Roland Roos & Company

5 Things to Consider When Starting a New Nonprofit Organization https://financialhotspot.com//5-things-to-consider-when-s/

At Roland Roos & Co., we consider all our clients valuable and strive to build relationships that will last for years to come. Our firm of dedicated accounting professionals focuses on serving the unique needs of our clients on a one-on-one basis. We are accessible, flexible, and personal, and we make your business our business. Visit our website to find out how we can become your trusted financial advisor! ... https://www.rooscpa.com/

Gallup studies have found that diverse workgroups have higher profits. They also found companies that emphasized diversity in the workplace had employees that were more likely to stay at the company. https://www.score.org//10-business-benefits-diversity-work

Here at Roland Roos & Co, we do much more than just crunch numbers and prepare taxes. We provide financial strategies to help businesses save time and grow. We have years of experience helping businesses, in numerous industries, effectively grow their business and manage taxes. Our extensive knowledge of tax laws enable us to create proactive solutions, maximizing your tax savings, and supporting overall financial goals. Partnering with us will be a great asset to your business!

10 Great Tips to Save You Money on Your Car Insurance Policy https://financialhotspot.com//10-great-tips-to-save-you-m/

The Internal Revenue Service recently announced a number of changes designed to help struggling taxpayers impacted by COVID-19 more easily settle their tax debts with the IRS. Taxpayers who qualify for a short-term payment plan option may now have up to 180 days to resolve their tax liabilities instead of 120 days. The IRS is offering flexibility for some taxpayers who are temporarily unable to meet the payment terms of an accepted Offer in Compromise. The IRS will auto...matically add certain new tax balances to existing Installment Agreements, for individual and out of business taxpayers. This taxpayer-friendly approach will occur instead of defaulting the agreement, which can complicate matters for those trying to pay their taxes. To reduce burden, certain qualified individual taxpayers who owe less than $250,000 may set up Installment Agreements without providing a financial statement or substantiation if their monthly payment proposal is sufficient. Some individual taxpayers who only owe for the 2019 tax year and who owe less than $250,000 may qualify to set up an Installment Agreement without a notice of federal tax lien filed by the IRS. Additionally, qualified taxpayers with existing Direct Debit Installment Agreements may now be able to use the Online Payment Agreement system to propose lower monthly payment amounts and change their payment due dates. For more additional details on the Taxpayer Relief Initiative, visit IRS.GOV or feel free to message or call us today!

We’ve all seen the statistics on how many businesses fail within the first few years of operation, and the current pandemic may accelerate that struggle for some startups. Here are 4 things you should never do if you want your startup to thrive: https://startupnation.com/manage-your-b/stop-business-last/

The principle that direct observation improves work performance is commonly known as the Hawthorne effect. How can this be used in a work-from-home environment? Here are some ideas: https://www.entrepreneur.com/article/355102

Are you familiar with casualty losses? Afederally declared disasteris a disaster that occurred in an area declared by the President to be eligible for federal assistance. This can be anything from a fire to a flood to a hurricane.... One federally declared disaster, in particular, that hit home to some of our loved ones and friends in the Central Valley was the Creek Fire that affected Shaker Lake and several surrounding areas. For those of you who have friends or family that lost a home to the Fire, and did not have insurance, there may be another form of relief for you to offset at least a portion of the financial loss. Without getting into too much detail, here’s a summary of how the relief works: (Although unrelated) Due to Covid-19, the CARES Act was passed in March with the obvious goal of getting cash into the hands of Americans during tough times. One of the less talked about Opportunities with the CARES Act, is the ability to Carryback Net Operating Losses (NOLs) incurred on your 2020 tax returns for up to 5 tax years (beginning with 2015 in this case). Aside from the cash flow benefits, NOL carrybacks present an opportunity to secure permanent tax savings (and tax refunds from prior years) by using Losses in 2020 to offset Income from 2015 that you previously paid tax on. In English, YES, you may be able to get that tax money back. In the case of an individual that may have lost a home in Shaver; let’s say a family purchased a home for $400,000 a few years ago. Most owners, as you know if you are still reading this, do not have fire insurance due to the high premiums. As an alternative to receiving an insurance reimbursement, these individuals have the option to write off this Casualty Loss on their 2020 tax returns, and carry it back to their 2015 tax returns and every year after that until the NOL is absorbed. The Casualty Loss could very well be in the Hundreds of Thousands of Dollars, and the resulting Tax Savings could be well into the Tens of Thousands of Dollars. If you know ANYONE who could benefit from this NOL Carryback Provision due to a Casualty Loss from the Fire, please don’t hesitate to reach out to us!

If you are evaluating franchising your business, consider the following risks and rewards of franchising. https://www.franchiselawsolutions.com/franch/risks-rewards/

5 Tips on Claiming Charitable Donations on Your Taxes https://financialhotspot.com//5-tips-on-claiming-charitab/

Our CPA firm has years of expertise and we use our skills to help your business grow!