Appelrouth Farah & Co.

Your nonprofit’s board needs to know these financial warning signs. Read the full article - https://www.appelrouth.com/your-nonprofits-board-needs-to-know-these-financial-warning-signs/

Your nonprofit’s board needs to know these financial warning signs - Appelrouth Farah & Co. Is your board staring at financial red flags without knowing it? Although some warning signs — such as those experienced when the pandemic first hit — are obvious, others are...

Can you deduct the costs of a spouse on a business trip? Learn more - https://www.appelrouth.com/can-you-deduct-the-costs-of-a-spouse-on-a-business-trip/

Can you deduct the costs of a spouse on a business trip? - Appelrouth Farah & Co. If you own your own company and travel for business, you may wonder whether you can deduct the costs of having your spouse accompany you on trips. The rules for...

Why is the IRS Sending Me This?!? Learn more - https://www.appelrouth.com/why-is-the-irs-sending-me-this/

Why is the IRS Sending Me This?!? - Appelrouth Farah & Co. In a recent announcement, the IRS is telling taxpayers it’s turning off some of its automated notices. Here is what you need to know. Background With the pandemic, incredibly late...

To Our Clients and Friends - Following several months of planning, due diligence, and preparation, we are pleased to announce that effective March 1, 2022, the partners and staff of Appelrouth, Farah & Co., P.A. will join the professional services firm of Citrin Cooperman.

Our partners and staff will continue to work out of the main office in Coral Gables, as well as our locations in Sunrise and Key West, and our name will change to Citrin Cooperman. Josh Rader will continue to serve as the managing partner of the South Florida offices in Coral Gables, Sunrise, and Key West, and the partners and staff who currently provide service to you, will continue to do so without interruption. Read more on our blog:
https://www.appelrouth.com/appelrouth-farah…citrin-cooperman/

4 levels of audit opinions. Read more - https://www.appelrouth.com/4-levels-of-audit-opinions/

4 levels of audit opinions - Appelrouth Farah & Co. The first page of audited financial statements is the auditor’s report. This is an important part of the financials that shouldn’t be overlooked. It contains the audit opinion, which indicates...

Keeping your nonprofit’s remote workers connected. Learn more - https://www.appelrouth.com/keeping-your-nonprofits-remote-workers-connected/

Keeping your nonprofit’s remote workers connected - Appelrouth Farah & Co. Many employees have embraced the opportunity to work from home during the pandemic — but not all of them. Some workers have experienced feelings of disconnection and isolation. So if...

Ideas to Improve your Cash Flow. Read the full article - https://www.appelrouth.com/ideas-to-improve-your-cash-flow/

Ideas to Improve your Cash Flow - Appelrouth Farah & Co. For years Amazon lost money on their financial statements but appeared to be unfazed by the negative financial press. Why? Their laser beam focus was on cash flow! Here are...

Making withdrawals from your closely held corporation that aren’t taxed as dividends. Read the full article - https://www.appelrouth.com/making-withdrawals-from-your-closely-held-corporation-that-arent-taxed-as-dividends/

Making withdrawals from your closely held corporation that aren’t taxed as dividends - Appelrouth Farah & Co. Do you want to withdraw cash from your closely held corporation at a minimum tax cost? The simplest way is to distribute cash as a dividend. However, a dividend distribution...

Take your financial statements to the next level. Read the full article - https://www.appelrouth.com/take-your-financial-statements-to-the-next-level/

Take your financial statements to the next level - Appelrouth Farah & Co. Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here’s how financial statements can be...

Walking a tightrope? ERM can help. Learn more - https://www.appelrouth.com/walking-a-tightrope-erm-can-help/

Walking a tightrope? ERM can help - Appelrouth Farah & Co. If risk wasn’t a nagging concern for nonprofits before the pandemic, it certainly is now. Health risks to staffers, volunteers and clients, and financial threats, including declining donations and increased...

Tax Strategies for Your Trust and Estate. Read more - https://www.appelrouth.com/tax-strategies-for-your-trust-and-estate/

Tax Strategies for Your Trust and Estate - Appelrouth Farah & Co. There are many legal reasons why you would want to create a trust, including to avoid the probate process and setting rules for how you want certain assets and/or money...

Important tax aspects of operating your business as a sole proprietor. Learn more - https://www.appelrouth.com/important-tax-aspects-of-operating-your-business-as-a-sole-proprietor/

Important tax aspects of operating your business as a sole proprietor - Appelrouth Farah & Co. If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture. Here are...

Rent Your Property Tax-Free. Learn more - https://www.appelrouth.com/rent-your-property-tax-free/

Rent Your Property Tax-Free - Appelrouth Farah & Co. Most income you receive is taxable income that is reported to the federal and state tax authorities. However, renting out your home or vacation property on a short-term basis can...

How to recruit when job candidates have the upper hand. Learn more - https://www.appelrouth.com/how-to-recruit-when-job-candidates-have-the-upper-hand/

How to recruit when job candidates have the upper hand - Appelrouth Farah & Co. The Great Resignation hasn’t been so great for not-for-profit organizations. As many for-profit businesses — particularly in traditionally low-wage industries — have raised pay and hiring incentives, nonprofits have lost...

