When Should You Hire a CPA or Tax Pro?

With the tax season back around once again and personal taxes due for the year, now is a good time to consider whether you should hire a CPA or a tax professional. Of course, the answer depends on your unique situation. This article will help you decide which path to take.

What Do CPA And Tax Pro Services Do?

A Certified Public Accountant or CPA will not only provide you with guidance on how to file your tax return, but they will also do your taxes for you if it’s allowed by law in your state. They’ll also help you manage your business finances and income tax planning.

A tax professional will find deductions that might not be obvious to a non-CPA and help manage the other important financial aspects of running a business.

One thing to remember when deciding whether or not a CPA or tax pro is right for you is the duration of time they have been in business. This will give you an idea of their experience and success with their business. Another good indicator is their location. If you are looking to support someone local, it’s a good sign that you are invested in your community and its needs.

If you want to know when to hire a tax professional, some basic guidelines can help. For example, you may need to hire one if your business consistently goes through significant financial changes. Regardless of the size of your company, it’s best to have someone else do the complicated bookkeeping and payroll than to try and figure it out on your own.

When Should You Hire A CPA or Tax Pro?

Hiring a CPA or tax pro can be a big decision. The key to hassle-free accounting is knowing how to navigate the process of hiring your CPAs and having them stay on-board as your business grows. To ensure that hiring your tax person or accountant ends up being a good choice, make sure you’re prepared before you start the search.

When it comes to taxes, many people are forced to try and do their own. Although it is possible, the process can be confusing and frustrating. If you’re considering hiring a professional tax pro, then you should know that they typically charge by the hour.

Tax accountants can be a valuable asset to any business. They offer insight into the tax code, help businesses research and understand accounting reports, and provide future tax planning guidance. A CPA or tax pro is not always a necessity, but they can provide plenty of assistance in the areas of tax preparation, wealth management, and corporate finance.

They can also be advantageous for legal matters, estate planning, and individuals looking to maximize their savings potential by having professional advice on different investment strategies.

Which Services Are Best For You?

Having a CPA or tax pro on your team for tax season is not just about safety—it’s about giving yourself peace of mind. The earlier you hire one, the better, because you’ll have more time to learn plenty about their role and how they can help you before you’re in a serious bind.

If you’re debating hiring an accountant. consider which services will help make your life easier in the long run. When are you most likely to need the services? For example, you might find yourself in need of them when there is an audit from the IRS, you’re preparing for your taxes, or when you’re looking for a new expense account.

How To Find The Right CPA Or Tax Pro For Your Business

It’s never too soon to hire a CPA or tax professional. However, the best time to find the most qualified person for your business is when you have just started building it, and you are still in the beginning stages of establishing an accounting system. After all, when you first start a business, many important decisions need to be made.

A CPA tends to be far more experienced than your average person in order to help with tax planning, so hiring them is rarely a bad idea. The question is when! When the business has grown beyond what the company owner can handle by themselves, it might be time to hire a new person to take over the responsibilities of accounting and taxes.

If you are looking for one of the best CPA firm in Philadelphia, your search just got a lot easier! Connect with Guber & Company, CPA to find out more.

You Need a Tax Advisor and Accounting Firm For Your Business

As a business owner, it is pretty daunting to take care of a million things simultaneously. You may have to deal with loads of responsibilities, all while keeping an eye on the record and performances, staff roles, market conditions, and so much more. For every area, it’s important to have someone who holds expertise in their field and takes care of the things in which you may not be familiar, such as taxation. 

Filing tax returns is a significant concern for every business owner. To handle it, hiring a professional is essential, because any small mistake can grow over time and lead to lost profit and increased stress. Tax accountants In Philadelphia will help you make proper deductions, save money, and remain in the good graces of the IRS. 

Choose Guber & Company, CPA to have the best tax accountants who can handle your financial transactions with ease. A professional tax advisor will take care of your tax documents, help with auditing, and file the tax returns on your behalf. Keep reading if you want to know more details about why hiring a tax advisor will help you and your business immensely.

