The Importance Of A CGMA Certification For Your CPA

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.

The CGMA certification is a 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.

CFO Ghassan Ghraizi received
the CGMA designation.
ATLANTA, GA (FEB  2011)  

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.

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READ MORE

• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• 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

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

The Time to Outsource your Accounting Services is NOW.....

Don't wait until the last minute to
outsource your business accounting services.

PUT YOUR MIND AT EASE AND OUTSOURCE YOUR BUSINESS ACCOUNTING SERVICES TO FREE UP YOUR WORKLOAD AS A BUSINESS OWNER.

When running a business, not only must you focus on the sales and marketing to grow and expand,  but it is very important to make sure the book keeping is well managed. Many business owners choose to manage their own accounting services with a mind set to save money, but there are a few benefits to having a local accounting service such as GBC Atlanta Tax Services.

As a business owner, the #1 factor is finding time to manage all of your daily task. When outsourcing your finances, you are benefiting from an outside source of knowledge. You will have 24/7 access to a reputable financial advisor and a expert accountant will be there when it counts by providing the following:

• Complete your bookkeeping/invoicing
• Payroll
• Provide end of the month/year financial report

Typically when you hire a tax accountant, they will charge more for the hourly rate due to your book of business being mis-managed. A tax accountant would spend more time piecing together the financial facts which cuts into your wallet.

Outsourcing your accounting for your business will also cut down on tax preparation fees. 

Transferring your business accounting to a local accounting service company such as GBC Atlanta Tax Services would have your business files up to date and in order, charging less of a fee when filing your small business taxes.

By outsourcing your accounting services, as a business owner you will have more time on your hands. Right now is the time to focus more on your sales and growth.

Time is extremely valuable as a business owner, so outsourcing your account services is vital to the growth of your company.

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• GBC Payroll Services' Website   
• About GBC Services
• Payroll Taxes and Your Business
• Helpful Payroll Related Articles
• GBC Tax Income Atlanta Office
• 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

GBC Tax Accountants Have An A+ BBB Rating - Why That Helps You and Your Small Business

GBC Tax Accountants understand your
money is your lifeline and treat it as such.

One wouldn’t trust a doctor or mechanic with an unreliable or inconsistent reputation, why should an accountant be any different? 

You work hard to take care of your family, your business and accumulate savings for a rainy day.

A very successful business owner knows that the key to success is in hiring the right men and women to do the job. With over over 30 years combined experience to draw from GBC Services LLC of Atlanta are the go-to companies for financial management and accounting. GBC boasts a tremendous library of information and resources that can assist small to mid-sized companies with their Human Resource, budget assessment, bookkeeping, and tax preparation needs.

At GBC, the focus is on the individual. 

We take a personal approach by sitting down with you to learn just what it is you are looking for and why.

A reputable accountant can help your money grow and protect cultivated assets.  They can also make decisions that devastate you financially.

To that end, one should make sure that the CPA you are considering  is listed with the Better Business Bureau.  When it comes to consumer protection, the  BBB is the gold standard.  Annually, the Better Business Bureau investigates hundreds of businesses to see if they are trustworthy or have a large number of consumer complaints.  Those with black marks do not get listed or have extremely low rankings.

At GBC Services, LLC., we  understand your money is your lifeline and treat it as such.  This is why we have complete transparency as well as state of the art accounting services that can help you manage your money and keep it safe.  

Our CPAs are well trained, and our commitment to ethical and fair business practices is second to none. In a frightening business and economic climate, knowledge is power.  The BBB can provide you with that.

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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

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Save Time And Money by utsource Your Payroll Services

Payroll management is a time-consuming activity,
removing this burden can allow your employees
to focus on more productive items.

There are numerous benefits to hiring an accounting firm offering payroll services in Atlanta that many small businesses may not be aware of.

While on the surface it appears that doing payroll, taxes and other accounting-related services yourself saves money, in reality, this simply may not be the case.


At GBC Payroll of Atlanta, we provide both large and small companies with the accounting tools they require to keep their business running smoothly.

You don’t have to command a league of thousands to find yourself in need of payroll management services.  With skilled professionals at your disposal, you can be assured our expert team of financial consultants will happily assist you with the customization of payroll reports, time sheet filings, and federal and state tax reporting.

 Our job is to relieve you of the day to day burdens associated with payroll processing.

GBC Payroll saves you time and money by providing you a full and accurate payroll service with exceptional customer assistance, low cost preparation, and timely filing of federal, state, and local payroll taxes. We handle your tax deposits and payroll paperwork electronically which frees you of the worries regarding penalties and late fees.

If a good portion of your day is spent taking care of time-consuming enterprises like bookkeeping, ledger balancing, and employee worksheet maintenance........

