Top 10 Tax Checklists to Get Your Maximum Refund | Joyce CPA LLC

Question of maximum tax return might have crossed your mind several times. But the lack of direction on how to do so will leave you struck with the same question. Gratefully there are many ways to maximise the refunds and that too with not much of hassles. Proper and regular tracking along with the claim of tax deductions stand as a supreme key to that door.

Our experts thus guide you through by listing 10 ways by which you can maximise your tax refund:

Keeping a copy of last year’s tax return:

While Tax Planning it becomes quite mandatory to have an overview of your last year’s returns. It is thus suggested to keep your tax returns properly maintained so that it becomes easier to access that information in coming year. Comparing the tax returns is quite essential so as to get a clearer picture of the company’s financial flow.     

Ignoring standard deductions if you can itemize:

Standard Tax Deduction seeks to provide you with the benefit where you can reduce your taxable income if you are unable to gain more tax deductions by itemizing. Thereby you can seek these deductions by putting an effort to gather some of the concerned receipts. Besides lowering your taxes, you’ll explore that further itemizing your deductions can help you get bigger tax refunds. Other expenses that are considered in standard deductions are - additional expenses like contribution to charity, expenses during job hunt along with state and local sales tax deductions.   

Claiming deduction for expenses during earning:

As per rules you are allowed to claim for the expenses you incur while earning your income. It thus includes expenses while transporting goods from one site to another or while visiting clients or suppliers for business reasons. Along with this, meals and accommodation while travelling for business and the equipments used for work related activities can also be claimed.  

Taking Above-the-line deductions if applicable:

Contrary to the Standard Tax Deductions, Above-the-line Tax Deductions seeks to offer reduced taxable income and that too without itemizing. This deduction covers the expenses incurred while paying for student’s school, self-employment taxes, unreimbursed moving expenses or paid alimony.   

Mentioning your filing status:

While filing Tax Returns it is thus expected from you to appropriately file your status whether it’s single, married filing separately or married filing jointly and many more categories mentioned there. The rate at which your income is taxed depends on the status you have chosen while filing. 

Reporting income from other job:

Filing self employment income stands mandatory based on the income one receives there. It’s worthwhile to note that a part of your home-running expenses comes under tax deduction if you work from home. Besides the primary thing you should know is - whether you are eligible for Home Office Deductions or not and should be considered beforehand.      

Keeping up with the current tax laws:

Thorough knowledge of the latest Tax Laws is expected while filing as it is directly proportional to the refund you will be getting. A detailed knowledge that our expert team holds thus makes us a pro in Tax Planning thereby carrying out maximum refunds out of it.

Knowing what to claim:

While filing your taxes you should tend to know about the credits you can claim because then only the refunds will come as per desired.

Collecting required documents for e-filling:

The documents to be attached while e-filling should be gathered together depending on the taxes you have filed. Along with this documents from other income sources are also to be mentioned if you are working from home.

Hire a help:

Our expert Team is there to help you in your Tax Planning providing you with the expertise and experience you seek while filing your taxes. Tax Planning is not just a single day job; it demands continuous monitoring and appropriate knowledge

How to avoid risk in Tax Planning | Joyce CPA LLC

What is Tax Planning?

Tax Planning basically analyzes the financial position through tax’s aspect. Effective Tax Planning thus demands a lot more than just maintaining and managing the assets. So if Tax Planning is not there in your current financial strategy, it’s time to get one.  

According to a recent survey, tax stands as the highest business risk in recent times. Due to which many organisations are required to go for a comprehensive risk oriented approach while managing their taxation. A properly planned tax proves beneficial for a business that saves them a lot of money with beneficiaries like tax credit along with reduced penalties and interest.

