Our Manhattan small business CPA firm would like to alert you to some significant changes in the way the IRS targets small businesses, LLCs, S-corps and C-corps for  New York tax audits, and how it conducts them. When you read statistics about the percentage of returns that are audited, you might feel justified in playing the odds that your business won’t be among those selected by the IRS for scrutiny. But the numbers are very misleading, because the IRS is getting a lot smarter about how it chooses returns for audit and how its examiners conduct their audits. Our team of  New York City CPAs can help your small business avoid this.

Over the past few years, the IRS has dramatically stepped up its efforts to study specific industries, and to educate its examiners about business practices, terminology, accounting methods, and common industry practices. It has also identified areas of inquiry that produce audit results. Examiners are told specifically to look out for certain red flags to get at what is really going on in a business or transaction. The IRS is also updating its tax gap figures (the estimated $300 billion difference between what taxpayers owe and what they pay). Several research studies are underway into various segments of the taxpayer population.

The result is that examinations are more sharply focused on potential areas that will generate increased taxes, penalties, and interest. Fortunately, there is a positive side to all of this. The IRS has made public a number of its Industry Specialization Program papers and Market Segment Specialization Program manuals. These help us keep up on the areas that the IRS will be targeting in its audits. So far it has issued detailed audit guide information on a range of industries, from general ones, such as retailing, to more specific ones, such as law firms, restaurants, entertainment, communications and petroleum. Much more information on specific industries is expected to be issued as the IRS continues to devote resources to the development of these programs.

Another IRS initiative tries to improve compliance by meeting with representatives of various industries to work out understandings with them about specific tax problems. For example, the IRS and the food service industry have come to an understanding about properly determining and reporting employee tips. Employers that comply will face reduced IRS scrutiny on this issue.

A review of your small business practices done by our NYC CPAs, with a view toward making some changes in light of the new IRS audit and compliance initiatives, may help keep your Manhattan income tax returns from being selected for examination, or help you survive if your return is audited. Please call one of our CPAs today if you feel that we can be of assistance to your LLC, S-corp or other small business in these matters.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Dear Client:
Our Manhattan CPAs want yo make sure that you are aware of the following development in NYC small business taxes: The IRS has released guidance on computing the health insurance tax credit for eligible New York small businesses that make nonelective contributions toward their employee’s health insurance premiums.

The Patient Protection and Affordable Care Act added a provision that allows eligible New York City small businesses a tax credit for nonelective contributions that pay for at least one-half of the cost of health insurance premiums for the coverage of participating employees. The amount of the NYC small business tax credit is equal to 35 percent of the lesser of:
1.    The total amount of the nonelective contributions the employer makes on behalf of its employees during the tax year under a contribution arrangement for the payment of premiums for qualified health insurance coverage of its employees, or
2.    The total amount of nonelective contributions that would have been made during the tax year if each employee taken into account in item (1) had enrolled in a qualified health plan that had a premium equal to the amount that the Secretary of Health and Human Services determines is the average premium for the small group market in the state in which the employer is offering health insurance coverage (or the area within the state that is specified by the Secretary of Health and Human Services).

An employer determines its status as an eligible New York small business each tax year. An employer is an eligible small employer if the following conditions are met:
•    it has 25 or fewer full-time equivalent (FTE) employees;
•    the average annual wages of these employees are not greater than twice the applicable dollar amount for the tax year ($25,000 in tax years beginning in 2010 through 2013); and
•    the employer has a qualified health care arrangement in effect.
Certain employees are excluded from the determination of FTEs. Excluded employees are sole proprietors, partners in a partnership, shareholders owning more than 2 percent of an S corporation, and any owners of more than 5 percent of other businesses. Family members of these owners and partners are also not taken into account as employees.

The IRS guidance clarifies, among other things, how employers calculate the credit, the types of coverage that are eligible for the credit, and the interaction of the federal tax credit with New York small business tax credits. In addition, the IRS provides the average premium for the small group market in each state for the 2010 tax year for purposes of computing the amount of the credit.

