RY CPAs

We are proud to announce our merger with OneSource by Aldridge Borden & Company! OneSource is a tremendous client accounting services company, backed by a 100+ year old CPA firm in Montgomery, AL.

We are excited for this and know this will be for the betterment of all our clients!

Let's talk about . Who gets a 1099, and why is it not JUST ?

Our teams all got together for different holiday parties; here are the pics to prove we do more than just crunch numbers!

Does your have solid policies in place? Are you building them from scratch? In either case, let us help!

Our latest blog, Expense Reimbursement Policies for Nonprofits, explains what your nonprofit's policy should include, and why.

Expense Reimbursement Policies for Nonprofits - RY CPAs This article explains types of reimbursement policies, and what elements are most important in expense reimbursement policies for nonprofits.

Our lovely team got together for virtual games!

Are your funders expecting audited financial statements in accordance with GAAP? Here is a Getting Started Guide summarizing how a nonprofit can prepare for a GAAP audit!

How a Nonprofit Can Prepare for an Audit - RY CPAs We'll walk you through what to expect your from your first audit engagement, and how a nonprofit can prepare for an audit.

Our advisory team answers the question "How much revenue do I need to hire a new employee?" in our latest blog post. Check in out; link in the comments!

S-Corp formation may no longer be the best way to go! Find out about tax savings now available to other business formations in this video.

The Fork CPAs on Instagram: "S-corp may no longer be the way to go! Watch to learn why. #cpatips #taxplanning #taxplanningtips #scorporation #restaurantaccounting #smallbusiness #smallbusinesstaxes #entrepreneurship #smallbusinesstips... The Fork CPAs shared a post on Instagram: "S-corp may no longer be the way to go! Watch to learn why. ". Follow their account to see 27 p...

If you are an agency or other professional services small business that is currently or aiming to hire remote workers out-of-state, then this article is for you!



https://rycpas.com/tax-implications-of-hiring-a-remote-employee/

Tax Implications of Hiring a Remote Employee Tax Implications of Hiring a Remote Employee By Raffi Yousefian, CPA | Published on 2/23/2022 “How will hiring an employee in another state affect our income taxes?” “What accounts do I need to register when hiring an out-of-state employee?” These have been the most frequently asked question...

A very much-needed article given all the confusion surrounding the 990! #990

https://rycpas.com/the-411-on-your-990/

The 411 on your 990 - RY CPAs In this article, we’ll discuss some of the most frequent questions and points of confusion surrounding the form 990 informational filing.

Restaurant operators!

When was the last time you tracked your theoretical food cost vs your actual food cost? Are you constantly tracking your food and labor costs to monitor trends and ensure you're in line with industry standards and not leaving $$ on the table?

Check out our new article summing up the ideal prime costs as a percentage of sales in a restaurant, and best practices for tracking them.



https://lnkd.in/dh6tf8WM

What should prime cost be in a restaurant? - RY CPAs It is essential to the health of your restaurant to track prime costs. Analyzing these costs can help you decide areas that need adjustments, whether through cutting costs or raising prices, to increase profitability. Many owners and managers know this but are unaware of what exactly is included in....

Wondering when and how you should be issuing donation and gift receipts in your nonprofit organization? Here's a nice run down from our non-profit Senior Advisor, Anna Baumgardner, CPA.



https://rycpas.com/determining-when-donation-acknowledgements-are-required-in-a-non-proft/

When and How to Issue Donation Acknowledgements in Your Nonprofit - RY CPAs Understand when and how to issue donation acknowledgments in your nonprofit organization according to IRS requirements.

Wondering why you can't claim that loss from your S-corporation? In this article, we will explain why shareholder losses from an S-corporation are limited due to not having “basis”, and how you can create “basis” to be able to claim the losses.



https://rycpas.com/effect-of-basis-on-losses-in-an-s-corporation/

Effect of Basis on Losses in an S-Corporation - RY CPAs How to create tax basis in your S-corporation to be able to successfully claim the tax losses against your other sources of income

Proceed with caution and consider the accounting and tax implications when implementing services charges, tips, or delivery fees in your restaurant!



https://rycpas.com/accounting-and-tax-implications-for-service-charges-tips-and-delivery-fees/

Implementing Service Charges, Tips, and Delivery Fees - RY CPAs The tax and accounting implications for implementing services charges, tips, and delivery fees in your restaurant.

If you are one of the fortunate restaurants that received cash from the , , , , or some combination thereof, then you are probably wondering how and when you can:

(1) use this cash to strategically and efficiently grow your restaurant,
(2) pay the least amount of taxes as legally possible, and
(3) not have to return any of the funds.

In this article, we have prepared a table that summarizes the most popular/frequent details and limitations for each of the programs mentioned above, along with an analysis of how to strategically leverage them for growth and taxes.

