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Financial impact of Taxes changes
Your Adept Accounting Solutions tax experts are closely watching the Federal tax reforms introduced in December 2017. Some of them are the most significant in over 30 years, with major impacts to personal, corporate and estate tax regimes. A few of these new rules apply starting in the 2018 tax year and sunset after 2025.
The business of artificial intelligence
For more than 250 years the fundamental drivers of economic growth have been technological innovations. The most important of these are what economists call general-purpose technologies — a category that includes the steam engine, electricity, and the internal combustion engine. Each one catalyzed waves of complementary innovations and opportunities. (Continue reading…)
The importance of HQ location
Roseville has a great capacity to facilitate new business opportunities. It has a proven comprehensive land-use planning process and has successfully implemented 13 specific plans since 1987. The City of Roseville, Placer County, and the State of California offer financial enhancements that can increase your bottom line and help keep expenses under control.
Frequently asked questions
It depends about your specific needs.
If you are a small business owner or entrepreneur, an accounting firm can help you focus on your core constituencies without worrying about financial minutia. Unless you have a skilled accountant on board, you will likely save time and money by working with an accounting firm instead of wading through complex financial regulations and tax codes on your own.
The IRS gives a number of different guidelines for keeping financial information, and this information varies depending on whether you are an individual or a businesses
General rules for individuals
- Keep bank statements for 1 year
- Keep loan documents, credit card statements, and other contacts until fulfilled
- Keep annual investment statements until sold
- Keep tax records for 7 years from filing date
- Keep receipts for large purchases, real estate deeds, vehicle titles for as long as you own the property
- You can general discard expired warranties, pay stubs, and cancelled checks
General rules for small businesses and entrepreneurs
- The rule of thumb is to keep all items for at least 3 years
- If you have not yet paid taxes on income that you should report, keep documents for 6 years
- If you claim a credit or refund after you file a return, keep records for 3 years from the date you filed the return
- If you file a claim for securities or bad debt deduction, keep records for 7 years
- Keep all employment records for 4 years from the date that the tax is paid.
First, don’t panic! Your required action will depend on the type of mistake you made.
- If you forgot to include a certain piece of information, it’s likely that the IRS will contact you to request the specific piece of information.
- If you made a mistake in your calculations, many small mathematical errors will be discovered as the IRS processes the return. It’s unlikely that you will have to correct errors of a small caliber.
- If you forgot to report some of your income or if you forgot to claim a credit or deduction, you will need to file an amended tax return using a 1040X Form. These forms can be found on the IRS website.
First of all, stay calm. If you can’t pay the full amount due, you should still file your return and pay what you can by your deadline to avoid interest and penalties. Then you should contact the IRS to discuss payment options. In some cases, the IRS can offer a short-term extension to pay, an payment installation agreement, or waive your penalties.
Yes, there are three main types of accountants:
1. A financial accountant will gather financial data into financial statements. These statements will be used to organize all records required by internal and external stakeholders.
2. A management accountant will use a business’s financial information to aide managers with any business decisions such as expansion, change of direction, merging, collaborations etc.
3. A tax accountant applies accounting methods that focus on taxes rather than the appearance of financial statements. Tax accounting is governed by the Internal Revenue Code which dictates the specific rules that companies and individuals must follow when preparing their tax returns.