1.Focus on strategic areas

Being the business owner allows you to be more consistent with every area of your business. But, amidst so many responsibilities, the work of filing returns is still vital. To focus on building your business strategies, you need to hire tax advisors who know how to help you avoid losses and increase your profits. Don’t hesitate to take some of these burdens off your back by getting some qualified assistance!

2. Manage risk

A tax advisor is someone who will be the best partner for you and your business by helping you make better decisions and minimize risk. They will help to prepare all your records and statements perfectly, preventing you from encountering adverse legal consequences. All this is done while being proficient in their field and a great source of knowledge for you. 

3. Deal with constant changes

With constant changes in the business world, all the federal and state tax rules change continually as well—it’s difficult for almost anyone to keep up with. To understand them better, you can hire a tax advisor or work with an accounting firm for small business who understands these complexities. 

4. Work with a high level of accuracy

There are daily transactions relating to income & expenses, accounting statements, and much more in every business. However, keeping track of every one is next to impossible and may lead to inaccuracy in your work schedule. To deal with this, a tax professional will enhance the accuracy of your work to prevent you from any tax liability. 

5. Expert advice

If you are running various types of business at different scales, then handing the work to the right person at the right time is a must. An expert’s advice that can save you from serious financial losses is a key asset to have at your disposal. When it comes to financial complexities, a tax advisor will help you reduce them and handle your taxes without trouble. 

6. Flawless documentation

Every business must deal with paperwork and documentation. So many documents can cause a huge mess if not properly dealt with. When it comes to filing returns, it becomes tough to manage every last record. So, to prevent such a situation, tax professionals will help organize and maintain your documents correctly. 

At Guber & Company, we are your perfect partner when it comes to getting the best accounting and tax services at reasonable prices. After all, having someone who knows the solution to many of your business issues is bliss! Taxation, being an essential part of every business, needs to be adequately handled by a professional. While there are many CPA firms in Philadelphia, PA, to focus on profitability, you need to focus on saving yourself from losses too. You need to build up strategies that will provide more benefit to your business. 

7 Tips to Choose The Right Accountant for a Small Business

Regardless of which business type your venture falls under, you can’t downplay the worth of a decent bookkeeper. Having an accountant for essential bookkeeping administration helps you maintain and grow your business in the long term. Furthermore, it’s best to choose a bookkeeper who has a good deal of experience with other businesses in your industry and with planning business taxes. This type of individual can share key guidance for growth and development.

If you maintain a private venture, this step isn’t optional—you need to recruit a dependable accountant. But you also need to do the necessary exploration to get a solid match. Here are the top seven tips that will assist you with picking a small business accounting company for your organization.

  1. Research Your Options Early On: If possible, consider picking a bookkeeper before you even initiate your business. A qualified professional can set up a plan, advise you on a smart start-up budget, and determine the best way to address taxes in order to put you on the road to financial success from the very beginning.
  1. Make Sure Your Accountant Is Qualified: Ensure that your bookkeeper is qualified and accredited. Most firms are individuals from an accounting body such as the ICAEW, ACCA, or ICAS. 
  1. Use A Small Business Specialist: Ensure your bookkeeper has an insight into managing other private companies, especially different organizations inside your industry. If you are a doctor or real estate agent, for instance, you will do well to regularly have discussions with an expert bookkeeper instead of a general firm, as there are explicit duty laws you should know about. 
  1. Determine Their Cost: Find out what your bookkeeper will cost. However, this is not a singular question. For example, do they charge from month to month, quarterly, or yearly? How much will additional work cost if it falls outside the initial agreement for your business? Is there a fee if you decide to change to a different bookkeeper before the end of your financial year?  In short, make sure to hire a capable tax accountant in Philadelphia that fits your budget and needs. You can contact Guber & Company, CPA, to get top-notch accounting services from professionals.
  1. Find Out the Services Included: There are various obligations that bookkeepers should perform, like setting up finances, finishing your organization’s yearly records, representing VAT, managing HMRC, and so on. Would they also finish your self-evaluation returns and give references to the contract? Do they give IFA administrations? You must be aware of everything that the professional will, and will not, take care of.
  1. Talk To Several Accounting Firms: Contact at least a few firms in order to choose a bookkeeper. You ought to get an idea of what it will be like as a customer from your chats with each firm. Fundamentally, you will want to feel like you can maintain a decent professional relationship—your instincts are unlikely to steer you incorrectly. 
  1. Maintain Good Communication: The most serious issues with bookkeepers are often inadequate communication and poor customer service. Your business could quickly suffer if administrative work isn’t submitted on time, and having to wait days for an answer to an expense question can likewise be stressful if not completely unacceptable.