The health insurance tax credit for NYC small businesses is one of many provisions of the Patient Protection and Affordable Care Act that encourages the shared responsibility for health insurance coverage of all Americans. If you have any questions regarding your eligibility or the calculation of the credit, please call our Manhattan small business CPAs at your earliest convenience.
Sincerely yours,

Jonathan Medows, CPA

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

This article is in response to many questions that our small business CPAs have received about Archer Medical Savings Accounts (MSAs). These accounts are similar to IRAs. Like IRAs, special rules govern when your money can be withdrawn, for what purpose the funds can be used and the deductibility of contributions. Because Congress has not extended Archer MSAs, they have been eclipsed by health savings accounts (HSAs). Our CPAs know that this is especially important to freelancers, self-employed persons, and small business owners in new york.

If you have an MSA, a decision should be made whether to continue to operate as an MSA. Is the MSA adequate for your needs or should it be rolled over into a new HSA account? Administrative costs for setting up an HSA are generally a good reason not to convert to an HSA. A greater degree of flexibility in certain business settings may be another good reason.

Like an MSA, an HSA is a tax-exempt trust or custodial account to which tax-deductible contributions may be made by individuals with a high deductible health plan. HSAs provide tax benefits similar to, but more favorable than, those provide by MSAs. What’s more, unlike HSAs, only individuals who are self-employed or employed by a small business may participate in an MSA.
Both MSA and HSA participants must be enrolled in a “high deductible health plan.” However, that deductible is higher for MSAs. For 2010, MSA must carry an annual deductible of at least $2,000 (the same as for 2009), and at least $4,050 (up from $4,000 in 2009) for family coverage), with a maximum out-of-pocket cap of $3,000 (down from $4,000 in 2009) for individual coverage ($6,050 for family coverage).

HSAs, on the other hand, must only have an annual deductible of at least $1,200 for self-only coverage ($2,400 for family coverage), with an out of pocket cap of $5,9500 ($11,900 for family coverage). In both cases, the amounts are adjusted for inflation each year.

Qualified distributions from both MSAs and HSAs are tax free, even though contributions to either account are deductible when deposited. You may withdraw money to pay for your medical expenses and the medical expenses of your spouse and dependents. Generally, most medical expenses can be paid by these withdrawals. Withdrawals for most non-medical purposes, however, are subject to federal tax and a penalty.

The future of MSAs and HSAs is uncertain. A final health care reform bill, which is making its way through Congress, will likely impose new limits on these arrangements, such as increasing the penalty for early nonqualified withdrawals from an HSA. Our office of CPAs for the self- employed in New York will keep you informed on the developments, and how they may affect your NYC small business.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Congratulations on your recent acquisition of  your new small business in New York. Acquiring a small business is often an emotionally exhausting, confusing and exhilarating experience. Further, acquiring a business can put a strain on the new company’s cash flow. As Manhattan CPAs experienced in working with S-corps, C-corps and LLCs in NYC, we can advise you on ways to improve your cash flow.
One way to improve cash flow is to reduce the amount of New York income taxes your small business is currently paying. One possible way to reduce NYC income taxes is to accelerate the deduction of costs currently capitalized as acquisition related costs. Generally, professional fees and other costs associated with the purchase of a business are “capitalized” in the stock or assets that are purchased. For income tax purposes, deduction of these costs may be over 15 years, on sale of the business, or the costs may never be deducted. Because invoices often do not clearly allocate fees among all the services performed by professionals, or costs associated with travel and other miscellaneous expenses, costs that are not associated with the purchase can be capitalized as acquisition costs.

If costs unrelated to the acquisition have inadvertently been capitalized, then properly re-characterizing these costs can permit them to be deducted in the year they were incurred. Further, in certain instances, costs incurred to expand your business can be deducted over 5 years, rather than 15 years. A thorough analysis of capitalized acquisition costs often results in a significant New York tax refund and/or a decrease in the Manhattan income tax paid in the years immediately following the acquisition.

Our CPAs would like to talk to you about the potential for accelerating the deduction of some of the costs you currently have capitalized, to better help your New York City LLC, S-corp, C-corp or other small business. Please contact one of our NYC LLC CPAs at our office to arrange a convenient meeting time.

Sincerely yours,
Jonathan Medows, CPA

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

This letter is intended to answer questions that many New York LLCs, S-corporations, and other small businesses have been raising about the reach of the continuing IRS campaign to identify and shut down abusive corporate tax shelters. When combined with the simultaneous push by the federal government to enforce stricter corporate accounting and financial practices through Sarbanes-Oxley, the IRS’s tax-shelter enforcement activities undeniably have created some “sleepless nights” for many corporate executives. Whether such worry is unfounded or not, however, depends upon a number of factors, some still developing in the courts, in the IRS, and in the Treasury Department’s tax policy offices. Keep reading to determine if this may affect your LLC, S-corporation, or small business in New York City, and to see how a CPA can help if it does.