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READ MORE

• GBC Payroll Services' Website   
• About GBC Services
• Payroll Taxes and Your Business
• Helpful Payroll Related Articles
• GBC Tax Income Atlanta Office
• 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

Find GBC Services Atlanta Tax Accountants On LinkedIn - Make A Connection

Finding the right certified public accountant for your company’s crucial tax preparation and accounting needs is essential to maintaining a tax compliant status. Rely on the superior accounting experts at GBC Tax Services to get the job done, on time, every time.

GBC Tax Services of Atlanta‘s reliable accounting practices allows your onsite accounting staff to focus on other critical aspects of running your business. This in turn will increase employee productivity, assisting in the goal of greater profit turnover. GBC Tax Services can also be integrated into your current accounting procedures, with cost-effective payroll packages that further decrease company workloads.

Ghassan R. Ghraizi
Team Leader at GBC Services,  LLC.,
Atlanta, Georgia (Greater Atlanta Area) | CPA

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.

With such an impressive, well documented work history, there is very little doubt that Ghassan Ghraizi has the knowledge and know how to help clients get the most out of their accounting experience.

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READ MORE GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232
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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.
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Capital Gains In Your Retirement Accounts

Information about capital gains can be kept in
various ways accurately and efficiently.
When in doubt, ask your tax advisor!

It’s likely that you’ve had some capital gains. 

Most of the information about capital gains comes from brokerage firms where you keep your investments; but, your capital gains in your retirement accounts are generally not reported unless you've started receiving distributions from them. Other information comes directly from you, the taxpayer.

Keep in mind the following facts:

• The tax rates on capital gains are less than the tax rate on ordinary income. Most commonly, they range from a maximum of 15% to zero. There are special types of capital gains that are taxed at 25% or 28%.

• You can take a net capital loss on your tax return, but that loss can only reduce ordinary income, like your wages, by $3,000, and losses in excess of that amount are carried forward to the following year. Married taxpayers filing separately are limited to $1,500 per year.

• Net capital losses that exceed the annual limit are carried forward to the following year and treated as if incurred in that year.

There are other technical details that might only interest your tax advisor, but here’s what the IRS expects:

1. Anything you own, whether it’s for business, for pleasure, or for investment purposes, is subject to capital gains tax. Everything.

2. You must report all capital gains.

3. You cannot deduct and therefore do not report capital losses on property held for personal use.

As the summer heats up and you decide to get rid of the collectibles piling up in your garage or in some rented storage place, as long as you don't make a profit from selling your stuff, there's little chance that the IRS will audit your failure to report your yard-sale operation; but, just remember that the IRS can.

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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.
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READ MORE about his experience and skill set:

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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

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Proper Tax Filing in a Gig Economy

The modern economic landscape is shifting
so abruptly, a small business owner in a gig
economy may falter or misfile, prompting an audit.

Trying to keep abreast of the various ins and outs of tax filing is daunting enough, but can be especially problematic in a gig  economy.

What the heck is a gig economy you ask?  

As the name somewhat implies, it is an economic period where permanent work becomes scarce and most companies rely on hiring independent contractors and temp workers to get corporate work done. 

As can be expected, this makes for uncertain influx of income forth bother employers and employees.

Our current economic climate not only alludes to this growing trend, but it also indicates that it may become a permanent fixture in the corporate sector. A recent study by Inuit indicates that 40 percent of  US based workers will identify as independent contractors by 2020.  There are a number of reasons for this, from  the prevalence of online  jobs, remote  work and tiny entrepreneurial companies that are fueled by internet traffic or revenue sharing ventures.

With so many online businesses, usually sole proprietorships, being established, entrepreneurs will find themselves challenged  on how to adequately file their taxes and avoid the kind of red flags that prompt an IRS audit.  Adding to the potential of an Internal Revenue visit is how relatively new the phenomenon is.  Government agencies are usually slow to adapt to economic and social changes, so they may not have systems in place dedicated to the growing number of gig economy based set ups.

The biggest concern for an e-commerce company, particularly if it is a sole proprietorship or LLC, is the proper reporting of income. 

The best way to ensure proper filing is to do so via the 1040 form, the standard tax return for independent contractors. If the business is technically diversified . e.g., you create arts and crafts as well as sing on the weekends in a money making party band, the business owner will have to keep separate records from each enterprise and designate their income separately on both state and federal forms.

