If you're in the business world, there may be times when you will need to determine the value of a company. There are many factors that affect a business’ value, and whether you're buying, selling, merging, or involved in litigation, understanding these factors is crucial for making informed decisions. In this blog post, we will discuss some of the factors that impact the value of a business and why it's crucial to seek the assistance of a qualified CPA.
Factors Considered in Business Valuations
A professional business valuation involves a comprehensive analysis of a variety of factors, including but not limited to:
Financial Performance: The financial performance of a business is one of the most critical factors that affect its value. A company's revenue, profit margins, and cash flow all play a significant role in determining its value. This means that businesses with steady financial growth and predictable cash flows are often valued more highly than those with inconsistent earnings or financial instability.
Industry Trends & Market Demand: The overall demand for a product or service and trends within an industry can have a significant impact on the value of a business. A company operating in a rapidly-growing industry may be worth more than a similar company operating in a stagnant or declining industry.
Intellectual Property: The presence and strength of a business's intellectual property can impact its overall value. Patents, trademarks, and copyrights can provide a competitive advantage, making a business more valuable.
Customer Base: The size and quality of a business's customer base can also impact its value. A business with a loyal and diverse customer base may be worth more than a similar business with a smaller or less loyal customer base.
These are just a few of the factors that are considered, and the actual process of valuing a business can be complicated and requires specialized knowledge and experience. During litigation, the context of the lawsuit may also influence the valuation process. For example, different factors will be considered during divorce proceedings compared to cases involving infringement. It's important to work with a qualified CPA to thoroughly evaluate all aspects of a business and determine its true value.
Hire a CPA That Is Certified in Business Valuation
Valuing a business is a complex and multifaceted process that requires careful consideration of numerous variables. In litigation, determining the value of a business becomes even more important as it can impact the outcome of a case. Seeking the assistance of a CPA that is certified in business valuations is essential to ensure that the valuation is accurate and defensible in court.
If you're looking for a CPA that you can trust to value your business, look no further than Larry Bradford. Larry Bradford is a highly qualified CPA with extensive experience in business valuation. He is certified in business valuations by the American Institute of Certified Public Accountants, and he can use his expertise to create a credible valuation for your business. Call 512-402-0049 or send an email to email@example.com to set up an appointment.
As a business owner, the last thing you want to worry about is fraud and embezzlement. Unfortunately, fraud is a real threat that can cost your business a lot of money and damage your reputation. According to the Association of Certified Fraud Examiners, the average organization loses 5% of its annual revenue to fraud. In this blog post, we will discuss how to protect your business from fraud and embezzlement.
Implement a Strong Firewall
One of the most important things you can do to protect your business from fraud is to implement a good firewall. A firewall is a software or hardware solution that protects your network from unauthorized access. A good firewall will block unauthorized access to your network and prevent hackers from stealing sensitive information such as customer data or financial information.
Work With an Experienced IT Company
It is essential to utilize a good IT company that can help you prevent malware and ransomware attacks. These companies will help you install and manage the latest antivirus and anti-malware software, monitor your network for suspicious activity, and provide training to your employees on how to identify and prevent cyber threats. With a reliable IT company on your side, you can rest assured that your business is protected from cyber threats.
Conduct Regular Audits
Another important step in protecting your business from fraud is to conduct regular audits. Audits can help you identify potential areas of weakness in your internal controls, which can be exploited by fraudsters. By conducting regular audits, you can identify any potential fraud early on and take steps to prevent it from happening in the future.
Use Strong Passwords
One of the easiest ways for hackers to gain access to your system is by guessing weak passwords. Therefore, it is essential to use strong passwords that are difficult to guess. A strong password should be at least eight characters long, contain a mix of uppercase and lowercase letters, and include special characters and numbers.
Educate Your Employees
Finally, it is essential to educate your employees about the risks of fraud and embezzlement. Employees should be trained on how to identify suspicious activity, such as phishing emails or unauthorized access to the system. By educating your employees, you can create a culture of security within your organization, and everyone will be vigilant in protecting the business from fraud.
