Online Payroll Processing and Human Resource Management System Specialists > www.GBCPayroll.com
Atlanta Georgia Income Tax Preparation, Accounting and IRS Representation > www.GBCTax.com
Professional Auditing Services for Small Businesses > www.GBCAuditServices.com

Wednesday, December 16, 2015

What do Payroll Service Providers Do and When is the Right Time to Outsource?

Outsourcing payroll is usually the
first expansion in a small business.
Q:What do payroll service providers do exactly?

A: Basic services offered include calculating payroll and tax obligations, printing and distributing checks and producing reports. Additional services can include direct deposit, payroll tax filing, issuance of W-2 forms, 401(k) deductions, and tracking of employee benefits.

Q: When is the right time to outsource payroll?

A: It could become obvious one day that the time is right. But if you’re not sure, ask yourself these questions:

  1. Are you missing payroll deposit deadlines? If your payroll tax deposits aren’t timely, late deposit penalties can be as high as 10 percent.
  2. Are you unsure about your payroll tax calculations? Your errors can be held against you, and penalties can be assessed. 
  3. Too many employees? If you have fewer than 20 employees it’s likely that you can save money by outsourcing payroll. Do the math by comparing the hours/cost of your current system and comparing it to the plans offered by a short list of service providers.
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READ MORE>> SmallBusinessAdministration.gov: Five Tips for Outsourcing Your Small Business Payroll Operations

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Wednesday, December 9, 2015

2015 Refund Estimator and 2014 Federal Tax Brackets Table

CLICK FOR TAX CALCULATOR
Q: What is a federal income tax bracket, and how do I find mine?

A: Different levels of income are taxed at different percentages, which vary year by year, and also according to your filing status. Your particular tax bracket will tell you at what rate your income (your taxable income) will be taxed. The rate of taxation is applied only to your taxable income. You can go to a TAX BRACKET ESTIMATOR TOOL and also see a table to determine and understand your tax bracket and tax rate for 2014 and for earlier tax years by clicking on the calculator picture link.

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Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

Wednesday, December 2, 2015

IRS Updates for Approaching Tax Season

Be prepared for next tax year!
All together, the IRS posted more than 40 updates in 2015.

*These are adjustments to be used for 2015 taxes, to be prepared in 2016, not what you would use to prepare your taxes now from the year that just ended.*

If you want to get a headstart for next year, this is a very good summary. If some of the changes look familiar, it's because they match up with predictions by Bloomberg BNA earlier this year! All taxpayers will see a slight bump in their standard deduction, and the personal exemption amount also goes up.

See upcoming changes in:

  • Tax brackets
  • Standard deductions
  • Itemized deductions
  • Personal exemptions

And also:

  • Family-related tax item updates
  • Education-related updates
  • Healthcare and fringe benefit updates
  • Federal estate and gift tax updates
  • Retirement updates, and more....
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Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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Wednesday, October 28, 2015

8 Areas to Focus on to Avoid a Tax Audit

Stay Alert, Stay Aware!
FACE IT; 

you don't have much time on your hands as a small business owner to deal with combing through every aspect of your financial records to avoid an audit.

With the help of a professional CPA, you can easily prepare and avoid pitfalls by being aware of the most common triggers of an audit.

The IRS uses a computer program called the Discriminate Function System (DIF) that analyzes returns and flags them if they are outside statistical norms. When a return receives a high DIF score, an agent reviews it to determine if it should undergo an audit.

Therefore, here are the appropriate areas to ensure are squeaky clean:
  1. IF YOU HAVE A HIGH INCOME: 0.9 percent of people who make less than $200,000 were audited last year, compared to 10.9 percent of those who made $1 million or more.
  2. OUT OF PROPORTION DEDUCTIONS: The IRS uses tables to determine how much is too much for different income brackets when it comes to deductions, although the tables are not made public. For example, an IRS agent will want to know more if you claim charitable deductions that are not in line with your income.
  3. ROUNDING AND AVERAGING YOUR NUMBERS: Most folks appreciate rounding, but when it comes to IRS Agents, they  tend to believe that if you’re sloppy in this area, the rest of your return may not be entirely accurate.
  4. HOME OFFICE DEDUCTIONS ARE TRICKY: The requirements necessary to take this deduction are not relaxed. Many don't know that a portion of a room does not qualify, even if that large corner of your bedroom is taking up space where you don't do anything personal. Click here for the Simplified Option for Home Office Deduction that the IRS came up with last year. And follow the rules!!
  5. IF YOU CLAIM BUSINESSES LOSSES YEAR AFTER YEAR: The IRS may assume you are taking deductions you’re not entitled to in order to avoid paying taxes. They know, for example, that many claim hobby expenses (follow link to read more) as business losses, which is illegal under the tax code.
  6. FILING SCHEDULE C DOES INVITE MORE SCRUTINY: But don't let fear of an audit keep you from claiming legal deductions. Just do it accurately and keep clean records. Or, if you think it may be time to set up your business as a separate entity instead, read more here.
  7. EXCESSIVE BUSINESS ENTERTAINMENT DEDUCTIONS: If you’re going to deduct these types of expenses, you must keep records for each write-off that includes when and where it occurred, who was in attendance, the purpose as it relates to your business, and a record of what was talked about. You’ll also need to keep receipts for expenses greater than $75 when you’re traveling for business.
  8. CLAIM YOUR VEHICLE FOR 100% BUSINESS USE? This will raise a flag. Also, when deducting for business use of a car, you’ll have to choose between the IRS standard mileage rate and actual expenses. Deducting both of these on your tax return will bring the IRS knocking.
So be smart and make sure you consider these issues in your tax records carefully, but then relax, for there is good news: 

