Finding a CPA in Miami

Posted on 05/02/201106/07/2020Categories Business TrendsTags , , , , , , , , , , , , , ,   Leave a comment on Finding a CPA in Miami

Finding a CPA in Miami

A new Web site called Teaspiller launched on Tuesday with the aim of helping taxpayers find a Miami Accountant or Miami CPA especially during tax season. (Also works in other US cities)

Taking a page from the burgeoning Tea Party movement, Teaspiller also found inspiration from the Boston Tea Party. According to the company’s Web site, CEO Amit Vemuri, an Internet entrepreneur and former vice president at travel site Travelocity, was in a library reading up on tax and accounting history and came across an editorial reference to the Boston Tea Party protestors as “teaspillers.” He decided to use the name for the Web site he wanted to launch.

The company, which was founded in 2009, claims to already have a network of 20,000+ accountants across the country in place for the site launch. However, it’s going to be challenging some established sites like AccountantsWorld.com and CPAFinder.com, as well as services run by accounting organizations like the AICPA.

The New York-based startup claims to have several technology advantages, including complex algorithms to match various kinds of accounting and tax preparation needs with accountants who possess the appropriate skill sets and industry expertise.

Along with the search and matching technology, Teaspiller offers an individualized accountant reviews system. Maintained by the community, the reviews system aims to match accountants and customers based on factors such as tax preparation needs, specific industry characteristics and their associated tax issues, location, size, and more.

According to the announcement of the site’s launch, Vemuri wants to make his accountant-matching service into what Travelocity is for travel and Netflix is for movie rentals. Of course, if he follows in Netflix’s footsteps, he’ll have to figure out how to ship accountants in little postage-paid red envelopes or stream them over the Internet.

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA

For itemizers IRS has set a tax-filing date of Feb. 14

Posted on 04/02/201106/07/2020Categories TaxTags , , , , , , , , , , , , , ,   Leave a comment on For itemizers IRS has set a tax-filing date of Feb. 14

For itemizers IRS has set a tax-filing date of Feb. 14

Taxpayers who claim itemized deductions will be able to file their federal tax returns starting Feb. 14, the IRS said Thursday.While the tax-filing season began on Jan. 4, the IRS announced last year that taxpayers who itemize — which includes just about everyone who has a mortgage — would have to wait until at least mid-February to file.

The IRS said the delay was necessary because it needed more time to program its systems to accommodate tax breaks included in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.

The legislation, which was signed into law Dec. 17, extended the Bush tax cuts through 2012. It also extended a number of expiring tax breaks, including the state and local sales tax deduction, higher education tuition and fees deduction, and educator expenses deduction.

Those who will have to wait until Feb. 14 to file their federal returns include:

•Taxpayers who claim itemized deductions on Schedule A. Itemized deductions include mortgage interest, charitable deductions, medical and dental expenses, and state and local taxes.

•Taxpayers who claim the educator expense deduction. This deduction allows teachers to deduct up to $250 in out-of-pocket costs for classroom materials. It’s an “above-the-line” deduction, which means taxpayers don’t have to itemize to claim it.

•Taxpayers who claim a deduction for their tuition and fees. This is also an above-the-line deduction.

Parents and students who claim other education credits, including the American Opportunity Tax Credit and Lifetime Learning Credit, will not have to wait to file, assuming they don’t itemize.

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA

Tax Changes for Small Businesses

Posted on 04/02/201106/07/2020Categories TaxTags , , , , , , , , , , , , , , ,   Leave a comment on Tax Changes for Small Businesses

Tax Changes for Small Businesses

During 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded deductions and credits that small businesses and self-employed individuals should consider when completing their tax returns and making business decisions in 2011.

Health Insurance Deduction Reduces Self Employment Tax

With the enactment of the Small Business Jobs Act of 2010, self-employed taxpayers who pay their own health insurance costs can now reduce their net earnings from self-employment by these costs. Previously, the self-employed health insurance deduction was allowed only for income tax purposes. For tax year 2010, self-employed taxpayers can also reduce their net earnings from self employment subject to SE taxes on Schedule SE by the amount of self-employed health insurance deduction claimed on line 29 on Form 1040.

