Do You Have An Interest In Exporting?​

Small businesses looking to increase sales and profit, reduce dependence on the domestic market and stabilize seasonal fluctuations should consider exporting. Consider these facts: 

• Nearly 96 percent of consumers live outside the U.S.
• Two-thirds of the world’s purchasing power is in foreign countries.

Today, as noted by Export.gov, it’s easier than ever for a company like yours, regardless of size, to sell goods and services across the globe. Small and medium-sized companies in the United States are exporting more than ever before.
In 2013, for example, more than 300,000 small and medium-sized U.S. companies exported to at least one international market—nearly 28 percent more than in 2005. The value of goods and services exports was an impressive $2.28 trillion, nearly a 25 percent increase since 2010. And 2014 topped the previous year, with exports valued at $2.34 trillion.
The following list is of sales channels are available to global trading partners active in the export process,
Sales channels can include:

• Direct to end-user
• Distributors in country
• Supplier to the U.S. government in a foreign country
• Your e-commerce website
• A third-party e-commerce platform where you handle fulfillment
• A third-party e-commerce where they handle fulfillment
• Supplier to a large U.S. company with international sale
• Franchise your business. 

You are not limited to one of these channels. As it is also noted in the Export.gov study, today’s global trading system is ideal for the smaller company employing more than one marketing and sales channel to sell into multiple overseas markets. But most U.S. exporters currently sell to one country market—Canada, for example. And the smaller the company, the less likely it is to export to more than one country. For example, 60 percent of all exporters with fewer than 19 employees sold to one country market in 2005.
Tips For Potential And New Exporters
In a recent report from Shipping Solutions, these seven tips will provide helpful guidance for businesses new to exporting:
Tip #1 – Make a Commitment
Businesses new to exporting can expect to face numerous challenges such as redesigning packaging or establishing a new distribution channel.



Tip #2 – Do Your Research
To be successful overseas, do some research on potential markets. Which countries have the lowest duties? Write an international marketing plan, which addresses a range of potential issues such as unique labeling requirements.
Tip #3 – Focus Your Efforts
For example, first-time exporters in Minnesota often target Canada as the first international market to enter. The proximity of Canada and the benefits of the reduced North American Free Trade Agreement (NAFTA) tariffs are advantageous for new Minnesota exporters ramping up on their export knowledge.
Tip #4 – Set Aside Resources
Entering new markets requires resources—primarily time and money. Companies in the best position to export already have an established track record of domestic growth and a steady revenue stream. For many companies, gearing up a business to export means having to reallocate resources from domestic business opportunities.
Tip #5 – Increase Your Company’s Export Knowledge
Look for opportunities to develop and expand the export knowledge of your staff. Work toward credentials to ensure you develop a baseline of skills. For exporting companies, encourage staff to attain the Certified Global Business Professional credential.

Read complete post here: Tax Services in Arizona

Ten Things You Need to Know About Passport Restrictions on Delinquent Taxpayers​​

Since 2015, when the Fixing American’s Surface Transportation Act was passed by Congress, world travelers who owe the IRS money have found that it’s no fun to owe a tax debt. In fact, it can ground any and all international travel plans indefinitely.


As noted by Jim Buttonow of Accounting Today:

…FAST Act is Section 7345 of the Internal Revenue Code, which requires the IRS to provide information to the U.S. State Department about people who owe “seriously delinquent tax debt.” Then, the State Department can deny, revoke or limit the ability of these individuals to use their passports – until they are back in good standing with the IRS.

The following 10 Q & A points about the FAST Act, also from Buttonow’s report linked above, are quoted and summarized in a more abbreviated form so that you can quickly digest the main points of how the FAST Act could affect you if you owe taxes:

1. What is the new passport-restriction program (IRC Section 7345)?

IRC Section 7345 requires the IRS to identify and “certify” individuals who have “seriously delinquent tax debt,” and provide this certification to the State Department. In turn, the State Department can essentially limit or completely stop the individual’s travel plans outside the US until the would-be traveler gets into good standing with the IRS.