Hire a CPA for Forensic Accounting
However, even with all these preventative measures in place, sometimes fraud and embezzlement can still occur. In such cases, it is crucial to work with an experienced forensic accountant who can help you investigate potential fraud and embezzlement within your business. Larry Bradford, CPA, has attained the Certified in Financial Forensics credential through the American Institute of Certified Public Accountants, a designation that few CPAs ever achieve.
With over 40 years of experience in investigative accounting, Larry Bradford can use his expertise and knowledge to help you identify any financial irregularities and gather evidence to support legal action. To make an appointment, call 512-402-0049 or send an email to firstname.lastname@example.org. Don't wait until it's too late, contact Larry Bradford, CPA, to protect your business today.
Dealing with IRS debt can be overwhelming and stressful, but it's important to take action to resolve it. Ignoring the issue can result in serious consequences such as wage garnishments, property seizures, and even legal action. Fortunately, there are strategies you can use to settle your IRS debt and regain your financial freedom.
Who Is Eligible for IRS Debt Settlement?
If you are solvent and have assets that can be used to pay off your IRS debt, you are not likely to be eligible for a debt settlement program. These programs are typically reserved for taxpayers who are experiencing financial hardship and cannot afford to pay their full tax debt. The IRS will require you to exhaust your assets, such as selling real estate or stocks, before they will consider settling your tax debt for less than the full amount owed. If you truly do not have the funds or assets to pay off your debt, the IRS, you may be eligible for the Offer in Compromise settlement program.
Offer in Compromise
An Offer in Compromise (OIC) is a program that allows taxpayers to settle their tax debts for less than the full amount owed. The IRS will consider an OIC if they believe that it's unlikely that they'll be able to collect the full amount of taxes owed. To qualify for an OIC, you must be current on all tax filings and payments and demonstrate that paying the full amount owed would create a financial hardship for you. If the IRS approves your offer, you can settle your debt for less than the full amount.
To see if you qualify for this program, refer to the guidelines on the IRS website. It's highly recommended that you seek the help of an accountant to guide you through the OIC process. The forms and financial questions can be beyond the capabilities of most people, and an accountant can provide the necessary guidance and expertise to help you through the process.
Seek Professional Assistance
Navigating the world of IRS debt settlement can be complicated, which is why it is necessary to seek the help of a qualified CPA. A CPA can help you determine the best strategy to settle your debt, whether it be through the OIC program or another solution. Even if you do not qualify for an OIC, a CPA can help you get caught up on IRS payments and create a plan to resolve your debt.
With over 35 years of experience in dealing with the IRS and settling tax debts, Larry Bradford, CPA, can help you navigate the complicated process of settling your debt. He can help you determine the best strategy to settle your debt, whether that be through the OIC program or another solution. Don't let IRS debt hold you back any longer. Take the first step towards resolving your tax problems and contact Larry Bradford today to discuss your options. Call 512-402-0049 or send an email to email@example.com to schedule a consultation. With his help, you can take control of your finances and move towards a brighter, more secure financial future.
Separate property tracing is a crucial process for anyone wanting to claim and secure their separate assets. These assets may encompass real estate, bank accounts, investments, vehicles, and other valuable possessions. Despite its significance, many people face difficulties in accurately tracing their separate property, often because of inadequate documentation. In this post, we will discuss why proper documentation is imperative in separate property tracing and why it is essential to utilize the services of a qualified certified public accountant.
Why Documentation Matters for Separate Property Tracing
Lack of documentation is the single biggest obstacle in separate property tracing. When it comes to claiming separate property, having accurate and comprehensive records is essential. However, many individuals struggle to maintain proper records and to keep track of all transactions and transfers involving their separate property. This can lead to confusion and disputes in the future, particularly in the event of a divorce or estate dispute.
To overcome this challenge, it is essential to always maintain detailed and organized records of all transactions and transfers involving separate property. This should include receipts, invoices, bank statements, and any other relevant documentation. Additionally, it is important to keep these records updated and readily accessible in case they are needed in the future.
