Archives for May 2018

Manage Your Businesses Cash Flow “Smartly”, before jumping into Funding

Private company Cash stream ( or small business cash flow )is the soul of any business, paying little mind to its size. Business people regularly center around the income side of the task in light of the fact that, all things considered, making deals and producing salary is the reason organizations open in any case.

In any case, income age is just 50% of the income condition. Containing costs is a test for each organization. In the event that you begin with unfortunate propensities toward the starting, your business will endure as it develops. Furthermore, in the event that you ever need to extend your organization and need to secure private company financing, you should give your financials as a feature of your advance application bundle.

Take a gander at your money related explanations. On the off chance that your costs are more prominent than your wage, you have a private venture income issue. Make certain to look at your settled and peripheral costs when attempting to enhance your circumstance. Normally, you need to staff fittingly for top periods by including staff and down circumstances by curtailing hours or the quantity of workers you have.

While there is little you can do about the power and the water charge, there is a lot of chance to look for better arrangements on telephone lines and web access, IT specialists, and outside merchants.

Get Help

Numerous business visionaries open their organizations since they need to seek after their enthusiasm. Managing funds is something that is outside and scaring to them. Indeed, even in the beginning periods of the business, allot the bookkeeping capacity. Leave the cash following to an expert who has some expertise in helping private ventures. Following costs can be disappointing and tedious. That is the thing that bookkeepers are ready to go to do.

Roll out Improvements

Recognize issue zones in your private venture income. For instance, if a restaurateur isn’t persevering about his requesting framework, he could end up with overabundance perishable sustenance that goes to squander. Regardless of whether the wastage is little, it includes after some time. In the event that you end up hurling instances of over-ready bananas every week, something isn’t right.

Telephone and web suppliers are continually making offers to tempt shoppers and business clients to switch administrations. Set the players against each other and arrange better arrangements. Make request with sellers that are eager for business. These can incorporate stock providers and suppliers of expert administrations, for example, lawyers, bookkeepers, IT specialists, web facilitating organizations, advertising firms and promoting offices.

Try not to take on more than you could possibly deal with at one time. Make objectives that are practical and quantifiable. For example, you can target diminishing a few costs by an unassuming sum. On the income side, set an objective of expanding deals by five or 10% under a specific time period.

Plan for the Future

When you have gotten your current money related circumstance all together, at that point you will be prepared to apply for development subsidizing. Enormous banks are endorsing business advances at a post-subsidence record 25.3 percent. That implies one-in-four advance applications are being affirmed. Local and group banks, which regularly are eager and ready to offer SBA credits that come at appealing loan costs, are supporting about half (49.1 percent) of the financing demands they get, as per the most recent Biz2Credit Small Business Lending Index (January 2018 figures).

A critical advance in making arrangements for what’s to come is to compose a marketable strategy that layouts the objectives and goals for the following couple of years and how the organization intends to accomplish them. Components include:

Official Summary (one-page clarification of the organization’s business objectives, activities, promoting endeavors and income display)

Business Description

Neighborhood Market Competitive Landscape

Depiction of Product or Service

Deals, Marketing and Promotion Plans

Official Team

Budgetary Information (income projections, accounting report and P&L proclamations)

Proprietor Investment

Other data

Having an elegantly composed marketable strategy incredibly improves the chances of effectively securing private venture financing. Also, the guide that the marketable strategy lays out will help in the task of the firm in the close and long haul future.

On the off chance that you don’t have the range of abilities or an opportunity to compose an arrangement yourself, there are a few diverse strategy for success programming bundles available that can manage you through the procedure. Then again, you could enlist an expert marketable strategy author who can take care of business in under seven days. The administration for the most part incorporates building up a system that will awe potential independent company loan specialists, including banks and non-bank moneylenders.

Incorporated into the charge, a portion of these experts will even print duplicates of the arrangement for you and give a CD an electronic form of the arrangement in the event that you are presenting an online application for private venture financing. Since more loaning foundations are presently tolerating computerized entries of utilizations for private company credits, this offering is very profitable.

However, first thing is first – work to contain the expenses of your business currently before searching for the cash-flow to extend your task.