Our experts thus bring forth some measures that can help you avoid the risks while Tax Planning:

Acknowledging risks while moving out of your expertise:

Tax Planning requires the CPA to be fully aware of the risks that a firm encounters while offering new service line. Tax Planning is not just tax compliance monitoring and thus demands much more from a CPA. CPAs are thus required to have complete understanding of the planning involved. Thus, taking up the work aptly based on their capability to do it as desired.

Before rendering new services in their business, a firm is expected to have a complete overview of the potential liabilities and risks involved. Only then, introducing new services will cater some profit instead of losses.         

Mandating the Documentation:

Be it Tax Planning or any other financial matters documentation holds utmost importance. So while considering Tax Planning risk management documentation is the best way to avoid the risk of liability. CPA should focus on mandating the documentation in order to have an upper hand on another party in case of dispute.

The documentation involved need not be an official form or notary approvals and can be in a form of email that mentions the concerned details. Accountants require documents to prove their goodwill approach towards their client in case any issue prevails in coming future.  

Thinking twice about the Referrals:

The referrals that are suggested by the CPAs are sometimes not quite beneficial for the firm. It’s thus required by the CPA to refer the referrals not based on their personal relations with them and on the basis of their capabilities instead. It is thus required to know about the referrals beforehand so that they render a standard of work. In case it doesn’t match the desired standards, CPA is considered equally responsible as the referral.

While providing referrals, CPAs should suggest more than one referral, thus providing various options to choose from. This helps the firm to have their referrals as per desired along with a lot of options.   

Review income and expenses monthly:               

Besides all the measures, one regular practise a CPA is required to adopt is a regular review of income and the expenses involved every month. It helps a CPA to manage the financial flow which makes the Tax Planning process much easier and less risky.

Tax Planning basically involves various considerations like timing and size of income and purchases along with planning for other expenditures. Besides this the investments that are selected should be in accordance with the tax filing status in order to gain profitable outcomes. CPA thus holds a great responsibility while doing so. Thus they are expected to be fully acknowledged about the latest facts and figures along with the ongoing risks that firms are facing. Besides that an overview of tax internal control strategy is mandatory for a CPA to adopt.         

Bank Internal Audit Firm in USA | Internal Auditor in United States

Internal Audit is a potent organization that initiates a company to reach out for their objective. By analyzing a firm’s internal operations it evaluates how compliant the operations are. Internal Audit encapsulates many departments such as system that manage risks, compliance management process or other such areas.
An organization’s biggest concern today is to manage the risks, which if not done accurately leads to a consequent failure. To combat the dire consequences, a company is bound to acquire a focused approach towards internal audit.
To adhere to a firm’s productivity and progress internal auditors work in collaboration with the management to analyze the operations orderly. They seek inconsistency if any, as to how a specific process is accustomed to proceed and how that process is actually operating. The variations that prevail are mentioned in the final report. Auditors also indicate the specific functions that require better efficiency and require innovations per se. Besides the Core Departments, Auditors also analyze definite and indefinite areas of an organization. They tend to serve all the sectors- public and private and can even work as an employee for an organization. Along with the auditing, Internal Auditor plays a role of consultant wherever needed, thus being a catalyst for amending the flaws and avoiding the risks in the practices of an organization.

http://www.joycecpallc.com/internal-audit-services/

Audit and Assurance Services in United States - Joyce CPA LLC

What is Audit and Assurance?

Auditing the financial statement assures that the firm is compliant with applicable reporting standards. It not only ensures the identification of management issues but also includes the acknowledgment of ongoing and upcoming risks. Considering the challenges that come along during this process; our deep and broad understanding of the market will make it quite simpler for you.

At Joyce CPA LLP, Daryl assures you with 20 years of experience in delivering high-quality audit services to businesses in healthcare (hospitals & continuing care facilities), distribution, construction, employee benefit plans (pension plans and 401(k) plans), not-for-profit organizations, and banking. We ensure to fulfill all of your assurance needs to wherever you are located.