Taxpayers can claim the self-employed health insurance deduction if the insurance plan is established under their business and if any of the following are true:

• They were self-employed and had a net profit for the year,

• They used one of the optional methods to figure net earnings from self-employment on Schedule SE, or

• They received wages from an S corporation in which the taxpayer was a more-than-2-percent shareholder.

During tax year 2008, the most recent year for which data is available, the self-employed health insurance deduction was claimed on 3.6 million tax returns, reducing taxpayers’ adjusted gross incomes by $21 billion.

Small Business Health Care Tax Credit

In general, the Small Business Health Care Tax Credit is available to small employers that pay at least half of the premiums for single health insurance coverage for their employees. It is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate- and lower-income workers.

Small businesses can claim the credit for 2010 through 2013 and for any two years after that. For tax years 2010 to 2013, the maximum credit is 35 percent of premiums paid by eligible small businesses and 25 percent of premiums paid by eligible tax-exempt organizations. Beginning in 2014, the maximum tax credit will increase to 50 percent of premiums paid by eligible small business employers and 35 percent of premiums paid by eligible tax-exempt organizations.

The maximum credit goes to smaller employers –– those with 10 or fewer full-time equivalent (FTE) employees –– paying annual average wages of $25,000 or less. The credit is completely phased out for employers that have 25 or more FTEs or that pay average wages of $50,000 or more per year. Because the eligibility rules are based in part on the number of FTEs, not the number of employees, employers that use part-time workers may qualify even if they employ more than 25 individuals.

Eligible small businesses will first use Form 8941 to figure the credit and then include the amount of the credit as part of the general business credit on its income tax return.

General Business Credit for Employers

The general business credits of eligible small businesses in 2010 are not subject to alternative minimum tax The new law allows general business credits to offset both regular income tax and alternative minimum tax of eligible small businesses as described in Section 2012 of the Small Business Jobs Act. The provision is effective for any general business credits determined in the first taxable year beginning after December 31, 2009, and to any carryback of such credits. For a list of the general business credits, see Form 3800.
Small Businesses Can Benefit from Higher Expensing / Depreciation Limits

For tax years beginning in 2010 and 2011, small businesses can expense up to $500,000 of the first $2 million of certain business property placed in service during the year.

In general, businesses can choose to treat the cost of certain property as an expense and deduct it in the year the property is placed in service instead of depreciating it over several years. This property is frequently referred to as section 179 property, after the relevant section in the Internal Revenue Code.

Section 179 property is property that you acquire by purchase for use in the active conduct of your trade or business, including:

• Tangible personal property.

• Other tangible property (except buildings and their structural components) used as:

1. An integral part of manufacturing, production, or extraction or of furnishing transportation, communications, electricity, gas, water, or sewage disposal services;

2. A research facility used in connection with any of the activities in (1) above; or

3. A facility used in connection with any of the activities in (1) above for the bulk storage of fungible commodities.

• Single purpose agricultural (livestock) or horticultural structures.

• Storage facilities (except buildings and their structural components) used in connection with distributing petroleum or any primary product of petroleum.

• Off-the-shelf computer software.
Section 179 property generally does not include land, investment property (section 212 property), property used mainly outside the United States, property used mainly to furnish lodging and air conditioning or heating units.

The Small Business Jobs Act (SBJA) of  2010 increases the section 179 limitations on expensing of depreciable business assets for tax years beginning in 2010 and 2011 and expands temporarily the definition of section 179 property, for tax years beginning in 2010 and 2011, to include certain qualified real property a taxpayer elects to treat as section 179 property. Qualified real property means qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.  

The $500,000 amount provided under the new law is reduced, but not below zero, if the cost of all section 179 property placed in service by the taxpayer during the tax year exceeds $2 million.

For tax years beginning in 2012, the maximum amount is $125,000; before enactment of the 2010 tax relief legislation, it was set at $25,000.
Depreciation limits on business vehicles

The total depreciation deduction (including the section 179 expense deduction and the 50 or 100 percent bonus depreciation) you can take for a passenger automobile (that is not a truck or a van) you use in your business and first placed in service in 2010 is increased to $11,060. The maximum deduction you can take for a truck or van you use in your business and first placed in service in 2010 is increased to $11,160.  If you do not take any bonus depreciation for the passenger automobile, truck, or van you use in your business and first placed in service in 2010, the maximum deduction you can take for a passenger automobile is $3,060 and for a truck or van is $3,160.

