know where every penny goes.

3.   Jumbled Invoices

Some small businesses miss out on money because they have an inefficient system for filing invoices. Number your invoices and keep them in order so it is easier for you to find out which invoices have been paid and which still have outstanding balances.For Accounting services and Financila plan read here  Accounting Services Arizona

4.   Not reconciling your accounts

As this analysis of sound bookkeeping observes, after the end of each month your bank, credit cards and even merchants like PayPal will release statements showing your beginning and ending balances as well as all of the transactions that occurred in that month. Take those statements and reconcile your accounts in your bookkeeping software. Not reconciling your accounts each month can lead to errors that copy over month after month.

5.   Not tracking Mileage

Business2Community

Remember: you can be reimbursed for the miles that you drive for your business. The IRS sets a mileage rate for businesses each year that covers your gas, maintenance to your car and general wear. Use an app like MileIQ that will track all of your drives and then you can categorize them as the business or personal. At the end of every month, they’ll send you a report showing how many business miles you drove and what that amounts to. You can take that amount and reimburse yourself from your business account while categorizing it as a business expense. Not doing this prohibits you from claiming this eligible deduction on your taxes.

In addition to the previously noted mistakes, the following links point to additional common bookkeeping mistakes.

Believing you have to do your bookkeeping yourself

Leaving bookkeeping to the last minute

Not using bookkeeping software properly

Using the wrong accounting method

Not separating business and personal bank accounts and transactions

Inadequate filing systems (for bank statements, invoices, receipts)

Lack of documentation or systems regarding cash

In conclusion, it’s fair to say that the fewer bookkeeping mistakes there are in your organization the smoother your organization will operate. It is human nature to seek short cuts and avoid pain points, but this is a crucial area where you can’t afford that approach: you must take a long way and endure the strain of the process, otherwise much bigger pain points could arise down the road.

Read complete post here: Tax And Accounting Services in Northern Arizona

Why Keep Personal and Business Finances Separate from Each Other?

If you happen to be in start-up mode you probably haven’t given much attention to the importance of keeping your personal and business finances separate from each other. This blog is certainly not limited just to start-ups, but also includes ill-informed businesses that are beyond the start-up phase of maturity.

Keeping your personal and business finances separate is more than just a “nice thing.” Experience has shown how messy it is to unravel co-mingled finances when forced to do so to satisfy legal requirements such as preparing your tax return or when the IRS comes knocking on the door to do an audit or when lenders request financial reports before approving any cash infusion that you need for your business to survive.

Furthermore, you may have to provide evidence to the IRS that your business is not a sham but is indeed a credible, ongoing concern. Co-mingled finances only go to show a lack of credibility that the numbers you report “might” be inaccurate.

Not a good thing.

Check out: Tax Services in Arizona, Accounting Services Arizona

The following items describe some of the things that you, the business owner, can do to help present your business in the most credible and  favorable light.

The first two points, as neatly summed up by American Express, touch on checking accounts and credit card strategy:

• Set up separate checking accounts. If you have separate checking accounts and you are diligent about drawing on the right account at the right time, come tax time, all you have to do is review your bank statements for a clear picture. If you can manage to only use your business debit card and avoid cash, you may even be able to do your taxes and other financial reporting straight off your bank statements.
• Get a credit card for the business. A business credit card will help you build up a credit history for your business separate from your personal credit history. More importantly, your credit card is one of the likeliest places for your finances to get muddled. Separate credit cards means that even if there's something a little out of reach of your business' current budget, you won't be tempted to use your own credit card.
• Keep your accountant informed. Quickbooks  recommends the following: ask your accountant about making quarterly estimated tax payments to the IRS and your state treasury. If you do end up mixing personal and business finances, such as using your personal funds to invest in your company or purchase something for your company, always ask your accountant how to record the investment in your bookkeeping program.
• Use accounting software. As noted by WAHM, one of the most important reasons to use accounting software in your small home business (any business for that matter) is to help keep separate business and personal finances for tax purposes. When you work at home and report your own income to the IRS, statistically, there is a higher chance of audit. Completely separating the income will help you when filing your taxes, so as to prevent any issues if an audit arises.

Conclusion

Besides reducing legal liability, as Fund Box recommends, keeping your business finances separate makes recordkeeping easier, which helps you manage your taxes and business bills more efficiently. And if you need additional help, the IRS website has hundreds of resources explaining what business and personal records you should keep, how long you should keep them, what forms you need to file and more.

To know more visit: https://www.compasspointcpa.com