Outsourcing becomes more and more popular these days, as more companies all over the country are turning to different advisors for outsourcing their business activities, and it’s no wonder. There are many advantages of outsourcing, and in today’s economy, it becomes a common practice. Most small business owners need to focus on their business operations, customers and profits, not paperwork and computer entry.

Here are some benefits of using a BPO (Outsource Business Process Officer)
Reduced operating costs
If you figure your lost productivity and what it cost if your doing these task in house the cost benefits of outsourcing your bookkeeping is huge. Cost are much lower than you may think. Some accountants such as Mike McVay @ HomeMcVay Business Services use the latest technology to accomplish these taxes. Reducing your cost and increasing your small business profits. 
Focus on the core areas of the business
The most obvious and prominent benefit remains the fact that it saves money. Many of the companies and individuals that provide outsourcing services can get your job done at a lower cost
Skilled professionals
The biggest issues companies confront in their customer success programs is not collecting the data, but efficiently acting on it. This is the distinct skill set that specialized companies have been very successful in performing.
Access to the right toolsOutsourcing rules out the need for infrastructure costs as the outsourcing partner takes care of the business processes and therefore develops the infrastructure needed for providing successful accounting and payroll programs.
Thorough analysis and reportsA thorough analysis of your business journey is essential when it comes to analyzing the data and then following that with action. McVay provides custom application, reports and consulting to keep you a step ahead of the competition. 

Many new businesses can start this full service accounting, bookkeeping, tax and payroll services for $150.00 per month. Discount pricing for all clients on monthly QuickBooks Online Subscriptions. 
Mike McVay, Certified BPO - Certified QuickBooks ProAdvisor - Licensed Tax Return Preparer
850-725-5696
5336 N Blue Angel Pkwy Pensacola, FL 32526
Mike@MikeMcVay.com 

"Unless something is specifically exempt from being taxable income, it is income and you're supposed to report it," Kubey says. The IRS gets its own copies of the 1099 and W-2 income forms you have received and may notice your omissions. Track down any tax forms that have gotten waylaid or lost in the mail and contact a tax preparer if you're not sure about which earnings count as taxable income.

 CREDITYou made typos or a math error.
It might be an honest mistake, but if something looks fishy, such as an incorrect Social Security number or calculations that don't add up, you may bring on additional scrutiny from the IRS. Be careful and check your work twice when filing taxes.

 CREDITYou aren't reporting cryptocurrency.
"Cryptocurrency is going to be an emerging issue with the IRS," says Phyllis Jo Kubey, enrolled agent and certified financial planner in New York City. "A lot of people don't know that when they buy something with cryptocurrency, it’s a taxable transaction." If you're receiving bitcoin as income or successfully mining it, for example, these transactions may need to be reported. The IRS receives information from digital currency wallet Coinbase and may apply increased scrutiny to your tax return if it doesn't reflect the data provided.
​

​Be specific when itemizing various expenses, Fultz says. If the numbers all end in a double zero, it can look fishy. "The IRS does look at that, and they might feel you don't have documentation for your expenses," he says. Again, keep good records and be specific when writing off expenses.

​When listing the business use of a work-related automobile, the IRS knows that it's unlikely that you're using it 100 percent for work. For example, if you use it for commuting, that expense isn't deductible. There are myriad mobile apps and tools to help you track mileage. Maintain your paper trail. Turbo Tax has the greatest audit chances, because of past audits this software is known to be a treasure trove of mistakes based on I.R.S auditors. Claims of 60% of Turbo Tax users will be audited within 3 years of filing. 

To recap, here is what triggers a tax audit:

• You earned a lot of money.
• You aren't reporting cryptocurrency.
• You are self-employed.
• You failed to report taxable income.
• You made typos or a math error.
• You have three consecutive years of business losses.
• You use round numbers.
• You deduct 100 percent of a business car.
• Something doesn't add up.

Remember that audits are rare, and good record keeping will help you endure the audit process. If the time comes an experienced Tax Accountant will stand by your side on an I.R.S audit. Mike McVay, Tax Accountant 850-725-5696 - Mike@MikeMcVay.com 

If you own cryptocurrency, you need to know that the IRS has owners of cryptocurrency in its sights because many cryptocurrency owners are not reporting or paying taxes on their cryptocurrency transactions. In fact, the IRS is so focused on this issue that it recently issued warning letters to over 10,000 taxpayers it suspects might have an under-reporting problem.

