Forensic Accounting

Taxes and Divorce

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Unfortunately, for some couples, once the children are all grown, all that is left is two people who no longer have a reason to stay together. They might not be angry with one another, or have a big issue with each other, its just a case of not having much in common. And also not being willing to work towards a common goal. We see this more often these days in the baby boomers, than we ever saw it before. There are considerable life style and tax ramifications to a divorce, and if you are even thinking about such a thing, it’s a good idea to get all of your financial records together and come see us. Why mention it at this time of the year? Well, chances are you are already gathering everything up in order to prepare your taxes so why not kill two birds with one stone as they say.  Journal of Accountancy had some great advice on this subject: Continue reading

Tax Incentives for Small Businesses

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In Indian River county most of our businesses have less than 100 employees. they are the lifeblood of our beautiful county, they keep people employed and even help start more small businesses.

Being a small business owner is hard enough throughout the year but tax time brings its own special challenges.  DiSalvo and company is here to help with your end of year planning and to get you ready for next year as well as planning best for your business for the coming year.

With so many different changes put into effect in 2015, taxes can be extremely confusing to the Average Joe.  Now compound that with all of the incentives for small businesses and you have a recipe for disaster without adequate guidance.

According to Accounting Today, small businesses have these updated tax incentives to consider during their preparation time this season.

“New permanent incentives for businesses: The Protecting Americans from Tax Hikes (PATH) Act, enacted in December 2015, made a number of tax incentives permanent. For businesses, these include:

  • The reduced five year recognition period for S corp built-in gains tax;
  • 15-year straight-line cost recovery for qualified leasehold improvements, restaurant property and retail improvements; and,
  • Charitable deductions for the contribution of food inventory.
  • Write-offs for equipment purchases. Two important deduction options apply to purchases of equipment and machinery:
  • Write-offs for leasehold, restaurant, and retail improvements.
  • Charitable contributions. Corporations can deduct their contributions up to 10 percent of taxable income. Contributions by pass-through entities are claimed by owners on their personal returns, subject to their adjusted gross income limits.”

Before you get bogged down in all of the other end of the year business, take a moment to book your appointment for early next year. The earlier you start your tax prep, the sooner we can get things prepared for you. It also helps us advise you on what things we can help you implement for next year.

Pete DiSalvo, CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

Have You Run Your Credit Report Lately?

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With all of the  computer hacking and other  scams  are around these days, it’s more important than ever to run a credit report at least once a year.  The major credit reporting agencies are required to allow you to run a free credit report which also does NOT impact your FICO  score. Before the end of the year, please, go and take a moment to run this free report. It’s also a good idea to check and see if your credit card company has provisions for checking your credit score. I know that Citibank has that feature on it’s website.

Why do you care about your credit and your credit score? You may not know this, but all manner of companies check your FICO Score.

  1. Utility Companies
  2. Insurance Companies  both Home and Auto
  3. Potential Employers
  4. Credit Card Companies
  5. Investment Companies
  6. Mortgage Lenders
  7. Landlords

As you begin your Investment planing for 2017, or if you may be thinking about purchasing a home, or a new automobile, it’s always best to know where you stand BEFORE you begin the search. That way you can clean up any errors should you find some. Also, be very careful about checking your credit card statements each month. Some of my clients have found small, regular charges on their statements which were NOT initiated by them. The sooner you catch this type of thing, the easier time you have getting those charges removed and preventing further charges on your card.

DiSalvo CPA

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

 

 

 

What Do We Do When Tax Season Has Passed?

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I think that some people are under the misconception that when their tax returns have been completed and filed that everyone in the DiSalvo and Company CPA Offices just goes on vacation. While that might be a nice idea, other than perhaps taking a day or two off after tax season, we are here, ready to work with you during the remainder of the year. Continue reading

Re-Hiring Former Employees

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During the economic downtime of the mid 2000’s there were plenty of employers who were forced to lay off good employees. Now that work has picked up for many of those companies, is it a good idea for them to hire back some of their old workforce? Continue reading

The Scoop on Workman’s Comp

 

Workman’s Compensation rules and regulations vary from state to state. What stays the same, however, is that each employer with a certain number of employees MUST carry Workman’s Comp. In Florida, if  have a company, other than construction company, and have four (4) or more full-time or part-time  employees,  our laws state that you are required to carry workers’ compensation coverage. Continue reading

Divorces

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You’ve heard that song, it’s the most wonderful time of the year. They use it for Back to School time, it’s used for Christmas. In our case, this time of the year is often the most awful time of the year.

Couples who have been struggling for sometime in their marriage often stay together through the holidays, and then file for divorce at the beginning of the new year. On top of Tax Preparation time, it’s Forensic Accounting time!

Not everyone who needs forensic accounting needs it because one partner or the other has been dishonest. But that is the case more often than not. It is our job to pour through financial records and certify that both parties understand the financial standing of the other.

Sometimes the forensic accounting work is because another type of entity is breaking up. Partnerships, started with the best of intentions, may unravel and need to be dissolved. In that case, it is our job to move away from the emotions, and to turn a sharp eye on the books. To try to make a fair and equitable agreement for people who were once friends and partners.

All of this can be stressful, I admit. But feeling forever a victim of a partner who may have either been inept, or dishonest, that is worse.

Before you make any moves in the direction of divorce or dissolving a partnership. please consult with an attorney, and call an accountant. Sometimes things are not as bad as they seem, and if we are called in early, we can help keep things going. And sometimes, we can’t. At least once we are done, everyone will know where the money went.