One of the key characteristics of a corporate tax shelter is that the transaction has no economic substance. Generally, if a transaction has a business purpose other than solely to minimize taxes, it is not a tax shelter. Once a transaction is deemed to be business related, restructuring that transaction to save the most taxes will not then transform those efforts as a tax-shelter activity.
To help identify tax shelters more easily, the IRS has been instructing its agents to look for following additional characteristics:
•    Exclusive of the tax benefits involved, corporate tax shelters typically earn no economic profit;
•    Inconsistent financial accounting and tax treatment, since tax shelters will often reduce taxable income while leaving book income unaffected;
•    The participation of a “tax-indifferent” party, for example, some type of entity involved in the transaction that can absorb the taxable income or deflect the tax liability, most often a foreign or charitable tax-exempt entity;
•    Use of special entities, structures, and innovative financing instruments that are unnecessary to the transaction except to be more able to claim on a technicality a direct tax result or one facilitated by the use of a tax-indifferent party; and
•    Unnecessary steps or novel investments, for example, steps unnecessary to achieve a corporation’s purported business purpose.

The past several years have marked a number of victories for the IRS in both the domestic and international tax shelter arenas. The IRS has won some huge tax shelter cases in the courts and these victories have encouraged it to go after even more shelters. The IRS has also cracked down on accounting and law firms that facilitate tax shelters. The “anything goes” attitude of past years ago is a long faded memory. And while the IRS has been enforcing the law, Congress is looking to close as many loopholes as possible to prevent NYC tax evasion.

The IRS has launched several tax shelter settlement initiatives in which it offers to settle with taxpayers who had participated in abusive tax shelters. These covered the notorious Son of BOSS tax shelter, abusive executive compensation schemes, and many other abusive transactions.

The IRS has also beefed-up its Large and Mid-Size Division (LMSB). LMSB services the largest business entities in the country. LMSB is implementing an Industry Issue Focus approach to compliance to ensure consistency in resolution across industry lines and increased coverage of non-compliant taxpayers by maximizing limited resources. These issues are prioritized or tiered based on how prevalent they are across industry lines and the level of compliance risk they present. Tier I issues are of high strategic importance to LMSB and have significant impact on one or more industries. Abusive tax shelters have been designated as a Tier I compliance issue. If you are a high net worth individual in Manhattan, you may want to obtain a CPA just to cover your back.

Some small businesses are concerned that the IRS’s focus on tax shelters will mean increasing scrutiny of other aspects of their business operations as well. Others want to undertake internal protective audits to set up a strategy against IRS involvement before the IRS sends out audit letters. Many high net worth individuals in NYC in particular are seeking the help of experienced CPAs to help. If you would like a further analysis of how the IRS assault on tax shelters may affect you, directly or indirectly, please do not hesitate to call one of our seasoned CPAs experienced in working with S-corps, LLCs, high net worth individuals and small businesses in New York and abroad.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Our Manhattan office of income tax CPAs has been receiving many questions from clients about how the 2009  Recovery act may affect retired workers. Below we will attempt to explain this, and how it will affect your taxes in NYC. The American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act) includes provisions that benefit the New York income taxes of certain retired workers. Individuals who receive certain government pensions and annuity payments will receive a $250 credit on their Manhattan income taxes in 2009. Alternatively, economic recovery payments of $250 will be made to individuals who are eligible for certain social security benefits, Railroad Retirement benefits, veteran’s compensation or pension benefits, or supplemental security income (SSI) benefits. These provisions are coordinated with each other and with the “Making Work Pay” credit so that no individual receives a double income tax benefit.

Economic Recovery Payments for Recipients of Certain Federal Benefits. The $250 economic recovery payment is payable to eligible individuals within 120 days of February 17, 2009, the date of enactment of the 2009 Recovery Act. Eligible individuals are those who received benefits in a qualifying program during November 2008, December 2008, or January 2009; and who have an address in the United States or its possessions. A qualifying program includes:

•    Title II benefits under certain provisions of the Social Security Act,
•    Monthly annuity or pension payments payable under certain provisions of the Railroad Retirement Act of 1974,
•    Certain veteran’s compensation or pension benefits, or
•    Supplemental security income (SSI).

