November 29, 2022
Ongoing research and development (R&D) is a cornerstone of a prosperous economy, which is why the IRS provides a federal R&D tax credit under Internal Revenue Code Section 41. But the scope of R&D isn’t limited to large-scale scientific development (such as large pharmaceutical companies working on a new drug); small businesses also can and […]
November 22, 2022
Amid rampant inflation, the Great Resignation, economic uncertainty, and the new normal of the working world, many businesses will soon be adding another challenge to the list: higher tax bills brought about by changes to tax regulations. In this blog post, we take a closer look at some of the big tax changes on the […]
November 17, 2022
Individuals, small businesses, large businesses, and even governments are frequent targets of cyberattacks in the form of ransomware, phishing, stolen devices, malware, or insider theft. Typically, larger businesses have a department dedicated to maintaining a shield of protection from cyberattacks. Small businesses are perceived as an easier target by hackers because they tend to lack […]
November 16, 2022
IMPORTANT UPDATE: On November 10th, 2022, a court struck down the Biden-Harris Student Debt Relief Plan, and the administration has now stopped accepting applications for federal student loan forgiveness. The department says it will hold the applications of borrowers who have already applied. For now, borrowers should sit tight and wait to see what happens. […]
November 9, 2022
Operating a restaurant is challenging, with the industry reporting one of the highest failure rates. Even in the best of times, restaurants experience high turnover rates, notoriously low margins, and strict operational regulations. Over the past few years, restaurant failure rates shot up due to the pandemic, and restaurantaurs continue to face challenges even with […]
November 7, 2022
In the third quarter of 2022, the hottest topics were inflation, market swings, and what’s ahead for our economy. In our October 25th, 2022, economic update, we addressed these topics, as well as proposed legislation and what to expect in the upcoming tax season. We also discussed ways to protect your savings and how to […]
October 28, 2022
It’s no secret that being a business owner can be an incredible opportunity, while also presenting significant challenges on a daily basis. Business owners are battling many different fronts, from keeping employees and customers happy to keeping up with rising demand and the costs associated with doing business. This is especially true when an economic […]
October 27, 2022
The Employee Retention Tax Credit (ERTC), also known as the Employee Retention Credit (ERC), is one of the few significant COVID-19 relief options that could still be advantageous for eligible businesses. But the rollout of the ERC was complex and subject to significant changes, which led to the rise of questionable companies creating confusion among […]
October 21, 2022
When it comes to financial planning, saving for retirement is a top priority. When we picture our golden years, we hope to be able to enjoy financial freedom, live comfortably, and perhaps even provide for others after we’re gone. One of the most popular vehicles for people with earned income to save for retirement is […]
October 14, 2022
Data-driven decision-making: it’s more than just a buzzword. Businesses, both large and small, make decisions every day that can either propel them forward or set them back. In today’s economy, it’s vital to be agile, ready to anticipate potential issues, and take action at any given moment. Business owners have tools at their fingertips to […]
September 23, 2022
The word audit can send a business owner into a nervous panic. But an audit isn’t always a serious issue, especially when conducted internally. Yes, there are audits performed by the IRS if there is reason to believe that taxes have not been paid accurately. However, small business owners often don’t realize that they should […]
September 20, 2022
The Inflation Reduction Act of 2022 was signed into law by President Biden on August 16, 2022. In addition to new taxes and credits, the Act directs $80 billion to the Internal Revenue Service (IRS). In this blog post, we summarize the Act’s tax revenue provisions, tax credits and deductions, IRS provisions, and how your […]
September 9, 2022
Congratulations! You have a business idea and are in the process of getting the business up and running. While your to-do list might be a bit intimidating, don’t forget a small but vital decision to make when it comes to your back office: will you use the accrual or cash accounting method? It’s crucial to […]
September 7, 2022
2022 not your year for earning potential? Many of us are still feeling the effects of the pandemic reflected in our income, AND we now have inflation to deal with. Perhaps you’ve been forced to take a break from work due to personal circumstances, or maybe your business just hasn’t done that well this year. […]
August 29, 2022
Whether you’re running a business, handling your personal affairs, or both, there’s no escaping the need for some level of financial accounting, bookkeeping, financial planning, and tax preparation. For many people, handling these financial elements is, at best, a drag; at worst, a costly omission or mishap. Fortunately, there are people out there who specialize […]
August 26, 2022