The Standard of Clear and Convincing Evidence
In Texas, separate property must be proven to be separate by clear and convincing evidence, which is the highest legal standard for proving property ownership. This standard requires evidence to be highly probable or reasonably certain. If the assets cannot be proved to be separate by clear and convincing evidence, they will default to community property.
This is why it’s crucial to maintain accurate documentation that can be used to help meet this standard. Additionally, it is important to work with a qualified CPA who has the knowledge and expertise to gather and present the necessary evidence to prove separate property ownership.
Why You Should Utilize Larry Bradford, CPA
Given the need to prove property to be separate by the highest legal standard, it is essential to work with a qualified professional who has the knowledge, skills, and experience to accurately trace separate property assets. With a long-standing career as a CPA spanning over 35 years and over 400 court appearances, Larry Bradford has proven to be critical in the defense of separate property.
With his expertise and extensive experience, Larry Bradford is well-equipped to help you navigate the complex process of separate property tracing and overcome any challenges that may arise. Larry has the skills necessary to gather and analyze the evidence needed to prove separate property ownership to the highest standard, and he can provide you with expert testimony to support your claims. To set up an appointment, call 512-402-0049 or send an email to firstname.lastname@example.org.
Filing and paying taxes can be a confusing and daunting task for those who are self-employed. Unlike employees, who have taxes directly withheld from their paychecks, self-employed individuals are the ones responsible for filing and paying taxes on their income. Understanding the basics of tax obligations for the self-employed can make this process less overwhelming. In this blog post, we will discuss tax requirements for self-employed individuals, strategies for staying on top of taxes, and the benefits of hiring a certified public accountant (CPA).
Tax Requirements for the Self-Employed
All self-employed taxpayers are required to pay two different taxes. First, self-employed individuals are responsible for paying self-employment taxes. The self-employment tax rate stands at 15.3%, which includes 12.4% for Social Security and 2.9% for Medicare.
In addition to self-employment taxes, the self-employed are responsible for paying income taxes on their earnings. The amount of income taxes you owe will depend on your income level and deductions. Deductions can include business-related expenses such as office supplies, equipment, and travel.
How to Stay On Top of Taxes
Without proper planning, it’s easy for those who are self-employed to fall behind on their taxes. This can lead to serious consequences, ranging from fines to criminal penalties. Read our blog post, “Delinquent Tax Returns and the Consequences You Could Face,” for in-depth information about the repercussions of falling behind on tax payments.
The best way to stay current on your taxes is to make quarterly estimated tax payments throughout the year to the IRS. This is calculated based on your estimated profits for the quarter. Staying up-to-date with bookkeeping is extremely important in order to accurately calculate your estimated tax payments.
Benefits of Hiring a CPA
Even with the best intentions, self-employed individuals can still make mistakes when it comes to taxes. This is where hiring a certified public accountant (CPA) can be extremely beneficial. A CPA can help you stay current on your taxes through tax planning, help you navigate the complex tax laws that apply to the self-employed, and ensure that you are taking advantage of all the deductions and credits available to you.
If you are self-employed and in need of accounting services, contact Larry Bradford today. Larry is a seasoned professional, with over 35 years in practice as a CPA. His expertise and knowledge can help you stay on top of your taxes while also minimizing any potential risks and penalties. Call 512-402-0049 or send an email to email@example.com to schedule an appointment.
Are CPA Fees Tax Deductible?
As a taxpayer, you may often find yourself wondering which expenses are tax deductible. This is especially true when it comes to professional fees, such as those you might pay to a certified public accountant (CPA). So, are CPA fees tax deductible?
Tax Deductions Differ for Businesses and Individuals
Whether CPA fees can be deducted from taxes depends on what the CPA’s services were used for. In general, CPA fees can be deducted for businesses but not for personal use. According to the IRS, businesses can typically deduct any ordinary and necessary expenses that are related to the operation of the business. This includes fees paid to accountants and other financial professionals for services such as preparing and filing taxes, providing financial advice, and performing audits.