50 or 100 Percent Bonus Depreciation

Generally, businesses can take a special depreciation allowance to recover part of the cost of qualified property placed in service during the tax year. The allowance applies only for the first year you place the property in service.

Businesses that acquire and place qualified property into service after Sept. 8, 2010 can now claim a depreciation allowance of 100 percent of the cost of the property. The property must be placed in service before Jan. 1, 2012 (Jan. 14, 2013 in the case of certain longer-lived and transportation property).   Businesses that acquire qualified property during 2010 on or before Sept. 8, 2010 can claim a depreciation allowance of 50 percent of the cost of the property.  The property must be placed in service before Jan. 1, 2013 (Jan. 1, 2014 in the case of certain longer production period property and for certain aircraft.)

The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service. The types of property that can be depreciated are described in the instructions to Form 4562.  

Small Businesses To Use EFTPS for Deposits Beginning in 2011

The paper coupon system for Federal Tax Deposits will no longer be maintained by the Treasury Department after Dec. 31, 2010. Most businesses must now make deposits and pay federal taxes through the Electronic Federal Tax Payment System (EFTPS).

Using EFTPS to make federal tax deposits provides substantial benefits to both taxpayers and the government. EFTPS users can make tax payments 24 hours a day, seven days a week from home or the office.

Deposits can be made online with a computer or by telephone. EFTPS also significantly reduces payment-related errors that could result in a penalty. The system helps taxpayers schedule dates to make payments even when they are out of town or on vacation when a payment is due. EFTPS business users can schedule payments up to 120 days in advance of the desired payment date.

Information on EFTPS, including how to enroll, can be found on line or by calling EFTPS Customer Service at 1-800-555-4477.

Gustavo A Viera CPA

CPA | Accountant Firm | Accountant Miami | CPA Firm | Accountants Miami Fl | Accountant Miami Fl | Accounting Firms | Accountant | Accounting Firm | Tax Accountant Miami | Accountant Services

Senate Passes 1099 Repeal Amendment

Posted on 04/02/201106/07/2020Categories TaxTags , , , , , , , , , , , , , , ,   Leave a comment on Senate Passes 1099 Repeal Amendment

Senate Passes 1099 Repeal Amendment

Miami CPA Gustavo Viera reports that the Senate approved an amendment Wednesday to repeal the expanded 1099 information reporting requirements in the health care reform law.

Two similar, but competing amendments were introduced this week by Democratic and Republican lawmakers to be attached to a larger re-authorization bill for the Federal Aviation Administration (see 1099 Repeal Amendments Proposed for Aviation Administration). One came from Sen. Debbie Stabenow, D-Mich., and the other from Sen. Mike Johanns, R-Neb., who had both introduced earlier attempts to repeal the 1099 reporting requirements.

The two amendments mainly differed in a few words regarding the handling of administrative expenses at the Social Security Administration. To avoid adding to the budget deficit, Stabenow’s amendment authorizes the director of the Office of Management and Budget to cut unnecessary unobligated spending, but exempts the Social Security Administration’s administrative expenses from being cut. There are also differences in the cost estimates of the two amendments and in how they would be offset.

The repeal of the 1099 reporting requirements enjoyed broad bipartisan support. The requirements, which were included in the Patient Protection and Affordable Care Act, would have required businesses to report to the Internal Revenue Service any purchases of goods and services over $600 a year from another business or individual.

Senate Finance Committee Chairman Max Baucus, D-Mont., who has tried several times to get the 1099 reporting requirements repealed, hailed the approval of the amendment containing language exempting the Social Security Administration’s expenses. The Senate voted 81-17 to reject a point of order that had been raised against the Stabenow amendment.

“We heard small businesses loud and clear, and today both parties came together in a bipartisan manner to respond to their concerns,” Baucus said in a statement.  “Eliminating these paperwork requirements lets small businesses focus on the critical work of growing their businesses and creating jobs. This amendment is paid for by cutting spending in other areas, but we took the extra steps to ensure that not a thin dime of Social Security money is used. The common-sense solution we passed today delivers the paperwork relief small businesses need while protecting and preserving the crucial Social Security and veterans benefits millions of people in Montana and across the country rely on.”