About Cryptocurrency – If you are unfamiliar with the term cryptocurrency, the short definition is a form of digital money that is not controlled by any central authority.
The first cryptocurrency created was Bitcoin, back in 2009. Since then, over 4,000 other cryptocurrencies have been created. Cryptocurrency can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, euros, and other real or virtual currencies.
​
Tax Treatment – One of the big issues of cryptocurrency is how it is treated for tax purposes. The IRS says that it is property, so that every time it is traded, sold or used as money in a transaction, it is treated much the same way as a stock transaction would be, meaning the gain or loss over the amount of its original purchase cost must be determined and reported on the owner’s income tax return. That treatment applies for each transaction every time it is sold or used as money in a transaction.

Example A: Taxpayer buys Bitcoin (BTC) so he can make online purchases without the need for a credit card. He buys one BTC for $2,425 and later uses it to buy goods worth $500 (let’s say BTC was trading at $2,500 at the time he made his purchase). He has a $75 ($2,500 – $2,425) reportable capital gain. This is the same result that would have occurred if he had sold the BTC at the time of the purchase and used cash to purchase the goods. This example points to the complicated record-keeping requirement for tracking BTC’s basis. Since this transaction was personal in nature, no loss would be allowed if the value of BTC had been less than $2,425 at the time the goods were purchased. Of course, if the taxpayer in this example only sold a fraction of a Bitcoin – enough to cover the $500 purchase – the gain would only be $15: $500/$2500 = .2 x 2425 = 485; 500 – 485 = 15O  the bright side, for most, cryptocurrency is generally treated as a capital asset, so any gain is a capital gain, and if the gain is held for more than year and a day, any gain will be taxed at the more favorable long-term capital gains rates. If the cryptocurrency is being held as an investment and the sale results in a loss, then the loss may be deductible. Capital losses first offset capital gains during the year, and if a loss remains, taxpayers are allowed a $3,000-per-year loss deduction against other income, with a carryover to the succeeding year(s) if the net loss exceeds $3,000.
When cryptocurrency is used as payment to an employee, the usual payroll withholding and reporting still apply, and if used to make payments to an independent contractor, 1099 form reporting is still required. If the individual receiving payment in cryptocurrency is subject to backup withholding, the payer is required to withhold the required amount. In all reporting and withholding instances, the amounts must be in U.S. dollars.

IRS Compliance Program – That brings us to the issue at hand. The IRS has begun sending letters to taxpayers; by the end of August, more than 10,000 taxpayers will receive one of three varieties of letters. If you have received one of these letters, do not ignore it! The IRS compiled this list of taxpayers that it feels has not been reporting their cryptocurrency transactions from various ongoing IRS compliance efforts. The following is a synopsis of the types of letters:

Letter 6173 – Requires a response from the taxpayer, either by the taxpayer providing a statement to the IRS that they have already complied with the required reporting or by filing a return that reports their cryptocurrency transactions. For situations where the taxpayer had already filed a return but had left off the cryptocurrency transactions, an amended return (Form 1040X) will need to be filed. Taxpayers who ignore this letter may face a full-blown audit by the IRS and could be subject to penalties.

Letter 6174 – This is a “soft notice” that does not require a response, and the IRS says it won’t be following up on it. However, the notice also warns that if the taxpayer had cryptocurrency gains and fails to amend their return or continues to be noncompliant on future returns despite receiving the letter, the taxpayer will be in hot water.

Letter 6174-A – The taxpayer isn’t required to respond to the letter but does need to correct their prior returns in which cryptocurrency transactions have been omitted. The IRS warns of future enforcement action if the taxpayer doesn’t amend their return(s) or file their delinquent returns. After receiving the letter, the taxpayer can’t use an excuse of not knowing the law for failing to report their cryptocurrency gains.
Last year, the IRS announced a virtual (crypto) currency compliance campaign to address tax noncompliance related to virtual currency use through outreach and examinations of taxpayers. The IRS has announced that it will remain actively engaged in addressing non-compliance related to virtual currency transactions through a variety of efforts, ranging from taxpayer education to audits and criminal investigations.
Taxpayers who do not properly report the income tax consequences of virtual currency transactions are liable for the tax, penalties and interest. In some cases, taxpayers could be subject to criminal prosecution.