Law change affects moving, mileage and travel expenses; Offers higher depreciation limits for some vehicles

Law change affects moving, mileage and travel expenses; Offers higher depreciation limits for some vehicles

WASHINGTON – The Internal Revenue Service today provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect:

Move related vehicle expenses

Un-reimbursed employee expenses

Vehicle expensing

Changes to the deduction for move-related vehicle expenses

The Tax Cuts and Jobs Act suspends the deduction for moving expenses for tax years beginning after Dec. 31, 2017, and goes through Jan. 1, 2026. Thus, during the suspension no deduction is allowed for use of an automobile as part of a move using the mileage rate listed in Notice 2018-03. This suspension does not apply to members of the Armed Forces of the United States on active duty who move pursuant to a military order related to a permanent change of station.

Changes to the deduction for un-reimbursed employee expenses

The Tax Cuts and Jobs Act also suspends all miscellaneous itemized deductions that are subject to the 2 percent of adjusted gross income floor. This change affects un-reimbursed employee expenses such as uniforms, union dues and the deduction for business-related meals, entertainment and travel.

Thus, the business standard mileage rate listed in Notice 2018-03, which was issued before the Tax Cuts and Jobs Act passed, cannot be used to claim an itemized deduction for un-reimbursed employee travel expenses in taxable years beginning after Dec. 31, 2017, and before Jan. 1, 2026. The IRS issued revised guidance today in Notice 2018-42.

Standard mileage rates for 2018

As mentioned in Notice 2018-03, the standard mileage rates for the use of a car, van, pickup or panel truck for 2018 remain:

54.5 cents for every mile of business travel driven, a 1 cent increase from 2017.
18 cents per mile driven for medical purposes, a 1 cent increase from 2017.
14 cents per mile driven in service of charitable organizations, which is set by statute and remains unchanged.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical purposes is based on the variable costs.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.

Increased depreciation limits

The Tax Cuts and Jobs Act increases the depreciation limitations for passenger automobiles placed in service after Dec. 31, 2017, for purposes of computing the allowance under a fixed and variable rate plan. The maximum standard automobile cost may not exceed $50,000 for passenger automobiles, trucks and vans placed in service after Dec. 31, 2017. Previously, the maximum standard automobile cost was $27,300 for passenger automobiles and $31,000 for trucks and vans.

More information

Notice 2018-42 is posted on IRS.gov and contains information about the update to the standard mileage rates, including the details about the suspension of the deduction for operating a vehicle for moving purposes.

New law gives individuals and businesses more time to challenge a wrongful IRS levy; newly-revised publication can help

New law gives individuals and businesses more time to challenge a wrongful IRS levy; newly-revised publication can help

Individuals and businesses have additional time to file an administrative claim or to bring a civil action for wrongful levy or seizure, according to the Internal Revenue Service.

An IRS levy permits the legal seizure and sale of property including wages, money in bank or other financial accounts, vehicles, real estate and other personal assets to satisfy a tax debt.

The Tax Cuts and Jobs Act of 2017, the tax reform law enacted in December, extended the time limit for filing an administrative claim and for bringing a suit for wrongful levy from nine months to two years. If an administrative claim for return of the property is made within the two-year period, the two-year period for bringing suit is extended for 12 months from the date of filing of the claim or for six months from the disallowance of the claim, whichever is shorter. The change in law applies to levies made after Dec. 22, 2017, and on or before that date, if the previous nine-month period hadn’t yet expired.

The timeframes apply when the IRS has already sold the property it levied. As under prior law, there is no time limit for the administrative claim if the IRS still has the property it levied. Also, as under prior law, taxpayers may not file a wrongful levy claim or bring a wrongful levy suit as the law only applies to those other than the taxpayer. Usually, wrongful levy claims involve situations where an individual or business believes that either the property belongs to them, or they have a superior claim to the property that the IRS is not recognizing.

Anyone who receives an IRS bill titled, Final Notice of Intent to Levy and Notice of Your Right to A Hearing, should immediately contact the IRS. By doing so, a taxpayer may be able to make arrangements to pay the liability, instead of having the IRS proceed with the levy.

It’s also important that those who receive a levy for their employees, vendors, customers or other third parties comply with the levy. Failure to do so may subject the party receiving the levy to personal liability. For more information, see the What is a Levy? page on IRS.gov.