We strive to add value to our client’s organization. Besides providing regulatory compliance and financial statement reports, we seek to provide expert advice and major insights regarding internal controls and risk management. Clients can thus initiate better decisions for their business through our systematic way of reporting and issuance of relevant solutions.http://www.joycecpallc.com/audit-assurance-services/

Corporate tax services required for companies looking to outsource their tax department

At JOYCE CPA LLC, Our tax team can help you develop in-depth analysis and strategy that maximize savings for your local, state, federal and international taxes. Our tax team is keeping current on new tax laws and legislation in order to make sure you are taking maximum advantage of every opportunity and are complying with every rule.

It’s all part our commitment to provide Financial Expert clients with a complete support service for every stage of life – in other words, if we can’t give you the answers you’re looking for, then you can count on us to know someone who can.

OUR APPROACH

The decision to hire a senior tax professional is complicated. You want a single person with deep corporate tax knowledge across multiple tax specialty areas—when in reality, you need multiple specialists with deep technical knowledge to ensure nothing slips through the cracks.
Joyce CPA LLC is the only firm structured to deliver the breadth and depth of corporate tax services required for companies looking to outsource their tax department. Our tax outsourcing experts work with you to:
Calendar and prioritize tax strategy sessions and tax planning
Work in your office—part-time or full-time—as an integrated part of your finance team
Tailor our services to meet your specific tax planning and growth goals
Our corporate tax outsourcing team is also well-versed in tax laws across the US and globally. And because we work closely with our clients to thoroughly understand their businesses and operations, we tailor our tax services to meet your organization’s specific goals. Our clients benefit from large-company tax sophistication without the need for an in-house investment.http://www.joycecpallc.com/services/corporate-tax/

Hire Internal Auditor in United states | Bank Internal auditing Firm | Joyce CPA,LLC | Florida

What is the difference between Internal and External Audits?
Though both the audits share similar characteristics, yet the objective they strive is distinct. On one hand External Audit delivers financial reports and mentions the risks involved there, on the other hand Internal Audit’s reach is quite wide. It examines every area that can affect the progress and success of an organization. Both the Audits also differ based on whom they report.

Why does Internal Audit matter?
Continuous growth of any firm seeks frequent Audit, as it unveils any inappropriate activity or fraud that is prevailing in a specific field. How frequently a firm audits, depends on the areas or department involved. While some of them require daily audit, for some annual audit is sufficient. This audit thus enables a firm to evaluate the risk and then manage it, for which a final report is submitted to acknowledge whether the processes are functioning suitably. Foremost, these reports are presented to the senior executives who provide an independent review on the same. Regarding this, Auditors also provide consultation for improvising in particular areas.

http://www.joycecpallc.com/learn-internal-audit/

Requirement And Benefits Of Certified Minority Owned Business - Joyce CPA LLC

Minimizing the gap between funds and opportunities imparted to minority-owned businesses as compared to others is quite crucial. Besides this, a lot of programs have been launched to let these companies grow. The certificate bearing minority-owned businesses get an access to special government programs. These programs include government contracts which will give a push to an otherwise deprived business.

What are the requirements to get qualified as a Certified Minority Owned Business?

The small-sized firms who seek to acquire minority Business Certificate are required to get in touch with the National Minority Supplier Development Council (NMSDC). NMSDC is an organization that is focussed towards enhancing the prospects of business for certified minority businesses and connects them to the members of the corporate industry. For Certification, an application can be submitted online and the requirements are:

• Business should be at least 51 percent minority-owned i.e. it should involve the one who is 25 percent-

African-American, American Indian, Asian American, Alaskan Native, Hispanic or Native American.

This is confirmed through – screening tests and interviews along with the physical visit.

• The Minority owner member or members must be performing management and daily operations of the firm.
• It should be a profit making organization which is situated in U.S. or its trust territories

What are the benefits of being a Certified Minority Owned Business?

