Accounting Forward

Big Announcement!

Accounting Forward believes in the future of innovating technology and therefore will now be accepting Bitcoin and Ethereum as payment!

Following the lead of our peer KPMG, Accounting Forward has also made the decision to hold Bitcoin and Ethereum on their Corporate Balance sheet as a way to protect the wealth and purchasing power of its shareholder.

We are excited to be participating and leading the way of innovation and technology in the ever expanding digital age.

Accounting Forward updated their address.

We’re Hiring!

Accounting Forward is hiring a part time virtual bookkeeper with the option of future full time work. If you have 2 years of bookkeeping experience and skilled in QuickBooks Online, send an email to the email listed in the bio with your background and why you’d be interested.

We are interviewing this week!

"Motivation gets you going and habit gets you there." –Zig Ziglar

“Control your cash, stick to your core business, and know your numbers.” – Marcus Lemonis

“Goals are good for setting a direction, but systems are best for making progress.” ― James Clear, Atomic Habits

We have some amazing clients!

Huge shout out to for sending over some of their premium sunglasses to me and my wife for Christmas! Blown away by their generosity!

Please go check them out and pick up a few things!

TRAVEL DEDUCTION⁠
Owners are permitted to deduct reasonable costs for travel that are ordinary and necessary in the course of their business. ⁠
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Types of trips that usually qualify fall into three different types of categories. ⁠
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1. TRAVELING FOR NEW BUSINESS⁠
This includes traveling to scout new locations, explore potential M&A opportunities or to acquire new investment property is all deductible business travel. ⁠
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2. TRAVELING FOR CONFERENCES AND SEMINARS. ⁠
Travel expenses to attend conferences and seminars is usually deductible, and vacations can often be tacked onto these trips. However, non-business and non-conference days are not deductible. ⁠
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3. ANYTHING RELATED TO BOARD MEETINGS⁠
Board meetings in resort locations can be deductible as long as the taxpayer can demonstrate a clear business purpose and a reason for why the meeting can’t be held at the business primary location. ⁠
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Travel costs for spouses and children who accompany someone on a business trip are typically not deductible. However, if they are involved in the business and have a business purpose for attending, the travel may be deductible. ⁠
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*Tax rules change over time and vary based on your industry, location and a variety of factors. Consult your CPA or tax advisor for best practices tailored to you.*⁠

[NEW] Biden to Propose $1.9 Trillion Covid-19 Package⁠
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New COVID package he plans on urging Congress to approve once he gets into office. This has not yet been confirmed but was received in a form of an email. ⁠
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Here is the breakdown of what may be in this package: ⁠
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Individuals⁠
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• Direct payments “emergency relief payments” of $1,400, on top of the $600 approved in December⁠
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• $400 per week in supplementary unemployment benefits through September⁠
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• Expanded food banks assistance⁠
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• Expanded child tax credits to $3,000/year per child, fully refundable⁠
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• Expanded medical and family leave (14 weeks)⁠
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• Expansion of Earned Income Tax Credit⁠
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Small Businesses⁠
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• Raising the minimum wage to $15 an hour⁠
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• $25 billion for childcare providers⁠
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• $50B Increase in Disaster Grant and Loan Programs⁠
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Other⁠
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• $350 billion for state and local governments⁠
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• $130 billion to help schools reopen⁠
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• $160 billion in funding for a national program of vaccination, testing and other coronavirus containment efforts⁠
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• $30 billion for rental and small-landlord support⁠
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There is not yet an official source on this as President-Elect Biden is planning to propose this stimulus bill.⁠
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Stay tuned!

How much should you pay yourself?⁠
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Setting up an intentional compensation plan has immense value!⁠
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This is a priority that is often overlooked.⁠
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Salary? Owners Draw? Amount? Schedule? There are options out there depending on your goals. ⁠
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Book an appointment and let’s discuss!

The Self Employed Health Insurance Premium Credit was created by The Affordable Care Act to encourage and benefit small employers who provide health coverage for their employees. ⁠
It is also known as The Small Business Health Care Tax Credit. ⁠
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According to the IRS - "The amount of the credit you receive works on a sliding scale. The smaller the employer, the bigger the credit. ⁠
For example, if you pay $50,000 a year toward employees’ health care premiums ,and if you qualify for a $10,000 credit each year, you can save $20,000 over the course of two years.⁠
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You can benefit from the credit this year or in previous years. If you didn’t claim it on your tax return, there’s still time to file an amended return. Refund limitations may apply.⁠"⁠
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⁠Book an appointment to discuss if you qualify! ⁠
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⁠*Tax rules change over time and vary based on your industry, location and a variety of factors. Consult your CPA or tax advisor for best practices tailored to you.*⁠

“Self-confidence is an internal game. You do not need external accolades… External admiration in order to build self-confidence. It’s all done internally and you control this by beginning today to keep the promises you make to yourself.” – Ed Mylett

