A. E. Long, CPA, PLLC.

Business’s Needs Accountants

Mitch Katowitz — Thu, 05 Aug 2010 22:09:35 +0000

Of course, I have been an accountant since I graduated from Texas Christian University in 1971 so I am a little biased as to how important an accountant is to running a business.

I worked with large business’s for the first half of my career and have been in private practice since 1996 so I obviously think a good accountant is essential to running a business. As the old saying goes there is nothing more certain than death and taxes.

A good accountant can save you tax dollars by knowing all the tax deductions to take as well as being aware of tax credits.

Timely filing of tax returns is essential to any business. The IRS and State taxing authorities may impose huge penalties for filing returns one day late.

Proper bookkeeping is essential not only as the basis for filing various tax returns, but for the proper managing of the business.

At my firm we use Quickbooks for maintaining our client books. The various reports available can be extremely useful in making the various financial decisions that must be made by all business owners.

- A.E. Long, CPA

Owe the IRS?

ekatowitz — Tue, 27 Oct 2009 22:44:29 +0000

When you owe the IRS, they put big pressure on you to pay immediately or to set up a payment plan. Watch out! The fee to set up a plan is $105! If you can pay your balance in three months or less, send what you can now, wait for the next bill, send more, then pay the balance with the third billing. Save the $105.

If you will need more time, ask for a payment plan. If you agree to have payment debited directly from a checking account, the cost to set up the plan drops to $52.

If the amount you owe the IRS is more then you can afford to pay, then you should consider an Offer in Compromise.

Lost your Job?

Mitch Katowitz — Tue, 27 Oct 2009 15:01:21 +0000

When you collect unemployment you are taxed on the income.

For 2009 only, each person escapes tax on the first $2,400 of unemployment insurance collected.

Are all Accountants CPAs?

Mitch Katowitz — Tue, 20 Oct 2009 00:49:08 +0000

No!

All CPAs are accountants, but not all accountants are CPAs. CPA is the abbreviation for Certified Public Accountant.

The principal differences between accountants and CPAs are education and experience. In order to become a CPA, there are education and experience requirements needed to be fulfill. In addition, a Uniform CPA Exam must be passed.

CPAs are many things. They are chief financial officers for Fortune 500 companies and advisers to small neighborhood businesses. They are well-respected strategic business advisers and decision-makers. They act as consultants on many issues, including taxes and accounting.

A Certified Public Accountant is a trusted financial adviser who helps individuals, businesses, and other organizations plan and reach their financial goals.

A. E. Long, CPA, PLLC is here to assist you.