The new IRS Commissioner John Koskinen said that last year less than 1 percent of all returns underwent an audit, and only 0.6 percent of business returns (meaning 0.006)!

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READ MORE


Wednesday, October 21, 2015

7 Red Flags to Trigger an Audit: 7 of 7

Be shrewd and hire a good CPA
with external auditing and IRS
Representation experience: GBC
When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is the final point #7:

*CASH BUSINESSES BEWARE:

*Cash-intensive businesses, such as beauty salons, restaurants and car washes, will always be under closer IRS scrutiny, as they are more likely to under-report taxable income.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

Wednesday, October 14, 2015

7 Red Flags to Trigger an Audit: 6 of 7

Check in next month to learn
about the next red flag to avoid!
When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #6:

*CLAIMING 100 PERCENT BUSINESS USE OF A VEHICLE:

*If the vehicle is not designated for business use and there is no separate vehicle available for personal use, the business owner needs to maintain detailed mileage logs and calendar entries for the purposes of each trip.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

Wednesday, October 7, 2015

7 Red Flags to Trigger an Audit: 5 of 7

Check in next month to learn
about the next red flag to avoid!
When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #5:

*SHIFTING INCOME TO TAX-EXEMPT ORGANIZATIONS SUCH AS CHARITIES TO AVOID PAYING TAXES:

*This is considered tax abuse. Click here for further understanding (Washington Post).

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

Hiring An Accounting Firm for Your Small Business is Essential

A high-quality accounting
firm will address the payroll
concerns of your company.
HIRE A GEORGIA TAX PROFESSIONAL

For any Georgia business to survive in the ever turbulent corporate arena, it has to build on a firm and sensible foundation. One fundamental building block is locating the right accounting solutions in Atlanta, Georgia.

Many small companies make the mistake of assuming that taking on payroll and accounting roles themselves will save money.

What most small business owners do not know is that high quality Atlanta accounting services are surprisingly affordable for small to medium size companies.

Once your company makes the decision to hire an accounting firm in Atlanta, Georgia, you could soon discover that the investments.....


READ MORE > GBC Tax Services Website
For All Your Accounting Needs Call GBC 
Tax 678-366-9232

Wednesday, September 30, 2015

7 Red Flags to Trigger an Audit: 4 of 7

Check in next month to learn
about the next red flag to avoid!
When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #4:

*EXCESSIVE DEDUCTIONS FOR BUSINESS MEALS, TRAVEL AND ENTERTAINMENT:

*Maintain receipts for all expenses, along with detailed records, and don’t overstate these expenses.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

Wednesday, September 23, 2015

7 Red Flags to Trigger an Audit: 3 of 7

Check in next month to learn
about the next red flag to avoid!
When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #3:

*UNREASONABLY HIGH SALARIES PAID TO SHAREHOLDERS WHO ARE ALSO EMPLOYEES:

*Determine reasonable salaries for your type of business based on industry, skill level and geographic location.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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READ MORE

Wednesday, September 16, 2015

7 Red Flags to Trigger an Audit: 2 of 7

Check in next month to learn
about the next red flag to avoid!
When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #2:

*CONSISTENT LATE FILING OF TAX RETURNS AND PAYMENT OF TAXES: 

*Failing to follow filing requirements and meet deadlines triggers penalties, interest and unwanted attention. Always ask for an extension if you won’t be able to meet a deadline.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
--------------------------------------------------
READ MORE

Wednesday, September 9, 2015

7 Red Flags to Trigger an Audit: 1 of 7

Check in next month to learn
about the next red flag to avoid!
When it comes to audits of your small business taxes by the IRS, we are basically all...

GUILTY UNTIL PROVEN INNOCENT!
*Call GBC Services at 678-366-9232 for immediate assistance*

If you've been chosen for an audit, the burden is unfortunately on you to answer the IRS' questions and to prove anything you claimed. They will be sniffing around aggressively for any unreported or under-reported income, along with over-stated deductions, as that is their job. Excuses of losing paperwork or being unaware will not work. Make sure you're on the ball!