2. Why did Congress create passport restrictions?

In 2011, the Government Accountability Office issued a report that examined the potential for using passports to increase tax-debt collection. The report found that 224,000 people who owed collectively more $5.8 billion in unpaid federal taxes received passports in 2008.
The report recommended that Congress enable a more coordinated effort between the IRS and State Department to go after these unpaid taxes, using passports as leverage. The report received a lot of national press, and the link between federal tax debt collection and passports became law in 2015.

Check out: Tax Services in Northern Arizona

3. Who is Affected?

The passport restriction will affect people who travel internationally and owe seriously delinquent tax debt. This includes people with passports and those applying for or renewing passports.

Who is an individual with seriously delinquent tax debt? Section 7345 defines this person as owing a legally enforceable tax liability of more than $50,000 (unpaid taxes, penalties and interest combined), with:

• A lien filed, and all administrative remedies for lien relief have lapsed or been denied;
• or, a levy issued.

There are certain exceptions. The IRS won’t consider people in the following situations to be individuals with seriously delinquent tax debt, because these people are in good standing with the IRS:

• People who are in an IRS installment agreement to pay their taxes.
• People who have settled their debt through an offer in compromise or Justice Department agreement. 
• People who appeal a levy through an IRS collection due process hearing. 
• People who request innocent spouse relief (Form 8857). 

Based on this list of exceptions, the way to avoid being certified by the IRS as an individual with seriously delinquent tax debt is to get into an agreement with the IRS to pay the balance.

4. What will happen to the person who owes seriously delinquent tax debt?

Before the State Department revokes a passport, the State Department may limit the passport so that the individual can only travel back to the United States. It’s unclear how the State Department will use its discretion on limiting and revoking passports.

5. How can taxpayers get their passport restrictions lifted?

To get out of the passport restriction, individuals must get back into good standing with the IRS. For most taxpayers, that will mean paying the entire tax bill or, more likely, setting up an installment agreement with the IRS.

6. Can taxpayers just pay the balance to under $50,000 to remove the certification and passport restrictions?

The short answer from the IRS is no. Just reducing the amount under $50,000 will not decertify the taxpayer.

7. Can taxpayers appeal their seriously delinquent tax debt certification?

Under Section 7345(e), taxpayers can appeal their status in federal district court or U.S. Tax Court. But the taxpayers’ passports will remain restricted while they appeal. For taxpayers who are surprised by their passport restrictions when they try to travel, the best way to expedite travel is to obtain a quick installment agreement.

8. What if taxpayers don’t think they owe the tax?

To get immediate relief, the only quick option is for taxpayers to pay the balance, or more likely, set up an installment agreement, and contest the tax later with the IRS.

9. Is there an expedited process to remove passport restrictions?

Right now, there’s no provision to expedite removal of passport restrictions after a taxpayer gets in good standing with the IRS. As the law is implemented, look for the IRS and the State Department to develop expedited procedures to relieve taxpayer burden.

10. What can a seriously delinquent tax debtor do to avoid passport restrictions?

Basically, taxpayers can avoid passport restrictions by meeting an exception outlined above – all of which mean getting into good standing with the IRS.

As Buttonow makes clear in his report: don’t assume it’s safe to make travel plans if you owe taxes. There are problematic ramifications of not being in good standing with the IRS when you intend to use your passport to travel outside the country.

For this reason, we highly recommend you meet with your CPA as part of your pre-trip planning process to put in place payment arrangements with the IRS sufficiently in advance of taking your trip.


To know more visit: https://www.compasspointcpa.com

Tax Issues Facing Small Business

Small business ownership is a good way to take more control of your time and puts more money in your pocket.  But what is the true cost of small business ownership?  Surprisingly, many small business owners are faced with many challenges that may leave them with less time and less money than when they were earning a living working for someone else.

One of the most common mistakes that small business owners make is made within eh first few weeks of starting up their business.  Choosing the wrong entity and/or business structure can severely hurt a small business trying to get on its feet.  While each state is different, the common types of business structures are:  sole proprietorship, partnership, limited liability company, and corporation (C and S are the most common).  It is important to understand who the structuring of your business will affect your tax situation, how you raise money, the paperwork that is needed to be field, as well as your own personal liability requirements.