Because the modern economic landscape is shifting so abruptly, a small business owner in a gig economy may falter and even misfile, prompting an audit. To avoid this pitfall, such companies may need to rely on a reputable accounting firm to handle their taxes. A reputable company will offer packages that suit the needs of a wide variety of business. When investigating an accounting firm, ask relevant, in depth questions to see if they understand the specific needs of an independent contractor who is subsisting within a gig economy structure. By hiring knowledgeable accounting pros, an independent contractor can remain reasonable free from the threat of an IRS audit, which will grant peace of mind to any business owner, in any type of economic climate.

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READ MORE

• GBC Payroll Services' Website   
• About GBC Services
• Payroll Taxes and Your Business
• Helpful Payroll Related Articles
• GBC Tax Income Atlanta Office
• 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

The Importance Tax Planning for Small Businesses

Your blood sweat and tears go into maintaining
your small business. Protect your time and money
by hiring an external accounting firm.

Unlike most mega corporations, small businesses don't have a team of accountants and lawyers to consult when hit with a IRS audit. 

This is among many reason why a small to moderate sized business should retain the services of a reputable accounting firm.

A reliable and historically proven  accounting firm, such as GBC Taxes Atlanta, would act  on your company's behalf if you ever find yourself  in need of assistance during or after an IRS audit.

Of course it is also prudent to avoid  getting audited altogether. The best way to do this is to outsource your financial  preparations for quality record keeping.  Even with dependable in house  accounting staff on hand, you will need a second pair of eyes to keep the tax man at bay.

Human Factors and Financial Accounting

The problem with relying solely on  company  finance officers is the principle of familiarity breeds contempt. It's not that the staff CPA's will consciously try to sabotage records, it's just that, being human, they will become comfortable with  the daily routine  of the office.  Such comfort has it's draw backs and minuses.  On the one hand, its good to have happy and satisfied workers--this makes them more likely do their jobs well in an effort to  remain employed.

The down side--in such an atmosphere it can become rather easy to become complacent, skipping over imperative details that  can provoke an  Internal Revenue investigation when tax time comes around. Besides, it never hurts to give your internal  ledger keepers a helping hand.

Maintenance and Record Upkeep

Another potential issue with in office record keeping is the propensity to lose all important paper work and documents.  This of course becomes an issue in during an audit where relevant  information  can make the difference between a loss of hundreds or even thousands of dollars into government coffers.

Knowing what these trends are can also e assist in cultivating  business planning that helps your company, and it's assets, grow.

When  small business outsource their financial record keeping for tax related purposes, they  have the added security of knowing pertinent information is being stored for easy accessibility when need be.  It's like having a back up, fire proof safe  at the ready in case of an emergency.

Business Planning and Updating

Because tax preparation and filing is the focus of any good accounting firm, they will be more likely  know what the current IRS regulations are, especially in terms of small businesses. This is essential, as governmental procedures can change annually depending on global and domestic economic climates. 
Your blood sweat and tears go into maintaining your small business. Protect your time and money investment and ensure long term viability by hiring an external accounting firm to fulfill all your  important  tax related needs.

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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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When seeking the assistance of a Certified Public Accountant, experience is key. GBC Services CEO Ghassan R. 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.

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READ MORE

• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office

Online Payroll Processing and Human Resource Management System Specialists

IRS and Small Business Owners IRS Alert

If you run a small to moderate sized company,
outsourcing options as a means to protect your
investments on the in case of IRS prompted audit.

Many small businesses suffer from the misconception that only big corporations have to worry about exhaustive IRS audits. 

Nothing can be further from the truth.


Why?
The Internal Revenue Service utilizes a different set of criteria for evaluating moderate and small businesses, so there are numerous things that can red flag your company for potential governmental scrutiny that are unique to typical mom and pop ventures.

The most common issue  that creates unwarranted suspicion is the filing of numerous tax deductions and exemptions.  Even if such deductions are legitimate, far  too many of them may  give the IRS the impression, mistaken or other wise, that you are playing fast and loose with tax loopholes, shelters and write offs.  To reduce potential risk of an IRS audit in this regard,  you may wish to mitigate the numbers of deductions you indulge, taking due care to keep all receipts  and documents on hand.  This measure may not only keep you from getting audited, but may very well assist in keeping the business in the black should you wind up  being the unwitting participant of  an IRS evaluation.

Another potential problem that may be more specific to smaller and mid sized business is the correspondence audit. 

Moderate sized companies are in greater danger.

Especially this type of review due to the fact that this type of IRS evaluations focus primarily on  red flags that are specific to more diminutive enterprises. In many cases,  this style of audit may not require a face to face meeting and can be disputed in an informal setting.

Another way to keep the tax man at bay is to outsource your major accounting work. Even if you have an in house bookkeeper or a reliable on staff finance team, it is always a good idea to have another pair of eyes evaluating your books. Not only does it guarantee your financial records will be maintained, it allows for pristine record keeping that reduces IRS related inquiry.