*This is a series of 7 red flags to avoid, to help you not invite an audit. Hopefully you can escape this stress... Here is #1:

*REPORTING A NET LOSS IN YOUR BUSINESS FOR MORE THAN 2 OUT OF 5 YEARS:

*You will be well-advised to follow the IRS Publication 535 guide for business expenses, because if a business cannot satisfy three years of profits in a five-year period, it will likely get audited.

To avoid an audit: Beware of warnings, follow procedure, keep good records, hire a CPA, and don't ever ignore tax notices. If you do get audited, be very cooperative and maintain a good attitude with them, and your CPA should be able to handle any IRS Representation for you.

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READ MORE>> www.AmericanExpress.com (from Small Business "OPENForum"): 7 Red Flags That Could Get Your Small Business Audited

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
--------------------------------------------------
READ MORE

Monday, September 7, 2015

Strategies to Beat a Small-Business Audit: HOW TO DEAL

How to triumph over an audit?
There are a number of ways a small business can become targeted for an audit by the IRS. Some of the most common are DIF Scoring, Examination Referrals, and Document Matching. It's essential to understand why your business has been selected to be audited.

The "discriminant index function," or "DIF," is a computerized score assigned to filed returns. The mathematical formula used to derive this score is not revealed to the public, but the higher the score the more likely the audit. Factors such as reported deductions being higher than reported income are red flags. Audits of a related party can also trigger an audit for you. (i.e. If the IRS sees that company XYZ made payments to ABC Inc., they may check if the payment was reported by ABC.) In addition to these practices, the IRS also matches income reported by the payer on 1099 or W-2 forms to the payee's individual tax return to ensure the income is reported.

So, need some help? Hire a professional CPA with experience in IRS Representation. Call GBC Audit Services for help now at 678 366-9232!
And take some advice from a former IRS Agent's angle:

  • DISPUTE THE "HOBBY LOSS" THEORY: According to the Internal Revenue Code Section 183, deductions are limited when an activity is not engaged in for profit. This is known as the "hobby loss rule." If business losses have been disallowed due to the hobby loss rule, it is essential to prove both a business profitability strategy (marketing plans) and prior success to show that the current losses are temporary.
  • CLAIM MISSED DEDUCTIONS: Many business owners may not know it, but an audit is also  a great time to submit documentation for overlooked deductions. Such deductions may reduce the taxpayer's liability or possibly generate an overpayment of taxes, which can offset any deficiencies determined by the IRS.
  • BE CREATIVE IN SUBSTANTIATING YOUR DEDUCTIONS: Keep in mind that the IRS allows for third-party documentation, oral testimony and other forms of verification substantiating expenses, so if your business lacks documentation to support business mileage reported, consider using Google maps, clients' records and past invoices to estimate mileage. Another example would be if you no longer have receipts or documentation for certain expenses claimed, take the time to retrieve prior bank records or credit card statements. It is also beneficial to make contact with vendors to request proof of payment.
  • GET PROFESSIONAL HELP: If you feel overwhelmed by the mere mention of the IRS, it may not be a bad idea to get a tax attorney, accountant or enrolled agent to fight on your behalf. That way, you can remove yourself, emotions and fears from the equation completely. Begin by submitting Form 2848, "Power of Attorney and Declaration of Representative," to the IRS. They will be required to make direct contact with the agent on your behalf.
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READ MORE>> www.bankrate.com: 4 Ways to Beat Small Business Tax Audit
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Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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Wednesday, September 2, 2015

2015 Small Business Taxes: What's New?

Good news: the rumor that no
refunds will be issued until
October 2015 is NOT true!!
To help you get a handle on the critical tax facts, let's take a look at some of the changes that could affect your small-business tax filing in 2015:

There are now seven income tax brackets, which will also break down differently depending on your filing status. Aside from this, capital gains taxes will also expand. These are the profits you earn from the sale of your capital assets, such as investments or property. Gains on investments held for less than one year are considered short-term gains and are lumped together with your ordinary income. Gains on investments held for more than one year receive special tax treatment. For 2015, the tax rate applied to long-term capital gains will depend on the tax bracket you fall into:

  • Tax returns in the 10 and 15 percent tax brackets won't pay any capital gains taxes.
  • Tax returns in the 25, 28, 33 and 35 percent tax brackets will pay 15 percent in capital gains taxes.
  • Tax returns in the 39.6 percent tax bracket will pay 20 percent in capital gains taxes.
Payroll (FICA) taxes, (which consist of the Social Security tax, the Medicare tax and the new additional Medicare tax for higher-income earners,) are also increasing. Here are some details:

  • Social Security tax: 12.4 percent of earnings on income up to $118,500
  • Medicare tax: 2.9 percent on all earnings
  • Additional Medicare tax: 0.9 percent on all income above $250,000 (if married and filing jointly), $125,000 (if married and filing separately) and $200,000 (if filing as single or head of household).
There are also changes to retirement contributions, and in some cases you could put away a lot more than you could last year. IRA's will also be limited to one rollover per person per year.

