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WHERE INNOVATION MEETS IDEAS

Our team has a lot to share with you. Here’s some forward thinking about matters affecting your financial health.

international association of independent accounting firms

The Accountancy Welcomed by the INAA

Christopher HudsonNewsNo Comments

The Accountancy has been welcomed by the International Association of Independent Accounting Firms (INAA).

Please view the press release here.

“On behalf of the entire INAA board, as well as each INAA member, we want to welcome The Accountancy firm to the INAA family. To the INAA members in attendance at the Cape Town AGM, the news of this firm becoming the first west coast member firm in the U.S. was enthusiastically welcomed as it represents the opportunity to serve INAA member clients needing accounting or tax assistance in that part of the world.  As INAA’s growth plans continue to focus on the U.S. west coast, we look forward to other quality firms such as The Accountancy becoming members of the INAA family.  We look forward to getting to know the partners of The Accountancy and their involvement in INAA.”

“As managing partner of my firm I am entrusted with the strategic focus and tactical direction of the firm, its resources and people. As we have grown, it became clear to me that we needed to continue to elevate our capabilities as well as our profile in the international space.

Why? Because the world is getting smaller and many of our clients are reaching out to international markets, partners and opportunities.

I looked at 3-4 different organizations that could provide my firm with reach, scale, and know how. After proper due diligence, including many conversations with member firms and attending a regional conference, I found INAA to be the best fit.

I saw INAA as a reflection of my firm. Ultimately, business is about people and INAA made us feel welcome and included even before we applied for membership. I felt connected instantly.

It was very different with other organizations. One that touted its extensive network took 2 weeks to even get back to me and then only by email and it was very impersonal. Another was a network of allied professions not just accountants. The other 2 were just not a good match.”

Mike Velazquez
Managing Partner – The Accountancy

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Avoiding Taxes

TCJA: Surviving the New Tax Law

Christopher HudsonLaw, TaxesNo Comments

Unless you have been on another planet or in the witness protection program, you have heard by now that there is a new tax law, effective January 1, 2018. Along with this law, there are a series of sweeping changes, too many to go into here, so instead I am offering a common-sense survival guide.

  1. Know how it impacts you – This is what CPA’s do, they demystify the complex, explain the unexplainable, and project the past into the future. The advantage of knowing how it impacts you as soon as possible before the end of the year is that you can make changes to withholdings, estimate amounts, cash flow needs, critical decisions if you own a business, have a family, etc. Don’t let it catch you by surprise.
  2. Don’t get hung up on the calculation of the tax – The talking heads in the media get paid to recite the words in the teleprompter, without any understanding of what they are saying. Unfortunately, sometimes they alarm people unnecessarily. Yes, exemptions have gone away; state and local taxes (SALT) have been limited, and unreimbursed employee expenses are no longer deductible, but no one talks about AMT virtually disappearing, or tax rates going down. We should look for fairness in assessing impacts. It helps to know #1 above.
  3. See your tax advisor earlier than you ever have – If you are used to seeing your tax professional in March, you need to plan to make it November; if you typically see him/her in December, you need to advance it to August, and so on. Timely analysis of your opportunities will save you money, especially if you are in business or have a pass-through entity.
  4. Section 199 = 20% – Remember this equation, if you know nothing else about TCJA. If you qualify, under this code section you could get up to 20% deduction on the net profits of your business, whether incorporated or not.
  5. To C or not to C – If you are incorporated, your tax pro should evaluate the pros and cons of switching from S to C or C to S. If you are not incorporated, you should evaluate if it is worthwhile doing so.
  6. Don’t suffer in silence – This law is complex and has many obscure provisions. This is not the time to be a do-it-yourselfer. Get help.

We are here when you need us.

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