Coffee Time with Marie Torossian CPA

In this week's episode, we had a special guest, Matt Gelber, ESQ, to help answer most common questions about insurance claims after major disasters such as a hurricane 

1. What are the differences between a homeowner’s insurance claim and a flood claim?  
2. How would you know when you should file homeowners’ vs. flood insurance claim? 
3. What does a typical claims process look like and when is the right time to file? 
4. How many years d...

In this week's episode, we discussed about how to handle disaster situations such as the recent Hurricane Ian that affected multiple states! 

• What are the IRS relief announcements related to this disaster? 
• How to prepare your business for a disaster? 
• What steps you should take to submit a claim to your insurance? 
• What portion of your disaster related loss is reported on your taxes? 

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Have you ever wondered what CPAs talk about over coffee?  

In this week's episode, we discussed about shareholder, or a member capital balances. 

   1. What is a shareholder or member capital account?     2. How do you track the capital account balances?     3. What should you do if you distribute more than the capital balance? 

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In this week's episode, we discussed Franchise and License accounting! 

      a. What is an Intangible asset basics? 

      b. Can you amortize a franchise or License fee? 

      c. How should you record and report royalty fees?  

      d. And more… 

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In this week's episode, we discussed big tax deadline, intercompany loans, and Hybrid accounting! 

1. Who should file on September 15th, and what happens they don’t? 
2. How should you handle and support intercompany loans? 
3. Why hybrid accounting is not the best method? 

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In this week's episode, we discussed unique situations we encountered 

1. When should you book the ERC credit receivable? 
2. When should you book factoring of your ERC or any other receivable? 
3. What’s the best way for foreign owners to apply for a business EIN? 
4. How far back can the IRS audit? 

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In this week's episode, we continued the discussion on Inflation Reduction Act 

1. What should business owner’s pay attention to properly plan?
2. What are the red flags they need to fix right now! 

We also discussed how to handle difficult customers. 

1. What you should do today to not feel trapped!
2. How to have a difficult conversation and make a the right decision for your business. 

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In this week's episode, we continued the discussion on messy books... 

      a. What qualifies as Health Insurance?

      b. Could you record you dog as a business expense? 

      c. Why would accounts payables and receivables show up as negative balances in your balance sheet?  

      d. Why you need to pay attention to Rent Expense and Mortgage Payments. 

      e. Why you need to avoid using Journal Entries?  

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In this week's episode, we discussed Unique situations from clients. 

1. What are the key capital gains exclusions you should be aware? 
2. How messy books can bring about red flags to the IRS? 
3. What are the red flags in your books you need to fix right now! 

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In this week's episode, we discussed Inflation Reduction Act.   

1. What are the key points in the legislation and impact on taxpayer? 
2. How this impacts global and individual economy?  
3. How do you prepare your business for possible tax consequences of this legislation? 

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In this week's episode, we answered we provided guidance on how to make your real estate business recession-proof.  

1. Why your mindset is key during the recession? 
2. Why should you prepare a business strategic plan to survive and thrive during the recession? 
3. How to diversify your income within your real estate business? 
4. How to cut-the-fat in your business? 
5. How to use consultants to help you with Financial and non-financial KPI...

In this week's episode, we answered partnership & business sales Questions we received from clients. 

1. Should partners get paid as a W2? What are advantages & Disadvantages, if any? 
2. Can a managing partner that is planning to sell the business be required to stay on for multiple years? 
3. What are the top three key items to consider when planning for business sale for a partner who has young children? 

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In this week's episode, we discussed Ethical Standards in the Accounting Industry.  

1. What are the key areas of the AICPA -Code of Professional Conduct? 
2. What code of conduct do non-CPAs abide by?
3. How much of ethics is covered in the CPA exams? 

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In this week's episode, we discussed taxations of General Partnerships, Limited Partnership and Multi-member LLCs. 

1. Why are general partnership subject to self-employment taxation? 
2. Why is a Limited Partner NOT subject to self-employment taxation? 
3. How are multi-member LLC taxed? 

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1. In this week's episode, we discussed Tax Forms 1099 and 1096 

1. What are these forms? 
2. What are the common mistakes? 
3. How to correct these errors of forms already filed? 
4. What are penalties (see episode 18) 

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In this week's episode, we talked about Inventory Management. 

1. What is inventory management?
2. Why do you need to consider inventory management policies?
3. What are the accounting & policy guidelines for inventory? 

             a. Cost methodologies: FIFO, LIFO, & Weighted Average 

             b. Inventory Accounting Systems: Periodic vs. Perpetual 

             c. Optimum Inventory Levels 

             d. Quality Control Pr...

In this week's episode, we talked about strategies to withstand the upcoming recession. 

1. What is a business/strategic plan and why you need it? 
2. 5 Tips to stay focused on your business and take advantage of the recession! 
3. 3 Steps to start the strategic planning process! 

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E...

In this week's episode, we covered some Q&A that came to us from clients and prospects.  

1. When is a right timing to apply for S-Corp or C-Corp taxations status? 
2. How can you sign up and check your tax amounts due with the IRS. Your Online Account | Internal Revenue Service (irs.gov)  
3. Do I need to file a tax return if I had no activity the first year /last of business?  

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In this week's episode, we talked about US Immigration for investors with our special guest Douglas Cowgill. 

1. What are the trends in immigration to the US? 
2. What are the different investor visa types? 
3. What is unique about L1 vis and E2 visa types? 
4. What are the requirements of E2 visas? 
5. How important is a business plan and projections for an E2 visa application? 

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