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Wednesday, August 26, 2015

Ghassan R. Ghraizi- Atlanta Certified Public Accountant

Ghassan R. Ghraizi, CPA
A University of West Florida College of Business graduate, Ghassan R. Ghraizi offers Metro Atlanta  the very best in payroll and tax assistance to date.

Currently leading financial operations at GBC SERVICES, LLC., Ghraizi's experience  is varied and extensive. This fact is perhaps what lends to his talent in providing superior service in the realms of business oriented finance  and human resources  database management.

Ghassan R. Ghraizi's skill set as a Certified Public Accountant is as comprehensive as his years of experience.  To date, Ghraizi's CPA services include:

•    QuickBooks cultivation alongside traditional  ledger keeping
•    Payroll preparation, accounting and management
•    Income tax preparation, analysis  and timely  filing
•    The  establishment of  Human Resource Management systems
•    Time sheet development and workers compensation reporting

But the list does not end there..... As a team leader at GBC SERVICES, LLC., Ghraizi can also offers clients a large variety of relatively new financial services online.

Benefits offered by GBC  to small and larger sized businesses are as follows:

•    Online payroll services and human resource database management
•    Tracking employee scheduling and payment processing
•    Web based client bookkeeping systems and tools
•    Varied structured CFO services like forecasts and business plan analysis

These are among the many options provided by Ghraizi at GBC SERVICES, LLC.

KNOWLEDGABLE AND DEDICATED

When seeking the assistance of a Certified Public Accountant, experience is key. Ghraizi has the education  and proven commitment  to  providing superior customer service and cutting edge accounting technologies.
To learn more about  this highly qualified Atlanta based CPA, contact Ghassan R.Ghraizi  today.

Online Payroll Processing and Human Resource Management System Specialists
Whether you are a workforce of one or of thousands,your business can greatly benefit from the numerous services GBC Services in Atlanta has to offer. 
READ MORE


Atlanta Georgia Income Tax Preparation,
With GBC Services income tax preparation services, you can rest assured that your taxes will be done right and on time every time.
READ MORE

READ MORE about his experience and skill set:

Wednesday, August 19, 2015

The Benefits of An External Audit

Evaluate your system accurately!
In an external audit, expect that professional accountants will interview the owner, discuss the accounting system and test the company's accounting information and procedures.

External audits offer several benefits for small business owners:

  • Providing ValidityMany small business owners do not have an in-depth understanding of accounting principles.  Professional accountants can review this information objectively and thoroughly and provide business owners with insight on the accuracy and validity of the accounting process. Valid accounting information can help business owners secure external financing from lenders and investors, and is also pleasing to the IRS.
  • Uncovering ErrorsBusiness owners can use external audits to discover errors in their accounting process. Errors in accounting information may prohibit managerial staff from making the best decisions. Business owners can also find it difficult to review historical financial information and discover trends if errors are in place. Trends allow business owners to plan future production output and estimate sales for the upcoming months.
  • Limiting Tax and Legal IssuesLegal issues arise when business owners provide inaccurate or fraudulent accounting information to lenders, investors and the general public. Overstating income, inventory value or other items can significantly increase the amount of taxes owed by the company. Small businesses organized as a sole proprietorship also need accurate accounting information since income will be reported on a personal income tax return. Inaccurate accounting information can trigger a personal and business tax return audit.
  • Educating the Business OwnerBusiness owners often work closely with external auditors to improve their accounting process. External auditors will provide business owners with information on current accounting issues. Public accounting firms may also provide business owners with free educational seminars to improve their accounting process. Creating a personal relationship with a public accounting firm provides business owners with professional insight for future accounting questions.
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READ MORE>> smallbusinessChron.com: What Are the Benefits of An External Audit?
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READ MORE

Wednesday, August 12, 2015

The CGMA Designation: Why It Matters

CFO Ghassan Ghraizi received
the CGMA designation.
ATLANTA, GA (FEB  2011)  
Started in January 2012, the CGMA (Chartered Global Management Accountant) certification is a global honor that can be bestowed on a Certified Public Accountant who passes the stringent qualifying exam.

The designation was the merger between the London based Chartered Institute of Management Accountants (CIMA) and  the American Institute of Certified Public Accountants (AICPA) and was created to foster an understanding of the  vital  role accounting and financial institutions play in world economics.  The institutions also wanted to set in place a universally accepted quality gradient for an ever growing economically assimilated world.

The CGMA will also be heralded as something of a gold standard that small to  large companies can towards for when seeking business services.  This means that when a client utilizes the services of a CPA or CFO who has a CGMA designation, they can rest assured that:

  • The accountant has passed a strict qualifying exam that is backed by AICPA-CIMA, two of largest financial governing bodies in the world.
  • One can rest assured that CPA'S  and other certified accounting and business managers with the CGMA certification have to adhere to required codes of ethics and conduct.
  • People who earned this certification take their jobs seriously and thus, will attempt to provide customers with top notch financial services.