A sole proprietorship is the easiest to form and gives you complete control over how the business is run.  In most cases, you are automatically considered a sole proprietorship is you perform business activities and do not register as any other type of business.  Sole proprietorships report their taxes on the owner’s personal Federal Form 1040 tax return.  They are also subject to self-employment taxes, and the owner cannot take a W2 wage.  As they are not seen as separate from the owner, all assets and liabilities are also not separate from the owner, and you may be held personally liable for any debt and obligation incurred on behalf of the business.  Sole proprietorships are considered low risk, and a good place for owners looking to start out before creating any more formalized business.

Partnerships are the simplest structure for two or more owners to do business together.  There are two common types of partnerships: limited partnerships and limited liability partnerships.  With a limited partnership, there can be only one general partner and the rest are limited liability partners.  The limited liability partners also have limited control over the company and its decisions.  Profits and losses are passed through to the general partner to report on their personal Federal Form 1040, and any profit is subject to self-employment taxes.  The limited liability partners only pay self-employment on any guaranteed payments they receive.  In the limited liability partnership, the liability is limited to each owner.  This protects all partners from debts against the partnership and the actions of the other partners.

A limited liability company gives the small business owner the benefit of both the corporation and partnership structure.  Limited Liability Companies are designed to protect the owner(s) from personal liability, thereby protecting their assets from lawsuits or debt created in the business.  The profits and losses are passed through to the owner’s personal Federal Form 1040 for taxation.  They are, however, considered to be subject to self-employment taxes.  Each state has different rules regarding the treatment of limited liability companies, so it is important to determine I the regulations of your state will work for your business.

A C Corporation is a legal entity completely separated from its owners.  As a separated entity, it is responsible for its own taxes as well as legal liability.  While this structure provides the most legal protection for the owner, there is also the greatest cost to set up a C Corporation.  They also require the most amount of record keeping, operational process and reporting.  Additionally, they are subject to double taxation.  The profits are first taxed on the corporate level, and then the dividends paid to each owner is taxes on the owner’s personal Federal Form 1040 return.  If an owner chooses to leave the Corporation, he/her shares are simply sold, and the Corporation feels little to no affect.  Raising funds can also be easier, as the Corporation can sell stock.

Sub Chapter S Corporations are designed to avoid the double taxation that occurs in the more traditional C Corporation.  The S Corporation allows for profits and losses to be passed directly to the owner’s or owners’ personal Federal Form 1040 for taxation purposes without being subject to self-employment taxes.  Again, each state has different regulations when it comes to the treatment of S Corporations, and so it is important to understand your own states stance.  The S Corporation is limited in its shareholders to one hundred, and they must all be US Citizens.  It also retains the strict processes and operations reporting that a C Corporation has.  And like a C Corporation, it is easy for a shareholder to leave the company.

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Why Do You Need a Business Plan?

It’s frequently said that if you don’t plan for the future then you must be planning to fail. Hence, it’s fair to say that a business plan is widely regarded as a very important--essential, even--management tool.

A business plan is a written document that describes where you want your business to be in the future along with the resources you anticipate needing to achieve your goals for the business. These resources can take the form of financial funding (loans etc.), headcount, capital asset acquisitions, etc.

In short, a business plan describes what you want to do and how you plan to do it.

In addition, a business plan conveys:

• your business goals
• the strategies you'll use to meet them
• potential problems that may confront your business
• ways to solve those problems
• the organizational structure of your business (including titles and responsibilities)
• the amount of capital required to finance your venture and keep it going until it breaks even

As explained by Entrepreneur, without a business plan it’s fair to say that you will be taking pot-shots in the dark without having anything to aim at.

A business plan is a living and breathing document in the sense that conditions can arise necessitating an update to the plan. The business plan is not something that is cast in stone. Updates may be required for reasons such as the following:

1. A new financial period is about to begin. You may update your plan annually, quarterly or even monthly if your industry is a fast-changing one.
2. You need financing. Lenders and other financiers need an updated plan to help them make financing decisions.
3. There's been a significant market change. Shifting client tastes, consolidation trends among customers and altered regulatory climates can trigger a need for plan updates.
4. Your firm develops or is about to develop a new product. If your business has changed a lot since you wrote your plan the first time around, it's time for an update.
5. You have had a change in management. New managers should get fresh information about your business and your goals.
6. Your old plan doesn't seem to reflect reality any more. But if your plan seems irrelevant, redo it.