To file an administrative wrongful levy claim, send a letter to the IRS Advisory Group for the area where the levy was made. For a list of Advisory Group offices, see Publication 4235, Collection Advisory Group Numbers and Addresses, available on IRS.gov. For more information on wrongful levy claims, including details on what information to include in the letter, see newly-revised Publication 4528, Making an Administrative Wrongful Levy Claim Under Internal Revenue Code Section 6343(b), also available on IRS.gov.

If, following a claim, the IRS determines it has wrongfully levied property, it will return one of the following:

the property,
an amount of money equal to the amount of money levied upon, or
an amount of money equal to the money received from the sale of the property.

Anyone whose wrongful levy claim is denied by the IRS has the right to appeal through the agency’s Collection Appeals Program. For more information about these appeal rights, see Publication 1660, Collection Appeal Rights.

The right to appeal an IRS decision in an independent forum is one of many rights taxpayers have when dealing with the IRS. These rights have been grouped into 10 broad categories as the Taxpayer Bill of Rights. For more information, see Publication 1, Your Rights as a Taxpayer, available on IRS.gov.

For information on wrongful levy claims and other tax-reform-related issues, visit IRS.gov/newsroom/tax-reform.

Two-income families, taxpayers working multiple jobs should check withholding amount

Two-income families, taxpayers working multiple jobs should check withholding amount

The Internal Revenue Service urges two-income families and those who work multiple jobs to complete a “paycheck checkup” to verify they are having the right amount of tax withheld from their paychecks.

The IRS Withholding Calculator can help them navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each of their employers to withhold.

The passage of the Tax Cuts and Jobs Act, which will affect 2018 tax returns that people file in 2019, makes checking withholding amounts even more important. These tax law changes include:

Increased standard deduction
Eliminated personal exemptions
Increased Child Tax Credit
Limited or discontinued certain deductions
Changed the tax rates and brackets

Individuals with more complex tax profiles, such as two incomes or multiple jobs, may be more vulnerable to being under-withheld or over-withheld following these major law changes. The IRS encourages a “paycheck checkup” as early as possible to help taxpayers check if they are having the correct amount withheld for their personal financial situations.

If a taxpayer needs to adjust their paycheck withholding amount, doing so earlier gives more time for withholding to take place evenly throughout the year. Waiting means there are fewer pay periods to make the tax changes – which could have a bigger effect on each paycheck.

The tax law changes generally don’t affect 2017 returns that people are filing in 2018. The changes affect 2018 returns, which taxpayers will file in 2019.

Withholding Calculator

The Withholding Calculator is the easiest, most accurate way for taxpayers with these complicated tax situations to determine their correct withholding amount. The tool allows users to enter income from multiple jobs or from two employed spouses. It also ensures that these taxpayers apply their 2018 tax deductions, adjustments and credits only once – rather than multiple times with different employers.

The calculator will recommend how to complete a new Form W-4 for any or all of their employers, if needed. If a couple or taxpayer is at risk of being under-withheld, the calculator will recommend an additional amount of tax withholding for each job. Taxpayers can enter these amounts on their respective Forms W-4.

To use the Withholding Calculator, taxpayers should have their 2017 tax returns and most recent paystubs available.

The calculator doesn’t request personally identifiable information, such as name, Social Security number, address or bank account numbers. The IRS does not save or record information entered in the calculator. Taxpayers should watch out for tax scams, especially via email or phone, and be especially alert to cybercriminals impersonating the IRS. The IRS doesn’t send emails related to the calculator or the information entered.

Withholding Calculator results depend on the accuracy of information entered. Taxpayers whose personal circumstances change during the year should return to the calculator to check whether their withholding should be adjusted.

Adjusting Withholding

Employees who need to complete a new Form W-4 should submit it to their employers as soon as possible. Employees with a change in personal circumstances that reduce the number of withholding allowances must submit a new Form W-4 with corrected withholding allowances to their employer within 10 days of the change.

As a general rule, the fewer withholding allowances an employee enters on Form W-4, the higher their tax withholding. Entering “0” or “1” on line 5 of the W-4 means more tax withheld. Entering a larger number means less tax withholding, resulting in a smaller tax refund or potentially a tax bill or penalty.

Plan ahead for vacation home rentals

Plan ahead for vacation home rentals

During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals.

If taxpayers receive money for the use of a house that’s also used as a taxpayer’s personal residence, it generally requires reporting the rental income on a tax return.