In other words, those who endeavor to earn their CGMA title have decided to commit to a system of financial integrity and fiscal responsibility that greatly benefit business.

Ghassan R. Ghraizi of GBC SERVICES LLC has taken a step towards that level of care and commitment by recently earning his Chartered Global Management Accountant designation.

Contact GBC SERVICES, LLC., today to learn more about the services they provide for companies like you.

READ MORE:
Chartered Institute of Management Accountants (CIMA)
Chartered Global Management Accountant (CGMA)
American Institute of Certified Public Accountants (AICPA)
GBC Services LLC, Tax Accounting Services for Atlanta GA
GBC Press Release MORE

Wednesday, August 5, 2015

What is the Objective of an External Audit and What Standards are Required?

Weigh the fairness of your financials
with an objective assessment by an
external auditor and gain credibility.
An audit is a systematic process of objectively obtaining and evaluating the accounts or financial records of a governmental, business, or other entity. Whereas some businesses rely on audits conducted by employees—these are called internal audits—others utilize external or independent auditors to handle this task (some businesses rely on both types of audits in some combination).

The primary objective of the external audit is to add credibility to the financial statements of the management.

The role of the external auditor is to render an independent professional opinion on the fairness of financial statements to the extent that is required by generally accepted auditing standards. External audits are often used by smaller businesses that do not have the resources or inclination to maintain internal audit systems.

The auditing process is based on standards, concepts, procedures, and reporting practices that are primarily imposed by the American Institute of Certified Public Accountants (AICPA). AICPA general standards and standards of field work declare that:

  • External audits should be performed by a person or persons having adequate technical training and proficiency as an auditor.
  • The auditor or auditors maintain complete independence in all matters relating to the assignment.
  • The independent auditor or auditors should make sure that all aspects of the examination and the preparation of the audit report are carried out with a high standard of professionalism.
  • The work is to be adequately planned and assistants, if any, are to be properly supervised.
  • Independent auditors will carry out proper study and evaluation of the existing internal controls to determine their reliability and suitability for conducting all necessary auditing procedures.
  • External auditors will make certain that they are able to review all relevant evidential materials, whether obtained through inspection, observation, inquiries, or confirmation, so that they can form an informed and reasonable opinion regarding the quality of the financial statements under examination.
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Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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Monday, August 3, 2015

Checklist for Small Business Tax

Start gathering the right info
for your tax professional.
Are you overwhelmed about preparing your taxes for your small business? 

There is much to gather regarding information on income and expenses! This can include different types of inventory, different types of business transportation expenses, and forms. Hiring a CPA is probably the best way to do all this, but before you throw your hands up, here is a handy checklist to help you start getting an overview, and also to help your accountant:
  • Gross receipts from sales or services rendered
  • Sales records (for accrual based taxpayers)
  • Inventory (if applicable)

And then from your inventory:

  • Beginning inventory
  • Inventory purchases
  • Ending inventory
  • Items removed for personal purposes

SEE MORE>> HRBlock.com: Small Business Tax Prep Checklist

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Wednesday, July 29, 2015

The ABC's of an External Audit

A very wise step for any business is
to choose an external auditing team.
An audit is a systematic process
of objectively obtaining and evaluating the accounts or financial records of a governmental, business, or other entity. Whereas some businesses rely on audits conducted by employees—these are called internal audits—others utilize external or independent auditors to handle this task (some businesses rely on both types of audits in some combination). External auditors are authorized by law to examine and publicly issue an opinion on the reliability of corporate financial reports.

The business of external auditing
is to determine the extent to which the organization adheres to managerial policies, procedures, and requirements. The independent or external auditor is not an employee of the organization. He or she performs an examination and issues a report containing an opinion on a client's financial statements. During the course of an audit study, the external auditor also becomes well-acquainted with the virtues and flaws of the client's accounting procedures. As a result, the auditor's final report to management often includes recommendations on methodologies of improving internal controls that are in place.

The compliance audit,
the financial statements audit, and the operational audit are among the major types of audits conducted by external auditors. A compliance audit has as its objective the determination of whether an organization is following established procedures or rules. A financial statement audit (or attest audit) examines financial statements, records, and related operations to ascertain adherence to generally accepted accounting principles. An operational audit examines an organization's activities in order to assess performances and develop recommendations for improvements, or further action.

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READ MORE>> inc.com: "Audits, External" from Encyclopedia of Business Terms 

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Monday, July 27, 2015

Find Out About Your 2015 Credits and Deductions!

Click on the picture to go to the site.
Weigh your situation!!

Click on the scales to go quickly to the IRS page on credits and deductions in 2015. There are quite a few both for individuals and businesses, both small and large.

Examples are the Earned Income Tax Credit (EIC), and the Child and Dependent Care Credit, which help millions of families every year.