Stewart L. Appelrouth, CPA, and Carlos M. Farah, CPA, were recognized in The South Florida Business Journal’s 2022 Power Leaders 250, an annual list that recognizes leading executives from various industries in the region. We applaud them for their continuous inclusion in this prestigious list.
https://www.appelrouth.com/stewart-l-appelrouth-carlos-m-farah-recognized-in-the-power-leaders-250/

Stewart L. Appelrouth & Carlos M. Farah Recognized in the Power Leaders 250 - Appelrouth Farah & Co. Stewart L. Appelrouth, CPA, and Carlos M. Farah, CPA, were recognized in The South Florida Business Journal’s 2022 Power Leaders 250, an annual list that recognizes leading executives from various industries in the region. The South Florida Business Journal’s editorial team spends months discern...

A Time to Organize. Diverse tax reporting makes this year a challenge. Learn more - https://www.appelrouth.com/a-time-to-organize-diverse-tax-reporting-makes-this-year-a-challenge/

A Time to Organize - Diverse tax reporting makes this year a challenge - Appelrouth Farah & Co. The time to organize your tax records is now. Informational tax information is hitting your regular and digital mailboxes from now until late March. To make matters worse, this year...

The ABCs of activity-based costing. Learn more - https://www.appelrouth.com/the-abcs-of-activity-based-costing/

The ABCs of activity-based costing - Appelrouth Farah & Co. Revenue and expenses, as reported on your company’s income statement, have limited usefulness to people inside the organization. Managers often need information presented in a different format in order to...

What your nonprofit needs for a successful capital campaign. Read the full article - https://www.appelrouth.com/what-your-nonprofit-needs-for-a-successful-capital-campaign/

What your nonprofit needs for a successful capital campaign - Appelrouth Farah & Co. Many nonprofits have put major purchases and other ambitious initiatives on hold during the pandemic. But if you need to buy or expand a facility, purchase expensive equipment, or seed...

Entrepreneurs and taxes: How expenses are claimed on tax returns. Learn more - https://www.appelrouth.com/entrepreneurs-and-taxes-how-expenses-are-claimed-on-tax-returns/

Entrepreneurs and taxes: How expenses are claimed on tax returns - Appelrouth Farah & Co. While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a...

What? This Form 1099 is Wrong! What to do to fix this thorny problem. Learn more - https://www.appelrouth.com/what-this-form-1099-is-wrong-what-to-do-to-fix-this-thorny-problem/

What? This Form 1099 is Wrong! What to do to fix this thorny problem - Appelrouth Farah & Co. It is late February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather...

Parents – Be on the lookout for IRS Letter 6419, which is crucial for your 2021 tax filing. Do not throw this letter away. Keep it with all of your other important tax paperwork, including your W-2s. Learn more about its significance on our blog: https://www.appelrouth.com/parents-be-on-the-lookout-for-irs-letter-6419-which-is-crucial-for-your-2021-tax-filing/

Parents - Be on the lookout for IRS Letter 6419, which is crucial for your 2021 tax filing. - Appelrouth Farah & Co. Do not throw this letter away. Keep it with all of your other important tax paperwork, including your W-2s. To help taxpayers reconcile and receive the 2021 Child Tax Credit (CTC), the IRS is sending Letter 6419, Advance Child Tax Credit Reconciliation from late December 2021 through January 2022. T...

Preparations vs. compilations. Read the full article - https://www.appelrouth.com/preparations-vs-compilations/

Preparations vs. compilations - Appelrouth Farah & Co. Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal....

Maximizing Employee Benefits Provides Tremendous Value. Great ideas to lower taxes and create happier employees. Learn more - https://www.appelrouth.com/maximizing-employee-benefits-provides-tremendous-value-great-ideas-to-lower-taxes-and-create-happier-employees/

Maximizing Employee Benefits Provides Tremendous Value - Great ideas to lower taxes and create happier employees - Appelrouth Farah & Co. A tax deduction for your business, a financial benefit for your employees. What could be better than that? As you get prepared to file your 2021 tax return, here’s a...

Big, small or in-between: Your nonprofit’s board size is up to you. Read the full article - https://www.appelrouth.com/big-small-or-in-between-your-nonprofits-board-size-is-up-to-you/

Big, small or in-between: Your nonprofit’s board size is up to you - Appelrouth Farah & Co. When a nonprofit is new, it may struggle to find an adequate number of board members. But as it grows, its board is also likely to grow — sometimes, to...

IRS to Send Recap of Economic Impact and Child Tax Payments. Read more - https://www.appelrouth.com/irs-to-send-recap-of-economic-impact-and-child-tax-payments/

IRS to Send Recap of Economic Impact and Child Tax Payments - Appelrouth Farah & Co. The IRS recently announced it will be sending out a recap of payments sent to taxpayers for the multple rounds of Economic Impact Payments and Advanced Child Tax Payments. Here...

Numerous tax limits affecting businesses have increased for 2022. Learn more - https://www.appelrouth.com/numerous-tax-limits-affecting-businesses-have-increased-for-2022/

Numerous tax limits affecting businesses have increased for 2022 - Appelrouth Farah & Co. Many tax limits that affect businesses are annually indexed for inflation, and a number of them have increased for 2022. Here’s a rundown of those that may be important to...

How to forecast smarter. Read more - https://www.appelrouth.com/how-to-forecast-smarter/

How to forecast smarter - Appelrouth Farah & Co. Forecasting key business metrics — such as sales demand, receivables, payables and working capital — can help you reduce excess inventory and other overhead, offer competitive prices, and keep your...