Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Business’ Category

5 Tips for Starting a Business This Summer

ownerIf summer plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits and deductions plus more. (more…)

Know Your Tax Hand When it Comes to Gambling

A royal flush can be quite a rush. But the IRS casts a wide net when defining gambling income. It includes winnings from casinos, horse races, lotteries and raffles, as well as any cash or prizes (appraised at fair market value) from contests. If you participate in any of these activities, you must report such winnings as income on your federal return. (more…)

Got Nexus – Find Out Before Operating In Multiple States

For many years, business owners had to ask themselves one question when it came to facing taxation in another state: Do we have “nexus”? This term indicates a business presence in a given state that’s substantial enough to trigger the state’s tax rules and obligations.

NEXUS

Well, the question still stands. And if you’re considering operating your business in multiple states, or are already doing so, it’s worth reviewing the concept of nexus and its tax impact on your company. (more…)

How do I? Prove business expenses

Cafe paper cheque

Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS.

In order to claim any deduction, a business owner, like any taxpayer, must prove two things: what expenses were for and that the expense was in fact paid or incurred. (more…)

The Benefits of Hiring a Professional Accountant

tax returnAccounting Professional software

According to New Jersey CPA officers at Vernoia, Enterline + Brewer, LLC, accountants pay up to $35,000 for their accounting software, which is far more sophisticated than consumer-based products such as TurboTax. An accountant’s more advanced software has the ability to quickly scan your information and organize line items and forms correctly. While the software automates data entry and organization to minimize the potential for human error on your return, what is most important is the education and experience of your Certified Public Accountants and the tax planning they might offer. (more…)

How Do I? Elect to be taxed as an S corporation?

An S election is made by a small business corporation with the consent of its shareholders. Both the corporation and its shareholders must precisely follow the S election requirements or the election will not be valid. (more…)

Budget Act raises revenue

Budget Act raises revenue with new tax compliance measures for partnerships, other changes

The new Bipartisan Budget Act of 2015, signed into law by President Obama in November, makes some far-reaching changes to partnership audits along with repealing automatic enrollment in health plans under the Affordable Care Act (ACA). The new law is a good preview of how Congress is looking to enhanced tax compliance as a revenue raiser. The tax compliance measures in the budget law, largely targeted to partnerships, are projected to generate more than $10 billion in revenue over 10 years. (more…)