Outsourcing may be especially needful if you undergo a correspondence audit and decide to dispute the outcome. 

Even though these kinds of IRS audits are largely handled via snail mail, they can still be costly and problematic to a small company's bottom line when contested.   Companies that routinely outsource with reputable accounting firms will be able to utilize reliable CPA's to represent them in Tax Court. Additionally, the company will be familiar with your company's in house finance paradigm and can utilize this knowledge to assist you in the pursuit of your goals.

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• GBC Tax Offer Atlanta Experienced IRS Representation
• Visit the Internal Revenue Service's Website
• Atlanta Income Tax Preparation Services
• GBC Tax Income Atlanta Office
• Commonly Used Tax Forms
• Contact GBC Income Tax Services Today! 
• Payroll Taxes for Your Small Business

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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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Things to Consider When Outsourcing Payroll and HRMS

A small business owner won't have the in depth
knowledge of tax codes as it relates to payroll,
governmental regulations or IRS standards.

Being your own purchasing agent  has very little if any drawbacks--but improper filing of tax documentations, or bad record keeping, could land you in hot water with the IRS.

While this is understandable, and can be done in many areas, one place where this can prove disastrous is in the realm of accounting. 

The issue is compounded when smaller ventures lack the manpower to effectively  structure a human resources department.  Without  an established  HRMS in place, office routines can become unorganized and dysfunctional.

The solution? Outsourcing.

Human Resource Management Services

Human Resource Management  is an extremely important aspect of running any business,  and is critically linked to quality accounting and  the upkeep of financial records.  Most small business can ill afford to ignore HRM  responsibility yet they  often think they can take on this aspect alone. The danger here of course is mismanagement, which could potentially lead to trouble further down the road.

Outsourcing to a firm that can expertly handle the day to day functions of Human Resource Management is the surest way to go. Reputable companies offer a variety of ways in which a small to midsized company can integrate their services and will happily consult with clients to address their goals and concerns.

Many small to moderate sized business owners attempt to wear  far too many hats in order to maximize their profits.  

When investigating options in this area, small business should take into consideration the longevity of the firm as well as its accreditation. Honestly,  would you trust your kids to someone  you just met or to an individual with a bad reputation? Your business is your baby--make sure you place it in the right hands.

Payroll Services

All too often, small to moderate sized businesses  attempt  to take care of their own payroll needs or hire one individual to take on the task of  payroll distribution and record keeping. The error here is somewhat obvious.  A small business owner won't have the  in depth knowledge  of tax codes as it relates to payroll, governmental regulations or IRS standards. Likewise,  relying on only one person or a small  department to address critical aspects of bookkeeping can put you on the pathway towards an exhaustive IRS audit.

Outsourcing is a great option here as it would be enable a company of any size to utilize the expertise of individuals whose primary concentration is tax, payroll and human resource management. Just be sure the company you choose employs certified  public accountants and has a  great reputation in this arena.  GBC Taxes of Atlanta can confidently make such claims and offers decades of collective accounting experience.  Contact or call us today to learn what we can do to help your small to moderate sized company run more efficiently, and avoid  common pitfalls that lead to an IRS audit.

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READ MORE

• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• 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

What You Should Know About IRS Correspondence Audits

Many of these  types of audits occur when
mistakes in accounting happen.

Much ado has been made about the fact that IRS audits are on the  decline, however, this  does not mean the IRS can't, or won't, come knocking on your door.  This is especially true if you own a small to mid sized company, as these types of  audits are actually on the rise. 

Correspondence Audits and What They Mean for Your Business

When it comes to IRS related tax audits, large and small business can face two kinds. One is the face-to-face audit.  This particular process is largely handled in person, with the agent and business owner pouring over relevant documentation to assess how much money, if any, a business may owe in  taxes.

The type of audit small to moderate sized companies most often face however, is the called a correspondence audit. As the name implies, this type of  IRS review is generally handled via  snail mail, and can be disputed in lower tax courts. Even so, if handled incorrectly,  a correspondence audit can lead to a  closer examination  of your company's financial  records, which could lead to significant payouts.

This is something a struggling small enterprise can ill afford.

Dealing with a Correspondence  Audit

Correspondence audits usually occur after an IRS agent is alerted to potential issues on the company's tax return.  It could be something as simple as a clerical  error or  missing finance  documentation.  In such instances, an agent will send out an official letter to the business owner requesting further information for clarification.

Now, a correspondence  audit may appear innocuous enough but don't be fooled.   These types of government examinations can be a drain on time and financial resources as you try to get he matter sorted.  Making matters worse, there is usually very little recourse for businesses who receive these types of  notices in the mail, as contact information is seldom supplied.  In other words, you  receive  the notice with on o way to call  or ask questions regarding the  issue.  The only other option  a company will have at this juncture is to request an in office meeting with your local  IRS representative, but this request may or may not be honored--and that's perfectly legal.

