GWCPA

???Attention Business Owners!??? Starting?January 1, 2024, the new?BOI (Beneficial Ownership Information) Reporting?requirements are going into effect. If you're a small business owner, this is for you! This rule requires most U.S. companies to disclose their ownership details to FinCEN, aimed at increasing transparency and combating financial crimes. Here’s what you need to know: ??Who Needs to Report? Most small businesses, including LLCs and corporations, need to file unless exempt. ??What’s Required? Details about beneficial owners—those who own or control 25% or more of your company or hold significant decision-making power. ??Why Act Now? Avoid penalties and ensure compliance by preparing your documentation early! At GWCPA, we simplify complex requirements like BOI reporting. Let us guide you through the process so you can focus on growing your business. ?? ??https://lnkd.in/eXVutmAu #BusinessCompliance #BOIReporting #SmallBusinessTips #AccountingSupport #GWCPA

???How GWCPA Stays Efficient and Organized!??? At GWCPA, efficiency is not just a goal—it’s a way of life! ?? Here’s a peek behind the curtain at how we stay on top of our time and projects: ??Time Tracking That Works Our team logs time daily using Practice CS software, ensuring every project is accurately accounted for. This allows us to deliver timely services to clients while keeping everyone on the same page. ???Streamlined Project Management From start to finish, our workflow is carefully organized: Billing Projects:?We prepare WIP reports, ensure invoice accuracy, and track client approvals for smooth billing. Time Reports:?Employees review and approve time reports before payroll processing to avoid discrepancies. ???Accountability Meets Transparency We review accounts and workflows weekly, ensuring nothing falls through the cracks. Our Standard Operating Procedures (SOPs) guide us every step of the way, keeping quality and security front and center. ??? Efficiency isn’t just a buzzword at GWCPA—it’s how we deliver the exceptional service our clients expect and deserve! #EfficiencyInAction #GWCPA #StandardOperatingProcedures #ProfessionalExcellence

???Tax Tip Tuesday: Keep Your Receipts, Reap the Rewards!??? If you’re self-employed or own a small business, tracking expenses like travel, meals, or home office costs can lead to big tax savings! ?? Pro Tip: Use pre-tax benefits like Flexible Spending Accounts (FSAs) to lower your taxable income while covering eligible expenses. Just remember the "use-it-or-lose-it" rule by the end of the plan year! ?? Stay ahead of tax season—organize your records now and let GWCPA help you maximize your deductions! ??? #TaxTipTuesday #GWCPA #DeductionsMatter #SmartTaxMoves

???Tax Tip Tuesday: Maximize Your Health Savings!??? Did you know that contributing to a Health Savings Account (HSA) not only helps with medical expenses but also provides significant tax advantages? Contributions are pre-tax, lowering your taxable income, and withdrawals for qualified expenses are tax-free! ?? Here at GWCPA, we make it even better by covering 100% of employee premiums for certain HSA-compatible health plans. ?? Let’s work together to make the most of your financial health! #TaxTipTuesday #GWCPA #HealthSavings #TaxSmartLiving

?? Excited to Share Highlights from Thomson Reuters Synergy 2024! ?? Attending Synergy 2024 was an incredible opportunity to connect with forward-thinking professionals, explore the latest innovations, and dive into trends shaping the future of tax and accounting. Team members Samantha Cronk and Jessica Reid headed down to Orlando last week to engage in this inspiring event with people from across the US who also participated! Hearing from keynote speaker Earvin "Magic" Johnson was beyond inspiring, and the insights and tools shared will make a meaningful impact on our work at GWCPA. The evening at Universal Studios was the perfect way to cap off an amazing event—what a memorable experience! Grateful to be part of a dynamic community driving change and innovation in our industry. Here's to bringing these new strategies home and continuing to empower our clients! #Synergy2024 #ThomsonReuters #TaxAndAccounting #Innovation #FutureOfAccounting

??? This Week on The Art of Succession: Alanna Thomas’ Inspiring Journey ??? When Alanna Thomas launched her recruitment agency, selling it wasn’t on her radar. But just 13 months later, after focusing on rapid growth and client satisfaction, she built a team of six, found a buyer, and sold her business—all debt-free and while balancing sustainable work hours with raising young children. Her story is a powerful reminder of the value of strong systems in building a legacy. Don’t miss this episode, hosted by Barrett Young, CPA for insights on growth, balance, and the art of letting go. https://lnkd.in/etneNJeP ?? Want to hear more stories like Alanna’s? Let us know in the comments! #SuccessionPlanning #TheArtOfSuccession #BusinessLegacy #GWCPA

?? BOI Reporting Deadline is Approaching: Avoid Fines and Penalties! ?? Businesses required to file Beneficial Ownership Information (BOI) reports must act now to avoid costly fines and penalties. With the January 1, 2025 deadline fast approaching, the time to gather and submit your information is NOW. ?? What You Need to Know: Reports must include beneficial owners’ details, including valid ID images. Changes to ownership must be updated within 30 days of occurrence. Failing to file or update your report could result in steep penalties, up to $500 A DAY. Don’t wait until it’s too late! Protect your business and stay compliant. Read more: https://lnkd.in/eXVutmAu #BOIReporting #ComplianceAlert #StayAhead #GWCPA

?? Navigating Risks in a Digital World: CFOs & Internal Audit Collaboration ?? New technologies, cyber threats, and evolving regulations are reshaping the risk landscape for CFOs. As organizations invest heavily in AI and digital transformation, the need for strategic partnerships between finance chiefs and internal auditors has never been greater. According to Anthony Pugliese, CEO of The Institute of Internal Auditors, internal audit teams are key allies—not just risk spotters, but solution partners. By aligning on risks like AI disruption, cybersecurity, and business continuity, CFOs can navigate challenges effectively while maintaining their organizations' integrity. ?? Collaboration, independence, and shared priorities are essential for tackling today’s complex risks and ensuring long-term success. #DigitalTransformation #RiskManagement #CFOs #InternalAudit #GWCPA

?? A Night of Leadership, Legacy, and Celebration! ?? Last night, Samantha Bowling, CPA CFE CGMA, Barrett Young, CPA and Sarah E. Glasgow, MSAF, RTRP, CPA were honored to attend the MACPA Swearing-In Ceremony, where the next generation of CPAs officially stepped into their leadership roles. ?? Watching passionate professionals pledge their commitment to excellence and integrity reminded us why we do what we do—empowering leaders to empower others. ?? Whether it’s guiding businesses through complex transitions or mentoring the future of public accounting, we believe in building legacies that last. Seeing our peers take this step was a powerful reminder that success is never a solo journey—it’s about bringing others along. ?? Huge congratulations to everyone sworn in—your dedication inspires us, and we’re proud to share this journey with you. ?? To the newly sworn-in CPAs: Remember, the sky’s the limit. Together, we’re shaping the future of accounting, one meaningful connection at a time. #Leadership #MACPA #EmpoweredLeaders #AccountingCommunity #LegacyBuilding

We will be there to support the new CPAS! Love seeing this profession grow!