Coffee Time with Marie Torossian CPA: Recent Episodes
Marie Torossian CPA
In this week's episode, we had round table discussion amongst us CPA colleagues with guests Pedro Gonzalez, CPA & Michael Reeder, CPA on the Inflation Reduction or “Inflation Relief” Act of 2022.
A. What are the key aspects of the Act that will affect small business?
B. Why should business owners ensure they are audit-ready by taking proactive actions?
C. How should the CPA/Client dynamic change?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we had a special guest, Matt Gelber, ESQ, to help answer most common questions about insurance claims after major disasters such as a hurricane
- What are the differences between a homeowner’s insurance claim and a flood claim?
- How would you know when you should file homeowners’ vs. flood insurance claim?
- What does a typical claims process look like and when is the right time to file?
- How many years does one have to file a hurricane claim?
- Why is it important to hire someone to help with filing their claim?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we discussed about how to handle disaster situations such as the recent Hurricane Ian that affected multiple states!
- What are the IRS relief announcements related to this disaster?
- How to prepare your business for a disaster?
- What steps you should take to submit a claim to your insurance?
- What portion of your disaster related loss is reported on your taxes?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
Have you ever wondered what CPAs talk about over coffee?
In this week's episode, we discussed about shareholder, or a member capital balances.
1. What is a shareholder or member capital account? 2. How do you track the capital account balances? 3. What should you do if you distribute more than the capital balance?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we discussed Franchise and License accounting!
a. What is an Intangible asset basics?
b. Can you amortize a franchise or License fee?
c. How should you record and report royalty fees?
d. And more…
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we discussed big tax deadline, intercompany loans, and Hybrid accounting!
- Who should file on September 15th, and what happens they don’t?
- How should you handle and support intercompany loans?
- Why hybrid accounting is not the best method?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we discussed unique situations we encountered
- When should you book the ERC credit receivable?
- When should you book factoring of your ERC or any other receivable?
- What’s the best way for foreign owners to apply for a business EIN?
- How far back can the IRS audit?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we continued the discussion on Inflation Reduction Act
- What should business owner’s pay attention to properly plan?
- What are the red flags they need to fix right now!
We also discussed how to handle difficult customers.
- What you should do today to not feel trapped!
- How to have a difficult conversation and make a the right decision for your business.
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we continued the discussion on messy books...
a. What qualifies as Health Insurance?
b. Could you record you dog as a business expense?
c. Why would accounts payables and receivables show up as negative balances in your balance sheet?
d. Why you need to pay attention to Rent Expense and Mortgage Payments.
e. Why you need to avoid using Journal Entries?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes. Song by Mötley Crüe - Live Wire
Gratefully,
Marie
In this week's episode, we discussed Unique situations from clients.
- What are the key capital gains exclusions you should be aware?
- How messy books can bring about red flags to the IRS?
- What are the red flags in your books you need to fix right now!
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we discussed Inflation Reduction Act.
- What are the key points in the legislation and impact on taxpayer?
- How this impacts global and individual economy?
- How do you prepare your business for possible tax consequences of this legislation?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we answered we provided guidance on how to make your real estate business recession-proof.
- Why your mindset is key during the recession?
- Why should you prepare a business strategic plan to survive and thrive during the recession?
- How to diversify your income within your real estate business?
- How to cut-the-fat in your business?
- How to use consultants to help you with Financial and non-financial KPI’s for decision-making?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we answered partnership & business sales Questions we received from clients.
- Should partners get paid as a W2? What are advantages & Disadvantages, if any?
- Can a managing partner that is planning to sell the business be required to stay on for multiple years?
- What are the top three key items to consider when planning for business sale for a partner who has young children?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we discussed Ethical Standards in the Accounting Industry.
- What are the key areas of the AICPA -Code of Professional Conduct?
- What code of conduct do non-CPAs abide by?
- How much of ethics is covered in the CPA exams?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we discussed taxations of General Partnerships, Limited Partnership and Multi-member LLCs.
- Why are general partnership subject to self-employment taxation?
- Why is a Limited Partner NOT subject to self-employment taxation?
- How are multi-member LLC taxed?
If you enjoyed this episode, Subscribe/Follow, Like, Comment and Share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
- In this week's episode, we discussed Tax Forms 1099 and 1096
- What are these forms?
- What are the common mistakes?
- How to correct these errors of forms already filed?
- What are penalties (see episode 18)
If you enjoyed this episode, Subscribe/Follow, Like and share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we talked about Inventory Management.
- What is inventory management?
- Why do you need to consider inventory management policies?
- What are the accounting & policy guidelines for inventory?
a. Cost methodologies: FIFO, LIFO, & Weighted Average
b. Inventory Accounting Systems: Periodic vs. Perpetual
c. Optimum Inventory Levels
d. Quality Control Procedures
e. Issuing and accounting for samples
f. Inventory Count
g. Disposals, Scrap & Shrinkage
If you enjoyed this episode, Subscribe/Follow, Like and share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we talked about strategies to withstand the upcoming recession.