At Guber and Company, we use the most advanced forms of online accounting software. Whether or not you are familiar with Sage, FreeAgent, or Xero, we can assist you. These tools help us to serve a better hand to our clients. With modern accounting software, it has never been simpler to stay up with the latest and get a comprehensive picture of your exact financial situation in a flash. 

One bonus tip is to ask other independent business owners for their bookkeeper recommendations, because even today, word of mouth is still the best indicator of a great product or service. If you are looking for accounting services in Philadelphia, then you can’t beat a suggestion from somebody you trust. However, if a bookkeeper still hasn’t adopted cloud programming, they are probably best kept far away from your organization’s finances. 

When you have a solid accounting firm in your corner, you can determine the best options to grow your business. By working with us at Guber, your business can flourish for many years to come. We offer comprehensive accounting and tax services by the best in their field. 

Do You Really Need A CPA For a Small Business?

Beginning an independent business venture is an exciting but daunting process. It’s not difficult to feel overwhelmed with the many choices—and oftentimes, steep costs—that one must deal with along the journey. While numerous entrepreneurs will search for approaches to reduce expenses with the aim of improving their bottom lines, there are a few circumstances when cutting costs probably isn’t the best long-haul choice. Underestimating the value of a certified public accountant (CPA) is one of these cases. Regardless of the size of your business, there are numerous advantages to having a CPA in Philadelphia in your corner. 

Having the title of CPA assures you that an individual is focused on the bookkeeping profession and has valuable abilities for business owners. While there are talented bookkeepers who have not gotten the CPA permit, most business advisors will suggest employing a CPA or an agency over a standard bookkeeper. Regardless of whether you’re an entrepreneur or maintaining an independent company, odds are you can profit from employing a CPA. Here are some reasons why CPAs can help small businesses grow:

  • CPAs are Familiar With Tax Laws

Determining how to adjust business tasks to help with tax deductions is not an area in which most entrepreneurs are familiar, much less well-trained. Talented CPAs can help you discover approaches to save money by working in a more tax-friendly way.

Not all CPAs are tax specialists, but a CPA will likely be more proficient in tax law than a standard bookkeeper. It makes the most sense to hire someone with good knowledge of tax preparation services in Philadelphia to get the most out of your investment. 

While bookkeepers might have the ability to prepare expense forms for your business, the designation doesn’t give affirmation of accreditation. A CPA, on the other hand, is explicitly distinguished by the IRS as an expert who is qualified to work intimately with their customers’ accounts. For this reason, a CPA is far more helpful than a regular bookkeeper in the event of an IRS audit. 

  • CPAs Provide More Security in Financial Reporting

Another huge contrast between CPAs and ordinary bookkeepers is that CPAs offer more knowledge and ability for obtaining your fiscal reports. This has special significance when it comes to trading on the open market since precise fiscal reports are required by law.

Additionally, perfectly precise budget summaries are wellsprings of information in which CEOs can make their most informed choices for their businesses. If you do not have the full picture of your business’s finances, it can make it hard for you to settle on the right decisions about its future. Inevitably, this leads to much stress and wasted deliberation on your part.

  • CPAs Can Help You Grow

When you initially began your business, undoubtedly you imagined developing something unique for the long term that is valuable in the market. While you may not have the assets to focus on a financial record or CPA in the beginning of your journey, after some time you’ll find that everyday business activities can pay for themselves. When you are ready, you can have confidence in taking some of the burden off yourself by handing those tasks over to a consultant.

