tag:blogger.com,1999:blog-67573455763976049112011-10-11T14:10:41.353-05:00Ramblings & What-Nots from Daniels, Means & Flynt - Certified Public AccountantsDaniels, Means & Flynthttp://www.blogger.com/profile/05840992331608229424noreply@blogger.comBlogger51100tag:blogger.com,1999:blog-6757345576397604911.post-38967131747731605312011-02-25T23:23:00.004-06:002011-02-25T23:47:52.700-06:00

At DMF, we often meet with prospects who are, have, or have thought about starting a new business. Usually these people want to "ask just a few questions" about how their business should be set up. More specifically, they want to know which organizational type they should be. If you've ever researched or talked with prospective clients about organizational structure types, you know that trying

Chrishttp://www.blogger.com/profile/16898311042222265060noreply@blogger.comtag:blogger.com,1999:blog-6757345576397604911.post-86905366047587234652011-02-13T21:06:00.002-06:002011-02-13T22:00:42.484-06:00

Most CPAs will tell you (just like we will) that if you're running a small business of any kind, you need to be on some type of accounting system. It doesn't have to be any specific type of system, just something that works for your operation.But are we as CPAs just going around telling our clients and prospects that "you need to be on an accounting" just to see them suffer through setting it up

Chrishttp://www.blogger.com/profile/16898311042222265060noreply@blogger.comtag:blogger.com,1999:blog-6757345576397604911.post-32945559876716412292011-01-25T21:34:00.003-06:002011-01-25T21:51:20.905-06:00

I get the impression from time to time (usually when meeting with tax client prospects) that the general (read: uninformed) public has a tendency to rate the competency of tax preparers based on how large or small their refund is. The meeting usually starts something like this:Prospect: My tax guy last year got me $10,000 back. Can you all do the same thing?That's when we typically begin to

Chrishttp://www.blogger.com/profile/16898311042222265060noreply@blogger.comtag:blogger.com,1999:blog-6757345576397604911.post-39967710089271755962011-01-12T09:46:00.004-06:002011-01-12T17:26:35.006-06:00

You may have heard some rumblings about new income tax return preparer requirements beginning in 2011. If you are paying someone to prepare your tax return for you, they will be required to have what's called a PTIN: which is a Preparer Tax Identification Number. Why the changes? Historically, almost anyone with a calculator and a brain was able to prepare and sign income tax returns and

Chrishttp://www.blogger.com/profile/16898311042222265060noreply@blogger.comtag:blogger.com,1999:blog-6757345576397604911.post-25430898099954293802011-01-04T22:33:00.006-06:002011-01-04T23:06:13.876-06:00

A common question we get here at DMF is: Should I get rid of my cash balance in my business in order to help reduce my tax liability?While there are many answers to that question, the short answer is: No. You don't pay taxes on cash balances in your business; you pay taxes (at the individual level most likely) on activity that creates that cash balance.In a perfect cash-basis environment, your

Chrishttp://www.blogger.com/profile/16898311042222265060noreply@blogger.com