Be Our Partner Firm

Attention Tax Preparers, Advisors and EA’s:

Are you tired of doing the books for your tax clients? Then we could be the solution, we can help! Outsource accounting and bookkeeping to us. We will handle the books for you so that you can do the things that matters to you most. Having us as your partner will free your firm of the time doing the hard work and many more. Our partner firms are enjoying the benefits, be one of them!

Talk to you soon,
CMCPA Services

Back Taxes Implications and What To Do

Back taxes is a term for taxes that were not completely paid when due. Typically, these are taxes that are owed from a previous year. Causes for back taxes include failure to pay taxes by the deadline, failure to correctly report one’s income, or neglecting to file a tax return altogether.

Most of this happen because of lack or incomplete recording in the books that it is hard for the tax accountant to get the information it needs to complete the filing of return.

What are the implications of this?

If back taxes are owed, the taxpayer’s debt will continue to increase with the inclusion of interest and tax penalties. Late payment penalties include 1/2 of 1% for each month the taxes remain due past the due date. If the taxpayer never filed taxes, there is also a significant late filing penalty.

You will also risk losing your refund and other benefits if you don’t file your return. If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit.

What do you need to do?

First, consult with your tax accountant what needs to be done.

Second, look for someone to complete your books.
(Hint: We are an expert when it comes to accounting and bookkeeping.)

Lastly, act now. The longer you delay filing, the larger your interest and penalties will be!

Reminder to Taxpayers

File when ready, don’t wait until October 17 to file a 2021 tax return.

For people who requested an IRS extension to file, the October 17, 2022, deadline may seem far away, but it’s coming up fast.

Taxpayers who haven’t filed, whether they requested an extension or not, should file a complete and accurate return as soon as possible.

For people who have all their paperwork in hand, filing sooner and filing electronically could help them avoid possible processing delays later. 

And for those who have not done their books for 2021, we can help!

How to Set Up Quickbooks Online

Guide on How to Set Up Quickbooks Online

Are you a new business owner or have been in business for so long but using other accounting software other than Quickbooks Online and would want to switch? Then this is for you!

Setting up or switching to Quickbooks Online is easy as long as you have the information you need. It becomes complicated though when old records are messy. It’s doable, here’s the way to do it.

1. Sign up for Quickbooks Online and choose the plan that suits your business. There is a 30-day free trial that you can try to get the hang of it.

2. Set up you company profile (new) or migrate (old) your files to Quickbooks Online .

3. Link your bank and credit card accounts to get automatic bank feeds. This will save you and your bookkeeper tons of time!

4. Import your list of employees, vendors and customers. Or you can add names along the way.

5. Set up your invoices, enable receipts, taxes and other stuff.

Follow these process and you’re ready to go but if you’re having trouble, contact us and we will help you on your first step to financial clarity!

Why your books needs to be updated?

Many businessowners wait until yearend to do their books rather than doing it consistently during the year.  It’s a common problem, we know, because keeping the books updated is a tedious job in itself.  It takes a lot of dedication and time to deal with it.  It might be exhausting for some but it is rewarding in the end.  Why?  Here are some of the reasons your books needs to be updated:

Your Accountant Will Love You
Getting reports early for tax season is gold, especially for tax planning. That means your tax return will be prepared early and any benefits you can get early as well.

Peace Of Mind
This is priceless! Knowing that you are already prepared for any paperwork and documents, frees you from thinking about it.

Know The Actual Status Of Your Business On Time
This is vital for decision makers. Having an updated books anytime of the year means you can generate reports real time and make informed decisions about your business.

Availability To Third Parties
If you are applying for a loan, looking for more funding and investors, an updated books is essential to supply them with documents that are not outdated.

Bookkeeping is hard to keep up because there are far more important things to focus to keep the business going and profitable. Good thing, you don’t have to do it yourself.  You can delegate it to someone in-house or outsource it to someone who is knowledgeable and has the dedication to do the bookkeeping. Better bookkeeping = better business!

Basic eCommerce Profit and Loss Chart of Accounts

One of the hardest industry when it comes to accounting and bookkeeping is eCommerce. Why? Because the market and trade is ever changing and has become complex overtime. It is better to have it setup by an expert for a clean start but if you want to do it yourself, then you got to start with something. The best route is to begin with your Profit and Loss Statement accounts because this will be the most used accounts in the course of your business.

What is a Profit and Loss Statement?
A P&L or Income Statement will show your Revenue, Costs and Expenses. The bottom line of this report will show you if you made a profit or a loss, hence, the name.

Here are the basic items you will get to see on a Profit and Loss Statement for ecommerce business.

This is not all-inclusive but this will go along way and you could add more accounts when needed. Just make sure to classify it correctly and be consistent with your recording.

If things get messy and you want to save time and money, contact us!

Our Client Onboarding Process

We made it easier for you! Our client onboarding process is simple and straightforward because we don’t want to waste our time and your time, either. Now, let’s dive in.

  1. You tell us what is your problem. You may contact us here.
  2. We give you the solutions you need and how we can help you.
  3. Sign the engagement letter. This is where the scope of work, limitation and fees are covered.
  4. Pay your first invoice.
  5. Our job starts!

Easy-peasy, right? We will be glad to have you on board!

Shopify’s Buy Now, Pay Later Option

Most of our client’s sales have increased because of the “Buy Now, Pay Later” option. If you are selling on Shopify, this is highly recommended. Turn it on because…

☑️Customers will love your store for giving them options and convenient checkout.

☑️Increase your sales and minimize cart abandonment.

Enable it now! #ecommercesolutions #accountingservices #bookkeepingsolutions

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