It's important to note that in order for CPA fees to be tax deductible for businesses, they must be reasonable in amount. This means that the fees must be comparable to what you would expect to pay for similar services in your area. If the fees seem excessive, the IRS may disallow the deduction.
CPA fees are not tax deductible if they are used for personal purposes. For example, if you pay a CPA to prepare your personal tax return or to provide personal financial advice, those fees would not be tax deductible. Additionally, if you pay a CPA for consulting services that are not directly related to your business, those fees may also not be tax deductible.
Consult With a CPA
In conclusion, CPA fees can be tax deductible for businesses, but not for personal use. However, there are some limitations and exceptions to consider, and the rules for claiming these deductions can be complex, so it's always a good idea to consult with a tax professional for specific guidance on your situation.
If you're in need of professional accounting services, look no further than Larry Bradford, CPA. With over 35 years of experience in the field, Mr. Bradford has the expertise and knowledge needed to help you navigate the complexities of tax deductions and ensure that you're claiming all the deductions you're entitled to. To schedule an appointment, call our office at 512-402-0049 or send an email to firstname.lastname@example.org.
Forensic accounting is a valuable tool for uncovering financial wrongdoing and can be used in a variety of legal proceedings. It is important to find a qualified and experienced professional to conduct these services. This article will discuss the basics of forensic accounting and what you need to look for when hiring a forensic accountant.
What Is Forensic Accounting?
Forensic accounting is the application of accounting principles and techniques to investigate and analyze financial information for use in legal proceedings. It involves the examination of financial records and documents to determine if there has been any fraudulent activity or mismanagement. Forensic accountants often work closely with law enforcement agencies, lawyers, and other legal professionals to gather and analyze evidence in criminal and civil cases.
When Is Forensic Accounting Needed?
In general, forensic accounting is needed whenever there is a need to examine and analyze financial information in a legal context. This can apply to any lawsuit that is suing for financial compensation. Forensic accounting can be used in a wide range of situations, including divorce proceedings, partner or shareholder disputes, and financial fraud investigations.
Who Should You Hire for Forensic Accounting?
Forensic accounting requires a thorough understanding of accounting principles and financial statements, as well as the ability to think critically and analyze complex data. Forensic accountants may be called upon to testify in court as expert witnesses. If you are in need of forensic accounting services, you will want to find a qualified accountant who is experienced in making court appearances.
It is best to work with an accountant who has attained the Certified in Financial Forensics (CFF) credential through the American Institute of Certified Public Accountants. The CFF credential is granted exclusively to CPAs who have demonstrated expertise in forensic accounting, and very few CPAs ever receive this specialty designation. Those who are certified in financial forensics have credibility and are recognized as experts in their field. Their testimony is often given weight in legal proceedings, and their findings are considered reliable and trustworthy.
Larry Bradford, CPA, is certified in financial forensics and has been awarded the CFF credential. He has over 40 years of experience in investigative accounting and has made over 400 court appearances. If you are looking to hire a certified and experienced CPA for your forensic accounting needs, contact Larry Bradford today. Call 512-402-0049 or send an email to email@example.com to set up an appointment.
The U.S. Internal Revenue Service, or IRS, is an agency of the U.S. federal government that collects taxes and enforces tax laws. If you receive a notice of an impending IRS audit, you must take the matter seriously. The IRS is a powerful agency that has the ability to impose penalties ranging from civil fees to imprisonment for criminal tax evasion, depending on the severity of the non-compliance. This section will discuss what an IRS audit is and what to do if you receive notice of an upcoming audit.
What is an IRS Audit?
An IRS audit is a review of an individual’s or business’s tax return to ensure that all income has been reported and all taxes have been paid. The IRS may contact you about an audit if you report unusual income, claim deductions that are questionable, or have errors on your tax return.
Taxpayers who under-report their income, claim large deductions, fail to file their taxes on time, and business owners are more likely to be audited. The auditor will require the individual or business to substantiate documentation to prove that the information claimed on the tax return is correct and that all required tax payments have been made.