If you have received one of these IRS letters – or even if you haven’t had correspondence from the IRS but have unreported cryptocurrency transactions from past years – and need assistance in responding to the letter or in preparing the amended or late original returns to report your cryptocurrency transactions, please contact us right away.

Mike McVay, Tax Accountant - 850-725-5696
Mike@MikeMcVay.com

Mike McVay, has just added a new service to help small businesses with their bookkeeping task. For ONLY 99.00 a month a LLC or S-Corp company can have all their transactions posted, reconciled with full monthly financial reports. Included is 1/2 price monthly subscription to QuickBooks Online! 

Mike McVay, Accountant has been a Certified QuickBooks ProAdvisor for over 20+ years. His streamline office administration has become one of the most popular services for small to medium size companies all over the Pensacola, Florida area for years. His 5-star rating and voted one of the TOP Accounting and Tax firms in Pensacola, FL shows his compassion, trust and guaranteed services to many small business owners. 

QuickBooks Online fees have gone up again. Never pay full price again with McVay Business Services. 

*to qualify for the 99.00 per month service, you can only have 1-bank and 1-credit card account with gross sales under 100k per year. Perfect for small or start-up companies. 

Call Mike McVay, Accountant @ 850-725-5696 - Mike@MikeMcVay.com 

When you head off to work each day, does the thought of suffering an injury cross your mind? This is probably not at the forefront of your thoughts, but it is a possibility with each passing day.

There is always the chance that an accident can occur while you are at work because of the hazards of your job, dangerous equipment, mistakes made by co-workers and many other reasons.

If you are injured on the job, who will pay your bills? Will you be covered by workers’ compensation? In fact, is your employer obligated to provide workers’ compensation benefits?
What is the Florida Workers’ Compensation Law?Working in Florida is a dream that many people hold. But that dream can easily turn into a nightmare when you are injured on the job. So, what is the law in Florida when it comes to workers’ compensation? Does your employer have to provide you with these benefits when injured?
​
In Florida, the law states that any business operating in any industry other than construction that employs at least four people, either full-time or part-time, must provide employees with workers’ compensation benefits. Any corporate officer who is labeled as exempt does not count as one of the four employees under Florida law.
​
Overview of Florida Workers’ Comp
Below, you will find a brief overview of how workers’ compensation is handled in Florida:

• You have 30 days to report the injury to your employer
• You have two years from the date you suffered the injury to file a claim for benefits
• A limit of $863 per week will be placed on benefits
• Benefits for impairment are decided based on the impairment rating you are assigned
• Any disability that will last less than 22 days will begin receiving benefit payments on day eight
• Benefits will begin paying out on day one for any disability that will last for more than 21 days
• Benefits will be limited to a total of six months for any psychiatric claims that arise from a physical injury
• Employees receiving either temporary partial disability or temporary total disability can receive benefits for up to 104 weeks
• Benefits will be limited to six months if you are receiving up to 80 percent of the regular wage you earn because you suffered an injury deemed to be critical
• Damages will be doubled for any injury suffered by a minor who was illegally employed
• Must seek medical evaluation and treatment from the doctor authorized by your employer’s workers’ compensation insurance provider (failure to do so could result in the denial of your claim)
• Any denial of a claim should be reviewed by an attorney