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https://rycpas.com/maximizing-benefits-of-rrf-ppp-eidl-erc-funds-in-your-restaurant/

Maximizing Benefits of RRF, PPP, EIDL, & ERC Funds in Your Restaurant - RY CPAs Article by: Raffi Yousefian, CPA, Principal at RY CPAs If you are one of the fortunate restaurants who received cash from the or some combination thereof, then you are probably wondering how and when you can (1) use this cash to strategically and efficiently grow your restaurant, (2) pay the least a...

Given the recent hiring challenges, the Work Opportunity Tax Credit (WOTC) is becoming more relevant and useful for restaurants. The tax credit is awarded to businesses that hire disadvantaged American workers such as certain qualified veterans, ex-felons, long-term family assistance recipients, and more. I recommend reading this article to see if you qualify!


https://rycpas.com/wotc/

The Forgotten Tax Credit for Restaurants - RY CPAs Article by: Marisa Parker, CPA, Senior Client Advisor for Restaurants While states are opening throughout the country, the current job market for restaurant owners has been challenging as potential employees are hesitant in the rapidly changing environment. Restaurants can benefit significantly from...

How do business owners get workers to join the workforce again?

Incentives right!?

Unfortunately, most incentives are taxable. The latest blog from RY CPAs can help business owners find the right incentive that is the greatest benefit to them and their employee.

Read it now at https://bit.ly/2Srg6b5

Contributions fall into two categories: those with donor restrictions, and those without donor restrictions.

Should you have any questions about how funds with donor restrictions may be used by or affect your organization, we are happy to provide guidance!

Reach out to us at https://bit.ly/3pHL0bJ

We've heard your top concerns and we're here to help! If you're in the restaurant industry and are searching for ways to attract quality employees, read the latest blog "How Restaurant Owners Can Use Incentives to Attract Employees" on our website!

https://bit.ly/2Srg6b5

Working with RY CPAs empowers you with the accounting services and analysis that you need to manage and grow your organization.

Contact us today on our website! https://bit.ly/3g1P9Tb

The goal of most nonprofit organizations is to avoid budget deficits while providing the greatest benefit to the public by strategically allocating the resources that are available. In this respect, we work with you to ensure your financial reporting provides the appropriate insight to help you thrive and deliver your mission.

Our accounting firm believes that you should have real-time access to information that will allow you to make key decisions regarding donor funds. We’ve implemented cutting-edge accounting technology and processes that have allowed nonprofit organizations to proactively track restricted and unrestricted funds, manage payroll and HR, use funds effectively, report to donors, and provide valuable high-level information for their boards.

We'd love to talk to you today: https://rycpas.com/

Your accounting and bookkeeping system should provide visibility over the inputs and outputs that are driving your success. We analyze your business model and learn about your operations in order to customize a state-of-the art accounting workflow to provide reliable reporting, streamline financial operations, ensure accuracy, and improve productivity.

This lays the foundation for our outsourced accounting engagements, which allows us to produce accurate and timely monthly financial statements and other management reports for benchmarking and tax planning.

Our outsourced accounting service is designed to replicate an in-house accounting department to provide visibility and valuable metrics. If you're interested in our services, contact us through our website: https://bit.ly/2RbdKNf

According to a U.S. Bank study, over 75% of U.S. small businesses fail due to cash flow problems or a poor understanding of how cash flow contributes to the business. These problems could be avoided by more structured, proactive accounting.

Accounting is no longer the realm of bean counters. Organizations today need strategic direction from their accounting function. Key stakeholders require visibility into the organization’s performance and trends. In order to make real-time decisions, they need accurate and timely financial data. Beyond the day-to-day, informed financial and strategic planning is only possible with a solid financial reporting system.

If you're interested in optimizing your financial system, check out our guide to small business accounting on our website: https://bit.ly/3tNmoyz

Working with RY CPAs ensures you receive accurate and timely financial reporting so you're always prepared to make informed business decisions.

1. Our team will review your current financials, workflows, and processes then discover your business model, pain points, goals, and priorities. We will use industry best practices and our technology partnerships to design a team-based accounting workflow that will integrate seamlessly into your organization and give you access to real-time reporting.

2. We will propose a step-by-step guide documenting the responsibilities of our staff, your staff, your technology stack, deadlines, deliverables, and answers to all the questions from our onboarding process. Your accounting workflow and step-by-step procedures will be documented and readily available as a department manual when due diligence calls. Your state-of-the-art accounting workflow is ready to be implemented!

3. Your accounting is now on autopilot. You will have access to your personalized accounting team and key metrics necessary to manage and grow your organization. We’ll be constantly analyzing your financials to identify patterns and tax planning opportunities while assessing your business model and providing feedback.

Schedule a free consultation at: https://bit.ly/3eJ0f0d

Outsourced accounting and advisory services provided by qualified CPA firms exist to fill this gap and provide small organizations with the tools they need to thrive in our modern marketplace. Here are our top reasons to consider outsourcing your accounting.

1. Gain Accounting Expertise
2. Decrease Costs
3. Reduce Risk
4. Get Back to What You Do Best - Running your business!

https://rycpas.com/4-reasons-outsource-accounting/