Access to Corporate and Government Contracts:

As per the law, many government organizations are mandated to perform business with the Minority Owned Businesses. Thus, purchasing a minimum specified percentage of the goods from them is mandatory. Contrary to this, a significant number of organizations are themselves eager to initiate business with them even if these firms are not mandated to do so. These firms are well acknowledged about the advantages of buying the goods and services from the certified Minority Owned Businesses. This certificate imparts a way of differentiating a specific firm from other suppliers in competition. Besides this, these firms are also provided with the information of the businesses and government organizations who want to buy the supply needs from the certified businesses.http://www.joycecpallc.com/requirement-and-benefits-of-minority-owned-business/

Accounting And Tax Preparation Services In United States | Joyce CPA,LLC | Florida

While handling an organization, it is quite essential for an individual to handle the accounts of the firm aptly. An organization is expected to begin preparing for the accounts and tax preparation early. Documentation and managed records minimize the time and effort wasted while doing your returns and managing your accounts.

For being pre-prepared for Managed Accounting and Tax Returns your firm demands:

General Ledger:

Reviewing a General Ledger provides a lot of substantive evidence. General Ledger is analyzed to know how the sales are recorded in that firm. General Ledger should be dictating the actual sale transactions of a firm. This is thus checked by the auditor to manage the accounts and to have a compliant system in a firm.

Chief Financial Officer (CFO):

A Chief Financial Officer is employed by the organizations to obtain advice regarding financial issues. A CFO develops the accounting reports of a firm that acknowledges the owner of the operations of the firm. They seek to enhance your business’s growth rate and saves the time of strategizing. They also seek to provide the staff with expert advice regarding better and qualitative approach in various fields like accounting and sales. CFO thus proves beneficial for a firm along with providing an overview of the accounts.

Book Keeping:

Book Keeping demands time to be done accurately but if developed it can help you to keep accurate and managed record of your accounts. A Book Keeper manages the data of all the processes that have been established to date. This helps to foster a managed accounting and thus helps one to be prepared for the risks that might occur. Book Keeping can be either done manually or by using modern software. Without Book Keeping, management of various processes like gathering the invoices, recording the expenses and payment of employees would be quite a tedious job.

Controller ensuring best practice and compliance:

Besides CFO, many firms also employ a controller who is one level down than him. A Controller ensures that all the operations of a firm like financing and accounting are performed in compliance with the Generally Accepted Accounting Principles (GAAP). The compliant processes assure a firm about the quality of accounting practices employed.

http://www.joycecpallc.com/accounting-tax-preparation-services-united-states/

Compliance Audit Services In United States | Joyce CPA,LLC | Florida

What is a Compliance Audit?
Compliance Audit reviews an organization to determine whether they are adhering to the regulatory guidelines applicable to a particular practice as per prescribed by external authority and internal policies. Compliance Audit is done to ensure that the records are fair and dictate the transactions accurately.

Why is Compliance Audit required?
Large Firms include Compliance Audit in their process to have an internal review of the processes and to determine how much compliant the departments are. Regulatory Compliance Audit thus gives an overview of a company’s approach towards the guidelines issued by a third party. Compliance Auditor is thus required to have the skills to identify and resolve the issues in real time.

What are the processes of Compliance Audit?
What does a Compliance Audit examines is determined by knowing what kind of firm they are dealing with- public or private. Along with that, the kind of data the organization handles and transmits also results in varied Compliant Audit processes. Every Compliance Audit undergoes some universal procedures:

Process Assessment and Employee Interview:

Prime objective for auditing whether internal or external is to analyse the overall effect of the existing business policies and protocols. Internal Audit measures the compliance of internal policies and External Audit is for the regulations imposed by external entities. While auditing the processes, the auditor is expected to check whether the ongoing practices comply with the standards imposed. Then a Non Complaint percentage is calculated by incorporating the ratio of complaint to non complaint activities. This determines how much complaint a Company’s Compliance Program is. Auditor will have an interview so as to access each employee’s performance. They will also deduce the regulatory violations of an employee, if any.

