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Corbett Signs Into Law Measure Barring Double Taxation

Gov. Tom Corbett signed into law legislation introduced by Rep. George Dunbar (R-Westmoreland) that protects Pennsylvania businesses against double taxation. House Bill 1513, now Act 42 of 2014, clarifies the assessment of the business privilege tax in Pennsylvania by restoring predictability and fairness.

“This new law is all about providing tax fairness and predictability for Pennsylvania’s job creators,” says Dunbar. “When businesses are double-taxed, they cannot invest that lost money in their operations or hire more workers.”

HB 1513, which passed the House 182-15 in October and the Senate 34-16 last week, is a response to a 2007 Pennsylvania Supreme Court decision, Rendina Inc. v. Harrisburg and the Harrisburg School District. In that case, the court reversed its previous position that a municipality cannot tax an entity that lacks a permanent base of operation within its borders. This decision created a great deal of uncertainty and, in some cases, the potential for double taxation of gross receipts.

Taking effect on Jan. 1, 2014, Act 42 will specifically prohibit municipalities, cities, and other local governments from arbitrarily or excessively applying local business taxes to any company or employer that performs work within their boundaries for 15 days or less within the calendar year. Act 42 will also protect businesses from being charged the gross receipts tax twice by separate municipalities for the same earnings.

“What we have witnessed under previous law is that municipalities and other local governments were over-stretching to find ways to expand existing revenues,” says Dunbar. “In doing so, many of them viewed out-of-area businesses as prime targets for increased taxation. Now that my legislation has become law, this double-taxation loophole is finally closed and all local business taxes can be collected fairly and equitably without stunting economic expansion and job creation.” 

For more news items and updates, visit http://www.picpa.org

Why Does Your Small Business Need an Accountant? Three Reasons....

Did you know that by the third year of business, 44% of start-ups have folded? According to Statistic Brain, some of the top reasons this can occur include having "no knowledge of financing" as well as "nonpayment of taxes."
There is one big mistake many small business owners tend to make when it comes down to tax time -- they don't bother communicating with their accountant (if they have one to begin with). A tax accountant shouldn't just be there for last minute consultations. Instead, they should be a key voice in business operations throughout the year. This is the single best way to avoid becoming one of the 44% before you even know what's happening. What should know about planning your taxes this year? Here are three things you should keep in mind.

1. Having Current Financial Statements is Needed for Lenders
If there's one thing small businesses often need -- especially new ones -- it's money. This means you will need to go to a lender for a loan. If your financial statements are outdated or ill-prepared, you're going to be less likely to qualify for a business loan. An accountant for small businesses can help keep track of information like this.
2. Using Accounting Software Without Understanding the Mechanics Behind it Isn't Enough
There are some great automated tax services out there, but they aren't always enough. As an article in the small business section of Fox.com points out, "throwing data into QuickBooks without knowing the key elements of the bookkeeping process can create some disastrous results, and those results may adversely affect your tax return." It's a good idea to seek a professional's opinion in any area you're not quite sure about.
3. Cloud Computing Can Help You Track Real Time Finances
SmallBizTrends points out that cloud accounting software can help both you and your small business tax accountant better understand your company's real-time finances. This will both cut down on how long you need to spend talking to them, as well as improve your ability to make business decisions based on your current financials. Meetings are more effective when everyone is on board with your current status. Says SmallBizTrends:"One of the benefits is that your accountant gets to know your business. The busy work is already done."
Do you plan on hiring a small business tax accountant? Let us know in the comments.

An Accountant For Small Businesses Can Steer a Company Towards Success

As tax season comes upon us, many business owners are starting to really wonder, "Do I need an accountant for my small business?" Perhaps at first they thought they could handle things, but as they started to work on taxes, they realized how far out of their element they were. These business owners are master of their trade, experts of their own industry, but they might lack the essential financial knowledge needed to keep a business running as smoothly as possible.
What these owners don't realize is that an accountant for small businesses can offer more than just tax services, though. This professional can help them streamline their business for success by acting as an advisor who helps assess financial risks, plans for growth, manages cash flow, and keeps books in good order.
An accountant for small businesses can help an owner reach maximum, cost-effective efficiency in regular business practices and procedures. Payroll systems will be standardized, budgets will be organized, alternatives to costly expenses will be offered, and advice on loans and investments that are best for a business can all be given by an accountant for small businesses. No matter how great or small the risk, an accountant for small businesses can provide useful advice on strategic planning and financial structuring that'll help guide a business owner.
Bookkeeping is also one of the most important benefits that an accountant for small businesses offers. He or she can record all sales and purchases, regular expenses, bank balances and all other financial events relating to a business. If business owners don't have accurate records of financial transactions, they can't create a sound budget and foresee potential losses.
Whether a small business needs a financial analyst or tax accounting, all these roles can be taken care of by hiring an accountant. This can mean the difference between financial freedom and financial ruin. If you have any questions, feel free to ask in the comments.