Full Depreciation of an Asset⁠
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Section 179 deduction allows full expensing of acquired assets (up to certain limits). This means that if you buy an asset that meets the outlined requirements you would be able to deduct the full purchase price from your gross income. ⁠
A benefit of this is the option to write off the full purchase price in the year that you purchase the item. ⁠
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However, you need not fully expense an item, you can take only the amount of Section 179 that would be most beneficial for your tax situation, and depreciate the balance of the asset. ⁠
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There are pros and cons to taking Section 179 or other accelerated depreciation methods. It’s best to talk with your CPA to see what makes sense for your business situation. ⁠
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*Tax rules change over time and vary based on your industry, location and a variety of factors. Consult your CPA or tax advisor for best practices tailored to you.*

“Spend time upfront to invest in systems and processes to make long-term growth sustainable.” -Jeff Platt

If 2020 taught us anything, it's that we can't control what will happen in a given year. But we can control how we react and respond to life's ups and downs. The world doesn't magically get better because the calendar flipped to a new date. ⁠
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We should plan and set goals for 2021, but let's also set goals for how we will react and respond to life's challenges and consistently have the right perspective. ⁠
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Excited to make 2021 the best year yet. No matter what the circumstances.

#2021

New Stimulus Bill Summary!

My team has summarized the entire new Stimulus Bill. All ~5,500 pages of the bill is summarized in this document.

https://docs.google.com/document/d/1L8Qhl8ztNsK169uHAaCS1I5R2e8oe7YRn9KSKf4Ntng/edit?usp=sharing

Coronavirus Relief & Omnibus Agreement Coronavirus Relief & Omnibus Agreement (Note: This DOES NOT include 100% of the items in the 5593 page bill. However, we have highlighted key areas to support your small business clients). Quick Links General 2020 recovery rebates for individuals Commitment Authority and Appropriations. Defer...

Still no draft bill, but leaked documents on how the 2nd draw of PPP may work:

2 Additional Draft Bills Released For Economic Stimulus Due To COVID-19 [THIS IS NOT LAW]⁠
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Today, a bipartisan group unveiled two stimulus packages totalling $908 billion ($708b & $160b bills).⁠
$748 Billion Package is focused on the emergency assistance for American families, workers and small businesses and it includes some of the following highlights:⁠
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-$300 billion for the second round of PPP as well as EIDL grants. It also includes loan forgiveness process as more simplified for borrowers under $150k in loans⁠
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-Extension of unemployment assistance for 16 weeks with a supplemental $300/week⁠
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-Extension of student loan forbearance through April 1, 2021⁠
Additional $35 billion in Healthcare Prodiver Relief Funds including $7 billion for rural providers⁠
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-$25 billion for emergency rental assistance and extension of eviction moratorium through January 31, 2021.⁠
$12 billion in CDFI/MDI target emergency investments to help low income and minority communities facing COVID-19⁠
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-Repurposed unused Treasury CARES funding and PPP Funding⁠
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PPP⁠
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-Internal record keeping will be required for PPP loans from $150 to $2million but is not required to submit for forgiveness approval (kept only for potential audit).⁠
PPP choice of Seasonal business can choose 12 week time period in 2019⁠
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-Ability to apply for a second draw PPP loan for businesses with 300 employees or less, 30% decline in revenue in any quarter in 2020 compared to 2019 and is not considered a public company.⁠
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-Simplified option (1 pager) for forgiveness of loans under $150k.⁠
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-PPP expenses will be allowed as deductions for tax purposes when used for the PPP loan (if forgiveness is approved after the date of enactment of this new act, see Page 13 & 14 of the bill…“this subsection shall ONLY apply with respect to a loan which forgiveness is provided...AFTER the date of enactment of this act”).⁠
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Remember, this is just a draft of both bills as IS NOT considered law. We will keep you posted as these bills move through the House and Senate!⁠
Source: The bill:https://www.cassidy.senate.gov/imo/media/doc/BAI20965.pdf

"Keep on going, and the chances are that you will stumble on something, perhaps when you are least expecting it. I never heard of anyone ever stumbling on something sitting down." -- Charles F Kettering⁠
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Let me start off by introducing myself, I’m Matt Dybing, CPA and I’m so excited to have started this company Accounting Forward. My vision for this company is to bring my Accounting Expertise directly to the small business owners and entrepreneurs of the world to help them with their accounting. Accounting as a whole deals with historical and past data, therefore the mission statement of Accounting Forward is to help business owners interpret their past accounting data to help them make confident strategic decisions that will move the company forward. I love small business and I love helping them grow to their full potential though my expertise in accounting and setting up business process to set the business up to scale properly. I started this company to combine my passion for Small Business/entrepreneurial-ship with my love of accounting. I can’t wait to work with you! Please comment or reach out and let’s get the ball rolling!

Accounting Forward updated their business hours.

Accounting Forward updated their website address.