How to Avoid a Correspondence Audit

When you receive one of these little bomb shells in the mail, you will have to respond to it by law or face heavy fines or penalties.  Many individuals try to gather the requested info and send it off hoping that will end the matter.  This may not always be the case.

As the old saying goes, an ounce of prevention is worth a pound of cure. Many of these  types of audits occur when mistakes in accounting happen.  Or worst yet, the company's finance department has lost or failed to keep up with pertinent records.

Avoiding this scenario may be as simple as hiring an outside accounting firm to handle your financial record keeping and tax filing. GBC of Atlanta is familiar with ins and out of Correspondence Auditing and related disputes and can act on your company’s behalf. Contact us today to learn more about how to protect your financial investments and remain in good standing with the IRS.

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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

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Tax Season is Every Season : How To Avoid An IRS Audit

What Does The IRS Take Into Consideration
When Performing An Audit?

Did you know that you are more likely to face an audit when Tax Season is in full swing.  In either case, it pays to be ready, no matter what.

Although Tax Season for all officially ends and begins on a given calender day, one mustn’t make the mistake that so many businesses do, by thinking  you are safe from scrutiny  once the season comes to a close.

Remain on Guard

The Internal Revenue Service has a list of things it looks for when considering a business for potential audit. These red flags can pop up for any  reason, at any  time. As this is the case, it remains imperative to  be on the look out for potential  accounting issues, and, when and wherever possible, to outsource with a reputable accounting firm.

Indeed, the IRS can  perform an audit for any reason any day of the week, 365 days a year.


Why?

Having a second pair of professional eyes lowers your risk of IRS investigation, which  all too often approaches a corporate audit with a “guilty  until proven innocent” mindset.

What to Look Out For 

The IRS looks for a wide variety of things that  could potentially clue them in  the idea that you may not be on the up and up, at least in their eyes. When it comes  to intensive government investigations, an uncrossed “t” and undotted “i” simply means payments weren't given to Uncle Sam  in due time, and that can spell trouble for you and your business.  Even so, agents will and often do consider human errors during an audit, but they will often need detailed documentation  to make such determinations—this  is when accurate record keeping becomes crucial.

So, what are some of the things the IRS will take into consideration when performing an audit?  There are quite a few, with the most common being:

Ready and Petty Cash – Businesses that run primarily on cash transactions or  have a lot of petty cash on hand for odds and ends, may garner significant  attention. This is because cash is hard to trace and can easily be hidden or  passed under tables.  In such cases, the IRS may also evaluate your --

Lifestyle and Charity Contributions –   When cash flow is difficult to determine, the Internal Revenue Service will often assess  an individual's social status as it relates to what neighborhood they live in, car they drive, how expensive their clothing  is and even the size of charitable contributions. They weigh these things against the person's assets, inheritances and  the money reportedly take in.  Of course, someone with a sizable income will be able to amass a wealth of creature comforts. If you are pulling in less than 110k a year however, living in Beverly  Hills and buying a Bentley every year should be well out of your price range.

While the IRS uses this assessment as tool in business that deals largely in cash, they can and often employ this methodology in affirming potential tax evasive or mismanagement  for other types of payment based goods and services.

Business Expenses and Reports  – It is not unheard of for  an employee or businessman  to  expense corporate travels, and while even entertainment and meals can be  legally deducted, you have to be able to prove their relation to  company related activity. This is why it is prudent to keep all receipts and documents  on file on the in case they are needed to justify an company expenditure during an audit.

Work Form Home Write Offs  – working from home is becoming more and more common. For business owners who spend a good portion of their time at their residence, they may and can often write off things like their utilities and  internet service.  Individuals  who are tempted to do so however, may  pile on unnecessary deductions in order to receive a hefty  tax return.  Eagle eyed IRS agents  will spot such discrepancies however, and in due time, you may find yourself undergoing an intensive tax audit.

As the above list indicates it is prudent to retain receipts and  relevant forms on the in case  the IRS pays you a visit. The best course of action is to avoid an audit altogether.  One way to do this it  to   stay on top of your accounts, which  is why outsourcing to a reputable finance firm is in you and your companies best interest, all year round.

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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

• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

Payroll Services : Hiring An Outside Bookkeeper

The Importance of Outsourcing A Bookkeeper

Why Hiring Outside Bookkeepers Assists in House Payroll

Large or small, consumer or industry oriented, reputable businesses must report their income to the appropriate government body during the appropriate time frames.  Problem is, even a moderate sized company could find itself in the cross hairs of an Internal Revenue  Service audit.