How Can Your Business Benefit from a Small Business Accountant

In 2011, over 145 million individual income tax returns were filed in the United States. These tax returns showed earnings of over eight trillion dollars for the year. For businesses, the Internal Revenue Service states that over six million tax returns were filed. Many individuals filed their own taxes electronically, but businesses had to spend more time on their filings throughout the year to account for estimations in payroll and profits. This generally means that an accountant for small business is used.

A small business tax accountant takes all quarterly profits and losses into account to make sure that tax payments are complete by the end of the calendar year. Tax laws and regulations for the state are followed when taxes are completed. If you own a small business, then you should know that a tax accountant offers the best tax preparation services. These professionals also provide other benefits to your business.

1. Tax laws and regulations change every year, and the vast majority of these differences effect businesses. A small business tax accountant can verify that you and your business are in compliance with all tax laws. Also, the accountant can explain to you how the variations in the law affect the way that you plan financially throughout the year. With tax knowledge up front, you can change your business model and product prices to account for tax loses that you may incur.

2. A small business tax accountant is knowledgeable about technology and how to implement financial and tax software to assist your business. Computer programs are utilized by accountants that calculate taxes, revenue, loses, and payroll costs. Also, financial software can help to establish a long-term plan for your business. Current financial information used by the accountant can show future outlooks concerning your business. This can help you to see potential problems and issues well in advance that concern your business.

3. Tax accountants can assess your assets properly. This is incredibly important when taxes are filed, because deductions and business costs can be used appropriately when taxes are prepared. Asset assessments reduce small business taxes considerably. Your accountant will use your receipts, financial records, and expenses to provide the best tax outcome for you. Most individuals lose hundreds of dollars each year due to the improper filing of taxes. The same can be said of a business that says no when they ask, do I need an accountant for my small business?

4.Tax accountants can help you network with other businesses. Small business accountants and financial planners work with a variety of businesses. This means that the professionals can be a great asset when you are looking for new vendors, business partners, or clients who are interested in your business. Your accountant also will speak highly of your business after seeing reputable business practices and a good financial outlook.

Three Advantages the Top Tax Preparation Services Could Provide You

Three Advantages the Top Tax Preparation Services Could Provide You

On average, most Americans spent about eight hours a year preparing their taxes before filing them with the IRS. This may not come as much of a surprise, but most experts would probably claim that eight hours is not nearly enough time!



The best tax preparation services will only come from a licensed and experienced tax accountant who's able to keep up with all of the changes year after year. Before you write off hiring a tax services agent, you'll want to make sure that you know all of the advantages that you could enjoy.

Credit Rating Secrets The experts at the best tax preparation services could give you a number of ways to improve what might otherwise look like a lackluster credit rating. Many of the methods aren't as obvious as one might think, which is why a professional is often needed. Improving your credit rating could help when it comes to dealing with future landlords or potential employers.
Someone Who Knows the Rules It's no secret that the IRS adds thousands of new rules each and every year. An ordinary person simply can't bone up on them in time to meet the April 15th deadline. With the help of a financial analyst who keeps up on all of the new and changing rules each year, you'll never have to worry about making a critical mistake on your taxes.
Additional Tax Breaks A personal or small business tax accountant could show you a number of ways to pay less in taxes. They could also help you to receive a bigger refund at the end of the year. There are a number of tax breaks that many people are not aware of, especially if they are a small business owner. Hiring someone from the best tax preparation services in your area could help you to save more money than you ever thought possible.
Like most other people out there, you probably dread having to make the check out to Uncle Sam every year. Hiring a qualified accountant is the best way to make sure that filing your next set of tax returns is not as costly or painful an experience as you might fear. When your financial future is at stake, don't gamble by doing your taxes on your own. With things like this, you're better off leaving it in the hands of the professionals.

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