Ah, summer – the time of year when some people dive into entrepreneurship. Whether it’s a summer job, a part-time gig, a side-hustle or a small business, you may be considered self-employed. If that’s you or someone you know, here are a few tips to help navigate your tax situation.
Know If You’re Self-EmployedIf your income is from a business or service, for example, working as an independent contractor in sales, or a social media sensation to babysitting, housecleaning, gardening, and even being a freelance promoter, etc.; that type of income is self-employment income. Your self-employment income is reported on Schedule C or Schedule C-EZ, Profit or Loss from Business. However, you will be able to reduce the income you make by being able to claim business expenses, such as supplies, auto mileage, and cost of goods sold.
A QuickBooks ProAdvisor like Mike McVay, Certified QuickBooks ProAdvisor helps uncover industry-specific business deductions you may not have even known you were eligible for.
Withholding and Estimated TaxesIf you’re an employee, your employer withholds tax from your paychecks. If you are self-employed, you may have to pay estimated taxes directly to the IRS on set dates during the year. You are expected to pay estimated taxes if you expect to owe $1,000 or more annually.
All Income Must Be ReportedAlthough you can earn a certain amount of income each year without having to pay taxes or file a tax return, if you are required to file a tax return, all income you receive from any source should be reported on your the return. That includes income from side jobs, self-employment, barter exchanges, and any sort of fellowship for which you perform services. If the net income after subtracting expenses is $400 or more you are required to file a tax return and pay self-employment taxes, which will be included as a part of your personal income tax return on Form 1040.
Barter IncomeSometimes you aren’t paid in cash and instead, you receive services or goods in exchange for your self-employment work. That’s called bartering, and you must report the fair market value of the goods and services you receive. For example, if you spend the summer tutoring your neighbors’ children and you receive a credit for the restaurant they own or a bicycle from the bicycle shop they own, then the value of what you received is considered self-employment income to you.
Filing A Tax ReturnIf you can be claimed as a dependent on someone’s tax return, you’ll still need to file a tax return if your income exceeds the minimum gross income filing requirements, or if your self-employment income is $400 or more. Even if you aren’t required to file a tax return, you’ll still want to file if income taxes have been withheld from your paycheck since you may get that money back or it could also generate a tax refund if you’re eligible for any of the refundable tax credits like the American Opportunity Tax Credit or the Earned Income Tax Credit.
Don’t worry about knowing these tax rules. You can easily track your business income, expenses, mileage, and figure out your estimated taxes year round with QuickBooks. Mike McVay, Tax Accountant in Pensacola, FL can help you pay the least amount of tax. 
Call Mike McVay today at 850-725-5696
Mike@MikeMcVay.com
www.PensacolaFLTax.com 

If you've been thinking your website is in need of a few updates, don't lose sleep or spend a fortune hiring a designer. You can refresh your website's look and feel without giving it a complete design overhaul.

First impressions of your site will determine whether visitors connect with your brand, engage with your content, and ultimately find and purchase your products. If your website is outdated or confusing, prospective customers will bounce with a bad taste in their mouth.
​
The articles below cover tried-and-true small (but mighty) website design changes. They're easy to implement and will ensure your site stays ahead of the curve in 2019. Let's get started.

Do it yourself web sites are now the rave....you can build your own website
without any coding experience. 
Combine your web site SEO ( Local Web Branding Service) with our
​web design service. 
5 Page professional web site one time fee $599.00
Includes, Google Business, BLOG and Facebook Integration
Call Mike McVay @ 850-725-5696
http://www.localwebbranding.com/

Nonprofit organizations all face a familiar crunch: how to do more with less.
heir missions are noble. But there’s always a limited number of employees to get the job done.
Now, with the advancement of cloud-based technology, accounting automation, and mobile payments, nonprofits have the ideal opportunity to level up their finances and maximize their resources.

Nonprofit Champion #1: Accounting Automation in Pensacola - Mike McVay, Non-Profit Accountant
Accounting automation digitizes grunt work and runs those processes for you.
Let’s start with bill payment. If three people need to see an invoice to approve it for payment, there’s typically an owner of the process who is tracking people down, sending reminders, and continually checking where it is in the review process.
While this process is important (you have to pay the bills!), shouldn’t there be a way to make it easier?
With accounting automation for bill payment:

• An invoice enters the system.
• The system begins the review process based on the non-profit’s guidelines and the information in the invoice
• It alerts the first reviewer and will remind them if they haven’t responded in a certain amount of time.
• It continues this process through to the release of payment.

Time Savings: With automation like this, the time your nonprofit spends on bill payment can be cut by at least 50 percent. Plus, if you integrate with solutions like QuickBooks Online or Xero, all data will automatically sync between systems. You have real-time, accurate data always at your fingertips.

Nonprofit Champion #2: Mobile Payments and Mobility
Nonprofits—and their donors—are often spread across a country, continent, or beyond. Oftentimes, sitting at a desk every day isn’t an option for executives and employees. They visit donors, hold fundraisers, visit with volunteers, and more. If they can’t work on the go, they’re limiting their contributions to the organization.
Imagine if you had a dangerously close-to-overdue bill. All non-profits face tight budgets, and a late fee means an unnecessary and costly expense. The only person who can sign the paper check is traveling and won’t be in the office until next week.

What do you do?
Along with automating accounting, you must mobilize it. That includes the ability to pay from mobile devices. Adopt systems that are mobile-compatible, so that activities normally confined to paper or certain workstations don’t impair progress. In the example above, that executive could view the bill and any related documents or notes on a mobile app and simply swipe to authorize an ACH payment.