There are numerous things that could give the IRS reason to consider an intensive audit, but chief among  them remains issues found within payroll.

Why is this the case?

All departments can find themselves backlogged and inundated with time consumptive projects. Problems arise however, when overworked, over stressed  employees begin to overlook imperative details, especially in the realm of payroll tax filing and reporting.  Clerical errors and mistakes in this realm  happen under these types of circumstances, which greatly increase your company's risk for governmental intrusion and investigation.

Other common issues that can create a lax or problematic environment include:

Mismanagement in the Finance Dept – employees are the backbone of commerce but bad business practices, or simply hiring the wrong kind of candidates, can place you at risk for a tax audit.  When business is mishandled at the employee level, an atmosphere of apathy and lowered morale can ensue as well.  Keeping workers happy is paramount to success, and can be just as important as  hiring individuals with  knowledge and skill to effectively run the office. Still, even happy seasoned  accountants can make the kind of  recording mistake that cause IRS agents to knock on your door.

Increased Work Loads – Smaller businesses are especially guilty of the practice of heaping too much work onto one person.  In an effort to save money however, this could cost you, especially if the employee in question is keeping you or out hot water with the IRS.  Unfortunately, things like hiring freezes and budget constraints can make it near impossible to remedy  the situation.

Bad record keeping habits – Everyone gets into the occasional rut and accountants are no exception to the rule.  Problem is relying on ritual or lackadaisical bookkeeping may prove disastrous when it comes time for detailed audits.  This concern is  particularly troubling since established patterns means one may not be looking into new and innovative ways to solve problems.  Coupled with the fact that the IRS changes their recommendations and filing requirements quite frequently, it pays to remain forward thinking in regard to payroll management and record keeping.

Probable Embezzlement – no business wants to entertain the thought that someone within their fold could willingly deceive them or do them harm, yet disgruntled or  aggrieved employees can and often will bite the hands that feed them.  In an uncertain world, it is often times best to have another pair of eyes perusing over  your financial documents and files to ensure not only their accuracy, but authenticity.

GBC Tax Services of Atlanta has a number of trustworthy well vetted CPA’s on staff with the expertise needed to find potential problems before they become a force too big to reckoned with.

At GBC ,we pride ourselves on being  problem solvers, looking at tasks with an eye towards finding solutions and eradicating the kind of imbalances that get companies flagged for IRS audits.

Indeed, outsourcing payroll audits may be one of the best ways to ensure your finances remain impeccable enough to stand up to IRS scrutiny.   If you are still uncertain about your prospects in this arena, do a bit of intensive research and speak with someone in the know regarding the services of reputable accounting firms  like GBC Taxes of Atlanta.  Once satisfied, you should take that all important step of protecting you and your hard earned investments, today and well into the future.

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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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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
• GBC Audit Services

IRS Determination : You Have The Right To Contest

Appealing an IRS Determination

Appealing an IRS Determination – Is It Possible?

You've just undergone an exhaustive IRS audit and your worst fears were realized. You owe money. A lot of it. Money you don't even have.  You are now left with plenty of questions  yet not a ton of options.  At this juncture, you may feel inclined to toss your hands in the air, curl into the fetal position and drown out the world, but don't give up just yet.

Businesses, no matter how large or small, have the right to contest IRS determination in tax court.  What does this mean? It means that the IRS decision isn't necessarily final. If you are able to prove your case in court, you could manage to reduce the fees or eradicate them altogether.

Great!  How Do We Start?

How, when and where you present your case is ascertained by the IRS ruling itself, but first and foremost:

Make Sure  Your Appeal is Valid – To  have your  case effectively heard, it must first fall under the rule of law, tax law in particular.  When it comes to  a tax appeal for example, you can't claim an conscientious objection or exemptions based on moral or religious grounds.   After determining  if your case falls within legal parameters, you can either file a claim using tax form 12203 (for cases where a determination of of $25, 000 or lower was made) and presenting it to the tax courts. If the determination was higher than $25,000 dollars, you will need to  file a formal protest, which is a bit more involved.  After all pertinent information if received, the courts will schedule a conference where they'll address your concerns  and assess them for validity.

Know What You Are in For – Disputing a tax assessment is not the same as appealing a civil or criminal case.  One major difference is that you won't see the individual who audited you at this point.  Rather,  an appeals officers will be assigned  to your case and the process will begin with them. Because the appeals officer is unfamiliar with your case and  may not have ties with the agent who audited you,  you could feel as if you'd have a better chance at getting heard and resolving the matter  to your satisfaction.