Pete DiSalvo

CPA

Melbourne - Titusville - VeroBeach - Certified Public Accountant

Book Keeping

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It’s here again. Tax time. At DiSalvo and Company, PA, we are always grateful to our clients who take bookkeeping seriously. Those are the clients who’s tax returns are much easier to prepare. Everything is in the books. Expenses, properly categorized, income, also properly categorized. All in one place.

Not all of our clients take the time to do their own bookkeeping,or spend the money for a bookkeeping service, and that is a shame. Because in the long run, if you take the time to properly do the books, when you want to see what your financial picture is, it can be done with a keystroke. When its tax time, you won’t need to spend a whole week preparing for your appointment with us.

Managing cash flow is difficult when your invoices are not promptly sent out each month . So rather than doing them by hand, you might want to set up a bookkeeping software program. That way you only have to enter the specific charges for a regular client. If you have a new client, you enter their information one time, and then next time you need to invoice them, you just type in their name and the invoice will populate for you.

If you need a loan for your business, all the data is there, just print out a profit and loss and you could be ready to go. When you are trying to build a new business plan for the year, you can see where your money went over the past year. Advertising? Promotions? Website? All of those expenses are there.

At DiSalvo and Company, we use Quickbooks. Our staff can train you or your staff on how to use Quickbooks, and make your business life less stressful.

Forensic Accounting

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What is Forensic Accounting ? Per Wikipedia: “Forensic accounting, forensic accountancy or financial forensics is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. “Forensic” means “suitable for use in a court of law”, and it is to that standard and potential outcome that forensic accountants generally have to work.”

Most of us go into a marriage, or business partnership with high hopes that we are entering into a relationship that will always be good. Unfortunately, sometimes that is just not the case. Over time things can happen which tear at the fabric of these relationships until they simply fall apart. Sometimes we are able to walk away amicably and move on, and sometimes people are not entirely honest, and funds go missing. That is when attorneys will hire us to do Forensic Accounting.

We follow the trail until we find where money has been hidden, or we find mistakes that may have been made. Whatever the reason, there are times when Forensic Accounting by a reputable CPA firm is essential. We can help.

Vero Beach Certified Public Accountant

CPA – DiSalvo Logo

 

Sage Advice from Dave Ramsey

business advice, book keeping, quickbooks consulting, new business owners Vero BeachIt is no secret that I admire Dave Ramsey, and at this time of year, most of us are reaching the beginning of our busiest time here in Indian River County. For many of the businesses I work with, business is better than it has been in years. That relieves us of some of the financial stress we may have faced in the past seven years, but now we have a whole different kind of stress, the kind where it becomes more difficult to balance everything that is going on in our lives. I thought this post from Dave Ramsey might just give us some food for thought.

“5 Traits of Fulfilled People

You know them when you see them.

They’re those people who are always cheerful and smiling. They’re the ones who rarely complain, and everything they touch seems to turn to gold. They’re successful yet humble, influential yet compassionate. And the thing is, that’s who they really are! What you see is what you get, in public or behind closed doors.

What makes them that way, and how can we all start living our lives a little more like they do?

These people are fulfilled, and it’s a way of life that we can all adopt for ourselves. It just requires taking on some of the traits of fulfilled people and living our lives intentionally. Here are five of their not-so-secret secrets.

1. They Have a Plan

Fulfilled people know where they want to go in life, and they know how to get there. Not only that, but they’re not bogged down in hopelessness that it’ll never happen.They’re full of hope for the future and optimistic that with hard work and prayer, they’ll see their plans become reality.

Related: 7 Types of Life Goals

2. They’re Full of Gratitude

Whether they’re making a salary of $30,000 or $300,000, fulfilled people are grateful for their lives and see them as a blessing from God. They don’t always long for the next, bigger, better thing. Instead, they celebrate their accomplishments and who they are nowrather than comparing themselves and their circumstances to others. They may not have the best of everything, but they make the best of everything. In short, their hearts are content.

3. They Don’t Let Money Control Their Lives

Sure, we all need money to survive. But here’s where fulfilled people differ from a lot of the rest of us: money doesn’t rule their lives. They take control of their finances rather than letting their finances control them. It’s an attitude shift that plays a huge role in our happiness! When we tell our money what to do, we put ourselves in the driver’s seat.

4. They’re Debt Free

Not only do fulfilled people take control of their money, but they take it one step further: They get debt-free. What’s the difference? People who choose not to worship money may still have debt, even though they’re probably on their way out. But those who have become completely debt-free reach a whole new level of fulfillment.

Not only is their attitude toward money different, but they’re actually able to live free of the bondage of bills, payments, interest and collectors. They can direct money toward other, bigger goals: emergency savings, retirement, a house, college, and generous giving. And when life throws them a curve ball, they’re ready because they have the money to hit back. Want to learn how to become debt free? Sign up for Financial Peace University now!

5. They’re Givers

Speaking of giving, the most fulfilled people are the most generous. After all, giving is the most fun you can have with money! They feel so blessed that they’re compelled to give to others.

Broke people can’t be generous, though, because they have no margin in their finances. The road to generosity starts when you begin to make a plan for your life and take control of your money.

And when you do all those things, feeling fulfilled in your life isn’t far off.”

We hope this sets you up on a path to a happier outlook on things.

DiSalvo