The larger, $34.5 billion FAA legislation enjoys wide bipartisan support and includes $8 billion for airport construction and infrastructure improvement. It also would establish a whistleblower office at the FAA, upgrade air control technologies, and create a national review board that would travel to FAA offices to perform safety audits.

There was no vote on the Johanns amendment on Wednesday. However, he hailed the passage of the repeal, pointing out that the Stabenow amendment was nearly identical to the language of the Small Business Paperwork Elimination Act that he had introduced, which had attracted 61 co-sponsors, including 16 Democrats.

“I’m thrilled that after multiple attempts to repeal this burdensome mandate, the Senate has finally done the right thing in voting to repeal it,” Johanns said in a statement. “The small business owners and organizations who stepped forward in opposition to this 1099 overreach were instrumental in sustaining the momentum that has resulted in wide bipartisan support. I look forward to continuing the effort to repeal the health care law and finding true solutions to our health care challenges. This is a big victory for our job creators.”

Stabenow also praised passage of the amendment. “Today we provided a common-sense solution for business owners so they can focus on creating jobs, not filling out paperwork for the IRS,” she said. “Since last year, I have worked with my colleagues on both sides of the aisle to address this problem. If left unchecked, 40 million small businesses would see their IRS 1099 paperwork increase 2000 percent.”

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA

Ten Tax Benefits for Parents

Posted on 03/02/2011Categories TaxTags , , , , , , , , , , , , , ,   Leave a comment on Ten Tax Benefits for Parents

Ten Tax Benefits for Parents

Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits the IRS wants parents to consider when filing their tax returns this year.

  1. Dependents In most cases, a child can be claimed as a dependent in the year they were born. For more information see IRS Publication 501, Exemptions, Standard Deduction, and Filing Information.
  2. Child Tax Credit You may be able to take this credit on your tax return for each of your children under age 17. If you do not benefit from the full amount of the Child Tax Credit, you may be eligible for the Additional Child Tax Credit. For more information see IRS Publication 972, Child Tax Credit.
  3. Child and Dependent Care Credit You may be able to claim the credit if you pay someone to care for your child under age 13 so that you can work or look for work. For more information see IRS Publication 503, Child and Dependent Care Expenses.
  4. Earned Income Tax Credit The EITC is a benefit for certain people who work and have earned income from wages, self-employment or farming. EITC reduces the amount of tax you owe and may also give you a refund. For more information see IRS Publication 596, Earned Income Credit.
  5. Adoption Credit You may be able to take a tax credit for qualifying expenses paid to adopt an eligible child.  Taxpayers claiming the adoption credit must file a paper tax return because adoption-related documentation must be included.  For more information see the instructions for IRS Form 8839, Qualified Adoption Expenses.
  6. Children with Earned Income If your child has income earned from working they may be required to file a tax return. For more information see IRS Publication 501.
  7. Children with Investment Income Under certain circumstances a child’s investment income may be taxed at the parent’s tax rate. For more information see IRS Publication 929, Tax Rules for Children and Dependents.
  8. Higher Education Credits Education tax credits can help offset the costs of education. The American Opportunity and the Lifetime Learning Credit are education credits that reduce your federal income tax dollar-for-dollar, unlike a deduction, which reduces your taxable income.  For more information see IRS Publication 970, Tax Benefits for Education.
  9. Student loan Interest You may be able to deduct interest you pay on a qualified student loan. The deduction is claimed as an adjustment to income so you do not need to itemize your deductions. For more information see IRS Publication 970.
  10. Self-employed health insurance deduction If you were self-employed and paid for health insurance, you may be able to deduct any premiums you paid for coverage after March 29, 2010, for any child of yours who was under age 27 at the end of 2010, even if the child was not your dependent. For more information see the IRS website.

More information can me found on our Miami CPA website www.vieracpa.com or by calling one of our CPA in Miami at 786-250-4450

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA

Free Tax Filing

Posted on 03/02/2011Categories TaxTags , , , , , , , , , , , , , ,   Leave a comment on Free Tax Filing

Free Tax Filing

 Everyone can prepare and e-file their federal tax returns for free through the IRS Free File Program. Free File is offered through a public-private partnership between the Internal Revenue Service and brand-name tax software companies. Free File can help you do your taxes fast; it’s safe and it doesn’t cost anything.

Free File offers two options: easy-to-use software or online fillable forms.