- What is a business/strategic plan and why you need it?
- 5 Tips to stay focused on your business and take advantage of the recession!
- 3 Steps to start the strategic planning process!
If you enjoyed this episode, Subscribe/Follow, Like and share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we covered some Q&A that came to us from clients and prospects.
- When is a right timing to apply for S-Corp or C-Corp taxations status?
- How can you sign up and check your tax amounts due with the IRS. Your Online Account | Internal Revenue Service (irs.gov)
- Do I need to file a tax return if I had no activity the first year /last of business?
If you enjoyed this episode, Subscribe/Follow, Like and share so that more business owners can benefit from this knowledge!
Do you have a question?
Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we talked about US Immigration for investors with our special guest Douglas Cowgill.
- What are the trends in immigration to the US?
- What are the different investor visa types?
- What is unique about L1 vis and E2 visa types?
- What are the requirements of E2 visas?
- How important is a business plan and projections for an E2 visa application?
If you enjoyed this episode, follow, and share so that more business owners can benefit from this knowledge! Do you have a question? Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we talked about Financial Audits.
- What is the purpose of a Financial Audit?
- When is a financial audit required from a business owner?
- What auditors are looking for or testing?
- How do auditors validate your financial records?
- And more….
If you enjoyed this episode, follow, and share so that more business owners can benefit from this knowledge! Do you have a question? Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we talked about IRS Audits.
- How do you get picked for an IRS Audit?
2. What’s the first thing you should do when you receive the IRS audit letter?
3. How should you prepare and respond to the audit?
4. Which industries, income levels and business entity types are audit prone?
5. And more….
If you enjoyed this episode, follow, and share so that more business owners can benefit from this knowledge! Do you have a question? Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we talked about the state of the economy and how your mindset should be to not only survive but thrive!
- Why should you invest NOW instead of hoard?
2. Why should you write your goals every day?
3. What keeps you going forward??
4. Why should you invest in a business coach and tax planning?
5. And more….
If you enjoyed this episode, follow, and share so that more business owners can benefit from this knowledge! Do you have a question? Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we answered questions from our audience!
- What is a 1031 Exchange, and would it work if you have held your investment property for 18 months?
2. Should you buy a car under your business or your name?
3. Should you lease your car to your business?
4. What is the IRS looking for when you’re deducting auto expenses for business?
5. And more….
If you enjoyed this episode, follow, and share so that more business owners can benefit from this knowledge! Do you have a question? Email your questions to marie@marietorossiancpa.com and we will answer your questions in the upcoming episodes.
Gratefully,
Marie
In this week's episode, we talked about the 10 most common and costly mistakes in tax!
1. Why failure to plan can backfire?
2. Why should you set specific expectations on your refund?
3. How using wrong entity can cost you thousands in taxes!
4. Why you’re not benefiting from hiring family members in your business?
5. And more….
If you enjoyed this episode, follow, and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about your business's top line, sales.
- Why are sales and proper pricing essential?
- How can you ensure cash flow and receivables are correctly reflected on the balance sheet?
- How do sales, cash flow, and KPI’s impact the value of your business?
- Why are structure and processes necessary in your business valuation?
- How can VALUEATION-MT methodology increase the value of your business?
If you enjoyed this episode, follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about what it takes to be motivated in business.
- Why are goals important?
- How does discipline play a role in keeping you on track?
- How to manage your time effectively?
- How can personal and professional development expand your thinking?
- Why does exercising keep you energized and pumped?
If you enjoyed this episode, follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we covered unique situations…death of a spouse, wrong 1099s issued…
- What is the “innocent spouse” IRS guideline?
- How should you handle 1099 issued to a partner instead of the company?
- Why your 1099 for pre-2011 show only proceeds and no cost and how can you resolve the taxable proceeds reported?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we had a special guest David Shier, Area Branch Leader for Movement Mortgage. We discussed How to get a mortgage when you are self-employed?
- What are the disadvantages/obstacles that self-employed individuals face?
- How to become an attractive mortgage candidate?
- Are self-employed mortgages expensive?
- How many years of tax information would you need to present for mortgage approval?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we expanded on the keywords in business!
- What is gig work, and what's your intention with it?
- Why do doctors, lawyers, and accounting businesses call "practices," and how can you change how you are perceived!
- What does "Hustling" mean, and how should you use it to your advantage?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we expanded on the Employee Tax Retention credit.
- What is Employee Tax Retention credit?
- What are the qualifications for this credit?
- Some of the industries that may qualify Day Cares, Summer Camps, Fitness & Martial Arts Centers, Dental and Medica practices, Hair Salons, Chiropractic offices, Spas, Restaurants?
- Can you still apply for the credit for the 2020 and 2021 tax years?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we expanded on the importance of financial planning during inflation and tax increases.
- What should business owners do so they do not panic?
- What are some examples of financial planning?
- How do you find opportunities to get more market share during challenging times?
If you enjoyed this episode, follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we expanded on the financial analysis …
- What is financial analysis?
- Why is financial analysis important?