In the event that you work with a CPA, you will gain a more comprehensive view of your business. These professionals can offer an understanding that helps you make decisions that lead to more profit over time. An additional perk is that you will not have to worry about sacrificing your retirement and investments to have a thriving business!

With regard to your bookkeeping needs, it’s important that you take care of your business right. You must deeply understand your business to know your necessities and how to continue growing and meeting your goals. If you need to improve the precision of your fiscal summaries, consider employing our CPA services. Guber & Company, CPA is here to provide you with the best professional accountants who can handle your work so that your valuable time can be spent in other business areas. 

If you are planning to pay a professional to get your financial statements taken care of, then Guber and Company is your one-stop destination. We have the stamp from the IRS to represent you and handle all your tax- and account-related issues. Our accounting firm for small business helps you meet and exceed your goals. 

How Is Accounting Beneficial For Your Business?

Accounting is data science. It’s used to gather and coordinate vital financial information for people and businesses. Tax preparation is also highly detailed and focuses on analyzing, gathering, and arranging data. These practices are money-minded: naturally, they’re (highly serious) games of numbers and operate through facts, not assumptions. Accounting ultimately helps businesses operate at their best.

These fields are extremely specialized and fluctuate for practically each and every piece of legislation in the country. When it comes to accounting, one needs to be highly skilled and knowledgeable to serve businesses best. Our valuable team is delivering the most sophisticated and personalized tax accounting services.

At Guber & Company, our motive is to grow your business by providing superior quality services including GST Audits, income tax returns, company registrations, tally accounting, and much more. Our team of professionals believes in examining and taking advantage of every last tax deduction.

Is accounting really necessary?

There’s a lot that a good accounting firm can help you determine: specific inventory values, available options to sell, amounts expended to deliver items, and how much cash a business should and shouldn’t spend at any given time. Additionally, a business owner would do well to gain knowledge of their own individual accounting records with expert help.

If someone were to slip up in regard to how much comes in and what amount goes out, they may be in deep trouble before long. The best accounting firms help companies and people deeply understand their accounts and settle on choices about what’s to come. A good firm will additionally assist you with learning from the past to make better financial moves in the present and future.

Why your business needs tax experts

Proper tax preparation assists you in deciding how to run your business at its maximum efficiency and profitability. It also keeps you in the loop about issues to look out for and can even inspire thoughts or actionable steps for changing and growing your organization over time. This way, you can prevent problems before they occur and, of course, remain in the black. Choosing a CPA firm in Philadelphia is a wise choice for your business, but planning to improve a company may also rely upon:

  • Up-to-date and in-demand technical skills
  • Having a growth mindset (this includes members of your team)
  • A willingness for some sacrifice in order to achieve goals

As a new proprietor, you should hold yourself accountable to dominate these abilities and strategies to the best of your ability. It’s highly important to recognize your reasons, needs, and desires regarding why you choose to possess your own business in the first place. Some reasons may be more motivating than others, but none are wrong. However, know that a CEO lifestyle entails some compromises. For instance, while you may be able to “escape” a typical 9 to 5, you might still find yourself working many hours and needing to implement some strategies for better work-life balance.

A thorough self-examination is warranted prior to starting any business venture. Get to know your strengths and weaknesses and do everything you can to maximize your abilities as well as improve areas in which you struggle. Remember that although it may slightly depend on your industry, it’s advisable for your oral and written communication skills to be highly developed. On a similar note, take advice only from the right people who have the experience and/or qualities you desire. Following are some questions you may want to ask yourself if you want to be a great business owner or continue on the path to success:

  • Do you have the endurance to deal with a strict timetable and a great deal of responsibility?
  • Do you have savings in place, allowing you or your family to take on some level of risk?
  • Do you know if all your bills can be paid on time every month during the start-up phase?
  • Are you financially in place to lose some funds in the chance that your arrangement does not go as planned?