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Is a Business Plan Essential? The Statistics Say Yes

The following two examples provide a more practical, detailed glimpse into why business plans are so essential and why the statistics show how game-changing a good plan can be:

Example 1 (from QuickBooks.com):

A few years ago, a software company surveyed its users to determine how helpful a business plan was to success. The results were reviewed by the University of Oregon for validation, and seem to point to the improved outcomes for those with business plans:

• Of those who created plans, 64 percent grew their businesses, compared to 43 percent of companies that hadn’t yet finished a plan.
• Those who created plans were more likely to secure a loan or investment capital.

A Babson College study discovered a written business plan wasn’t all that important — unless you were trying to raise money. In cases involving raising capital or getting a loan, businesses with plans were more likely to get the funding they needed.

Example 2 (from BPlans.com):

Palo Alto Software asked thousands of Business Plan Pro users a couple of dozen questions about their businesses, goals, type of business, years in existence, and business planning. Almost 3,000 people responded. Those who finished their business plans were about twice as likely to successfully grow their business, get investment, or land a loan than those who didn’t. 

Key Elements To A Business Plan

An analysis by Mary-Ellen Tribby, CEO and Founder of WorkingMomsOnly.com, as published by The Huffington Post, made these pertinent observations:

1. Executive Summary: Within the overall outline of the business plan, the executive summary will follow the title page. The summary should tell the reader what you want. Clearly state what you’re asking for in the summary. The statement should be kept short and businesslike. Within the space of the Executive Summary, you’ll need to provide a synopsis of your entire business plan. 
2. Market Analysis: This section should illustrate your knowledge about the particular industry your business is in.

A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to collect its share of sales. A market analysis also enables the entrepreneur to establish pricing, distribution and marketing strategies that will allow the company to become profitable within a competitive environment.

1. Company Description: Include a high level look at how all of the different elements of your business fit together.
2. Organization and Management: This section includes your company’s organizational structure, details about the ownership of your company, descriptions of your management team and qualifications of your panel of experts or board of directors.
3. Marketing and Sales Strategies: Marketing creates customers and customers generate sales. In this section, define your marketing strategies. Start with strategies, tactics and channels that you have used to create your greatest successes.
4. Service and/or Product Line: In this section describe your service and product. What is it that you are actually selling? Establish your unique selling proposition.
5. Funding Requirements: In this section state the amount of funding you will need to start or expand your business. Include best and worst case scenarios.
6. Financials: Develop the financials AFTER you have analyzed the market and set clear objectives. You should include three to five years of historical data.

In conclusion, it’s fair to say that creating a business plan can be a significant undertaking. But there is plenty of evidence that the effort will reap dividends, so to speak, in terms of growth, profitability, and overall success.

To know more visit: https://www.compasspointcpa.com

Trump Tax Reform – Pass Thru Update

Trump administration officials and congressional Republican leaders are negotiating the terms of a tax reform bill. While they have not introduced legislation or a detailed plan, here are some of the latest news items detailing what we know so far about their goals and possible intentions with respect to taxation of income flowing through pass-thru entities—and only applying to pass-thru entities. The following update is based on what they have said so far, as published in a July 27, 2017 report by the Washington Examiner.

However, to gain a more up-to-date overall perspective of what has transpired up to this point with tax reform, please refer to the article at the CPAGardens website entitled Trumps Tax Plan Unleashed, category “Tax Strategies,” posted on January 11, 2017.

Focusing On Pass-Thru Taxation

Perhaps one of the most significant reforms noted has to do with the policy question of “Pass-Thru Taxation.” This term is more accurately described as “taxation of income flowing through pass-thru entities”:

1.  Pass-throughs are businesses that pay their taxes through the individual income tax code rather than through the corporate code.

2.  In contrast, traditional C corporations can retain earnings without distributing them immediately to any particular shareholder.