In addition to the standard deduction for individuals, common deductions include home mortgage interest, state and local tax, and charitable contributions. Many business expenses are deductible as well.

Check this out to get a preview of your tax outcome in 2015!

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READ MORE>> www.IRS.gov: Credits and Deductions
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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232

Wednesday, July 22, 2015

New CPA Certification! GBC Tax is Fully Equipped for Atlanta Accounting Needs.

GBC Services, LLC can now do
even more for your business.
FOR IMMEDIATE RELEASE

The Senior Staff Accountant at GBC Tax has now completed his CPA certification.

Milad Jaberi joined GBC Services in 2011 and has worked with small businesses, specializing in the areas of payroll accounting and payroll tax compliance. Milad graduated at the top of his class earning a Master of Accounting with a Tax Concentration from Kennesaw State University in 2011. Previously, he earned a Bachelor of Business Administration in Accounting from the University of Georgia in 2009, and has now earned his CPA.

In his spare time, Milad enjoys golfing, traveling, spending time with his family, and cheering for Atlanta’s professional sports teams. He is just a part of the amazing professional team we have to work for you at GBC. Contact GBC Tax, LLC for all your accounting, payroll and HRMS, and audit and consulting needs today!

GBC Tax and Audit Services, Certified Public Accountants is located at:
1950 North Park Place SE, Suite 150, Atlanta, GA 30339.
Telephone: 678-366-9232

GBCTax.com
GBCPayrollServices.com
GBCAuditServices.com

For Media Inquiries: Ghassan R. Gharaizi, Quickbooks ProAdvisor and Certified Public Accountant.

Monday, July 20, 2015

Payroll: to Outsource or Not?

A smaller payroll management
company may best serve your
small business needs.
Today, small and mid-sized businesses have a wide spectrum of payroll options. On the one hand, you have in-house administrators who often employ payroll software to do the job. On the other, you find large, traditional payroll services—and a slew of smaller competitors vying for their piece of the outsourcing pie.

Can the big players meet the specialized needs of today's small and midsize businesses? Or is bringing payroll back in-house and using specialized software the best route for small to medium-sized businesses?

For a small business of around 10 people, sources have found that the cost of paying an outside agency to manage payroll, tax liabilities, documentation, and process the physical checks is less expensive than having an internal dedicated person.

Here are a few quick comparisons:

Benefits of outsourcing:

  • Improved compliance and accuracy
  • Time savings
  • Lower long-term costs for some businesses
Benefits of in-house:

  • Instant access to data
  • You may be doing most of the work anyway
  • Cheaper if business has under 10 people
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READ MORE>> New-Talent-Times.SoftwareAdvice.com: Should You Keep Your Payroll In-house or Outsource It?

Monday, July 13, 2015

State Business Tax Climate Index 2015

How does your state rank?
While taxes are a fact of life, not all tax systems are created equal. One measure, total taxes paid, is relevant, but other elements of a state tax system can also enhance or harm the competitiveness of a state’s business environment. This Index boils down fifty complicated state business tax systems into one easy-to-use ranking.

While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a road-map to improving these structures.

The index enables people to gauge how their states' tax systems compare.

Here is a highlight, which shows the five best and worst states in the index this year:

Best:

  1. Wyoming
  2. South Dakota
  3. Nevada
  4. Alaska
  5. Florida
Worst:
  1. New Jersey
  2. New York
  3. California
  4. Minnesota
  5. Vermont
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SEE WHOLE INDEX HERE>> TaxFoundation.org: 2015 State Business Tax Climate Index


Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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Monday, July 6, 2015

Outsource Your Payroll and Reduce Costs for Your Expanding Small Business!

Save money for your growing
business by outsourcing payroll.
Consider the amount of time you and your employees spend on payroll-related activities. 

And don’t forget expenses such as the cost of printing checks, computer software, training and support. Outsourcing your payroll functions will most likely save you money because your payroll provider will handle all of these things for you.

Many professional payroll providers offer packages for small employers starting as low as $50 per month.

Aside from the obvious tremendous time-save to your business, you will also be able to:

  • Avoid IRS penalties.Penalties for errors, omissions or late payroll tax filings can be very costly. Many outsourced payroll providers will calculate payroll taxes, manage filings and payments and will assume the cost of penalties due to incorrect calculations or late payments so long as you provide the necessary information and funds on time. Keeping abreast of state, federal, local and industry-specific regulation changes can be at best a real challenge. A reputable outsourced payroll provider has a staff dedicated to keeping up to date on all of the changes that could affect your payroll, ensuring that you stay in compliance.
  • Expand payment methods.
    In addition to printing and shipping checks directly to your door, most payroll companies also offer the convenience and security of direct deposit services. Because pay is deposited directly into your employees’ accounts, having to put a stop payment on a lost paycheck and reissue it becomes a thing of the past. Many payroll providers also offer a paycard service for unbanked employees, usually at little or no cost to the employer.
  • Eliminate payroll pain and worry.
    With the help of a professional payroll service provider, the hassle and pain often associated with processing payroll is gone! You provide the basic information, and your payroll company takes care of the rest. And with guarantees of error-free payroll and tax filings and payments, you can eliminate the worry that many experience when it comes to paying employees and taxes correctly and on time.
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Wednesday, July 1, 2015