•Vacation Home. This may be a house, an apartment, condominium, mobile home, boat, vacation home or similar property. It’s possible to use more than one unit as a residence during the year.

•Used as a Home. When the property is used as a home, the rental expense deduction is limited. This means the rental expenses cannot be more than the rent received.

•Personal Use. Personal use means use by the owner, owner’s family, friends, other property owners and their families. Personal use includes anyone paying less than a fair rental price.

•Divide Expenses. Generally, special rules apply to the rental expenses of a property that’s used by the taxpayer as a residence during the taxable year. Usually, rental income must be reported in full, and any expenses need to be divided between personal and business purposes.

•How to Report. Taxpayers use Schedule E to report rental income and rental expenses. Rental income may also be subject to Net Investment Income Tax.

•Special Rules. If the home unit is rented out fewer than 15 days during the year, none of the rental income is reportable and none of the rental expenses are deductible.

More Information:
•Tax Topic 415 , Renting Residential and Vacation Property
•Publication 527, Residential Rental Property (Including Rental of Vacation Homes)

Readoption of Emergency Cannabis Regulations

Licensing Authorities Announce Proposed Readoption of Emergency

Cannabis Regulations

The Bureau of Cannabis Control, California Department of Public Health and California Department of Food and Agriculture have proposed to readopt their emergency regulations that are currently in effect, extending the time those regulations are in effect for another 180-day period. The three licensing authorities are proposing some changes to the regulatory provisions to provide greater clarity to licensees and to address issues that have arisen since the emergency regulations went into effect.

Highlighted among the proposed changes is that applicants may now complete one license application and obtain one license to conduct medicinal and adult-use cannabis activity. Additionally, licensees may continue to engage in commercial cannabis activities with other licensees regardless of designation as this provision is no longer limited by time.

“These proposed changes to our emergency regulations are based on feedback from our stakeholders, and information gathered over the first four months of implementation,” said Bureau of Cannabis Control Chief Lori Ajax.

Other highlighted changes from each licensing authority’s proposed emergency regulations can be viewed by clicking the following links listed below:

Bureau of Cannabis Control:

California Department of Food and Agriculture:

California Department of Public Health:

PUBLIC COMMENT: The proposed readoption of the emergency regulations will be subject to a public comment period. The public comment period will begin when the California Office of Administrative Law (OAL) posts the proposed emergency regulations on its website and will last 5 calendar days. The posting may not occur before May 25, 2018, to allow for the 5 working day notice to the public that the licensing authorities provided today.

The emergency regulations were developed to implement the Medicinal and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA), which was signed into law in June 2017. The initial emergency regulations became effective on December 7, 2017, and remain in effect for 180 days. The readoption will allow the emergency regulations, as modified, to be in effect for an additional 180 days. During this time, the three licensing authorities will engage in the regular rulemaking process to develop final regulations.

For additional information about the proposed readoption of the emergency regulations, or to subscribe to email alerts to hear about updates as they become available, please visit the Bureau’s website at http://www.bcc.ca.gov/. For information on all three state licensing authorities, please visit the state’s California Cannabis Portal at https://cannabis.ca.gov/. Follow the Bureau on Facebook, Twitter and Instagram for daily news and updates.

Those looking to get in touch with the Bureau of Cannabis Control can call our Call Center at (833) 768-5880, or send an email to bcc@dca.ca.gov OR contact NestEggg’s Cannabis Compliant Accounting &Tax for more information on how this can effect your business.

Paying and Filing your “Federal Payroll Taxes”

During each tax quarter we try to update our clients and followers with information mandated by the IRS to provide you with the following information regarding . While it is not necessary for you to enroll in the IRS tax payment and filing system (EFTPS), the following statement below from the IRS recommends that you do so:

Please be aware that you are responsible for the timely filing of employment tax returns and the timely payment of employment taxes for your employees, even if you have authorized a service provider to file the returns and make the payments.

Therefore, the Internal Revenue Service recommends that you enroll in the U.S. Treasury Department’s Electronic Federal Tax Payment System (EFTPS) to monitor your account and ensure that timely tax payments are being made for you.

You may enroll in the EFTPS online at www.eftps.gov, or call (800) 555- 4477 for an enrollment form. State tax authorities generally offer similar means to verify tax payments. Contact the appropriate state offices directly for details.