Free File software is for taxpayers who earn $58,000 or less

Nearly 100 million Americans – that’s 70 percent of the nation’s taxpayers – can use the free brand-name software and secure e-filing offered by private-sector companies. Several software products also are in Spanish. Each company sets its eligibility requirements, generally based on income, age or state residency. However, if your adjusted gross income was $58,000 or less in 2010, you will find at least one tax software product to use.

Here’s how it works: You must access Free File through the IRS website. At http://www.irs.gov/freefile, you can use an online tool which allows you to give a little information about yourself and the tool will guide you to the software for which you are eligible. Or, you can review the complete list of companies and their offerings and make a selection.

Once you select a software product, you will be directed away from the IRS website to that company’s website. There, the software generally will offer a step-by-step guide through the tax preparation process.

Free File does all the hard work. You don’t need to be a tax expert; the software will help find tax breaks, such as the Earned Income Tax Credit, that you may be due. The software asks the questions; you supply the answers. It will find the right tax forms and do the math. Free File has a high satisfaction rate among its users, 98% recommend it to others. Combine e-file and direct deposit and you get your refund in as few as 10 days.

A word about security: all Free File companies use the latest is secure technology. The safety of taxpayer information is everyone’s priority. Thirty million taxpayers have used Free File since 2003, safely and securely.

Some companies provide state tax return software – sometimes for free and sometimes for a fee. Some states also have a relationship with the Free File Alliance and those states are listed on the companies’ websites.

Free File Fillable Forms Is Another Free Option

For people who make more than $58,000 or who are comfortable preparing their own tax return, there is Free File Fillable Forms. It also must be accessed through http://www.irs.gov/freefile. There is no software assistance with Free File Fillable Forms. It does basic math calculations. It does not support state income tax returns. It is perfect for the true do-it-yourself taxpayer who has preferred paper tax returns in the past. It also has free e-filing.

 And if you need help, please call one of our Miami CPA‘s.

Gustavo A Viera CPA

CPA | Accountant Firm | Accountant Miami | CPA Firm | Accountants Miami Fl | Accountant Miami Fl | Accounting Firms | Accountant | Accounting Firm | Tax Accountant Miami | Accountant Services

How the IRS Examines Repair and Maintenance Costs

Posted on 02/02/201112/07/2020Categories TaxTags , , , , , , , , , , , , , ,   Leave a comment on How the IRS Examines Repair and Maintenance Costs

How the IRS Examines Repair and Maintenance Costs

Our Miami CPA‘s are often asked, what’s the difference between a repair and improvement? Taxpayers are generally allowed to deduct the cost of making incidental repairs to their property used in carrying on any trade or business under IRC § 162 and Treas. Reg. § 1.162-4. However, to be deductible currently, a repair cost must not be subject to capitalization under IRC § 263(a). Specifically, no deduction is allowed for (1) any amount paid for new buildings or for permanent improvements that increase the value of the property or (2) any amount spent restoring property or in making good the exhaustion of property for which a depreciation allowance has been made. Treas. Reg. § 1.263(a)-1(b) specifies that capital expenditures include amounts paid or incurred to (1) add to the value or substantially prolong the useful life of property owned by the taxpayer or (2) adapt property to a new or different use.

The IRS Large Business & International Division recently released an audit technique guide (ATG) that provides a framework for IRS examining agents to follow when examining this issue. It provides useful insights into how the IRS will determine whether certain costs are deductible repair costs or capital expenditures. While the ATG does not provide any conclusions on substantive issues, such as unit-of-property determinations, it does provide procedures for agents to follow while examining taxpayers who have filed a change in accounting method related to recharacterizing previously capitalized costs.

The ATG states that whether a cost qualifies as a deductible repair cost is a factual determination for which the burden of proof rests with the taxpayer. Taxpayers are required to keep sufficient contemporaneous records to support their determination that an expense qualifies as a deductible repair and maintenance cost.

The main body of the ATG provides suggestions for IRS agents to follow in planning and conducting their examinations of repair costs. Specifically, it encourages agents to review taxpayer applications for a change in accounting method related to repair costs/unit of property, cost segregation and disposal of property; to review the taxpayer’s repair cost studies, including any presentation materials, correspondence and engagement letters; to review the taxpayer’s SEC 10-K forms and its policies related to fixed assets; and to conduct interviews and site visits.