Questions to Ask When You've Decided to Outsource Your Payroll

Make sure the Payroll Service you
choose responds quickly to your
questions and has excellent skills
regarding customer service.
While the majority of U.S. businesses process paychecks internally, this is not always cost-effective. At minimum, internal payroll processing requires the purchase of a computer or manual accounting program and extensive training to use it. In addition, businesses need to keep up to date on changes in personnel, deadlines, and tax requirements on an ongoing basis.

Using a payroll service generally makes sense if your payroll changes with each pay period. If your company has employees working varying amounts of hours each week or has a significant turnover rate, a payroll service can be a time-saving and cost-effective alternative to internal processing. Using a payroll service can also be helpful if you have to pay payroll taxes for multiple states.

If you have decided to outsource your payroll, here are some tips to help you hire someone:

Features

  •  What does your basic service include?
  •  How quickly can you re-run a payroll if there is a mistake?
  •  How long does the average client stay with you?


Tax filing

  •  If I use your tax filing service, do you cover the penalties and/or interest charges?
  •  Do you provide filing assistance for local taxes?
  •  What is the cost to file taxes for multiple states?


Charges

  •  What is the cost for your service for one year, including year-end W-2 forms?
  •  How long are these rates in effect? What rate increase should I expect after that?
  •  If there are payroll data mistakes, how long will it take to reconcile the errors and what will it cost?
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READ MORE>> Entrepreneur.com: Outsource Your Payroll

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Wednesday, June 24, 2015

GBC Tax LLC is GROWING! New Auditing and Payroll Branches Added!

We at GBC Tax will help
your small business grow too!
FOR IMMEDIATE RELEASE

GBC Services, LLC, is expanding their small business for all your accounting and HRMS needs in 2015.

GBC Tax has expanded its services to include auditing, IRS representation, HRMS, consulting and CFO services, and e-verification. We have added new websites and branches and also added some staff recently. Our staff is growing! Our senior staff accountant, Milad Jaberi, has now completed his CPA certification, and we have a new staff accountant, Amanda Gardner.

Amanda Gardner recently graduated from Kennesaw State University with a Bachelor of Business Administration in Accounting in May 2014. Amanda’s focus and passion include audit and business analysis, and she is currently pursuing her CPA Certification and Master's degree. When not at work, Amanda loves to spend time with her family and partake in arts and crafts.

Call GBC today for a free consultation and see how well-rounded, professional and comprehensive our services are first-hand! We can help you grow your small business also, protect you from potential IRS problems, and increase your profit margins! We are also fully equipped to handle the needs of larger corporations. Please visit our new payroll and auditing websites:

GBCPayrollServices.com
GBCAuditServices.com
GBCTax.com

GBC Tax, Payroll, and Audit Services, Certified Public Accountants is located at:
1950 North Park Place SE, Suite 150, Atlanta, GA 30339.
Telephone: 678-366-9232

For Media Inquiries:
Ghassan R. Gharaizi, Quickbooks ProAdvisor and Certified Public Accountant.

Wednesday, June 10, 2015

External Auditing Services and Solutions Offered to Atlanta Small Businesses

Protect your small business.
FOR IMMEDIATE RELEASE

GBC SERVICES, LLC NOW OFFERS EXPERT EXTERNAL AUDITING SERVICES FOR ATLANTA, GA.

Choose to protect your profit margins by having a professional audit service completed.  Keep your company on sound economic footing by utilizing an expert league of accounting professionals who know what the current governmental standards are. Call or contact GBC Audits today to learn how we may assist you in your quarterly and retirement plan auditing needs.

One cannot take for granted how vital it is for a company to observe regulatory fiscal reporting measures required by agencies like the IRS. The Internal Revenue Service is merely one federal department to worry about in this regard, however. The Department of Labor also has a number of reporting requirements, with documentation that must be filed annually, and sometimes electronically, which we take care of also. Providing essential reports to these governmental bodies is not a small task and can be difficult for one person or small team to oversee.

The GBC Audit team is lead by Quickbooks ProAdvisor Ghassan R. Gharaizi, an experienced CPA who takes a nuanced, multifaceted approach to financial planning and assessment. Not satisfied with cookie cutter business paradigms, Gharaizi works very hard to make sure the auditing solutions he proposes for your company are indeed tailored to fit your needs. This can be especially helpful for small businesses, which can have very different considerations than larger corporations. Likewise, a larger company’s accounting obligations will have a much broader scope. In both circumstances, auditing services will have to be adapted in order to apply the appropriate tools. GBC Audit Services of Atlanta's services are highly affordable, taking all manner of budget constraints into consideration.