While your product or service may be the heartbeat of the business, cash is the lifeline, and without adequate cash flow, your business health will decline quickly. There are many vital factors to monitor as a business owner, with cash flow topping the list. Unfortunately, lack of cash flow is the number one reason why […]
August 24, 2022
While building a successful family business takes a significant amount of time, effort and money, it can all come toppling down if you haven’t created a strong estate plan. According to PwC’s 10th Global Family Business Survey insights, family businesses make up more than half the world’s GDP and are massive contributors to social and […]
August 19, 2022
Although the terms ‘expenses’ and ‘assets’ are often used interchangeably in everyday language, they have different meanings and implications in accounting. From a tax and accounting perspective, the terms asset and expense both refer to anything your company purchases in order to do business. However, the similarities end there. Assets and expenses are accounted for […]
August 18, 2022
After months of negotiations, the Inflation Reduction Act of 2022 has been signed into law by President Biden. This act is a massive climate, healthcare, and tax bill that has the power to drive some real changes in our economy in the coming years. Here’s what we want our clients to know now. What is […]
August 12, 2022
Jacksonville-based CPA firm GunnChamberlain P.L. is now known as Financial Solution Advisors. Financial Solution Advisors (FSA) is a full-service accounting firm offering a comprehensive approach to business accounting, tax compliance, and strategic financial planning. The firm is led by CEO Shelly Lingor and Founding Partner Joel Chamberlain, along with CPA Partners Kenny Krey, Isaac Brohinsky, […]
August 10, 2022
This has been an interesting year for the markets and economy. There’s been a lot of change and volatility, but it’s nothing we haven’t seen before. In natural business cycles, companies will grow as demand grows. They’ll beef up supplies to meet anticipated demand and do more to capitalize or build more into their buildings […]
July 27, 2022
“More than 50% of Americans think that estate planning is at least somewhat important, but only 33% have a will or living trust.” – Caring.com Nobody likes to think about what will happen when they’re gone, but ensuring your estate is in order will help to prevent unnecessary family squabbles and reduce the tax burden […]
July 26, 2022
For companies looking to provide their employees with the tax benefits as a regular 401(k) plan without all the hassle, setting up a safe harbor 401(k) means they can skip the onerous annual testing requirements and expenses associated with nondiscrimination tests typically required for a traditional 401(k). In this article, we discuss the problems a […]
July 21, 2022
Once you’ve checked your tax return off the list for the year, it can be tempting to check out and enjoy your hard-earned income. As much as we’d all enjoy a long break from thinking about taxes, the truth is that it’s time to start tax planning for next year. By starting to plan now, […]
July 20, 2022
We may be in the heat of summer, but that doesn’t mean taxes are off-topic. In fact, summer is an ideal time to check in on your tax planning strategy and regular bookkeeping efforts. Proactive tax planning and preparation are key to a smooth tax season, ensuring you can take advantage of deductions and credits. […]
July 15, 2022
If you’re like many people, you put off filing your taxes until the due date is about to fall on your head. We get it—taxes can be a major source of stress, but they don’t have to be! With effective tax planning, you may be able to reduce your tax payable or secure a larger […]
July 14, 2022
Your home is probably one of the most significant purchases you’ll ever make in your life. It’s also one that comes with a lot of pride and emotion. Now, it’s time to sell. Of course, you want to make a profit, but what about the tax implications? Here’s what you should know if you’re selling […]
July 14, 2022
Given that the average annual cost (tuition, fees, and room and board) of college has increased 11% at public colleges and 14% at private colleges (over and above increases in the Consumer Price Index), it’s no surprise that college expenses can be overwhelming. In the 2021-2022 year, the average total cost of attendance for in-state […]
July 14, 2022
A budget is an essential part of any business. While developing the budget may sound daunting, it should really empower you as a business owner to make educated and informed decisions. Business budgets will help you prepare financially, relieve the stress of the unknown, and provide support in reaching your business goals. What exactly is […]
July 8, 2022
In the infancy stages, or as your business expands, research and development is a common business activity. Research and development can be an exciting time for a business, whether it’s creating the first product or improving your core business offering. For new business owners, research and development can be a bit confusing when it comes […]
June 29, 2022
If you have a product, ecommerce is a must. Whether your main focus is ecommerce or you’re using it as an extension of your core business, selling products online can be an incredible way to reach customers virtually anywhere. Before you launch an online store, you may want to take a minute to get acquainted […]
June 28, 2022
U.S. inflation continues to make headlines, with the most noticeable impact on the costs of real estate, fuel, and food prices. With inflation on the minds of consumers, our goal is to empower you to make informed decisions about your finances. Here is a quick primer on inflation, interest rates, and ways to safeguard your […]