The body of the ATG contains a list of 46 potential information document request (IDR) items. Taxpayers and their service providers should review the list of IDR items to make sure that they have on record adequate documentation related to the determination that an expense is a deductible repair and maintenance expense.

The ATG also includes six appendices that discuss case law and other authority that may be relevant in determining whether certain costs should be treated as repair and maintenance costs.

Taxpayers considering or who have implemented a change in accounting method to recharacterize capital expenditures as deductible repair and maintenance costs should be aware of the guidance in the ATG. To be prepared for a potential IRS examination, taxpayers should ensure that the proper determination has been made with respect to their unit-of-property definition and what is considered a repair and maintenance cost, as well as have the proper documentation to support the determination.

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA

Say Goodbye to All Those Passwords

Posted on 02/02/2011Categories Business TrendsTags , , , , , , , , , , , , , ,   Leave a comment on Say Goodbye to All Those Passwords

Say Goodbye to All Those Passwords

The Commerce Dept. is backing a new security system for online identity checks that could be a boon for e-commerce

The convenience promised by the Internet often seems to evaporate when you log in every morning. First comes the user name and password needed to boot up your smartphone or computer. Next, a different password to access your e-mail. Want a book at Amazon.com (AMZN)? Another password (what was your first pet’s name again?) and often your credit-card information and address. Buying boots at Zappos.com, reserving a plane ticket, or checking your bank balance after all that spending? Get ready with password after password.

The U.S. Commerce Dept. is spearheading a new online security system that experts say will eliminate the password maze and perhaps boost e-commerce. The plan calls for a single sign-in each time a computer or phone is turned on, using a device such as a digital token, a smartcard, or a fingerprint reader. Once logged in, users would have access to any website that has signed up for the program. “You are your password in this system,” says John Clippinger, co-director of the Law Lab at Harvard’s Berkman Center for Internet & Society and an advocate of the plan. “It will be far more efficient and you’ll control it much more.” Activities now done offline because of security or privacy concerns—evaluating medical records or refinancing a mortgage—might migrate to the Web following adoption of the new rules, called the National Strategy for Trusted Identities in Cyberspace, or NSTIC.

Passwords don’t provide good security because most people choose character combinations that are easily hacked. A universal standard that requires some kind of device or a chip with encrypted data would keep consumer information safer while assuring companies they aren’t being scammed, says Don Thibeau, chairman of the Open Identity Exchange, an industry group representing large tech companies such as Verizon (VZ), AT&T (T), Google (GOOG), PayPal (EBAY), and Symantec (SYMC). “NSTIC could go a long way toward advancing one of the fundamental challenges of the Internet today, which is, ‘Who do you trust?’ ” Thibeau says. “This gives us the rules, the policies that we need to really move forward.”

A security standard could also cut the size of Internet company help desks, says Bruce McConnell, a counselor for national protection at the Homeland Security Dept. “The highest cost element of help desks is dealing with lost passwords,” he says. Another plus: A trusted online ID may encourage doctors to prescribe more drugs electronically, helping to save 3 million sheets of paper a year, McConnell says.

The federal government is developing the standards for the security and verification plan, but it will be voluntary, and companies that use the system will manage it. There will be no central database of user information, Commerce Dept. officials say, removing concerns over privacy. Instead, each company will maintain its own database of customers, and anyone logged in by one company would be considered safe by others using the system.

While companies have not yet said they will join the program, if the system allows them to adapt it easily for their purposes.

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA

Ideas for Growing Your Business

Posted on 01/02/2011Categories Business TrendsTags , , , , , , , , , , , , , ,   Leave a comment on Ideas for Growing Your Business

