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4 Key Changes To Depreciation Under The TCJA

As the Tax Cuts and Job Act (TCJA) continues to be unraveled by tax professionals, it’s important to review the changes and their implications on business operations and tax strategies. In this article, we’ll highlight TCJA’s changes to first-year bonus depreciation,...

3 Ways A CPA Can Make Your Business Successful

It can often seem unnecessary to hire a certified public accountant (CPA) since bookkeepers and accountants are frequently believed to be the be-all-end-all for a business’ finances. However, there are certain advantages to having a CPA by your side. While we...

3 Myths You Shouldn’t Believe About Accountants

To a business owner, an accountant that helps make sense of business finances can seem like a godsend. Whether you’re just starting your business or are already established, having a great accountant by your side is a sure way to keep your business running smoothly....

3 Ways QuickBooks Apps Can Improve Your Business’ Efficiency

Over 5.6 million businesses use QuickBooks to streamline their business’ accounting. The eye-pleasing interface, streamlined workflows, and powerful automation that QuickBooks provides to these business owners are invaluable, saving them time and money. While...

Client Spotlight: Fresno County Economic Development Corporation (EDC)

We’re excited to highlight Fresno County’s Economic Development Corporation (EDC) as our spotlighted partner this month! For over 30 years, the EDC has promoted business success within Fresno County through strategic partnerships at both the local and national level....

How To Calculate The Pass-Through Deduction For 2018

Formally known as the Section 199A deduction, the “pass-through” deduction allows many sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Taxpayers who are eligible can also deduct up...

Don’t Overlook These 5 Business Deductions As You File for 2018

As the old saying goes, “you gotta spend money to make money”. The topic of expenses and deductions is likely a major part of your meetings and discussions with your CPA (if you don’t have a CPA, read this) in these first months of 2019. In this article, we’ll list...

4-Steps to Choosing the Right Accountant for your Business

Choosing the right accountant to work with your small business may seem like a daunting risky decision, however it really doesn’t have to be when you’re equipped with the right tools to measure their performance. The big question is whether to hire an outside firm...

Get Your QuickBooks Ready for your Accountant

Finalizing your books for the year has already been on your mind since perhaps the beginning of the last quarter of the year. And now you have to have your QuickBooks file ready for your CPA. How can you make it easier for them to prepare your annual financial...

Is it a Requirement for a Small Business to have a CPA?

Accountant Vs. CPA First, it is important to distinguish the difference between a CPA and an Accountant. In general terms, an accountant is a professional who follows specific rules and regulations, including Generally Accepted Accounting Principals (GAAPs), which are...

A Not-So-Scary Look Back At October

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Happy Halloween! Before you enjoy some wild Halloween parties and candy galore tonight, here’s a brief snapshot of all of the important news updates that occurred in October. We offer these updates so that you are aware of the latest news in the industry. Staying informed helps you avoid problems later.

MBS Accountancy: October Review

Oct 43 Things to Consider When Working With an Accounting FirmDealing with an accountant involves trust. When you’re a business owner, the amount of trust is increased and the element of risk becomes greater. To help you assess the quality of a potential or existing accounting partnership, we provided some guiding questions in the following categories: quality of service, knowledge and expertise, and security and privacy.

Oct 11Don’t Be The Source of a Breach, Protect Your Company’s Data
The necessity of data security measures is becoming more apparent as data breaches are increasingly features in the headlines. In this post, we discussed how to mitigate the risk of your company appearing in the headlines by providing advice regarding social engineering, passwords, and company culture.

Oct 18 Build Trust, Secure Your Data
Ultimately, data security is about trust. Specifically, it’s about building and retaining a relationship of trust with your customers. Continuing our discussion from the previous about cybersecurity, we provided advice regarding device security, network security, and data storage.

California Franchise Tax Board – September’s Highlights

Reminder About Extended Due Dates for Corporations

The Franchise Tax Board reminded us that, for taxable years beginning January 1st, 2016, the due date for a C corporation was moved to the 15th day of the fourth month following the close of the taxable year, while the due date for S corporations (15th day of the 3rd month after the tax year).

Tips For Like-Kind Exchanges

When you exchange real property in California with out-of-state property, you must file FTB 3840 in the year in which that exchange occurs and each subsequent year in which gain or loss is deferred. The Tax Board provided some tips on how to ensure you’re correctly completing this form.

October Updates From The IRS

Oct 9 – In light of the Tax Cuts & Job Act, the IRS issued a post discussing some highlights of how the TCJA will affect small businesses. They specifically mentioned the 20 percent QBI deduction, revisions to depreciation methods and expensing for commercial property, and the new business credit for employers who paid family and medical leave for their employers.

Oct 18 – The IRS announced their revised Publication 1281, entitled Backup Withholding for Missing and Incorrect Name/TIN. This publication features FAQs and other useful information to guide those who need to impose backup withholding.

Oct 19 – To help guide taxpayers regarding the new Opportunity Zone tax incentive, the IRS and the Treasury Department proposed regulations that clarify that almost all capital gains qualify for deferral, as well as providing guidance for property and other aspects. The revisions also provided advice for participation in the Opportunity Zone tax incentive.

Guidance Toward Success

MBS Accountancy partners with companies to provide them with cutting-edge financial and tax guidance. Our team of accountants and tax experts are to provide you with the financial insights and tax strategies necessary to take your business to the next level.

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