June 23, 2022
Hiring employees can be a big step for a small business owner. Bringing on employees can help your business increase capacity and allows you to focus on your passions and expertise in the business. You may be hiring employees to focus on specific aspects of your business, such as sales, marketing, or product development—or simply […]
June 22, 2022
The child and dependent care tax credit helps to offset the cost of child or dependent care for families that pay for care while they work—whether that’s child care, summer camp, babysitting, adult day care, or another form of care for qualifying dependents. Over the years, the child and dependent care tax credit has undergone […]
June 16, 2022
It’s in the headlines and in the minds of every individual and business owner. Inflation. Rapidly rising costs and dwindling profit margins can leave small business owners in a difficult position. While inflation can take a toll on a small business, there are steps you can take to mitigate risks now and long term. What […]
June 14, 2022
Every Floridian knows when the hurricane tracker tells you you’re in the “Cone of Uncertainty”, it’s time to read Tampa area Chief Meteorologist Denis Phillips’ seven hurricane rules. But what if Denis Phillips was a financial planner rather than a meteorologist? What would he say about the market? I imagine a calm, Denis Phillips-like financial […]
June 10, 2022
Bookkeeping can be a love-hate word. For us, it’s a love, but for many small business owners, it’s the latter. Keeping up with the books is a necessary component of running any business, but the task can become overwhelming for a small business owner due to time constraints or lack of knowledge. Proper bookkeeping and […]
June 7, 2022
All too often, we see people missing out on great tax-saving opportunities because they simply don’t know about them. And with tax laws changing every year, it’s not always easy to keep up with the latest tax deductions, credits, and exemptions. Our list of frequently missed tax breaks may help you uncover money-saving opportunities this […]
June 2, 2022
Entrepreneurship can be one of the most exciting and rewarding endeavors, but that’s not to say it doesn’t come with struggles. Business ownership comes with many ups and downs, learning curves, and balancing acts. From nailing down the services you offer or developing an innovative product, to marketing, sales, finances, and bookkeeping, there are many […]
June 1, 2022
We are still dealing with COVID. We’ve seen empty shelves and inflation. We’ve watched Build Back Better drift from headlines to the dusty recesses of media memory. We’re staring down a bear market. As a result, our team has had many clients looking at their portfolios, watching the headlines, and raising questions about their investments. […]
May 26, 2022
If you find yourself struggling to focus on what propels your business forward, consider the following three accounting strategies.
May 24, 2022
While the family office concept has been around for decades, it has seen significant growth in the past 10 years. We attribute this to many of the factors driving other changes in the business world: greater home connectivity and access to information, as well as the tremendous amount of change and upheaval in the wealth […]
May 21, 2022
Key performance indicators (KPIs) are essential for business owners to track over time in order to make well-informed business decisions. This data will help business owners make decisions that directly impact the business today and in the future. KPIs should be monitored on a regular basis (monthly, weekly, etc.). The data being measured needs to […]
May 18, 2022
The vital role of digital transformation in businesses became very clear over the past two years. Those without a robustly digital back-office felt the wrath of pandemic-related disruption, sadly forcing many to close their doors. Propelled by the pandemic, digital transformation is a top priority of small business owners and executives aiming to future-proof their […]
May 10, 2022
“Join me in inviting @elonmusk to move @Twitter to the freest state in the nation! Florida would benefit the company as a whole—we have no state income tax and the perfect business climate. It’s time to book a one-way ticket,” said Florida CFO Jimmy Patronis in a tweet after it was announced that Elon Musk […]
May 6, 2022
A business’s success relies on its product or service excellence; the ability to stand above the competition; and most importantly, finances. This is especially true for small to mid-sized businesses as they operate on a tighter budget and lower margins while they grow. As a business owner, it is vital to know the ins and […]
May 4, 2022
What would you do with a significantly lower tax bill, or even a refund this year? Thanks to special tax rules affecting rental property, you may be able to significantly improve your cash flow by commissioning an engineering firm to conduct a cost segregation study for your commercial, long-term, or short-term rental property. Thanks to […]
April 28, 2022
It’s no secret that we love Xero cloud accounting for our clients’ back offices. In past blogs we have gone in-depth on the robust features that Xero offers, such as analytics, reporting, customized dashboards, and the ability to seamlessly integrate thousands of third-party apps. Below are some of the additional features of Xero cloud accounting, […]