File Within the Allotted Time Limits – bear in mind that there is a  tiny window of time to appeal the decision, usually  30 days.  If you don't file your appeal  within the scheduled frame, you will lose the right to have your case heard.    The process is informal and can be done via letter correspondence or in face to face meetings. If you fear  you won't have time to address the case, you should consider having someone serve as  representative in your stead.

Hire a Knowledgeable  Representative – In cases where you wish to appeal an IRS ruling, it is best to hire a qualified CPA, Tax Attorney or  Agent  to go over your case and accompany you to hearings.  Someone ill equipped for the job  could end up costing you  your one chance to remove a heavy debt load from your shoulders.  If you decide to let someone speak on your behalf, be sure they have the expertise and know how to present your case well.

At the need of the day, most Americans are unaware that they can  even dispute an IRS audit ruling. If you have been audited recently, now would be to perfect time to claim your right to an appeal.  A step in the right direction would be to hire a expert CPA, such as the ones found at  GBC Income Tax Services of Atlanta.  Don't put your future as risk by doing nothing...start the appeals process and see what you can do to reverse  the decision and  get your business back on the fast track.

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• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• Chartered Global Management Accountant (CGMA)
  American Institute of Certified Public Accountants (AICPA)
  GBC Services LLC, Tax Accounting Services for Atlanta GA
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Facing the Dreaded Audit By The IRS

The Dreaded IRS Audit - What Actions You Should Take

The IRS has targeted you and your company for a comprehensive audit. 

You've done everything  humanly possible to avoid it, but  your worst fears have been realized. Before you  fling  yourself headlong into panic mode and start checking out real estate in Tahiti, relax. An audit  isn't necessarily the end of the world, especially if you know what to do  in preparation for one.

Great – I am Being Audited – Now What?

An audit can be particularly stressful for  both employer and employees alike.  While the business  owner worries about potentially  being fined, paying exorbitant fees or worse, going to jail, dependent  workers wonder if they could lose their primary source of income should the business go under.
With so much at stake, corporation undergoing a tax audit will need to ensure they have everything on hand to make the process go as smooth as possible.

Gather all pertinent file, records  and documents –this is  the most important aspect of preparedness that cannot be stressed enough. The inability to a locate or present documents  can provide IRS agents with enough fodder to fine   you or claim criminal intent on your part.   Indeed, companies that are able to provide relevant records and books are least likely to face serious consequence after an exhaustive audit.

Do Your Home work – A little research can go a long way in not only helping you feel more secure, but in educating you on what you will need throughout the IRS auditing process. One thing that may surprise you is that the IRS aren't the big evil boogeymen they are made out to be, in fact, they   will and often do consider the fact that employees are prone to human error.  At the end of the day, only a small handful of audits result in serious  citations, fines or arrests.    With that in mind, remember that  they will and often will pursue anything they think to be grossly out to of proportion with the facts presented.

Take a Deep Breathe and – Relax! – The last thing you want to do is raise suspicions that  you have something to hide by acting overly worried. That is not to say pretend everything is A-Okay—just don't get super worked up. Stressing over the matter won't help things anyway, as the best way to ensure you  are going to “beat the system”   is to  do everything in your power  to legally increase the odds of a positive outcome. Seeking the advice of  a well respected accounting firm like GBC Tax Services of Atlanta is one way to  do this.  By outsourcing, you can  go over what needs to be done prior to the IRS agency visit. You  will also be better equipped to ferret out potential problem and solutions before the big day arrives.  In any case, it is always wise to go with  proven experts in the field of accounting  so you know you  you'll be ready when the Tax man comes a-calling.

Once you’ve decided on an expert CPA,  you can have them represent you or be a  part of the process alongside you. In either case, it makes more sense to have a proven and trusted CPA at your side who will help you protect everything you're carefully built. They can also  help you  if you don't like the IRS determination, by taking your case to  tax court on appeal.

But no matter the outcome, it literally pays to do your homework.  Avoid  common business  pitfalls that  lead to  a  negative result after Internal Revenue evaluation by being  proactive on your own behalf. It is the only way to win at life as well as beat tax audits.

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• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• 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

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For All Your Accounting Needs Call GBC 678-366-9232

What Home Businesses Need to Know About Auditing

Learn What You Can Do To Beat An IRS Audit

The factors that contribute to home business complications primarily concern keeping adequate, substantial records that indicate the influx of money alongside reasonable deductions that won't get you flagged for an audit.

Operating a  small business  can be  productive and exhilarating, but such proprietors  face a bevy of  issues that are unique to  “mom and pop” establishments. Add to this the fact that the company is operating from your home and things get even trickier. 