- How often should you analyze your financial data?
- Types of financial analysis examples: Gross Profit margin, trend analysis, year over year, and more…
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we expanded on the entrepreneurial mindset…
- How should an entrepreneur’s mindset handle uncertainty and risk?
- Why should entrepreneurs say “YES” more often?
- Why should entrepreneurs have a purpose?
- What’s does it mean to think “in the box”, “outside the box” and “no box”?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about taxation of Capital Gains.
- What is the difference between earned income and capital gains?
- What are the tax percentages and benefits of capital gains?
- How can two individuals with different incomes pay different tax amounts?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we covered commonly asked questions…
- What does entrepreneurship mean?
- What kind of mindset should you have?
- What are the mis-conceptions when marketing “success” instead of “ mindset”?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we covered commonly asked questions…
- “When is my tax filing and payment deadline, LLC vs. S-Corp. vs. C-Corp”?
- “Why should I extend my tax filing deadline?”
- “What can I do to minimize my taxes now that the year is over?
- “Why loan officers and investors drop my application for funding”?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Form 1099s for contractors and obligations of third-party payment processors.
- When should you file Form 1099s?
- What are the penalties related to not filing or filing wrong information?
- Which payment processors would file 1099s?
- Do Zelle, Venmo or Cash APP file 1099s on behalf of business owners?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about whether you should extend your tax return filing deadline?
- Why should you file your tax return early?
- Why should you extend your tax filing deadline?
- When should you pay your taxes when you extend your filing deadline?
- Why should you invest in accounting during the filing extension period?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Real Estate investment taxation!
- What is the difference between residential vs. commercial real estate per IRS?
- What tax savings consideration are available to a real estate investor?
- Why is acceleration depreciation a great tax strategy?
- How can real estate property cost segregation help with depreciation?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about tax consequences when you buy a business!
- What is the difference between asset purchase or interest (equity purchase)?
- What tax savings consideration would a buyer vs. a seller make?
- What are key information documents and timelines to consider before sale and during sale?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about reasonable compensation for shareholders of S-corporations!
- What is the right formula when deciding on a reasonable compensation?
- How can you support your reasonable compensation position to the IRS?
- How should you handle reasonable compensation to multiple shareholders?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Exit Strategies!
-What percentage of businesses are truly sold and not closed?
-When should a business owner plan out their exit?
-Is your business turn-key ready for an exit?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Partnerships and Buy/Sell Agreements.
- What is a partnership and how it is taxed?
- What is a buy/sell agreement and why is it important?
- What funding consideration should be made for buy/sell agreements?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Year-End Close process.
- What is a year-end close?
- What percentage of business owners perform year-end close?
- Get the checklist for year-end close you can use right now!
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Charitable donations and Gifting and how it relates to Tax planning.
- What types of charitable donations are available to give?
- What is the difference between gifting and charitable donations?
- What is the maximum you can gift to family members?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Cryptocurrency and how it relates to Tax planning.
- Who should track cryptocurrency transactions?
- What are the newest taxability rules from the IRS regarding virtual currency?
- What constitutes a taxable event in cryptocurrency transactions?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Retirement Plans 101 and how it relates to Tax planning.
- What is the difference between 401k and Roth 401K?
- What are the three main types of IRA Accounts?
- Simplified Employee Pension (SEP) IRA vs. Keogh Plan?
- What are the maximum contribution thresholds for IRAs, 401Ks and SEPs?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we expanded on Tax planning.
- What is the difference between Net Worth and Income?
- What are the three main types of income?
- How are different incomes taxed?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Tax planning.
- How to distinguish between Tax Planning and Tax Preparation & Filing?
- What is the process of tax planning?
- What do we consider during tax planning?
- How often do you do tax planning?
If you enjoyed this episode, make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about Self-employment.
- How to distinguish between independent contractor and Employee.
- How should independent contractors track income and expenses
- What tax forms should they file
- What should business owners track and file when hiring contractors
If you enjoyed this episode make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about
- What business owners should do when considering doing their initial public offering (IPO)
- What private investors are looking for in a business when considering investing.
If you enjoyed this episode make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about
- What happens when people skip filing and paying their taxes
- What US citizens working oversees should do when it is time for taxes
- What to expect when a business owner is going through a divorce.
If you enjoyed this episode make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this week's episode, we talked about
- Tax deadlines
- What business owners should do to prepare for tax deadlines
- How CPAs handle the multiple client deadlines.
- Self-Employed tax due dates.
- Tax penalties and more...
If you enjoyed this episode make sure to follow and share so that more business owners can benefit from this knowledge!
Gratefully,
Marie
In this first episode, we talked about
1) What CPAs do and the way they collaboratively serve their clients to bring top value.
2) Virtually collaborating with CPAs and how we have built trust.
3) People moving to Florida and the increase in self-employment and the tax effects.
4) Tax extensions, employee retention tax credit, and more.
5) Entrepreneur vs. Self-Employed mindset and how it effects their growth
DIY bookkeeping mistakes and more!