3.  However, there are multiple interpretations of the proposed tax plan because the plan is not finalized.

Currently, the clearest understanding of the current plan is as follows:

• Pass-throughs are not eligible for a single 15 percent tax rate on the individual income that their owners report.
• At best, they may be allowed to adopt some kind of tax status similar to that of C-corporations, either on a temporary or permanent basis.

As noted, some of the latest news has the House Republicans favoring a new special top tax rate for businesses that file through the individual side of the tax code. The House Republican plan would set that rate at 25 percent, while the Trump plan would make it even with the corporate rate at 15 percent.

A joint statement between the Republication House and the President didn't specify where the rate would be. However, the special tax rate would ensure that mom-and-pop businesses get tax cuts with giant C-corporations. A significant portion of pass-through income goes to big businesses, and about half flows to the top 1 percent of income earners.

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Order Cake for Your Desired Day Online

Are you waiting for your desired day?  Are you excited to know how your cake will look? You must be that type of busy bee and lack time to go to the shop and order your favorite cake. But there is a way out. Study the catalogue online and we are sure you will be able to order your cake with ease.


There are many ways to book for online cake delivery Glendale. If you have a party today and planning to surprise your friends, then log in to the website of Art’s Bakery, and you will find a range of choice.  Apart from cakes, you may choose from the range of cookies, pastries, cupcakes, bread, and candies. We are specialized in cakes meant for various occasions like- wedding, birthday, baby shower, graduation and much more.

Well, if you are living in Glendale, there can be many reasons why you should ordercake online Glendale.

• Our cakes  are available online in various designs
• We take the minimum time to deliver
• There is a whole range of customized cakes for you to choose.
• You may select from the designs and then order your own cake.
• We are specialized in making cakes for various occasions- wedding, engagement, anniversary, kid’s birthday, graduation, her birthday, his birthday, designer cakes, christening, sports theme and other occasions.
• We have special expertise in specialty cakes like-fruit tarts, cakes, mousse and quarter sheet cakes.

Staying in Glendale and you want to book your cake? 

You must be wondering where to go for booking a cake.  You must be scared of getting stuck in the bad traffic or getting some free time from your busy schedule. There are various other responsibilities like venue decoration, flower arrangement, catering, and function. Cakes are a vital part of every occasion, and it has to be executed in excellent condition. Don’t panic. You can go to our website and select your cake.  Pay online, and your countdown begins for the day when you desire to see the cake. Take advantage of the service online cake ordering Glendale.





Where can you book pastries?  

Are you having a party at home? And looking towards booking some snacks for your guests? Go ahead and book pastries for your guests by ordering online. You may book other savories online through Pastry Glendale. You may choose from a range of pastries like- Cannoli pastry, Chocolate banana tart pastry, Vanilla éclair pastry, Almond Micado pastry, Nutella cupcake pastry, Apple turnover pastry, Bird milk pastry, Chocolate cake pastry, Chocolate porcupine pastry, Chocolate roulette pastry, Cream cheese roll pastry, Fruit tart pastry and many more.





Where do you want to buy wedding cakes from?
Wedding being an auspicious occasion, you may order cakes online from weddingcake Glendale.  There are various types ranging from several steps to a simple one. You may choose from the catalogue, select your favorite design, and then finally make payment through online method. You can even talk to our experts and add a bit of your imagination to it.

Never was ordering cakes so easy in Glendale before we had our presence in the city. So, make utilization of our exclusive services and order cakes online.

Corporate Events Cake Glendale

 Visit website  
 www.artsbakeryglendale.com

Do You Have An Interest In Exporting?

Small businesses looking to increase sales and profit, reduce dependence on the domestic market and stabilize seasonal fluctuations should consider exporting. Consider these facts: 

• Nearly 96 percent of consumers live outside the U.S.
• Two-thirds of the world’s purchasing power is in foreign countries.

Today, as noted by Export.gov, it’s easier than ever for a company like yours, regardless of size, to sell goods and services across the globe. Small and medium-sized companies in the United States are exporting more than ever before.

In 2013, for example, more than 300,000 small and medium-sized U.S. companies exported to at least one international market—nearly 28 percent more than in 2005. The value of goods and services exports was an impressive $2.28 trillion, nearly a 25 percent increase since 2010. And 2014 topped the previous year, with exports valued at $2.34 trillion.