Hire a CPA Immediately
If you receive an IRS audit notice, do not respond on your own. Do not communicate with the IRS directly. Immediately contact a CPA to communicate with the IRS on your behalf. If you respond to the IRS yourself, you may inadvertently admit something, give information that is contradictory, or get caught in a lie. This can result in substantial financial penalties and legal consequences.
A CPA will also ensure that the matter is addressed promptly. Many taxpayers who receive a notification of an IRS audit simply ignore it. This results in missing critical deadlines, which allows the IRS to invalidate deductions and substantially increase taxes and penalties. Hiring a CPA will prevent you from saying the wrong things to the IRS and will ensure that the situation is addressed in a timely manner, saving you money and keeping you out of legal trouble.
Have you received an IRS audit notice? Don’t wait! Contact Larry Bradford, CPA, today. Larry Bradford has over 35 years of experience as a Certified Public Accountant and will use his expertise to help you properly handle your upcoming audit. Call 512-402-0049 or send an email to firstname.lastname@example.org to set up an appointment.
What Is My Business Worth?
As a business owner, there are several circumstances in which you may need to determine how much your company is worth. The value of a business cannot be determined by the company's financial statements alone. A business's value is dependent on many factors, including its assets, liabilities, profitability, and growth potential. These factors are constantly changing and must be evaluated by a qualified and experienced CPA.
When Do I Need to Determine the Value of My Business?
The most common contexts in which clients request a business valuation are during a divorce, for damage purposes, and when buying or selling a business. During a divorce, if the business is community property, then it has to be valued to know what all of the assets of the divorce estate are worth. Businesses have trade secrets that are protected by state law and federal law. In cases involving theft of trade secrets or tortious interference, a valuation will need to be completed to determine the extent of the damage. Additionally, if you are buying or selling a business, you will need a valuation completed before that transaction can take place.
How to Choose the Best CPA for Your Business Valuation
When searching for a CPA to complete your business valuation, you want to look for two crucial qualities: experience and credentials. Your CPA needs to be experienced in court and must be able to use their expertise to testify and make appearances when needed. Only accredited business appraisers have the training and skills to create defensible valuation reports, which is why it’s important to find a CPA who is also accredited in business valuation.
The Accredited in Business Valuation (ABV) is a national certification awarded by the American Institute of Certified Public Accountants. This credential is granted exclusively to accountants who demonstrate considerable knowledge and expertise in business valuation. Business valuation is a specialty skill, and few CPAs ever receive this credential.
Larry Bradford, CPA, is accredited in business valuation and has been awarded the ABV certification. He has made over 400 court appearances and has more than 40 years of experience in valuation practice. If you are looking for a certified and experienced CPA that you can trust to create a defensible valuation for your business, give Larry Bradford a call at 512-402-0049 or send an email to email@example.com.
A common misconception people have is that if they haven’t filed taxes in over 10 years, they can file for bankruptcy and not be held responsible for their unpaid taxes. That is not the case. Filing for bankruptcy does not guarantee that your taxes will be discharged, and it can complicate the process of getting back on a positive financial track.
Can Past Due Taxes Ever Be Discharged in Bankruptcy?
The answer to this question is, "It depends." If you have not filed a tax return, your past due taxes cannot be discharged in bankruptcy. Only those taxes that have been filed and are older than 3 years can be dischargeable in bankruptcy, unless the tax return was filed late.
Additionally, you are still required to keep up with your current taxes, even after filing bankruptcy. According to the IRS, “Failure to file returns and/or pay current taxes during your bankruptcy may result in your case being dismissed.” So, if you don’t file your taxes on time, you will still be held responsible for those taxes, even if you declare bankruptcy.
Don’t Get Behind on Your Taxes
Avoid getting yourself into a situation where your taxes are overdue. There are many unintended consequences of delinquent tax returns, and filing for bankruptcy won’t get you out of paying what you owe. The best thing you can do to protect yourself is to stay caught up on your taxes.
Larry Bradford, CPA, can help you get caught up on past due taxes and create a plan to ensure you don’t get behind on your payments in the future. Call our office today at 512-402-0049 or send an email to firstname.lastname@example.org to set up an initial appointment.