Resources

How Your Accountant Provides Value to Your Financial Reporting Cycle

Financial literacy in today’s economic climate is more than just receiving reconciled accounts in periodic financial statements from your accounting firm. It is the ability to know where you are today, where you are going, and the plan to achieve it. To achieve your goals, you need to invest in a system, process and an advisor who can relay knowledge to you in a way that is easy to understand. This will allow you to change direction, set measurable goals and celebrate your successes.

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Cray Kaiser Proudly Announces Membership with Russell Bedford International

We are proud to announce our membership with Russell Bedford International, a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by over 700 partners, 5,000 staff members and 300 offices in almost 100 countries worldwide.

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UPDATED: How Will the 2019 IRS Shutdown Impact Taxpayers?

The government shutdown that began on December 22, 2018 is causing many concerns as the days add up without any resolution in sight.  The shutdown has now affected the IRS, which is currently operating with only 12% of its workforce. Here’s what this means for taxpayers:

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The Tax Benefits of Investing in Opportunity Zones

One of the interesting items coming out of the Tax Cut and Jobs Act of 2017 (TCJA) was the inclusion of specified tax breaks for taxpayers investing in low-income communities. Known as Opportunity Zones, the idea is to encourage long-term investments in low-income communities nationwide through property (real estate or equipment) or business operations.

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5 Apps We Recommend Using with QuickBooks Online

Understanding your business’ finances and managing them efficiently can allow you to make things happen that you may not have known were possible. We want to help you cut down on the day-to-day accounting tasks you do as a business owner and spend more time concentrating on what matters so that you have the tools you need to scale your business. In order to help you take your business to the next level, here are five apps we recommend using with QuickBooks Online for efficiency and productivity.

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The 2/7 Rule for Wages and Maximizing QBI Deduction

The new Qualified Business Income (QBI) deduction is an income tax game changer for owners of flow through entities. But there are many rules and nuances to getting the most out of the deduction.  Whether your business is a Specified Service Trade or Business (SSTB), pays employee wages, has qualified property, or generates taxable income over certain thresholds can create many opportunities or obstacles for maximizing the deduction. Here is how non-SSTB owners with small employee workforces can determine the minimum amount of wages to be paid in order to maximize the QBI deduction.

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5 Annual Tax Essentials

Each year there are a few essential items that should be reviewed to ensure you’re not missing something that could cause trouble when you file your tax return. We recommend taking a look at the following documents and items and reaching out to Cray Kaiser if you have any questions.

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2018 Year-End IRS Update

As we bring 2018 to a close, here are a few updates from the IRS that you should know. Please contact Cray Kaiser if you have any specific questions or concerns.

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Real Estate Investors and the Much Talked About QBI Deduction

The biggest limitation of the QBI deduction is that it only applies to a “qualified trade or business”.  There is not a lot of clarity within IRS regulations in determining what exactly is a trade or business in the real estate arena and there are many unique situations concerning real estate.

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