GBC Audits of Atlanta provides pertinent Audit and Consulting Services that will assist you and your financial team whenever critical tax seasons or quarterly fiscal sessions arise.

GBC Services LLC, Certified Public Accountants and Auditing services is located at:
1950 North Park Place SE, Suite 150, Atlanta, GA 30339.
Telephone: 678-366-9232

GBCTax.com
GBCAuditServices.com
For Media Inquiries: Ghassan R. Gharaizi, Quickbooks ProAdvisor and Certified Public Accountant.

Wednesday, June 3, 2015

Hire a Payroll Service as Your Small Business Grows

A basic cost-effective solution
in a growing business is to hire
a payroll service provider.
Are you getting overwhelmed now that your small business is growing and want to know where to begin? Hire a payroll service.

It might have been easy to track the handful of employees working at a single location, but diversification and revenue growth often leads to hiring additional employees, sometimes at multiple locations. A burgeoning payroll also means keeping up with additional compliance and regulation issues.

If you find yourself dedicating more time than you can afford to managing payroll, you should strongly consider using a payroll service provider, who generally takes care of these basic things:

  • Taxes
  • Payroll delivery and reporting
  • Direct deposits and check printing
  • Wage garnishment
Also, consider these other compelling reasons to outsource payroll duties: Payroll administrators can provide payroll preview services that let you know exactly how much payroll liability you face. And payroll service companies can track employees' time and attendance with an online time clock or proprietary time-management software.

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READ MORE>> SmallBusinessComputing.com: Should You Hire a Small Business Payroll Service?


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Wednesday, May 20, 2015

A Summary of What an External Audit Includes: Questions and Answers

Ensure the health of your business;
hire a professional external audit.
Q: What does the process of an external audit for your business entail?

A: Basically, an external audit occurs once a year and focuses on the company’s performance and compliance. Accounting records are commonly examined in an external audit to make sure no errors exist in the financial statement, which is important for investors and regulatory requirements.

External auditors have no affiliation with the company, which offers the company an unbiased examination.

Here are some of the most frequently asked questions:

  • Q: What is a Typical Audit Time-Frame?

    A: An external audit does not have a standard length. The audit goes on until the external auditors have finished. Generally, an external audit begins at the end of the company’s fiscal year, since that is when the accounting books are closed and financial statements for the year are prepared. The external auditors may communicate with internal auditors when any questions arise during the process, but the external auditors are not influenced by the internal auditors.
  • Q: Is There any Pre-Audit Planning Needed?

    A: Before the external auditor begins, certain activities must be completed. The auditor must meet with management of the company to determine if any internal changes in control, procedures or other factors have affected company record keeping and reporting. Such factors can include changes in industry regulations, legal matters or changes in company structure and operations.
  • Q: What Goes on for the Duration of the Audit?

    A: The reporting phase is the main part of the external audit, which is done on site at the company being audited. In this phase, auditors examine the company’s ability to record and process data accurately in reports, such as in financial statements. This is done by going through the records used to create the statement, or other documents, and re-creating them to see if they were created correctly by the company. During this phase, the auditors may request additional files or documentation from the company’s internal auditors or ask questions about how conclusions were drawn.
  • Q: What Outcome Should be Expected as a Result?

    A: At the end of the audit, the external auditors prepare and deliver a summary report to the company. The summary report details all of the findings from the audit. This includes discrepancies found in the reporting and non-compliance of rules and regulations. The auditor findings offer the company a way to correct any discrepancies and become compliant before a regulatory body notices.
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READ MORE GBC Tax Services Website
For All Your Accounting and Auditing Needs Call GBC 678-366-9232

Wednesday, May 13, 2015

Characteristics of An Effective External Audit for Your Business

Consider the contributions of the
managament and audit committee
in the audit assessment also.
An effective audit truly challenges and tests the contents of the financial statements in order to form an opinion on whether they present a true and fair view. An audit must, of course, comply with all relevant auditing and ethical standards as well.

An effective audit must also include:

  • An audit process tailored to the risks facing the entity, the business structure and the regulatory environment.
  • An audit team that is technically strong, perceptive, intellectually curious and independent-minded — bringing an informed professional skepticism to bear on management’s approach and assertions.
  • An audit approach that is based on an understanding of the control environment, including the role of information technology in supporting the financial reporting process.
  • An audit culture that seeks continuous improvement and increased quality.

Fundamentally, an effective audit must deliver the right audit opinion, in which shareholders will have confidence.

Two more important characteristics are:
  1. Communications and reports to those charged with governance that reflect the audit team’s thought processes and rationale for conclusions. These should discuss management’s approach, alternatives considered, relevant comparators and a clear articulation of the final conclusion.
  2. Effective interaction with management and the audit committee throughout its performance — everyone must understand what the ‘audit issues’ are, why they are ‘issues’ and how they will be resolved.
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Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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