Ideas for Growing Your Business

For those of you who have already successfully started a business and are ready to take the next step, you may be wondering what you can do to help your business grow. There are many ways to do this, 10 of which are outlined below. Choosing the proper one (or ones) for your business will depend on the type of business you own, your available resources, and how much money, time and resources you’re willing to invest all over again. If you’re ready to grow, take a look at these tips.
  1. Open another location. This is often the first way business owners approach growth. If you feel confident that your current business location is under control, consider expanding by opening a new location.
  2. Offer your business as a franchise or business opportunity. Franchising your business will allow for growth without requiring you to manage the new location. This will help to maximize the time you spend improving your business in other ways, too.
  3. License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product. To find a licensing partner, start by researching companies that provide products or services similar to yours.
  4. Form an alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly.
  5. Diversify. Diversifying is an excellent strategy for growth, because it allows you to have multiple streams of income that can often fill seasonal voids and, of course, increase sales and profit margins. Here are a few of the most common ways to diversify:
    • Sell complementary products or services
    • Teach adult education or other types of classes
    • Import or export yours or others’ products
    • Become a paid speaker or columnist
  6. Target other markets. Your current market is serving you well. Are there others? Probably. Use your imagination to determine what other markets could use your product.
  7. Win a government contract. One of the best ways to grow your business is to win business from the government. Work with your local SBA and Small Business Development Center to help you determine the types of contracts available to you.
  8. Merge with or acquire another business. Two is always bigger than one. Investigate companies that are similar to yours, or that have offerings that are complementary to yours, and consider the benefits of combining forces or acquiring the company.
  9. Expand globally. To do this, you’ll need a foreign distributor who can carry your product and resell it in their domestic markets. You can locate foreign distributors by scouring your city or state for a foreign company with a U.S. representative.
  10. Expand to the Internet. Very often, customers discover a business through an online search engine. Be sure that your business has an online presence in order to maximize your exposure.

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA

Top 10 Tax Tips Miami

Posted on 01/02/201112/07/2020Categories TaxTags , , , , , , , , , , , , , ,   Leave a comment on Top 10 Tax Tips Miami

Top 10 Tax Tips Miami

It’s that time of the year again, the income tax filing season has begun and important tax documents should be arriving in the mail. Even though your return is not due until April, getting an early start will make filing easier. Here are our top 10 tips that will help your tax filing process run smoother than ever this year.

  1. Start gathering your records Round up any documents or forms you’ll need when filing your taxes: receipts, canceled checks and other documents that support income or deductions you’re claiming on your return.
  2. Be on the lookout W-2s and 1099s will be coming soon; you’ll need these to file your tax return.
  3. Use Free File: Let Free File do the hard work for you with brand-name tax software or online fillable forms. It’s available exclusively at http://www.irs.gov. Everyone can find an option to prepare their tax return and e-file it for free. If you made $58,000 or less, you qualify for free tax software that is offered through a private-public partnership with manufacturers. If you made more or are comfortable preparing your own tax return, there’s Free File Fillable Forms, the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options.
  4. Try IRS e-file: After 21 years, IRS e-file has become the safe, easy and most common way to file a tax return. Last year, 70 percent of taxpayers – 99 million people – used IRS e-file. Starting in 2011, many tax preparers will be required to use e-file and will explain your filing options to you. This is your chance to give it a try. IRS e-file is approaching 1 billion returns processed safely and securely. If you owe taxes, you have payment options to file immediately and pay by the tax deadline. Best of all, combine e-file with direct deposit and you get your refund in as few as 10 days.
  5. Consider other filing options There are many different options for filing your tax return.You can prepare it yourself or go to a tax preparer.You may be eligible for free face-to-face help at an IRS office or volunteer site.Give yourself time to weigh all the different options and find the one that best suits your needs.
  6. Consider Direct Deposit If you elect to have your refund directly deposited into your bank account, you’ll receive it faster than waiting for a paper check. 
  7. Visit the IRS website again and again The official IRS website is a great place to find everything you’ll need to file your tax return: forms, publications, tips, answers to frequently asked questions and updates on tax law changes.
  8. Remember this number: 17 Check out IRS Publication 17, Your Federal Income Tax on the IRS website. It’s a comprehensive collection of information for taxpayers highlighting everything you’ll need to know when filing your return.
  9. Review! Review! Review!Don’t rush. We all make mistakes when we rush.Mistakes will slow down the processing of your return. Be sure to double-check all the Social Security Numbers and math calculations on your return as these are the most common errors made by taxpayers.
  10. Don’t panic! If you run into a problem, remember our Miami Accountants are here to help. Try www.vieracpa.com or call us at 786-250-4450.

Gustavo A Viera CPA

CPA firms, Accountants in Miami | Accounting Services in Miami | Accountants Miami | Certified Public Accountant in Miami | CPA in Miami | CPA Miami | Miami Accountant | Miami Accounting Firms | Miami CPA Firm | Miami CPA