The following list is of sales channels are available to global trading partners active in the export process,

Sales channels can include:

• Direct to end-user
• Distributors in country
• Supplier to the U.S. government in a foreign country
• Your e-commerce website
• A third-party e-commerce platform where you handle fulfillment
• A third-party e-commerce where they handle fulfillment
• Supplier to a large U.S. company with international sale
• Franchise your business. 

You are not limited to one of these channels. As it is also noted in the Export.gov study, today’s global trading system is ideal for the smaller company employing more than one marketing and sales channel to sell into multiple overseas markets. But most U.S. exporters currently sell to one country market—Canada, for example. And the smaller the company, the less likely it is to export to more than one country. For example, 60 percent of all exporters with fewer than 19 employees sold to one country market in 2005.

Tips For Potential And New Exporters

In a recent report from Shipping Solutions, these seven tips will provide helpful guidance for businesses new to exporting:

Tip #1 – Make a Commitment

Businesses new to exporting can expect to face numerous challenges such as redesigning packaging or establishing a new distribution channel. 

Tip #2 – Do Your Research

To be successful overseas, do some research on potential markets. Which countries have the lowest duties? Write an international marketing plan, which addresses a range of potential issues such as unique labeling requirements.

Tip #3 – Focus Your Efforts

For example, first-time exporters in Minnesota often target Canada as the first international market to enter. The proximity of Canada and the benefits of the reduced North American Free Trade Agreement (NAFTA) tariffs are advantageous for new Minnesota exporters ramping up on their export knowledge.

Tip #4 – Set Aside Resources

Entering new markets requires resources—primarily time and money. Companies in the best position to export already have an established track record of domestic growth and a steady revenue stream. For many companies, gearing up a business to export means having to reallocate resources from domestic business opportunities.

Tip #5 – Increase Your Company’s Export Knowledge

Look for opportunities to develop and expand the export knowledge of your staff. Work toward credentials to ensure you develop a baseline of skills. For exporting companies, encourage staff to attain the Certified Global Business Professional credential. 

Read complete post here: Tax Services in Arizona

Tax and Accounting Services inArizona- Compasspointcpa

Tax law is complicated and constantly changing. Through continuous professional education and participation in industry briefings we stay current with the tax laws and regulations that can benefit you. This enables us to offer a full range of tax services and for you to minimize your tax liabilities.

Tax Planning

Proactive planning is the key to minimizing your tax liability. We work with individuals and businesses to help you pay the least amount of tax required by law. Your unique circumstances will determine the strategies that we can employ to maximize the amount of money you keep in your pocket.

Tax Preparation

Even simple tax returns require multiple forms, schedules, and worksheets. The instructions and guidance from the tax authorities can be confusing and often generate more questions than answers. While a computer software program may help, there is no substitute for the personalized quality of service and advice you will receive from our experienced tax professionals.

Tax Problems

If you are currently dealing with the tax authorities, we can help you assess the situation, advise you of your options, and resolve the issue at the lowest possible cost. We will also work with you to review your prior tax years to make sure that all of your tax filings have been submitted accurately and that you have taken full advantage of the tax laws. Then we will help you set up an easy system to keep your records current going forward. Contact for Tax Services in Arizona

Accounting Services

Businesses of all shapes and sizes depend on accurate, insightful, and timely financial information to manage their day-to- day operations. We lend our expert support to meet your accounting needs, so you can focus your time and energy on building a stronger business.

Financial Statement Preparation

Professionally prepared financial statements are an essential resource when dealing with creditors or investors. When we prepare your financial statements we can also help you assess the health of your business and frame strategic initiatives to aid in your business growth. Staff accounting services Arizona

Bookkeeping

To ensure that you have a complete and accurate picture of your financial position we can create and maintain proper accounts to capture all of your business transactions, identify and resolve discrepancies, and prepare all the necessary federal, state, and local tax returns.

Payroll Support

Managing the employee payroll is not a simple matter of calculating the amounts due, writing, checks, and handing them out. There is a host of government reporting and record keeping requirements that comes with the job – and adverse consequences if you get it wrong. We are happy to help you through the complicated payroll process.

For more detail visist site www.compasspointcpa.com