Identification of weak links:
The next step includes the identification of the weak links in a company’s Compliance Program. The standards enforced by the authorities keep on changing, which causes the improper functioning of earlier non updated compliance programs of a firm. Auditing processes are self sufficient to undergo random transaction checks which gives them accurate and proper view of a company’s insight. It’s thus impossible for the owners to keep anything hidden from an auditor which proves advantageous for the owner in the end. Auditors intend to identify the weaknesses so as to provide the solutions.

Final Report:
Compliance Auditor develops a report of the findings and produces that to the company’s management in the final meeting. A discussion then follows to have knowledge of the field that require changes and what kind of changes. The report produced by an auditor gives a company an overview of their positive and negative areas which will initiate a change for improvement.

Control Measures and Verification:
Compliance Auditor includes the required control measures once through with the identification process. This ensures the smooth and compliant working of the processes. But what if the processes are not complying with the measures introduced by the auditor? Thus the Auditor makes sure to initiate a Verification Process for checking the implementations. Thus in most of the cases a 90 days analysis takes place where auditor keeps a check on whether the advisory measures are adopted by the concerned departments. While in some cases that include minimal weaknesses, the auditor can verify the implementation of control measures in the following Audit.

Consultation:
An Auditor provides the owner with additional suggestions besides auditing, for the changes that can enhance their organization and bring success thereby. An Auditor has a complete oversight into the organization and is thus complete enough to provide a word of suggestion through his expertise in the field.http://www.joycecpallc.com/compliance-audit-services-united-states/

Business Consulting Services | Joyce CPA,LLC | Florida

What is Business Consulting?
Business Consulting works towards assisting the clients while resolving complex business issues and providing subsequent assistance for better decision making.

Business Consulting Services strive to help clients improve ongoing processes of the company along with the proper planning of future prospects. They also ensure appropriate use of the gap between ongoing and future state that is planned beforehand by the consultant.

What is the role of a Business Consultant?
Understanding Business Consulting requires one, to have knowledge of what a business consultant does.

Role of a consultant thus involves- “Identifying, Analysing and Resolving issues” of the clients. A consultant solves complex business issues using the skill set they have gained with years of practise. Their domain competence makes them fit to face critical problems prevailing in a business.

A Business consultant remains completely devoted to a client’s success. While working on a project they analyse the processes and mention the requirements thereby. On the other hand if a Business Consultant does not have a project in hand, he works on consulting practices. He acknowledges the higher executives on how to expand security and enhance their processes.

Why do you need Business Consulting?
Business Consulting can truly add value to your business. A Business Consultant seeks opportunities in every complex situation giving growth to your business. A consultant can foster solutions for a wide range of issues; the basic requirement is to have knowledge of when to use them. Business Consulting should be added to your business:

To Strengthen Relationship with the Customer:

A Consultant has deep understanding of the market and acts as a catalyst for the company’s growth by advising while dealing with the people. Free advices your consultant shares with the client; will not give you financial results at that time but will be fruitful in nearer future. A consultant can build a reputation for your business that will work in favour of your bond with the customer. Loyalty is the real earning in the field of business; with which a consultant is quite familiar and thus functions to extend the same.

To acquire specialized skills:

The most basic reason to add Business Consulting services in your company is to have a specialised skill included in your system. In many cases, companies yearn to solve their issues but don’t have the concerned manpower to do so. By incorporating a consultant you have access to the skills that are necessary to face the issues and to design a preventive structure.

To foster ideas of growth:

A Consultant gives a third person’s view to a business, thereby providing a new perspective to the way one perceives his own business. When nobody in the firm can analyse the business in the bigger picture considering the market, a consultant can do so using his understanding of the market. A consultant can thus share innumerable ideas with you which will boost the growth of your business.

