Mark Bellows

🌵In #Arizona, REDW ranks among the top 10 accounting firms in the state’s biggest and most comprehensive business opinion poll. 💭🤔🥳 Congrats to our #Phoenix office for steadily working to make positive impacts for our clients and Arizona communities. #RankingArizona is based purely on opinion and ranks companies based on how voters answer this simple question: with whom would you recommend doing business? #wordofmouth #REDW #IntegrityCounts

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🔗 Clink the link here for the CA Labor Code for more info on Employee Working Hours and Training: https://lnkd.in/gpJBiTuA #edgysolutions #bookkeeping #businessconsulting #taxprep #financefoxes #facesoffinance #smallbusiness #accounting #finance #training #thursdaytips

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🌵In #Arizona, REDW ranks among the top 10 accounting firms in the state’s biggest and most comprehensive business opinion poll. 💭🤔🥳 Congrats to our #Phoenix office for steadily working to make positive impacts for our clients and Arizona communities. #RankingArizona is based purely on opinion and ranks companies based on how voters answer this simple question: with whom would you recommend doing business? #wordofmouth #REDW #IntegrityCounts

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IRS on treatment of home energy credits. More tax bill obstacles. Employers ghosting IRS. Accidental American tax traps. Piñata Day. All this and more in today’s Eide Bailly Tax News & Views Tax and Piñata Breaks https://lnkd.in/gxykzci8

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The big event is here!  This week's newsletter gives final details about the annual Portland Community College Virtual Accounting Networking event this Friday from 1-3, including the required registration form and a "what to expect" video.  https://lnkd.in/gcaHDPpq Also: - PCC Accounting Club guest speakers from the IRS on 5/13 from 1:15-2:00. - New Accountlandia page about studying accounting at Eastern Oregon University, including being able to take eight credits without being formally admitted to the EOU School of Business. This would be especially helpful for people looking for a limited number of upper division accounting courses in preparation for enrolled agent certification or bookkeeping practice. - Article about the generous degree of CPA reciprocity between states for taking the exam, working, etc...  - SEC charges against a one-partner CPA firm for a massive number of fabricated audit results resulting in $14 million in fines against the firm and owner. The significance of this monumental story is being lost in a storm of political connections. So, the actual SEC press release is being shared instead of news articles. #accountingstudent #accountingstudents #accountingcareers #careerfair #accountingmajor #internships #cpa #accounting #accountinginternship #networking

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The IRS is planning on auditing more this year. Who are they planning on targeting? And more importantly, is your tax situation healthy and robust enough to pass scrutiny? #taxplanning #texasrealtors #getmytaxesdone

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Tax laws are intricate – our team at REDW is here to help! Stay informed on Arizona's #PTE tax in 2024. 🌵 Navigate the complexities with the help of our trusted experts. Jeanna Schenk has the latest update. #taxes #Arizona

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Did you file a tax extension? If you did, read above for important things to know. We want to provide you with the information needed to know how your extension works as your trusted accounting partners. If you have any questions please reach out to us at smaartcompany.com or comment your question below. #taxtips #taxes #taxextension #accounting #accountant #smallbusinessowner

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"Mr. Skolnick offers honesty and integrity combined with a strong and up to date knowledge of accounting and taxation." Call us to schedule your free Tax Analysis. We’ll find the mistakes and missed opportunities that may be costing you thousands today, and discover where you may be vulnerable to higher taxes tomorrow. #cpa #accounting #accountant #fiscallyfit #specialist #financial #taxes #smallbusiness #finance #financetips #personalfinance #smallbusinesssupport #smallbusinesstips #smallbusinesslove

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Taxes on Taxable Distributions from Donor Advised Funds (DAF) under IRC Section 4966 The proposed regulations provide definitions for sections of the tax code that need it. However: 1. Individual DAFs will still have NO payout requirement & NO disclosure requirements about payout and grantees. 2. Private foundations can still count grants to DAFs against their payout requirement. 3. DAFs will still be able to give big grants to other DAFs. https://lnkd.in/etzx8Ki8