Government retirees may qualify for $250 credit for 2009. Some government retirees may not qualify for social security benefits, and therefore may not be eligible for the economic recovery payment on their income tax return in New York City. However, the 2009 Recovery Act includes a $250 credit for certain government retirees who receive an annuity or pension for service performed in the employ of the United States, any state, or instrumentality thereof.

Individuals who receive an economic recovery payment may not claim the credit for government retirees. In addition, if an individual is also eligible for the Making Work Pay credit (MWPC), the amount of the MWPC is reduced by the amount of the economic recovery payment and coordinated with the credit for government retirees.

If you would like to know if you qualify for this credit, and how this would affect your income taxes in New York, please call our CPAs at our Manhattan office at your convenience.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

The American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act), which provides billions of dollars of tax relief, includes a New York City tax credit for individuals seeking a college education. This provision may benefit your income taxes in Manhattan as a parent of a child working toward a college degree.
There are many federal tax incentives available to help reduce the costs of higher education. Some of these incentives offer tax breaks for current educational expenses, such as the above-the-line deduction for qualified tuition and related expenses, and the Hope scholarship and lifetime learning credits. In lieu of claiming the Hope scholarship credit, the 2009 Recovery Act provides an “American Opportunity” tax credit for 2009 and 2010. This credit may be able to help you save money on your income taxes in New York if you qualify.

Eligible Manhattan taxpayers may claim an American Opportunity tax credit up to $2,500. The credit is determined as 100% of the first $2,000, and 25% of the next $2,000 of tuition and related expenses paid during the year. Forty percent of the credit is refundable.

Unlike the Hope credit, the American Opportunity credit is not limited to the first two years of post-secondary education. Also, the American Opportunity credit covers “course materials” such as books. This credit phases out for taxpayers with adjusted gross income in excess of $80,000 ($160,000 for married couples filing jointly).

Educational incentives can provide significant New York City income tax relief for families. The American Opportunity credit is one of several tax options related to saving and paying for higher education. Some may be more beneficial than others in your specific circumstances. Maximizing the benefits of the education tax breaks requires careful planning, particularly because of the interrelationship between the rules that apply to each provision. It is important to go to a CPA who is experienced in dealing with income taxes in New York. At MEDOWS CPA,We can help you sort through the options. Please call our office of income tax CPAs in Manhattan to arrange an appointment at your earliest convenience.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Our Manhattan office of income tax CPAs has been receiving many questions from clients about how the 2009  Recovery act may affect retired workers. Below we will attempt to explain this, and how it will affect your taxes in NYC. The American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act) includes provisions that benefit the New York income taxes of certain retired workers. Individuals who receive certain government pensions and annuity payments will receive a $250 credit on their Manhattan income taxes in 2009. Alternatively, economic recovery payments of $250 will be made to individuals who are eligible for certain social security benefits, Railroad Retirement benefits, veteran’s compensation or pension benefits, or supplemental security income (SSI) benefits. These provisions are coordinated with each other and with the “Making Work Pay” credit so that no individual receives a double income tax benefit.

Economic Recovery Payments for Recipients of Certain Federal Benefits. The $250 economic recovery payment is payable to eligible individuals within 120 days of February 17, 2009, the date of enactment of the 2009 Recovery Act. Eligible individuals are those who received benefits in a qualifying program during November 2008, December 2008, or January 2009; and who have an address in the United States or its possessions. A qualifying program includes:
•    Title II benefits under certain provisions of the Social Security Act,
•    Monthly annuity or pension payments payable under certain provisions of the Railroad Retirement Act of 1974,
•    Certain veteran’s compensation or pension benefits, or
•    Supplemental security income (SSI).

Government retirees may qualify for $250 credit for 2009. Some government retirees may not qualify for social security benefits, and therefore may not be eligible for the economic recovery payment on their income tax return in New York City. However, the 2009 Recovery Act includes a $250 credit for certain government retirees who receive an annuity or pension for service performed in the employ of the United States, any state, or instrumentality thereof.
Individuals who receive an economic recovery payment may not claim the credit for government retirees. In addition, if an individual is also eligible for the Making Work Pay credit (MWPC), the amount of the MWPC is reduced by the amount of the economic recovery payment and coordinated with the credit for government retirees.