Time savings: Incalculable. Can we use that when talking about accounting? 850-725-5696, Mike McVay, Certified Administrator

Nonprofit Champion #3: Audit-ready tracking
Audits are a way of life for nonprofits. In order to retain their status, they often undergo them on an annual basis.

This process can be inefficient, devours valuable time, and typically looks like this:

• Digging through files
• Gathering paper bills and invoices
• Finding canceled checks
• Rounding up contracts and other related documents
• Putting the pile on a conference room table
• Opening the doors to the auditor
• Spending a week working with the auditor to find additional documents
• Cleaning up and refiling everything once you’re done

What if everything you needed for an audit could be handed over in just a few clicks?

With automation, every activity and workflow is tracked and archived—from the bill’s entry to the system, through each reviewer, all notes, approval, payment, and even check images. The nonprofit gives the auditor an audit-level access to the system. From there, the auditor can locate the information they need to complete their work—they don’t even have to be onsite. They can conduct the audit from any location in a fraction of the time it normally takes.

Time savings: Let’s be conservative and estimate 15-25 hours (at least.)

Save time and money today. Call Mike McVay for a free consultation and demo
Mike@MikeMcVay.com - www.QuickBooksPensacola.com
850-725-5696

​S Corp Savings If you own a business as a garden variety single-member LLC (one owner or shareholder), your business income will be reported on your personal tax return under Schedule C and is subject to self-employment tax (currently 15.3%) and ordinary income tax.

The same is true for a business that has not formed a corporation such as a sole proprietor and partnerships. So, you could easily pay an average of 40% (15.3% in SE taxes + 25% in income taxes) on all your net business. These saving are available if you follow some basic rules when running your business. Owner reasonable salary is required to fulling enjoy the S-Corp benefits. McVay has payroll services for S-Corp owners as low as 99.00 per month - Full Payroll Service and Features. 

Your S-Corp income is only taxed at your personal Federal rate. Wow! However, when your partnership, LLC or corporation is taxed as an S-Corp you are both an employee and a shareholder (think investor). As an employee, your income is subjected to all the usual taxes that you would see on a paystub- federal taxes, state taxes, Social Security taxes, Medicare taxes, unemployment and disability. However, as a shareholder or investor, you are simply getting a return on your investment much like a dividend which is not subjected to self-employment taxes. Net savings is about 8-10% of your net business income after expenses

Mike McVay - Tax Accountant * S-Corp & LLC Expert - 850-725-5696
Mike@MikeMcVay.com 

What Are Quarterly Taxes?Quarterly taxes are estimated tax payments to the IRS made throughout the year (instead of all at once on Tax Day in April). These payments are based on an estimation of your income for the current year. Most people use their previous year’s taxes as a guide.

Everyone is required to pay taxes. If you’re self-employed or work for the man, your taxes are paid in one of two ways:

1. Withholding taxes from your paycheck (W-2 workers)
2. Paying quarterly taxes (1099 workers)

Traditional (W-2) employees usually don't owe quarterly taxes because taxes are withheld from their pay. However, if you are self-employed (ie: real estate agents, Uber drivers, or any freelancers or contractors), taxes are not withheld from your pay. That's right--you are responsible for paying taxes on your own!

How Do I Know If I Owe Quarterly Taxes?If you are self-employed and turning a profit, you probably owe quarterly taxes.

However, it’s possible that you’re already paying enough in taxes during the year. For example, if you have a W-2 full-time or part-time job where your taxes are already being withheld for you and you typically get a tax refund, you may not need to pay quarterly taxes.
Alternatively, you do not need to pay quarterly if you have already paid at least:

1. 90% of your estimated tax owed for the current year
   OR
2. 100% of the tax amount owed shown on your return for the prior year

In this case, your tax liability is already almost completely covered. Keep in mind, this is most common for people who have received a refund for the previous year’s tax and use that to pay their upcoming year’s taxes. For example, if you received a refund on your 2017 taxes in April and elected to pay it toward your 2018 taxes, you may be covered for estimated taxes, but only if that refund equals 90% of your expected 2018 taxes or was equal to 100% of your 2017 taxes owed.

What If I Didn't Earn That Much?Even if you only earned a little, you may still need to pay quarterly taxes. If you expect to owe $1,000 or more in taxes for the year (after deduction and credits), the IRS expects you to make quarterly tax payments on your business profit for that tax year. As a reminder, you are making a profit if your self-employment income is higher than your business deductions.

