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Community CPA Blogs


Latest News Release

Start-Up SaYing V: How to Budget Your Growth?

Free Class: October 27, 2014 -- Monday at 7:00 p.m.

Not a lot of people like to budget. This is why only a small percentage of small business owners end up succeeding. Ying will explain how to become the few that succeed. With the right plan and the right amount of discipline, you will be able to budget your growth. Please call Dan Kim at 515-288-3188 to register and reserve your seat. Thank you!

How to Read a Financial Statement is now available!

New IRS Uniform Policy: ITINs with No Expiration Date

Individual Taxpayer Identification Numbers (ITINs) will no longer expire as long as you file your federal income tax return. In the meantime, the IRS any ITIN not used for five consecutive years will be deactivated starting 2016. Under the old policy, ITINs issued after Jan. 1, 2013 would have automatically expired after five years, even if used properly and regularly by taxpayers.

ITINs play a critical role in the tax administration system and assist with the collection of taxes from foreign nationals, resident and nonresident aliens. Designed specifically for tax purposes, ITINs are only issued to people who are not eligible to obtain a Social Security Number.

A taxpayer whose ITIN has been deactivated and needs to file a U.S. return can reapply using Form W-7. As with any ITIN application, original documents, such as passports, or copies of documents certified by the issuing agency must be submitted with the form.

2014 Community CPA Annual Trip to Las Vegas

Attention: Immigrant Entrepreneurs Can Make $5,000 in Local Shark Tank

Underwriting Exposed: Learning How Bankers Make Business Loan Lending Decisions

Four immigrant entrepreneurs will have the chance to win $5,000 for their business through a competition held at the Immigrant Entrepreneurs Summit this fall. The competition, sponsored by Wells Fargo, will be similar to the ABC television show Shark Tank, where businesses present their ideas to a panel of judges. To qualify, businesses must be owned by an immigrant and have less than $10,000 in sales in the past 12 months. Applications will be accepted between July 1 and August 1, and four businesses will be chosen for the competition to take place on Nov. 8 at the FFA Enrichment Center on the Des Moines Area Community College Ankeny Campus. For more information click here or call Dan at 515-288-3188.

Do You Have a Foreign Bank Account?

Did You Know that June 30 is the Due Date to File a FBAR?

Do you have a foreign bank account that has over $10,000 balance at any time during the calendar year? You have a due date on June 30, 2014.

If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account, exceeding $10,000 at any time during the calendar year, then you must report the account yearly to the Internal Revenue Service a Report of Foreign Bank and Financial Accounts (FBAR). The FBAR must be filed on or before June 30. For each violations, the penalty is the greater of $100,000 or 50% of the balance in the account at the time of violation. For more information please visit the IRS website or call Community CPA at 515-288-3188 so we can file FBAR for you.

Choosing an Accountant

Choosing an accountant is more than a business decision; it is also a personal decision. Whether you are an individual who sees an accountant once a year for tax filing, a novice entrepreneur with lots of questions and decisions to make, or the owner of an established business, choosing the right CPA firm is important.

A good accountant is indispensable to the success of every business. And a good accountant is more than just a "numbers" person.

Your CPA should do more than help with tax filings. They should help you be proactive in all of your financial dealings and can also serve as an adviser and sounding board, becoming an invaluable business partner. Experience, credentials, specialized expertise and references need to be factored into your decision, but personality and personal service are also important. And there's peace of mind in knowing who is handling your account.

Good communication, accessibility and service need to be considered. Is the accountant's office open six days a week, does the staff speak many languages, and do clients have 24/7 access to their financial information and online help with managing their books?

Does the staff participate in extensive training and ongoing continuing education, and does the firm subject its work to peer reviews, which are rigorous exams conducted by outside examiners that assure the quality and integrity of the work?

You should not underestimate the value of a Certified Public Accountant. Real value from an accounting firm means superior service, a forward-thinking attitude and a relationship you can rely on. Above all, your primary factor in choosing an accountant should be the value he or she can bring to the relationship. Community CPA & Associates, Inc. will not only meet your expectations, we will exceed them.