To find these answers and deal with these realities in a proactive way, it is highly advised to hire professionals. This is key whether you’re a window washer with a bucket and a wipe or a producer with numerous workers and a multi-million-dollar corporation. Obtaining tax planning services tends to be essential for all businesses, big or small. A CEO should always think long term—so why wouldn’t he or she hire professionals that can handle taxes quickly and intelligently? This decision saves money over time and steers your company in the right direction.

As a business owner, there are some hurdles you should watch out for, especially in the beginning phases. A failure to recognise seasonal patterns, excessive money taken from the business for everyday costs, and growing too quickly without effective systems in place are common mistakes that can be easily avoided, especially with professionals on your side.

If you have considered all the points above and remained steadfast in your drive to continue your venture, you are surely ready to move onto the next step. Hiring an accounting firm in Philadelphia is the smart choice for you to manage risk effectively and maintain peace of mind with regard to all your finances.

Is Blockchain the Future of Accounting?

Industry developments continuously usher in new paradigms and change how business is led, from paper to PCs to the cloud. The accounting profession and tax services have stood the test of time, remaining vital to ensure that business finances are sound. After all, without solid methods to evaluate all financial and tax data thoroughly, a business is not built to succeed. 

Organizations have begun utilizing another option in recent years, a growing innovation called blockchain. For those of you that know a bit about blockchain or at least heard about it, you may have heard some of the associated buzzwords, such as mining, hash, and encryption, among others. Some people outside the industry may even assume that miners are those individuals who maliciously target cloud services.

What is blockchain and how is it beneficial for accountants?

To obtain a grasp on blockchain, consider a rock climber scaling the side of a mountain. Each move the climber makes is carefully determined, and they know that their whole existence hinges on their next move of sticking their pick again perfectly—in other words, clarity and organization is of the utmost importance to maximize efficiency and stay the course.

In a similar fashion, blockchain shows its worth as a game-changing tool to help organizations increment their processes and maximize cost efficiency. With blockchain, each block of information contains timestamps and other key information about the block before it. These blocks build on each other, forming—you guessed it—a chain of information. The information in any given block can’t be changed without altering the remainder of the chain. That’s why this system not only helps to maintain a flawless financial record, but helps accountants transfer assets in a manner that is virtually impervious to fraud and other digital dangers, at least as we know them today. 

Until very recently, modern accounting technologies were replacing older, paper versions rather than creating entirely new systems. Blockchain, by contrast, is something completely different and industry-disrupting. In addition to the aforementioned security benefits, blockchains also show proof that each piece of value was only transferred a single time.

The accounting trendsetter to rule them all

Seeing potential for innovation with various technologies, numerous organizations have taken to creating apps for virtually all financial tasks, including following stock trends, buying and trading, or shopping for anything and everything online. But instead of following dozens of random industry trends, oftentimes into oblivion, imagine a scenario in which blockchain innovation could be utilized everywhere to maintain the financial data of practically any organization that needs the ironclad security.

Enron and Worldcom are two infamous organizations that collectively caused $250 billion of financial misfortune. These megadisasters resulted from the executives’ choices to falsely control the monetary data being given to investors. Of course, they performed their deception to arrive at their profit targets and reap the rewards, never foreseeing the catastrophes ahead.

These well-known cheats were obviously the most gigantic in history, but misrepresentations of this nature do happen in all sizes. The temptation to alter records still influences financial backers big and small. This is why the SEC has settled billions of dollars of fines for mistakes and misrepresentation.

Role of Quickbooks to handle business accounts

Apart from all this, QuickBooks is a popular accounting software that has exploded in recent years. People still believe in getting Quickbooks services to manage all their financial transactions. Entrepreneurs believe in this software, as it has effective features for handling business transactions. However, it remains to be seen if Quickbooks can keep up with the ever-changing global financial landscape.  

The use of ERP systems 

Enormous organizations use ERP frameworks that total information and accounting data as it streams onto the organization’s books. This meticulous process is fundamental to observing and streamlining how organizations adapt. 

Proper accounting rules in business to shield financial backers’ inclinations is crucial. Choosing an accounting firm for small business is the best way to adjust to a steadily changing universe of goods and products. Something to keep in mind is that as organizations ceaselessly adjust current frameworks, inevitably they will always linger behind the tireless pace of technological advancement and the never-ending updates that ensue. 

