Booming cities of North Texas like Plano and Frisco have become central hubs for well-established and growing businesses. Many of these companies are either familiar with the term SOC Audit, or soon will be. The purpose of a Plano SOC Audit is to test, report, and provide details and recommendations for a service organization`s processes and controls that affect their client`s financial reports, or how they handle their data. The question many Plano and Frisco business owners have is whether or not their business needs a SOC Audit.
Taxes have been filed, major projects are being finished, and planning for 2020 is underway, the year is finally coming to a close. However, 2019 is not over yet, and financially you can still take advantage of it. Many things can change from year to year, and it is important to know and understand how these changes can affect your taxes for next year. Year-end tax planning gives you a clear visual of your tax picture for the year and allows you to avoid any surprises. Taking this proactive step allows you take action on items to help lessen the burden on your tax bill the next year. These are items that you can only take action on before December 31st in order to reap the benefits.
It seems like data breaches are becoming more and more common in the news these days. Just recently, the San Francisco based food delivery service, Door Dash, had a cybersecurity breach that leaked potentially 5 million users` personal information. Seeing large companies fall victim to cyber-attacks might make it feel like an impossible task for small businesses, but it`s not. It takes proactive planning and diligence to secure your businesses’ and customer`s data.
If you are contemplating a realty sale, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years. The first and possibly most important issue is adjusted basis. When computing the gain or loss from the sale of property, your gain or loss is measured from your adjusted basis in the property. Thus, your gain or loss would be the sales price minus the sales expenses and adjusted basis.
If the auditing of internal controls and processes by an independent third party is not anything new for your service organization, then the term SOC Audit shouldn’t be either. For the past couple of years, it has served as the replacement for the old SSAE 16 and SAS 70 reports. A SOC Audit is designed to measure, test, and report on the processes and systems of an organization based on their impact on customer financial reporting and data collected, stored and processed.
Unauthorized electronic payments from business bank accounts are a growing concern. Phishing e-mails and malware allow criminals to take control of your bank accounts to initiate payments out of your accounts. When funds are stolen from a business bank account through an unauthorized payment order, who bears the loss? Probably not the bank.
As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year.
The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the two methods for deducting the use of a business vehicle.
In the spirit of transparency, we wanted to provide you with information that we hope brings peace of mind to you.
In today’s cybersecurity minefield, our IT provider, GreenBean IT, has passed the SOC 2 Type II Audit; that is a rare accomplishment for a local IT managed services provider.
Are you an S Corporation stockholder? Are you taking reasonable compensation in the form of wages? S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If there are gains, these distributions are considered return on investment and therefore are not subject to self-employment taxes.