CPA Blog

CPA & Accounting Topics for Business
I graduated from the University of Texas at Austin with a Bachelor of Business Administration in Accounting. The University of Texas accounting school has been and is currently the number one accounting school in the United States. I am licensed by the Texas State Board of Public Accountants as a Certified Public Accountant. I began my career at P...rice Waterhouse Coopers International Accounting Firm in the assurance and tax divisions.  After my successful career in public accounting, I broadened my experience into the corporate world, serving as Controller and CFO. I have extensive experience in debt structuring, mergers and acquisitions, accounting systems, and small to midsize business tax issues. I am a member of the Texas Society of Certified Public Accountants, the American Institute of Certified Public Accountants and a member of their Tax Section and a certified Charter Global Management Accountant. More

Taxmageddon... Bush Tax Cuts to Expire

Taxmageddon... Bush Tax Cuts to Expire
Last week we began our series on Taxmageddon. We discussed the runaway deficit and the fiscal cliff our government is rapidly approaching. Today, we are going to begin discussing the tax increases that go into effect on January 1st of 2013. All of the taxes discussed today are by law going...
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Tax Outlook... Taxmageddon

Tax Outlook... Taxmageddon
The 2012 presidential election already seems like it's been on for years. Regardless of who wins, our current Congress and President must address the expiring tax provisions now called "Taxmageddon". The Taxmageddon provisions expire on December 31st increasing taxes in virtually every tax bracket and impacting almost every US taxpayer. Economists...
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Attitude of Success

Attitude of Success
If you take a look at powerful, successful people, you might be surprised to find that generally they don't have extraordinarily high IQ's. They are ordinary, average people, like you and me. So if these seemingly 'normal' people can achieve such success, how do they do it? What qualities and characteristics...
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Using Key Performance Indicators to Measure Your Businesses Success

Using Key Performance Indicators to Measure Your Businesses Success
This may sound a little odd coming from your CPA, but waiting for your financial statements to tell you what is wrong in your business is foolish. Why? Because by the time your financial statements are complete, your problem has been festering in your business for weeks costing you your hard...
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The Entrepreneurial Spirit

The Entrepreneurial Spirit
I often describe my small & midsize business clients as "Entrepreneurial" because of their innovative ideas and the extraordinary risks each took to build their business. None of my business clients had their business handed to them. They all for one reason or another decided to leave the corporate world and...
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Business Continuity... Are You Prepared?

Business Continuity... Are You Prepared?
While there are no active storms currently in The Gulf, only one month into hurricane season there have already been 7 named storms. While hurricanes can be disastrous to your family & your business, they are not the only potential disaster your business faces. Not only do you need to worry...
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Supreme Court Upholds Health Care Act... Taxes Go Up on Business Owners

Supreme Court Upholds Health Care Act... Taxes Go Up on Business Owners
As I'm sure you have heard... The Supreme Court has upheld the Affordable Care Act, almost in its entirety and the law's individual mandate did indeed survive - but as a tax. So, moving forward, here's what we know for sure.... Will I have to provide medical coverage to my employees?...
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ObamaCare and Your Business

ObamaCare and Your Business
If you have been following healthcare reform, you have waited eagerly for the Supreme Court to issue its decision on the constitutionality of the Patient Protection and Affordable Care Act... AKA ObamaCare. Their ruling is expected to happen tomorrow at noon. How do you think the Supreme Court will rule? I...
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Deduct Summer Camp

Deduct Summer Camp
It's been hot for months here in Houston and the kids have long been out of school but it is finally officially Summer. With the kids being out of school, Summer can become a real balancing act for working parents... Luckily, Uncle Sam wants to help by sending your children to...
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Honoring Great Dads on Father's Day

Honoring Great Dads on Father's Day
As A CPA, I have the unique opportunity to peer into many different types of businesses that are run in unique ways, by extraordinary people. As a result, I have had the honor of being the CPA for some wonderful men. Men who are great Dad's. What I have observed is...
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The Millennial Generation