Put simply: if you have income that didn't have taxes withheld and you expect to owe $1,000 or more in taxes on all of that combined income in April, then you should consider paying quarterly taxes. Mike McVay, Tax Services in Pensacola Fl 850-725-5696

​It is not a major disaster if you owed some money when you filed your return-after all, you would rather have the use of the funds for as long as possible. What you want to avoid is having to pay the IRS a penalty for underpaying your taxes during the year. If you owe the estimated tax underpayment penalty, which is nondeductible, you are, in effect, paying the IRS interest for part of the money you should have prepaid during the year for taxes but did not.

On the other hand, if you received a large refund on last year's return, you made an interest-free loan to the government which is something you may want to avoid this year. If that happened, you should consider reducing the amount of withholding taken from your salary and/or the amount of estimated tax payments you make.

Here are some pointers to keep you on even keel when it comes to estimated taxes.
Basic rules. There is no estimated tax underpayment penalty for the 2018 tax year if the total tax on your return reduced by withholding (but not by estimated tax payments) is less than $1,000. If the amount owed on an individual income tax return comes to $1,000 or more after subtracting withheld tax, the estimated tax underpayment penalty generally will not apply if your "required annual payment" (i.e., the amount that must be prepaid during the year in the form of withheld tax and estimated tax payments) equals at least the smaller of two amounts:

• 90% of your tax bill for 2018, or

• 100% of your tax bill for 2017.

For example, suppose your tax bill for 2017 was $12,000, and your tax bill for 2018 will come to $15,000 (90% of which is $13,500). In this case, you must prepay at least $12,000 of your tax bill during 2017 to avoid the underpayment penalty. On the other hand, if the tax you will owe for 2018 will only be $10,000, you will have to make timely estimated tax payment of only $9,000 for 2018 to avoid the penalty.

A tougher rule applies if your adjusted gross income for 2017 exceeded $150,000 ($75,000 for married persons filing a separate return). During 2018, to avoid the underpayment penalty, you must prepay the smaller of 90% of the tax for 2018, or110% of the tax for 2017.

The IRS can waive an underpayment penalty if you did not make the payment because of a casualty, disaster, or other unusual circumstance, and it would be inequitable to impose the penalty. The penalty also can be waived for reasonable cause during the first two years after you retire (after reaching age 62) or become disabled.

It is a pay-as-you-go system. In general, one-quarter of your required annual payment must be paid by April 15, 2019, June 15, 2019, September 15, 2019, and January 15, 2020. Tax withheld from your salary is treated as an estimated tax payment, and an equal part of withheld tax generally is treated as paid on each installment date.

You may be able to make smaller payments under the annualized income method, which is useful to people whose income flow is not uniform over the year, perhaps because of a seasonal business. You may also want to use the annualized income method if a significant portion of your income comes from capital gains on the sale of securities which you sell at various times during the year.

Time for a checkup. Although you now know what your 2018 tax bill came to, you probably do not quite know what your 2019 tax will be. While it cannot be predicted with absolute certainty, your accountant can project what your 2019 tax will be based on your financial picture thus far, as well as on events you anticipate will occur and transactions you anticipate finalizing in the balance of this year. It would be a good idea for you and your accountant to get together well in advance of the next estimated tax installment to see how your payments are tracking and make any necessary adjustments to your wage withholding and/or estimated tax payments. It is possible a review of your situation could determine you are withholding too much rather than too little.

You and your accountant should also review whether changes in your personal or financial situation require a change in estimated tax payments or withholding. Mike McVay, Tax Accountant offers quarterly check-up so you don't have year end surprises. 
​
Mike McVay, Accountant - 850-725-5696 Mike@MikeMcVay.com

1. You don’t have all your tax and financial information yet.If you have a small business, for example, you may still be working on the books. Or you could be waiting for a letter confirming a charitable contribution. You may even still need the basis of stock you sold or a specific document from a financial institution. If you’re waiting on information that’s critical to helping you file your return accurately, it’s likely best for you to wait until you have that information.

2. A partnership or other organization hasn’t sent out forms.If you are a partner in a business and are waiting to receive your Schedule K-1, it’s perfectly fine to file an extension and wait to receive that document.