In the past, numerous organizations could perceive an offer of income each time a deal is made. Now, programming organizations can’t necessarily always pick up, or keep up with, all the income in the event of a buy. For example, if a software company were to offer an item to a client that incorporates three updates over its life expectancy, there will be four instances of income acquired: once when the base item is downloaded by the client, and one each subsequent time an update is delivered. 

This expanded unpredictability of income perception has begun to run rampant and result in financially perilous dilemmas. An ERP framework can hold information, but the information requires substantially more exertion for an evaluator to work and to confirm. The best system would undoubtedly change an auditor’s role from investing tons of energy confirming exchanges to staying on top of every bit of key data—that is, moving from a place of reactivity to one of proactivity. However, without blockchain, they don’t yet have an approach to attach the entirety of their monetary information to confirmed exchanges. 

Executives still operating under traditional systems would do well to examine their decisions and assessments with auditors to guarantee that everyone holds fast to proper accounting rules. After an auditor nails down a transaction or their decision is composed into a smart contract, they can execute their treatment across all exchanges with no human intercession.

We can imagine a future where organizations can snap their fingers and keep safe and flawless fiscal reports continuously and with integrity—a future where the line among tech and money is obscured and where auditors are accountants as well as analytical pioneers. We can likewise see a future where an accountant in Philadelphia and other major metropolitan areas can be the hero through the use of blockchain innovation.

What Do Tax Accounting Services Provide?

The need for flawless financial statements has only increased in recent years. Tax accounting services include professionals who manage payments, expenditures, and tax procedures. These critical records can form a basis for future business decisions and analysis.

Tax accounting services are crucial for small- and medium-sized businesses to make the best possible use of their available resources. The constant availability, accurate analyses, and smart business recommendations from skilled tax consultants can provide excellent support so that business owners can pay attention to the many other demanding aspects of running a business. Auditing can help to prevent potentially harmful losses that can be a huge detriment for a new business.

Why should businesses hire tax accounting services?

The basic purpose of hiring an accountant is to have a competent financial advisor on hand. There are a lot of people linked to a small business including various stakeholders, owners, and administrators. Taking any kind of loophole in tax management can result in serious legal consequences that can cause great financial loss, not to mention the stress-related toll of such a situation.
Seeking the best Accounting Firm for Small Business can be difficult. Tax accounting is a skilled job that requires a good deal of education, training, and experience to educate and assist other business professionals. There are countless benefits of tax accountant services, some of which are listed below.

● Accurate tax payments:

Tax management, payment supervision, and reports on income and expenditure can be difficult and tedious to maintain by someone without the required experience. There are plenty of opportunities for errors both small and large. Professional tax accounts can ensure accuracy in this critical work.

● Accounting for required deductions:

Business owners know that it is incredibly important to cut down expenditure and work on required deductions in order to improve profit ratio. Tax accounts are trained to analyze reports and recommend important deductions that enable money-saving alternatives. They also put a hold on unnecessary spending and services that consume a lot of the business’s money.

● Timely filing of annual records:

According to legal provisions, every small- and large-scale business is required to file annual dealings, expenditures, income, and tax record statements to the government. The tax accountant makes sure that the annual records are filed on time or, preferably, early.

● Utilization of advanced software:

There is modern software for tax accounting purposes, but most business owners only have access to normal software. A qualified tax accountant can utilize advanced software that can prepare timely, accurate, and beneficial accounting records.

● Action plan recommendations for businesses:

Tax accountants also devise relevant plans and proposals for the further prosperity and success of businesses. They use reliable and valid data to design and formulate successful business plans.

Beneficial Tips for Finding a Tax Accountant

According to reports, nearly ⅓ of businesses hire professional tax accountants, but approximately 80% of those businesses never ask the tax accountants about their credentials. Hiring properly qualified tax accountant services can be challenging. Here are 7 tips to finding a reputable tax accountant:

1.Ask For References: A good way to find a reputable tax accountant is to ask for references among your business groups. Your partners, contacts, or other connections can give valuable suggestions for a tax accountant in your field. The benefit of references is trust in their services and transparent reviews that can be useful for a better decision.