Exclusive meet and greet with Ricky Williams #34 and Preston Pohl

Atomic Budz is a trusted brand that is committed to the highest standards of the Cannabis Industry. Cannabis you can count on. Per federal and state law, Atomic Budz does not transport any Cannabis across state lines, only exacting standards.

Effective January 1, 2018 we are licensed as follows: Adult Use: 21+ with a valid I.D. & Medical Use: 18 with a valid I.D and doctor recommendation

We also offer Cannabis Delivery (as governed by the State of CA) South of the I-10 in Zip Codes ( 92262, 92264, 92234, 92270 ).

Be sure to stop by Atomic Budz Dispensary in Cathedral City on Saturday, May 26th for an exclusive meet and greet with Ricky Williams #34 and Preston Pohl! We will also have live music by Mikey Reyes Acoustic Movement & Bryanna Evaro as well as food by Chef Ivan’s Private Catering! And be sure to stick around for exclusive deals from several of our vendors! Stay tuned to our social media, you definitely don’t wanna miss out on this!

Tips for Taxpayers Who Need to Amend a Return

Tips for Taxpayers Who Need to Amend a Return

Taxpayers who discover they made a mistake on their tax returns after filing can file an amended tax return to correct it. This includes changing the filing status and dependents, or correcting income, credits or deductions. The instructions for Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return. Taxpayers should not file an amended return to fix math errors, because the IRS will correct those.

Here are some tips on how a taxpayer amends a tax return. Taxpayers should:

Complete and mail the paper Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors to an original tax return the taxpayer has already filed. Taxpayers can’t file amended returns electronically and should mail the Form 1040X to the address listed in the form’s instructions. However, taxpayers filing Form 1040X in response to a notice received from the IRS, should mail it to the address shown on the notice.
Prepare Form 1040X. Many taxpayers find the easiest way to figure the entries for Form 1040X is to make the changes in the margin of the original tax return and then transfer the numbers to their Form 1040X indicating the year they are amending. Use the second page of Form 1040X in Part III to explain the changes.
Know when not to amend. Aside from math errors, taxpayers also do not need to amend their return if they forgot to include a required form or schedule. The IRS will mail a request to the taxpayer, if needed.
Use separate forms for each tax year. Taxpayers amending tax returns for more than one year will need a separate 1040X for each tax year. Mail each tax year’s Form 1040X in separate envelopes.
Wait to file for corrected refund for tax year 2017. Taxpayers should wait for the refund from their original tax return before filing an amended return. It is okay to cash the refund check from the original return before receiving any additional refund.
Pay additional tax. Taxpayers filing an amended return because they owe more tax should file Form 1040X and pay the tax as soon as possible. This will limit interest and penalty charges.
File within three-year time limit. Generally, to claim a refund, taxpayers must file a Form 1040X within three years from the date they timely filed their original tax return or within two years from the date the person pays the tax – usually April 15 – whichever is later.

Track an amended return. Taxpayers can track the status of an amended return three weeks after mailing using “Where’s My Amended Return?” Processing can take up to 16 weeks

How Much Money are state agencies making from Legal Cannabis Sales

On Jan. 1, 2018, the US’s biggest and most populated state — California — supervised the legitimization of recreational pot. In spite of the fact that not the main state to do this current, California’s activity is a turning point for the cannabis business, and for American medication enactment when all is said in done. Nearly as, if not similarly, imperative is the way that pot’s recreational legitimateness accompanies major expenses: a 15% statewide duty on all recreational and restorative cannabis items, and extra nearby duties and charges.

A significant part of the nation’s outdated perspectives on cannabis hold on, however in the field of enactment, these contentions are failing to receive any notice. Authorization of cannabis has opened a way to a huge, new wellspring of income for state governments. Navigate to peruse around one of the quickest developing businesses to put resources into for 2018, and how much states are making off it.

It’s been more than a long time since California turned into the main state to make weed lawful — medicinal utilization of it, that is. Suggestion 215, or the Compassionate Use Act of 1996, was voted on by occupants amid the November races that year, going by 5,382,915 “yes” votes to 4,301,960 “no” votes. Presently in 2018, no less than twelve states offer legitimate medicinal utilization of pot.