Jerry Jones CPA
Wouldn’t it be nice to have a CPA that you deal directly with, that knows the Self Storage business, that works in all 50 states and is there for you when you need him?
In addition to being the best tax advisor I have had the pleasure of working with, Jerry is first and foremost a wonderful person. Building my first storage facility and being a rookie to the industry, I was nervous on what I could expect in my first year of development. With all of the ups and downs of this first year all I can say is I had absolutely no worries when it came to the the most important part of our business - the numbers. Jerry Jones took the time to answer every question or concern we had when going though this process. If you are in the storage business give yourself a leg up and apply Jerry’s experience and expertise of this expanding and ever changing industry. You will be thankful you did.
Bill Pederson
Lock it and Leave it storage

Entertainment Expense is Gone in 2018

Yes…you read it correctly.  There are a lot of benefits for the small business owner in the Tax Cuts and Jobs Act, but this isn’t one of them. It truly is a major blow to small and big business, and the cost of doing business just went up.

       Example. Tom is an insurance agent and small business consultant. He takes one of his clients golfing and out to lunch to give guidance on a business transaction and sell an insurance policy.

       Write-off? Nope. Because the activity occurred in 2018, Tom gets no deduction and arguably the meal isn’t a write-off either.

First, all small businesses and entrepreneurs are affected; no one is exempt from this provision in the new tax law. Sole-proprietors, S-Corporations, LLCs and C-Corporations – all beware.

Taxpayers with expiring ITINs should take action now to avoid issues later

More than 2 million Individual Taxpayer Identification Numbers are set to expire at the end of 2018. Affected taxpayers who expect to file a tax return in 2019 must submit their renewal applications as soon as possible to beat the rush and avoid refund delays next year.

Dos and Don’ts for Taxpayers Who Get a Letter from the IRS

Every year the IRS mails millions of letters to taxpayers for many reasons. Here are some tips and suggestions for taxpayers who receive one:

Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes specific instructions on what to do.

Don’t panic. The IRS and its authorized private collection agencies do send letters by mail. Most of the time all the taxpayer needs to do is read the letter carefully and take the appropriate action. 

How Long Do I Keep Tax Return Files or Financial Statements Files?

This is a common question for CPA's — how long do I keep tax return files or financial statements files?  The answer is: usually for a period longer than most think.  Here are some thoughts on setting record retention periods and the reasons behind them.

The overarching principles in developing record retention guidelines and policies are disclosure, relevancy, and consistency.

Disclosure

Whatever record keeping protocol you use should be disclosed to clients in engagement letters, tax organizers, firm booklets or other writings sent to a client.  Those record retention guidelines must be followed until they are formally changed, for whatever reason.  This creates an appropriate expectation by the client of how long the records will be maintained and avoids unrealistic assumptions.  Upon a change to the policy another round of disclosure should be sent to the client with the changed record retention policy and a grace period to allow the client to pick up records that may be on the destruction list under the changed policy.

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