2.  Search Local Services: The advantage of hiring local tax accounting firms is their competence to manage local laws as well as a better general understanding of the area. Search for skilled local tax accountants for personalized service with respect to a particular region. Local firms will be more precise in handling local companies. They can also give helpful networking recommendations.

3.  Arrange a Prior Meeting: The work of quality tax accountants is essential for nearly any business, so it is good to choose an apt accounting firm that will ensure accuracy and professionalism. It is always a good idea to go and have a formal in-person or virtual meeting with a tax accountant before finalizing or hiring them. You can get an idea of whether they are eligible to manage your business’s finances and whether you will be able to harmonize with them in the future.

4. Ask Questions and Have Discussions: You can ask some of your important questions and talk with a prospective tax accountant service before employing their services. You can feel free to share your requirements and basic details about your resources in order to determine if the accounting firm will be a good fit. Along with that, get an idea of their services, experience, fees, time requirements, and work style before making your decision.

5. Be Willing to Switch: There may be a frustrating occasion where you make a wrong decision at some point in your analysis or choice of a tax accounting service. However, this can be fixed. There is no need to stick with inaccurate services for long, stressful periods of time. You can always choose to move ahead and just hire a different service. This wrong turn can even give you a dose of wisdom that ultimately aids the future of your business.

6. Compare Fees and Services: An important component of making your decision for tax accounting services is comparing fees and ranges of services. When you make these comparisons, you get a better understanding of the best deals and can confidently make an educated decision.

7.Analyze their Experience: A competent, if not exemplary, level of experience in the field of accounting is a necessary asset of a reputable tax accountant. It is important to look at experience and check reviews on work and services to avoid problems. Try to look into their experiences and get an idea of whether their experience matches your work needs.

If you utilize these 7 important tips to find a reputable tax accountant Philadelphia, then Guber and Company, CPA will likely land right at the top of your list. Call us at 215-876-9800 to schedule a consultation.

It is Still Time to Withdraw from your 401(k) without penalty!

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows withdrawal up to $100,000 from certain retirement plans without 10% early distribution penalty. Distribution should be made by December 30, 2020.

To find out whether you qualify, and how to plan your income in 2020 and succeeding years using this distribution, please contact Eileen Guber, CPA at (215) 876-9800.



Under The Coronavirus Aid, Relief, and Economic Security (CARES) Act Net Operating Losses (NOLs) for tax years 2018-2020 are required to be carried back five years. NOLs can fully offset taxable income, not just 80% as under the TCJA.

There are two options for filing NOL carryback claims: Form 1045 and amended return form 1040X. Taxpayer may elect to forgo carryback back period and carry losses forward instead.

To discuss which solution will be more beneficial to you and to your business, please contact Eileen Guber, CPA at (215) 876-9800.

Want to Escape being Audited?

Have your business operate as an S-corporation or a partnership!

The IRS continues to struggle to audit S-corp and partnership returns. This situation is likely to get worse as the more experienced IRS business auditors continue to retire. Audit rates for S corps and partnerships are both 0.22 percent — or, put another way, one in every 455 passthrough entities were examined in 2018. It is no wonder that the number of S corporations have increased by 38 percent from 2005 to 2018 (3.5 million in 2005 versus 4.85 million in 2018).

IRS Confirms Tax break For Large Gifts

The Tax Cuts and Jobs Act temporarily increased the basic exclusion amount for gifts (BEA) from $5 million to $10 million for tax years 2018 through 2025, with both dollar amounts adjusted for inflation. For 2019, the inflation-adjusted BEA is $11.4 million. In 2026, the BEA will revert back to the 2017 level of $5 million, as adjusted for inflation.

On November 22, 2019 IRS issued Final Regulations that individuals who take advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 won’t be penalized after year 2025. They will be allowed to use higher of BEA applicable to the period the gifts were made in.