To manage and implement appropriate changes:

A Business Consultant works in accordance with the clients to have knowledge on how to change the system so as to minimize the impact on the client. Consultants have an upper hand while doing so due to their academic and theoretical expertise. Along with that they also have deep understanding of the market and thus provide real time solutions for the issues that prevail. Along with the introduction of the changing practices, Consultants are also expected to help in adapting to the changes made. Business Consultants are thus included in a business to provide a hawk eye that not only identifies but also implements the best practices.http://www.joycecpallc.com/business-consulting-services/

Revenue Recognition Audit | Joyce CPA,LLC | Florida

Revenue Recognition is a process that depicts how sales transactions are recorded by a company in financial statements. While recording revenue, companies are mandated to comply with Generally Accepted Accounting Principles (GAAP). As per GAAP, in order to book a sale as revenue, the revenue should be recognized initially. Consequently, for a revenue to get recognized, it should be Earned and Realizable Revenue.

Revenue Recognition Audit reviews the accounting techniques of revenue recognition that are adopted in a company.  This audit thus assures that the recorded information is compliant to National Accounting Standards which stand mandatory for a firm.
For a successful Revenue Recognition Auditing process, Planning is a key element. This process thus initiates with analyses of revenue recognition policies and techniques of a company. Thus ensuring the company’s compliance to the desired accounting procedures. After satisfying their doubts, the auditing comes to the secondary level that involves the analyses of contracts of that year. Material Contracts are then separated from the lot. The Auditors invest their time to test whether those contracts are recognized aptly. Along with this they ensure that the financial statement contains receivable and deferred accounts. Besides reviewing the Material Contracts, Auditors also pay heed to the one which are not material to ensure that even they recognize the revenue aptly.

http://www.joycecpallc.com/revenue-recognition-audit/

Healthcare Audit And Its Role | Joyce CPA,LLC | Florida

Healthcare stands as a highly complicated market if the world’s economy is

considered. Government is continuously increasing its involvement in

monitoring the processes of healthcare organizations. This has mandated

the healthcare organizations to evolve regularly to match their standards.

To solve the purpose, auditing comes into effect. Auditing makes the

processes proactive by identifying the issue and then resolving it, the

moment it’s detected. Thus protecting an organization’s integrity; by

certifying the responsibilities ensured by them.The role of Healthcare

Audit differs based on the size and structure of an organization along

with the type of ownership. Auditors provide an overview of the processes

that are non-compliant to the rules mandated. They are expected to access

the high-risk contracts and then manage them likewise. The report of the

findings is submitted to the board by the auditor only. Along with this,

the approval and continuous monitoring of the audit plans is also managed

by an auditor. Healthcare Audit ensures that the processes are functioning

and serving as per designed and any unethical influences are condemned. In

some cases, any organisation also seeks external Healthcare Audit which

mandates them to look proactively to hire an expert.

http://www.joycecpallc.com/healthcare-audit-role/

Virtual CFO Services in United States|Joyce CPA LLC | Florida

Big Firms often own a Chief Financial Officer to gain advice regarding financial issues. Start ups or small and medium sized businesses are not financially equipped enough to own one, like them. Besides, if the finances even allow them to do so, they are not in favour of having a full time CFO. They don’t want to employ someone whose performance they can’t judge due to the lack of experience. The preferred option they go for is of Virtual CFO Services i.e. Virtual Chief Financial Officer Services.
Virtual CFO refers to an “Outsourced CFO”. It serves as a bridge for the organisations that seek high level financial advice but are not willing to employ a full time CFO.
Virtual CFO streamlines the accounting functions of a firm and carries out basic reporting that acknowledges the owner about the performance of his business. They tend to enhance the growth rate of your business, save your time while strategizing and provide an expert exit strategy whenever required.
A Virtual CFO can provide your existing staff with expert advice in areas like accounting and sales. They can also evaluate the staff and guide an organization while planning future strategies.