3. You have an emergency that prevents you from completing your return.Unexpected hospitalization or long-term illness, a family emergency, or just crunch time at work can make it difficult to finish your return. No worries. Give yourself a little more time for this important financial task.

4. You need more time to make contributions or change a retirement plan.If you are considering funding a retirement plan or starting a new one for the 2017 tax year, you may want to file an extension so you have more time to complete that task. Contributions to an IRA are tax-deductible, which you can claim on your 2017 return to reduce your taxable income. Just remember, you must make that decision by the April 17 filing deadline.

5. You want to make elections on your return, but you won’t know which election is best until later.If you have losses that you can carry back to prior years, you may not know until later in the current year if that’s a good idea or if you should use the losses on a future tax return.

Mike McVay, Tax Accountant will file all client tax extensions at no charge. Call Mike McVay today to get the process started. 
5336 N Blue Angel Pkwy Pensacola, FL 32526 * 850-725-5696
Mike@MikeMcVay.com * www.PensacolaFLTax.com 

3 Ways for Nonprofits to Level up Their Finances. Nonprofit organizations all face a familiar crunch: how to do more with less. Their missions are noble. But there’s always a limited number of employees to get the job done.
Now, with the advancement of cloud-based technology, accounting automation, and mobile payments, nonprofits have the ideal opportunity to level up their finances and maximize their resources.
​
McVay Business Services is a Bill.com Specialist. Bill.com & QuickBooks Online subscription is included in all non-profit weekly or month CFO services - Mike McVay, Certified QuickBooks ProAdvisor. QuickBooks Accountant & Bookkeeper * 850-725-5696

Nonprofit Champion #1: Accounting Automation
Accounting automation digitizes grunt work and runs those processes for you.
Let’s start with bill payment. If three people need to see an invoice to approve it for payment, there’s typically an owner of the process who is tracking people down, sending reminders, and continually checking where it is in the review process.
While this process is important (you have to pay the bills!), shouldn’t there be a way to make it easier?

With accounting automation for bill payment:

• An invoice enters the system.
• The system begins the review process based on the non-profit’s guidelines and the information in the invoice
• It alerts the first reviewer and will remind them if they haven’t responded in a certain amount of time.
• It continues this process through to the release of payment.

Time Savings: With automation like this, the time your nonprofit spends on bill payment can be cut by at least 50 percent. Plus, if you integrate with solutions like QuickBooks Online or Xero, all data will automatically sync between systems. You have real-time, accurate data always at your fingertips.

Nonprofit Champion #2: Mobile Payments and Mobility
Nonprofits—and their donors—are often spread across a country, continent, or beyond. Oftentimes, sitting at a desk every day isn’t an option for executives and employees. They visit donors, hold fundraisers, visit with volunteers, and more. If they can’t work on the go, they’re limiting their contributions to the organization.
Imagine if you had a dangerously close-to-overdue bill. All non-profits face tight budgets, and a late fee means an unnecessary and costly expense. The only person who can sign the paper check is traveling and won’t be in the office until next week.
What do you do?
Along with automating accounting, you must mobilize it. That includes the ability to pay from mobile devices. Adopt systems that are mobile-compatible, so that activities normally confined to paper or certain workstations don’t impair progress. In the example above, that executive could view the bill and any related documents or notes on a mobile app and simply swipe to authorize an ACH payment.

Time savings: Incalculable. Can we use that when talking about accounting?

Nonprofit Champion #3: Audit-ready tracking
Audits are a way of life for nonprofits. In order to retain their status, they often undergo them on an annual basis.
This process can be inefficient, devours valuable time, and typically looks like this:

• Digging through files
• Gathering paper bills and invoices
• Finding canceled checks
• Rounding up contracts and other related documents
• Putting the pile on a conference room table
• Opening the doors to the auditor
• Spending a week working with the auditor to find additional documents
• Cleaning up and refiling everything once you’re done

Mike McVay is an experienced public accountant with affordable solutions for non-profit bill pay, non-profit payroll services and QuickBooks Accounting 850-725-5696

​What if everything you needed for an audit could be handed over in just a few clicks?
With automation, every activity and workflow is tracked and archived—from the bill’s entry to the system, through each reviewer, all notes, approval, payment, and even check images. The nonprofit gives the auditor an audit-level access to the system. From there, the auditor can locate the information they need to complete their work—they don’t even have to be onsite. They can conduct the audit from any location in a fraction of the time it normally takes.