For instance, writing off  an off-site office as a business expense is a no brainer, as  one can establish the need to pay rent,  electricity, water and any other related  employee housing disbursement.  When it comes to  a home office however, you have to detail, with all due precision, the increments in which one uses things such as  supplies, water, lights,  and even the internet for business related purposes.  Some  may calculate erroneously and in  some cases fraudulently,  so more often than not, writing such things off can and/or  may  lead to an IRS audit.

How Would a Home Business Get Pinged for Audit?

The IRS considers and evaluates a home business  as it would any other,  while being aware of the limitations of such companies.  In other words, the criteria may remain the same but not the methodology  to factor in potential abuses or mistakes in reporting.

DIF Scoring  Rings Audit Bells   –  if there are enough red flags on your tax return, you could trigger what is known as a DIF  (Discriminatory Index Function) flag.  The DIF is a mathematical measurement that weighs  the possibility of audit based on certain income tax filing characteristics. In other words, if too much is out of whack on the form, it will trigger a high enough DIF to provoke an investigation.  This process is utilizes for all types of businesses, but can be problematic for home businesses, where certain nuances, like business expenses and home office space calculations, can be hard to assess properly.  With this being the case, even a mindful home business owner can  land themselves in IRS hot water.

Regular and Exclusive – Another issue, as discussed previously, is duly calculating the home office space, its requirements and  uses.  Getting this precisely right is important, as the IRS determines home office use in its tax audit assessments.  The evaluation  examines how  “regular” and “exclusive” office use is in relation to  home versus business life.  In order for a home office to  establish “office/ work viability” the IRS has to look at how regularly the room is used for business and how exclusively it is used for said business purposes.  For this reason, there are things one can indicate on  one's tax form that could give an agent the notion to investigate the in home set up. This would involve  making sure the small business owner  observed governmental and tax guidelines, like dedicating the space for work alone e.g. no watching Netflix and  having movie nights in the home office.

Examination of 1099 and W2's – a simple yet effective way that IRS agents can assess probable issues is by comparing  1099's or  w2's to the tax documents  themselves. This easy method of matching will tell an agent right away if there are any pertinent discrepancies in income reporting.

Beat the audit by looking for deductions – If you find yourself in the cross hairs of an IRS audit, it may very well pay to look for deductions wherever you can.  Many home business owners do  not now  for instance that they can write off things like utilities  and even business related phones calls.  If you have  relevant records on hand, they may be  able to be used to offset any taxes the IRS may calculate against you.

Locate  a Reputable  CPA – strong credentials  matter, so if your small home business is facing IRS scrutiny, contact a company like GBC Income Tax Service of Atlanta  and learn what you can do to beat the odds and increase your chances of a positive outcome.

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• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• 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

Estimate Your Tax Liability With Jackson Hewitt's Tax Calculator

Income Tax Calculator

Estimate your income tax return free of charge. These free online income tax calculators help you to estimate your federal tax liability ahead of time.

Take measures to ensure there is no unexpected surprises. 

Estimating your tax liability ahead of time can dramatically reduce your anxiety and stress during the tax season. It allows you to quit worrying about what your tax bill will be and focus on meeting your financial obligation. You can then prepare your tax return without that stress hanging over your head.

READ MORE : Jackson Hewitt Tax Calculator

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GBC Tax Services Website
For All Your Accounting Needs Call GBC 678-366-9232
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• About GBC Services
• GBC Audit Services Website
• Visit the Internal Revenue Service's Website
• GBC Tax Income Atlanta Office
• 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

Human Resource Managements Services Offered by GBC Services Atlanta GA

Small businesses benefit from HRMS services.

In response to demand for increased technology solutions from its clients, GBC Services LLC announces that it has chosen to extend its Payroll and HRMS offerings.

GBC will be offering an all-inclusive, affordable package that will now include web-based HRMS, Employee and Manager Self Service.

GBC Services of Atlanta offers valuable expertise to companies of all sizes that seek to outsource their Payroll services to a company with a great reputation and excellent service record.” GBC Services’ knowledge and experience, coupled with their solid and robust HRIS / PR technology, can provide a small or mid-size company with an affordable, superior product, normally only available to the larger enterprises.

GBC Services is a committed Payroll Services company with lots of experience that serve small to midsize Southeast businesses very well.

GBC Services is now offering their all inclusive, low-cost single priced package under the product name of “GBC Professional Level Payroll and Human Resource Management System”.

• Flexible and Convenient Payroll Services Options
• Download Commonly Used Tax Forms
• Convenient Human Resource Management Solutions 

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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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• GBC Payroll Services' Website   
• About GBC Services
• Payroll Taxes and Your Business
• Helpful Payroll Related Articles
• GBC Tax Income Atlanta Office
• 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