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Having organized tax records can make the process of preparing a complete and accurate tax return easier and may also help taxpayers identify any overlooked deductions or credits. Proactively organize all paperwork once received. #Accountyfy #TaxPlanning2024 #2024

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The MECPA joined with other state CPA societies across the country and the AICPA to encourage support for legislation recognizing accounting as a Science, Technology, Engineering and Math (STEM) field. The letter, sent to leadership in both chambers of Congress, requests co-sponsorship of bipartisan, bicameral legislation – H.R.3541, the STEM Accounting Pursuit Act and S.1705, the STEM Education in Accounting Act. These companion bills would allow accounting programs access to existing STEM K-12 grant funding for accounting awareness and education and would help to strengthen the accounting pipeline. Last spring, MECPA representatives joined CPA societies and the AICPA on Capitol Hill to discuss this legislation with members of Congress. There is increasing concern surrounding the accounting pipeline and we have, and will continue to advocate for solutions to this challenge. 

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The AICPA audit guides are wonderful resources. You’ll find a wealth of information for areas such as: Healthcare Preparations, Compilations, and Reviews Nonprofits Audit Risk Assessment GAS and Single Audits State and Local Governments Construction Contractors Employee Benefit Plans Sampling I think the pricing is fair given the depth of information provided. #CPAHallTalk

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Need help navigating Arizona's #PTE tax in 2024? Our team at REDW is here to guide you through the complexities. Get the latest update from Jeanna Schenk. 📖💡 #taxes #Arizona

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NOW is the Best Time to Hire a New Bookkeeper! While January may seem like a good time to start over with a new #bookkeeper or #CPA, the best time to change #bookkeepers is actually after tax season. January through April is the busiest time for #accounting professionals. By waiting until after this period, you can ensure a smoother transition for you and your business, relieving you of unnecessary stress. Tips for a Smooth Transition with a New Bookkeeper: 🔹Maintain Continuity: Keep your old bookkeeper until taxes are filed. 🔹Ask for References: Confirm your new bookkeeper is familiar with your industry. 🔹Evaluate the Services: Understand the price and services offered. 🔹Build Trust: Make sure you have mutual trust. 🔹Introduce your Team: Introduce your CPA and other #finance team members to your new bookkeeper. 🔹Transfer Data: Provide access to #financial data, including #tax #records, bank statements, and #QuickBooks data files. No Bull Financial Consulting (NBFC) is committed to delivering timely and accurate #bookkeeping services because we understand their importance. Our goal is to empower you with the data you need to navigate your business confidently and successfully.

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Great update today from the AICPA on the nonprofit industry! A few key takeaways… 1.      Processing of ERC refunds is taking at least 12 months or longer. If you filed an ERC claim prior to last September, you can call to check on the status to make sure it was received, but a 12 month wait is pretty common. 2.     Letters mailed to the IRS to request abatement of Form 990 late filing penalties are taking up to 9 months for the IRS to respond. 3.     IRS nonprofit focus of audits and inquiries: a.     Proper worker classification. There has been an increase in IRS audits of nonprofit organizations related to classification of workers as employees vs. independent contractors. b.     Backup withholding procedures. IRS wants to be sure that if a nonprofit is working with a contractor, and the contractor does not provide an appropriate EIN, then the nonprofit needs to withhold backup withholding for the contractor’s taxes. c.     Unrelated Business Income (UBI) is still a hot topic:             i.     If a nonprofit has a new revenue stream, be sure the nonprofit has performed an analysis to make sure the new revenue should not be reported on Form 990-T as UBI.             ii.     Siloing of UBI. Nonprofits that report UBI need to ensure they are reporting the revenues and expenses for each separate source of UBI on a separate Schedule A on Form 990-T.              iii.     Miscellaneous income amounts over $1,000 will be scrutinized as potential unreported UBI. d.     For insider and related party transactions, make sure the nonprofit and the Board have documented why the insider transaction is in the best interest of the nonprofit organization. Ensure this has been clearly documented in Board minutes before entering into the transaction. #nonprofitleadership #nonprofitmanagement

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