The Millennial Generation
I have decided I would change up the newsletter for this week and pass on a little wisdom that is not my own. Many of our clients are from the "baby boomer" and "generation X" generations. These generations have children know as the millennial generation. Millennials are now graduating from college...
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Getting Married? Deduct Your Wedding

Getting Married?  Deduct Your Wedding
DIt's that time of year... Wedding season. We have several clients who will be taking the plunge this month or have children saying "I do". I bet they never thought they could possibly write-off some of the costs of the wedding! Now, don't think you can invite all of your business...
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Deduct Your Summer Vacation

Deduct Your Summer Vacation
School is almost out and I bet you are ready for a vacation. However, with the increasing cost of airfare, gas, hotels and meals while on the road, it's expensive to get away this year. Wouldn't it be nice if we could deduct the costs of some family-time away from home?...
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Not So Charitable Deductions

Not So Charitable Deductions
I got a text last week from my daughter who is in college. She is a junior at The University of Texas and very active in philanthropy at the school. Her text was brief as usual, "hey Dad I just donated $50 to a charity, should I save the receipt so...
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Have Your Cake and Eat it too!

Have Your Cake and Eat it too!
Last Friday, we celebrated the end of tax season with an After Tax Season Employee Party. I wanted to do something for the staff in appreciation for all of their hard work. We celebrated with dinner, drinks, some games and lots of laughter - believe it or not, accountants aren't as...
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IRS Wants You to be a Hoarder!

IRS Wants You to be a Hoarder!
We have seen an increase in sales tax audits over the past three years and the IRS is increasing its audits. The number one reason why people end up paying their hard earned money to the IRS after an audit is lack of documentation. Many people don't save their important tax...
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Post Tax Season Holiday

Post Tax Season Holiday
Phew! We made it through the busy tax season, now it's all over; see you next year... right? Wrong! We still have another 6 months left in the 2011 tax season but for now; us working in the tax industry can finally take a sigh of relief. This tax time has...
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"Taxgiving" Day Extended to April 17th

"Taxgiving" Day Extended to April 17th

The IRS is giving us all a couple of extra days to get our returns or extensions filed. This year the Tax Day deadline has been extended to April17th, 2 days later than the usual date of April 15th. This deadline is only changed if April 15th:

  • Falls on a Sunday
  • Falls on D.C.'s Emancipation Day
  • During a presidentially-declared disaster such as Hurricane Katrina.

Well, this year it is 2 of the 3. The 15th falls on a Sunday and Monday, the 16th, is Emancipation Day for the District of Columbia. The District of Columbia holidays are treated like federal holidays - postponing our annual Tax Day until Tuesday, April 17th.

What is D.C.'s Emancipation Day?

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Changes Are Coming... No Matter What!

Changes Are Coming... No Matter What!

Last week, the Supreme Court heard three days of arguments regarding the constitutionality of the Health Care Act of 2010. The Supreme Court will release its decision in June. As I see it, the options the court has are to uphold the law in its entirety, throw out all of it, or cut parts of it. Whatever the decision, we will do our best to keep you abreast of the impact upon you, the small business owner.
Whatever the courts decision, the impact upon you, the small business owner, is significant and you will have to make changes to comply with the law.

But the Supreme Court case underscores the challenges our county is facing, what is coming is the potential for significant change. In fact, as a nation....

......Change and Instability is all Around Us
These are truly historic times we are living in. We have:

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This Spring's Special Tax Tip... How to Deduct Having Fun!

This Spring's Special Tax Tip...  How to Deduct Having Fun!

Today is the start of the first day of the 2012 Shell Houston Open played at Redstone Golf Club. The "SHO" as it is referred to, is an annual PGA Tour event that raises millions of dollars for charities. It is held the week before The Masters golf tournament that is arguably the biggest golf tournament of them all. Thousands of golf fans attend the SHO but few of them know that their business can actually deduct 100% of the cost of the ticket on their tax return.

How can you do that when entertainment deduction is limited to 50% of the cost?

The SHO is what is referred to as a qualified charity event. A qualified charity event must be

  1.  A sporting event
  2.  Gives all its net proceeds to 501 (c) (3) charities
  3. And uses volunteers for substantially all the work performed in carrying out the event.
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