If you would like to know if you qualify for this credit, and how this would affect your income taxes in New York, please call our CPAs at our Manhattan office at your convenience.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

It’s tough enough to find the right person to care for your child in the home, without having to worry about the New York nanny tax complications of becoming a household employer. Although the rules for nanny taxes in NYC have been liberalized in some ways, other requirements are just as stringent as they’ve always been. Here’s a snapshot of what you must do to steer clear of trouble with the IRS when you hire someone to take care of your children in the home.

Social Security and Medicare tax (FICA). If you have household workers, you are required to withhold and pay FICA taxes if cash wages paid in 2010 total $1,700 or more (this amount is unchanged from 2009 because of low inflation). As the employer, you have to report and pay the required employment taxes for these domestic employees on Schedule H (Household Employment Taxes), with the tax amount then transferring to the appropriate line on your New York  income tax Form 1040 or 1040A. Not paying the “nanny tax” is on your Manhattan income taxes is considered income tax evasion.

There is one limited FICA exception for wages paid to domestic employees who are under 18. Social security and Medicare tax doesn’t apply at all to these employees if domestic work is not their principal occupation. This exception may help with steady evening and weekend baby-sitters, but otherwise it’s not important to those parents who need help with children during the day.

Unemployment tax (FUTA). You must pay the FUTA tax for any household employee whom you pay $1,000 or more in a calendar quarter. The effective FUTA tax rate varies state-by-state. We can give you all the details on the FUTA part of you New York City nanny income taxes.

Payroll tax paperwork. The FICA and FUTA you owe for any household employee is computed on Schedule H of Form 1040 on your Manhattan income taxes and paid along with your regular  New York income tax bill. Although you are not required to make estimated tax payments for FICA and FUTA, it might be a good idea to make quarterly payments to avoid winding up with an unexpectedly large bill at tax return time.

Federal income tax withholding. Thankfully, you aren’t required to withhold federal income tax from the wages of household employees. But you are required to file a Form W-2 for every domestic employee whose wages are subject to the social security tax. And you will need to get an Employer Identification Number for yourself, which is not the same as your social security number. Although you are not required to do so, your household employee may ask you to withhold federal income tax. If you agree, you should be aware of the Making Work Pay Credit (MWPC), which is provided to employees through reduced income tax withholding in 2009 and 2010. Otherwise, the individual will claim the credit when he or she files a 2009 return in 2010 and a 2010 return in 2011.

If you pay the nanny’s share of Social Security taxes in addition to your share rather than have the nanny incur that expense, you or the nanny won’t need to pay additional  social security taxes on that amount. The nanny, however, will be considered to have additional income for New York income tax purposes.
There may be other  Manhattan tax complications as well. For example, depending on state law, many employers of even household help may have to file and pay state unemployment insurance tax for each quarter in which the state wage threshold is reached. And the rules may be somewhat different if you have other employees.
As you can see, the tax rules for child-care help are still complicated. We are in a position to advise you of the least troublesome way to take care of all your tax responsibilities. Our firm of Manhattan income tax CPAs are well versed in dealing with NYC nanny tax laws. Please do not hesitate to call  our Manhattan CPA office if we can be of assistance to you.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses

Besides assessing mission, goals, and market for yourself, you’ll also want to talk to a trustworthy, knowledgeable accountant about the financial aspects of your small business. What kind of entity structure best suits you: sole proprietorship, partnership, corporation, or LLC? What are the statutory insurance requirements, and what type of other insurances, if any, will you want? Most importantly, how do you set it up to be tax efficient and keep yourself out of trouble? How can the owners of the entity reduce taxes? What about New York City business taxes?

Manhattan CPA Jonathan Medows can help you sort through all of this and more. With experience advising on taxes, profitability, pricing, cash flow management, accounting records, bookkeeping, insurance, he’ll help implement plans to build your small business with a strong foundation so it can enjoy a nice healthy life.

When starting a small business, the ideas and questions are firing fast. The experienced staff at the office of Jonathan Medows know that when you want an answer, you want it immediately. Pick up the phone and give the office a call. They’ll get back to you in a day or less, and help get you started in the right direction.  Taxes are a headaches, Jonathan Medows CPA has the tax aspirin.

About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation.  We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.

Jonathan Medows, CPA

MEDOWS CPA, PLLC

http://www.medowscpa.com

http://taxblog.medowscpa.com

info@medowscpa.com

A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses