Steven Lissner & Company | Certified Public Accountants

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Small Businesses May Benefit from Hiring a Certified Professional Accountant

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When you ask an entrepreneur what are the most challenging aspects of operating your own business, chances are the answer will relate to managing their finances. 

It could be sourcing funds, preparing tax documents, running payroll, or getting lost in the minutiae of bookkeeping. Each of these tasks could make or break your business.

That’s why it’s important to look beyond simple bookkeeping and enlist the expertise of a Certified Public Accountant (CPA) who specializes in small business accounting, like the team at Steven Lissner & Company. From tax planning and regulatory compliance to comprehensive financial consultation, our experts explain why successful businesses rely on professional accounting services.

CPAs Understand the Complete Business Growth Cycle

A CPA is a master of financial planning, equipped to steward your business through each milestone in its growth cycle. For example, consider how an experienced CPA can guide you through the following important moments:

  • The Launch Stage: A CPA can help determine the best business structure — LLC, Sole Proprietorship, S-Corp, and many more. They can also assist with setting up accounting software and instructing you on best bookkeeping practices.
  • The Growth Stage: CPAs are familiar with maximizing deductions, avoiding audits, and minimizing tax liability.
  • The Maturity Stage: CPAs monitor and comply with changes in tax law, navigate external audits, prevent internal fraud, and manage interactions with the IRS. 
  • The Transformation Stage: When your business is ready for franchising, merging with a competitor, or if you want to divest yourself from the company, it’s important an experienced CPA oversees these types of complex financial changes to ensure your finances and taxes are managed properly.

Launch your Small Business with Accounting Services

Launching a new business requires a lot of paperwork for the state and federal governments.

The fiscal decisions you make when launching your business carry long-term consequences, starting with the business structure.

The structure you choose affects how you pay your taxes as well as your liability, filing obligations, and a cascading slew of state and federal regulations you must follow. To make matters worse, it’s not an easy thing to change. 

That’s why it’s important to get the advice of a CPA right from the start of your business.

CPAs will review your fiscal goals to identify the business structure and financial opportunities that best suit your business’s needs. A CPA will also assist you in applying for state licenses and establishing your EIN, among other business-specific filings.

 

Creating a Reliable Recordkeeping System

Many companies utilize QuickBooks, which is the industry standard for delivering customized accounting solutions to simplify your day-to-day financial ops. 

Leverage QuickBooks to monitor invoices, track payroll and other business expenses, digitize receipts, build custom reports, and more. Set up sophisticated interactions with third-party apps like Salesforce, Microsoft Excel, Shopify, and PayPal. Or take things a step further and request that your accountant provide actionable insights based on monthly, quarterly, or annual data. The possibilities are seemingly endless.

Moreover, we’ll let you in on a well-kept industry secret: Successful integration with QuickBooks can mark the end of the launch phase grind and signal the beginning of your company’s growth stage. Here’s why: 

With a QuickBooks pro in your corner, you’ll be able to automate repetitive processes that would otherwise occupy your time and lower your productivity. Save yourself the frustration of trial and error that happens when you try to set up accounting software on your own. A CPA has the experience to set up and show you an efficient process.

Tax Planning Happens Year-Round for Business Owners

The tiny financial decisions you make throughout the year have BIG consequences when tax time rolls around. That’s why it’s important to plan year-round for tax season.

Enlisting a CPA is important because they will be aware of the complicated and changing tax codes that could impact your tax filings. A CPA can help you maximize your business deductions, minimize your payouts to the IRS, avoid costly filing errors, and prevent audits.

Examples of Tax Savings

After reviewing your business setup and financial records, your account makes the following recommendations:

  • By opening an HSA account for your employees and making regular contributions, you can lower your payroll tax liability and push your business into a lower tax bracket. Not to mention, overall employee satisfaction and productivity rise as a result.
  • The CPA notices your business uses accrual accounting and you’ve been overlooking the opportunity to write off “bad” debts from delinquent customer accounts. In addition to identifying these deductions, your CPA generates an automated report that fires any time a future account meets this criterion.

With the suggested tweaks in place, you easily save thousands of hard-earned tax dollars when filing your tax returns, paying for the cost of the CPA services, and then some.

Introducing Our Small Business Accounting Specialists 

At Steven Lissner & Company, our team of CPAs has 30+ years of experience in navigating small companies through the complete business growth cycle. Whether you’re launching a new business enterprise, devising a tax plan that maximizes your deductions, or designing streamlined processes that simplify day-to-day accounting tasks, our friendly CPAs understand how to meet your company’s unique needs while keeping an eye on the prize: profitability. 

When it comes to tax planning services in New Jersey, our accountants work year-round to secure your largest refund possible. Using sophisticated tools and continually reviewing tax law changes ensures that you never miss a profit-saving deduction. 

Our small business accounting solutions free up your busy schedule. Instead of spending hours pouring over payroll or googling how-to instructions for excel, your repetitive processes will operate smoothly in the background.

When you’re looking for “top accountants near me“, Steven Lissner & Company should be your first call!  Learn how you can jumpstart your productivity today while saving thousands on your end-of-year taxes. Contact one of our devoted tax specialists to schedule a consultation!

The No-Sweat, CPA-Approved Guide to Overcoming an IRS Tax Audit

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Did you make a simple mistake on last year’s tax return only to find yourself in hot water with Uncle Sam? Unless you’ve consciously attempted to defraud the federal government, you can relax—at least, partially. Your chances of suffering legal consequences for committing an honest error are next to nil. 

However, when it comes to financial consequences, you’re still not in the clear. The IRS views careless mistakes as negligence, which can result in expensive fines. We’re talking about an additional 20% of the under-reported amount, to be specific.

To minimize your risk of making costly errors during the audit process, you need to enlist the guidance of a certified public accountant. With a licensed tax professional in your corner, you’ll be able to navigate the audit process seamlessly—substantiating your claims with evidentiary support and advocating for your rights. 

In any audit, half the battle is understanding how to make the tax code work for you. Accordingly, CPAs are masters of harnessing the data to their client’s advantage. But, before we discuss how to ensure a no-sweat tax audit, let’s take a closer peek into the audit process itself.

What are the Odds?!?!

Nothing strikes more terror into the hearts of tax-paying citizens everywhere than a nondescript envelope postmarked from the IRS. Fortunately for most taxpayers, IRS tax audits are relatively rare. 

In 2019, for instance, the IRS selected only 0.4% of all individual tax returns to undergo further inspection. Furthermore, most of these tax returns pinged the IRS’s built-in error-detection meter—a sophisticated algorithm that compares individual tax returns to expected results. (But, more on how that works later.) 

Unfortunately, however, there’s some bad news embedded in all that good news. Although your risk of being audited is rare—especially if you play carefully by the IRS’s rulebook—it’s impossible to dodge a tax audit altogether. That’s because the IRS selects a predetermined portion of all tax returns to investigate entirely at random. So, although honesty is indisputably the best policy, some honest taxpayers will still find themselves among the unlucky few—to be quite candid.  

Simple Mistakes That Trigger IRS Tax Audits

Remember that sophisticated algorithm that we discussed previously? It serves as a filter, separating suspicious transactions and mismatched calculations from predictable behaviors. 

Because your employer and various institutions reported your annual income, the IRS knows roughly how much money you pocketed last year. It then compares that value to the amount you reported, as well as the deductions and credits you claimed. For each income level, the dollar amount of deductions that taxpayers claim follows a bell curve distribution. Any deduction value several deviations above the mean throws up an automatic red flag. 

Although misrepresenting your finances to the IRS is a big no-no, the following accidental behaviors can also trigger an audit:

  • You under-reported your income: Believe it or not, under-reporting your income is a simple mistake to make. Although it’s easy to remember to report the revenue from your W2, it’s a lot easier to forget that stack of 1099’s you received along with that Form W-2G from a lucky night at the casino.
  • You made a math error: You may think using a computer to file your taxes means automatically avoiding this sort of error—but think again. Automated tax preparation services are only as good as the humans inputting the data. A careless keystroke can mean adding an extra zero to a column you never intended to misreport. 
  • Using rounded numbers didn’t work out in your favor: The IRS expects us to calculate our deductions down to the penny. So if you attempted to “guestimate” your expenses by rounding up or down to the nearest dollar value, the system might label your return as inaccurate. 
  • You claimed too many (or the wrong) tax deductions and credits: The IRS has strict guidelines about the tax deductions and credits that individual filers can claim. For example, tax filers can claim either the Lifetime Learning Credit OR the American Opportunity Tax Credit in a given tax year—but never both at the same time. This bylaw may be confusing to some as both credits aim to help taxpayers defray the costs related to educational expenses. However, unless you’re a certified tax expert, you might not realize the either/or nature of these credits and double-dip on your deductions.

The Long, Arduous Audit Process in a Nutshell 

If you’re selected to undergo an audit, the IRS will typically initiate audit proceedings within a year of accepting your return. However, bear in mind that the IRS can examine up to six years of your financial data. This unsettling reality underscores why the federal government (and your CPA) often recommends holding on to any important receipts for up to three years. 

Furthermore, the type of audit you’ll undergo can take three forms:

  • Correspondence Audit: By far and away, the most common type of investigation, correspondence audits, occur via mail. During a correspondence audit, the IRS will ask you to respond in writing and furnish proof by providing receipts, affidavits, and documents to support your financial activities. 
  • Desk Audit: During a desk audit, you meet face-to-face with an IRS agent in an office setting for an official interview, lasting from one to five hours in duration. 
  • Field Audit: During a field audit, an IRS agent visits your place of business to conduct an official interview and review financial records on-site. 

Think you can knock out an IRS audit in an afternoon? Think again. 

The typical audit process takes an entire year to conduct, translating to multiple correspondences with the IRS, repeat in-person interviews, and numerous deep dives to procure adequate documentation of your financial activities. 

Sound intimidating enough? It doesn’t have to be. Once your initial panic subsides, contact Steven Lissner & Company to request audit representation and secure a no-sweat, minimum hassle audit. 

Why You Need to Secure Audit Representation Pronto

If you’ve been audited by the IRS, drop everything and enlist the expert guidance of a certified public accountant. Similar to lawyers, CPAs can serve as your proxy. During audit proceedings, for example, your CPA functions as your official representative—meaning, you may not even be required to attend.  

Being able to sit back and relax while your CPA performs all the heavy lifting is ideal for a number of obvious reasons. Consider, for example, the following analogy: 

When you were younger, did you ever receive a speeding ticket? Instead of throwing yourself at the mercy of the court system, your friends and family probably advised you to hire a lawyer. The rationale for doing so subsequently become rather apparent: 

  1. Your lawyer knew precisely how to finesse the law to your advantage and had developed career-long professional relationships with the very individuals handling your case. 
  2. Hiring a lawyer demonstrated to the court that you took your case seriously and resulted in a lower penalty for the charge. For example, if you were speeding 20 mph over the speed limit, perhaps your lawyer was able to reduce your clocked speed by 10 mph, a significantly lesser offense. In addition, the reduced charges meant fewer points on your license as well as hundreds of dollars in savings on your annual insurance premiums.

 

Similarly, hiring a CPA to navigate your audit proceedings ensures that you furnish the detailed documentation that your IRS agent needs to resolve your case. Instead of fumbling around with the system, you rely on a tax professional who knows the tax code inside and out. Tax documents, checkbook registers, receipts, and more—your CPA knows how to help you build an air-tight case to support your financial activities and minimize your risk of paying hefty fines.  

Steven Lissner & Company: Audit Protection You Can Count On

Steven Lissner & Company has earned over 30 years of industry-leading experience in delivering no-sweat audit representation. As a result, our clients feel empowered knowing that, if audited, our CPAs will work tirelessly to ensure a seamless audit process, free of headaches and hefty fines. 

In addition, our CPAs interact directly with the IRS on your behalf to eliminate all the back-and-forth, tax jargon, and piles of paperwork. With a tax expert in your corner, you’ll be able to furnish the evidentiary support you need to justify your finances exactly when you need it the most. 

Furthermore, our tax experts will work to tidy up your finances beyond the immediate audit process. Enlist the guidance of our CPAs throughout the year and discover how you can save thousands of dollars on your end-of-year taxes, retirement savings, investments, and more. Or utilize our services to identify workable solutions to level up your small business. 

You’ll be shocked at all the ways (big and small) that you can save thousands by consulting the expert wisdom of a financial advisor. Contact our office today to schedule a consultation to learn more about how our tax specialists can help you. 

Remember, the best defense against an audit is an excellent offense. Avoid making costly mistakes on your taxes that can lead to future audits and secure your most significant refund to date! 

The No Contest Advantage of Using a CPA to File Your Taxes

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No matter your industry, automation has become the buzzword of the moment. And, that’s especially true when it comes to processing your tax returns. However, as we’ll discuss shortly, the advantages of using a CPA to file your taxes still crush relying on automation every time. Here’s what the kings of tax automation aren’t telling you.

The Deceptive Nature of  “Bargain” Tax Filing

Plug and chug tax preparation programs like TurboTax have been on the rise since the IRS introduced e-filing in the 1990s. The surface-level convenience of inputting a few lines of data into an automated system and filing the returned results online appeals to many consumers. But, adopting a do-it-yourself approach to filing your taxes comes with some apparent risks and concealed costs. 

Or, as the saying goes, “all that glitters isn’t gold.” 

Programs like H&R Block boast deluxe online self-prep services for as little as $49.99 per state tax return filed. If you’re a new grad with relatively few assets to your name, this price might actually confer savings. 

But, life is often messy, and a one-size-fits-all approach to tax preparation usually fails to capture the uniqueness of most tax situations. 

Consider some of the following—extremely common—situations in which it’s best to enlist the guidance of a trusted tax expert:

  • You’re self-employed, whether as the owner of a small business or as a subcontractor.
  • You’ve experienced a significant life event or sticky situation. These events include marriages, divorces, births, deaths, mergers, moves, buying or selling a home, retirement, etc.
  • You receive income from rental properties, foreign investments, cryptocurrency, stock trading, etc., or a bevy of less common income sources.

Is your head spinning yet? 

Automated tax prep programs deliver precisely what they sell: tax preparation. But, unfortunately, when it comes to tax planning for the future, you’ll find yourself locked out in the cold. 

In contrast, a CPA helps you identify tax savings and investment opportunities that will compound your capital across the span of many years. Simply put, this obvious advantage can translate into tens of thousands of dollars in lifetime savings. It can make the competition look pretty shabby in comparison.

Tax Planning, Planning, Planning…

Effective tax planning begins in the off-season. 

You might be familiar with the obnoxious phrase, “Summer bodies are made in the winter.”

Similarly, effective tax planning for spring filing begins in the summer of the previous year. So if you genuinely wish to maximize your annual savings for next year, you need to consult with a CPA now. 

Want to ensure that your hard-earned savings remain in your bank account instead of the government’s vaults? A skilled CPA will equip you with the investment strategies you need to outfox the IRS while staying on the up and up. From HSAs and FSAs to IRAs, your accountant knows the right combination of alphabet soup to craft a winning tax strategy that saves you money for years to come. 

As your tax situation becomes more complex as the years tick by, you’ll learn that tiny financial decisions made in your youth carry BIG consequences. For example, sound financial decisions tend to dilate your long-term savings, whereas a lack of strategy can contribute to stagnant growth. 

Here’s the bottom line: Automated tax prep programs help you evaluate situations that have already occurred. But, unfortunately, they’re inherently myopic as they focus only on the current tax year. As a result, they don’t provide you with recommendations for the future, and they can’t help you identify missed opportunities for savings. 

Because these mistakes don’t often have immediate consequences, it will be years before you realize your error. But, in the meantime, that blunder translates to losing out on numerous avenues to save for your financial future. Simply put, unless you’re already a tax expert, these programs are a dead end.

You Deserve the Best of Both Worlds

Although we’ve been denouncing the pitfalls of online tax preparation, we’ll let you in on a little secret: Not all automation is bad. 

In fact, most CPAs use automated tax preparation software to assist in calculating your returns. But, there are some notable differences here of which you should be made aware. 

Firstly, your accountant’s tax preparation software is significantly more sophisticated than TurboTax. For example, your accountant pays somewhere between $1,000 and $6,000 per year to access these programs. Compared to the $50-$100 per year you pay to file via TurboTax or H&R block, the difference in expected outcomes is now becoming even more apparent.

Secondly, your CPA knows how to work an automated system to your advantage. Remember, the secret sauce of financial success lies in planning. 

For example, did you start a small business last year or purchase an energy-efficient home? Did you acquire any foreign assets or find yourself the recipient of an unexpected inheritance? If so, then TurboTax can only provide you with a rudimentary snapshot of your financial situation.

Consider the following example: 

2021 proves to be a particularly challenging year. By the end of the year, you suspect that you’ve spent more than 9% of your annual income on medical bills. TurboTax informs you that you should consider itemizing your medical expenses, which become deductible once your yearly healthcare costs exceed 7.5% of your annual income. TurboTax then rattles off a list of “stock” deductions—obvious items that you can deduct like doctor’s bills and surgeries. 

But, after crunching the numbers, you’re coming up short. Without a CPA to guide your itemization, you overlook several qualifying expenses, including transportation costs related to accessing your appointments, fees to participate in a physician-prescribed weight-loss program, and periodic charges for your monthly acupuncture treatments.

Your tax automation program of choice didn’t alert you to these eligible deductions. So instead, you end up taking the standard deduction and miss out on subtracting $3,500 from your annual income. As a result, you pay taxes on this amount, significantly reducing your tax refund and compounding your financial burden.

You thought you were saving money by relying on automation, but instead, you’ve already lost out on more money than you intended to save. 

This example illustrates why banking on automation to generate error-free tax returns can be so deceptive. A tax machine is only as skilled as its operator. Unless you’re a tax expert with years of specialized training under your belt, slipups are easy to make.

Although your mistake won’t lead to an audit, you will end up shelling out more money to Uncle Sam than you owe. And, you can believe that the IRS surely won’t alert you to your error.

CPAs Deliver Financial Know-How With a Human Touch

Becoming a CPA in New Jersey isn’t easy. First, you must obtain your bachelor’s degree (plus an additional 30 semester hours) from an accredited institution. Moreover, 24 of these 150 semester hours must include accounting credits. Additionally, to round out your financial education, you must devote another 24 semester hours to earning business credits.

As if that’s not daunting enough, you’ll also need to pass a 16-hour exam and complete 1,750 hours of supervised work under a licensed CPA. 

Needless to say, you can’t blunder your way through these qualifications. A highly advanced level of financial aptitude and stick-to-itiveness is a prerequisite. 

But, the advantages of using a CPA to file your taxes include more than just technical skills and business acumen. 

A good CPA also provides a human touch. Unless you need technical support to access your account, the support team behind an automated tax preparation service typically can’t answer your question. Sure, they can reset your password and help you regain access to last year’s tax return. But, what about the things that matter? For example, if you’re going through a recent divorce, who will field your tax questions regarding the division of your financial assets? And, who will be available in the off-season and have the chops to advise you about acquiring rental properties? 

When your circumstances change, you need prompt answers to your burning questions. CPAs are available year-round to answer your questions and guide your financial decisions. Whether you’re setting up a college fund or moving across state lines, CPAs deliver the superior customer service that you’ll come to rely on for all your financial needs. 

The Tax Preparation & Planning Advantage You Deserve

At Steven Lissner & Co., our accountants deliver customized tax planning and preparation solutions for individuals, couples, and small businesses. With over 30 years of industry-leading experience, our CPAs know how to harness the power of tax automation without losing their human touch. 

We excel where big-name automated services fall short because we believe a solid financial blueprint involves careful planning. Whereas programs like TurboTax provide only a snapshot of the last tax year, we help you craft a winning financial strategy that will ensure your fiscal success for years to come. 

To experience the Steven Lissner difference, contact our team of tax preparation advocates today! Your biggest tax refund yet awaits you! 

Freedom from Back Taxes: CPAs Offer 2021’s Best Tax Relief Service

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When you’re in trouble with the IRS, it’s tempting to bury your head in the sand and simply will those problems away. However, in the absence of adequate tax relief services, those pesky problems can take on a life of their own. Before you know it, a year of unpaid taxes snowballs into a host of unpalatable consequences, like liens, levies, and criminal charges.  

 

Don’t make the mistake of trying to sort out the ensuing madness on your own. Tax relief services offer individuals facing severe legal and financial consequences from unpaid taxes a means forward. 

 

Under the expert guidance of a certified public accountant, you can remediate your tax situation. However, before we discuss the many tax remediation tools in your CPA’s arsenal, we’ll deliver a brief crash course in Back Taxes 101. 

Back Taxes 101—Going from Bad to Worse. 

As you may have already guessed, back taxes is a term that refers to overdue tax payments. Although we often associate back taxes with unpaid or unfiled federal tax returns, back taxes can also occur at the state or county level. For instance, a back tax arising at the local level may involve an unpaid property tax to your county of residence. 

 

As with any unpaid bill, back taxes often result in the accumulation of even more debt. For example, the IRS charges those who do not file a tax return with a 0.5% penalty. In other words, the non-filing individual must pay 0.5% of the unpaid tax value. This penalty continues to accrue each month until the fine reaches 25% of the original overdue amount—unless, of course, one pays off the debt. 

 

Meanwhile, the IRS charges additional interest on the unpaid amount (currently, 5%) for up to 5 months. This tacked-on interest applies regardless of whether or not the individual filed their taxes. Remember: Some individuals file their taxes but don’t pay them in full simply because they can’t afford the bill. 

 

Regardless of the reason one has for not paying their taxes, we can all agree that back taxes result in indisputably crummy consequences. The longer one doesn’t pay those taxes; the worse things can become. So next, let’s take a closer look at how a simple tax flub can go from bad to worse.

Now, That Escalated Quickly.

In this world, nothing is certain except death and taxes. (And, by taxes, we mean tax collection.) 

 

When taxpayers neglect to pay their taxes, the IRS almost always catches on. After levying fines and interest, the IRS turns to liens and asset seizures to recoup their rightful cut. 

 

Usually, the seizure of one’s assets begins with wage garnishment. But, first, you’ll receive a written Demand for Payment requesting the delinquent amount. If you ignore this notice, you’ll open your mailbox one day to discover a Final Notice of Intent to Levy. Although you can challenge this document by requesting a formal hearing, the IRS can contact your employer if your efforts prove unsuccessful. 

 

No matter how tight you are with your boss, your employer will be legally obligated to fork over a sizable portion of your paycheck until your debt is settled. This tactic is known as garnishing your wages, and it can leave the garnishee nearly destitute during the repayment period. 

 

As a last resort, the IRS may decide to place a lien on your property. A lien is a security interest that is equivalent to calling dibs. The IRS assumes that if you cannot pay your tax bill, there may also be other bills that you’re unwilling or unable to pay. Therefore, a lien on an asset gives the IRS the right over other creditors to subsequently seize a piece of property. Consider it analogous to calling shotgun. 

 

The act of physically seizing a piece of property is known as a levy, and it only occurs after all other avenues have been exhausted. In movies and tv shows, this is the part where the IRS shows up at your house and begins carting out your valuables—although, in real life, it’s significantly less dramatic. 

Choosing the Right Tax Remediation Option

Fortunately, the IRS understands that well-intentioned individuals sometimes fall upon hard times. As such, the IRS works with individuals who demonstrate a willingness to settle their debts but may also need a helping hand.

 

By working closely with our devoted team of tax relief experts at Steven Lissner & Company, you’ll be able to identify which of the following remediation options work best for you:

 

  1. Installment Agreements

Need assistance negotiating a payment plan with the IRS? Our accounting specialists will crunch the numbers to ensure that you accept a fair monthly payment plan that doesn’t leave you completely destitute. 

 

  1. Offers in Compromise

Anyone who tells you that it’s easy to secure an offer in compromise from the IRS simply isn’t telling you the truth. But let’s take a moment to rewind. 

 

An offer in compromise is an agreement between an individual and the IRS to dismiss a portion of back taxes. To qualify, the taxpayer must prove that settling their debt would be nearly impossible. If the IRS feels generous enough to agree, then the taxpayer must settle their remaining debt immediately or in rapid installments. 

 

For those who qualify, Steven Lissner & Co. will craft a compelling Offer in Compromise that maximizes your chances of securing a successful resolution. 

 

  1. Release of Wage Garnishments, Liens, & Levies

Although the IRS reserves the right to garnish your wages for non-payment, the amount collected should not leave you destitute. If a wage garnishment leaves you unable to afford basic necessities like rent, utilities, or food, contact the IRS to request a reduction. In certain circumstances, you may also be able to secure a release of the liens and levies applied against your property.

 

  1. Currently Not Collectible

In addition, individuals who qualify for the release of wage garnishments, liens, and levies may be eligible to reclassify their debts under “currently not collectible” status. If the IRS agrees, the federal government places a pause on the collection process. This temporary breather allows individuals a short reprieve from the collection grind to get their finances in order.

 

  1. The Innocent Spouse Provision

Sometimes, individuals owe money to the IRS through no fault of their own. Consider the half of a married couple who files jointly without realizing that their partner conceals a sizable tax burden. If a partner was misinformed (or even duped) by their significant other, the innocent party can request pardon from the IRS. However, doing so often proves exceedingly tricky and requires the guidance of a professional who understands tax laws inside and out.

  1. Audit Reconsideration

Were you audited by the IRS but wish to dispute the amount you owe? If you have new information to share with the IRS that might change the entire game, request an audit reconsideration to reopen your file. 

Why Hire a Certified Public Accountant Who Specializes in Tax Relief

When it comes to tax remediation, you don’t know what you don’t know. So to ensure that you receive a fair shake, leveraging the seasoned advice of a tax relief specialist becomes paramount. 

 

Under a certified public accountant’s stewardship, you’ll understand which combination of tax remediation options best suits your unique situation and devise a bullet-proof plan for getting your finances back on track. In doing so, you’ll be equipped with the knowledge you need to avoid costly mistakes—the kind of errors that only serve to compound your financial burden. As a result, not only will your credit and financial standing improve, but your property will remain intact and your well-being restored.

 

The ways in which we discharge our debts matter. And, to put it bluntly, the tax relief industry is saturated by illegitimate experts and fraudsters. A debt relief agency may lack the chops to recommend a strategic tax remediation plan that frees you from the burden of back taxes. In the meantime, you end up shelling out hundreds of dollars only to wind up in even more debt. 

 

When you consult a reputable certified public accountant like Steven Lissner, you eliminate that risk. CPAs must complete 150 semester hours (including 48 semester hours of business and accounting courses) in addition to 1750 hours of supervised training under a licensed CPA. After also passing a 16-hour exam, it’s safe to say your CPA understands the tax code inside and out.

Meet Steven Lissner, Your Tax Relief & Remediation Expert 

Steven Lissner & Co. has 30+ years of experience in successful tax relief and remediation services. Using a variety of tried-and-true strategies, SLCPA will secure a satisfactory resolution to your IRS woes. 

 

In addition, you can count on Steven Lissner & Co. to get your finances back on track. Say goodbye to back taxes and create a sustainable financial plan that encourages steady growth instead of burdensome stagnation. Get a jump start on your 2021 tax plan by contacting Steven Lissner & Co today! Debt-free living and financial security await you!

Shifting Tax Laws in 2021 Make Hiring a CPA Crucial to Refund Success

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Staying up-to-date with shifting tax laws in 2021 is not a task for the faint of heart. Just when we thought we had rounded the corner on COVID-19, a second surge began, leaving many Americans on shaky financial grounds.

 

Having predicted a potential COVID-19 resurgence, the IRS preemptively extended several pandemic provisions introduced in 2020 while allowing others to expire. Although amending these laws has ultimately benefited the taxpayer, doing so has also created a great deal of confusion. 

 

Not to mention, our legislative machine has continued to grind on in the meantime, transforming promising tax bills into enforceable laws. If you’ve been simultaneously tracking these numerous extensions, expanding provisions, and expirations, it can feel like staring down into the eye of a churning storm.

 

But, it doesn’t have to feel that way. Before we explain why hiring a CPA is crucial to your 2021 refund success, let’s examine a case in point: The CARES Act.

 

A Case In Point—The 2020 CARES Act   

The Cares Act introduced several lifetime firsts for many millennials, including its most popular provision: stimulus checks. 

 

But, income-based assistance aside, the CARES Act also provided essential unemployment coverage to individuals hit hardest by the pandemic. This timely assistance arrived in the form of generous weekly payments and a host of supporting programs, including:

  • Pandemic Unemployment Assistance (PUA): Extended unemployment benefits to non-traditional employees, including self-employed workers and members of the gig economy workforce
  • Pandemic Emergency Unemployment Compensation (PEUC): Mandated a 13-week extension of unemployment benefits dispensed by state governments from 26 to 39 weeks
  • Paycheck Protection Program: Extended forgivable loans to qualifying small businesses who required financial assistance to pay their employees
  • Placed a temporary halt on student loan payments and evictions and prevented utility shutoff 

 

Since then, all of these stopgap measures have expired. (However, New Jersey residents with low to middle income won’t face the threat of eviction until 2022, thanks to expanded provisions enacted into local laws by the state legislature.) 

 

Yet, not all provisions enacted by the CARES Act have fallen by the wayside. For example, although student loan payments have resumed, loan holders need not pay taxes on contributions made by their employer until 2022. Likewise, the federal government will continue to fund subsidies to businesses that extend financial assistance to workers leveraging the Family and Medical Leave Act—until 2025. 

 

With select provisions expiring and others receiving extensions well into 2025, keeping up with the tax code has never been more challenging. Consider the following changes that are also in the works for 2021.

 

The ABCs of the Consolidated Appropriations Act

With a sophisticated name like that, you can bet that tax filing complications are sure to follow.

 

The Consolidated Appropriations Act of 2021 layers in additional support for individuals, families, and businesses facing financial hardship due to the pandemic. However, perhaps inevitably, the law also infuses an added layer of complexity when filing your 2021 taxes.

 

Here’s why:

 

The 2021 Child Tax Credit

For 2021 only, the IRS has upped the Child Tax Credit by $1,600 for children under age six and $1,000 for children between ages 6 and 17. 

 

As in previous years, your income determines your eligibility—although eligibility requirements are currently rather generous. So, for example, a single parent can earn an annual salary of $240,000 and still expect to receive partial credit, even if a minuscule one. 

 

Compared to 2020, this amounts to a HUGE difference. In 2020, families received a $2,000 tax credit for all dependents under the age of 17. And, for families with children under age 6, it made absolutely no difference in your refund amount.

 

This year that amount expands to $3,600 for families with kindergarten-aged children (or younger) and $3,000 for all other minors. 

 

Moreover, those tax refunds are arriving in an unprecedented manner: as advance payments. But, unfortunately, receiving these payments now doesn’t mean earning a larger (or even comparable) refund later. If anything, these advance payments mean you can expect to witness a smaller refund than ever before hitting your bank account in 2022—unless, that is, you hire a CPA to help you crunch the numbers. While a CPA can’t help you pull a fast one over the IRS, they can help you identify missed opportunities for savings that have accrued in unseen losses over the years. By tweaking your finances across the board, you can save thousands of dollars on your tax returns—every single year.

 

The Fine Print Cont.

It’s not all bad news! Although the Child Tax Credit doesn’t amount to more now, more later, other provisions within the Consolidated Appropriations Act can mean considerable savings come tax filing time—if you know how to leverage them. Here are a few items to keep on your radar:

  • Did your 2021 income include a paycheck made possible by the Paycheck Protection Program? If it did, I have great news for you, my friend: Because the IRS considers that amount “forgivable,” it doesn’t count toward your annual income. This stipulation can be a make-or-break moment when it comes to determining your 2021 income bracket. (Because these brackets have been adjusted for inflation—and, not in your favor—every little bit of savings counts.)  
  • Did your 2021 contributions to charity include cash donations? Then, you can deduct up to $300 in annual income per filer. Although this may seem like a paltry amount of savings, seizing every opportunity to itemize adds up. 
  • Sometimes, surprises are bad—especially when it comes to medical expenses. Although this provision may not affect your taxes, it could significantly impact your financial well-being. The “No Surprises Act” within the more extensive Consolidated Appropriations law safeguards consumers from balance billing for life-saving services, such as life flight. (Balance billing refers to charging the consumer for the portion of a medical bill that insurance doesn’t cover. It’s often the difference between in-network charges, which absorb these costs, and out-of-network fees. This law doesn’t prohibit balance billing outright, but it does forbid it on certain emergency services.) 

Boost Your 2021 Refund Success by Hiring a CPA

By now, the bottom line here is pretty apparent. To supercharge your 2021 tax refund, you need to consult a master of unraveling all the fine print. You need someone who can streamline complex data into digestible chunks that you can leverage now to build your tax savings later.

 

When it comes to launching a bullet-proof plan for securing your financial future, CPAs outshine the competition.

 

And, here’s why: 

 

As we’ve seen, tax laws are exceedingly complex. To make matters worse, they’re constantly changing as new bills filter through Congress, and portions of old laws expire. So unless you devote a considerable chunk of your spare time to following tax news, it’s easy for tax-saving opportunities to slip through the cracks. However, with a CPA in your corner, you can rest assured that every tax return you file reflects your best options to save. 

 

Although it may be tempting to adopt a “do-it-yourself” attitude to tax preparation, taking the standard deduction is often not your best friend. (Nor are automated tax programs that boast a cheap fix to processing your tax returns.) Unless your tax situation is incredibly straightforward—and life is often anything but—you’re going to need a customized solution that fits your unique situation.

 

Enter your CPA.

 

A CPA knows how to craft a financial plan that sets you up for a lifetime of meaningful successes that match your savings goals. Whether for you this means boosting tax savings to support a thriving business, mapping out a robust source of retirement savings, or maximizing your tax credits and deductions, 2021 refund success has never been more within your grasp. 

Steven Lissner & Co. Know Money Matters

Steven Lissner & Company deliver on their tax savings promise. With over 30 years of accounting expertise, Steven Lissner has empowered thousands of clients to surpass their financial goals. 

 

Our essential services include:

  • Tax planning: For individuals, couples, and businesses interested in compounding your tax savings across the decades, tax planning enables filers to achieve their wildest expectations for long-term savings.
  • Tax preparation: This service reassures fliers that their tax returns have been filed accurately with regard to the latest tax laws and newest opportunities for annual tax savings.
  • Audit protection: For tax filers facing the threat of an IRS audit, we provide a personalized plan to help each client regain “good” standing. 
  • Small business accounting: As a small business owner, you’ll find that opportunities to save on your taxes abound—if you know how to access them properly. We’ll help you create a resilient blueprint for financial success, including customized accounting, bookkeeping, and tax planning solutions. 

 

Refining your life goals is difficult. But, filing your taxes doesn’t have to be. 

 

Just as tax laws shift from year to filing year, so too do your life goals. So when plans change, enlist the guidance of a financial expert who specializes in “the pivot.” You deserve accounting solutions that inspire confidence, reflect competence, and breathe flexibility into your financial goals. So contact our accounting experts today at Steven Lissner & Co and secure your most significant refund to date!

Transform Your Profitability By Hiring a Small Business Accountant

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transform your profitability w a cpa

 Survey any group of entrepreneurs and ask, “What are the most challenging aspects of operating your own business?” And one in two will give an answer related to managing their finances.

Whether it’s sourcing the funds to launch or expand your business, guaranteeing profitability during uncertain times, or simply carving out enough time for careful bookkeeping, small business accounting can make or break your business.

To give your company its best chance, look beyond simple bookkeeping and enlist the insights of a CPA who specializes in small business accounting. From tax planning and regulatory compliance to comprehensive financial consultation, our experts explain why successful, intelligent businesses rely on professional accounting services.

CPAs Shine at Navigating the Complete Business Growth Cycle

Why is it never “too late” or “too soon” to outsource your company’s day-to-day financial management to an accountant? Because a certified public accountant is a master of financial planning, artfully equipped to steward your business through each milestone in its growth cycle. For example, consider how an experienced CPA can nimbly guide you through the following watershed moments in any successful business:

  • The Launch Stage: Turn to a CPA for expert advice when selecting your business structure (e.g., LLC, sole proprietorship, corporation, etc.), introducing accounting
    software or bookkeeping best practices, acquiring a new business, or complying with state or federal guidelines for financial operations.
  • The Growth Stage: Devise a tax plan that pays long-term dividends by maximizing your deductions, avoiding audits, and minimizing your payouts to Uncle Sam, apply for a small business loan to expand your business’s reach, and automate repetitive bookkeeping tasks (like invoicing, profit & loss reporting, and digitizing receipts)—all with an accountant’s guidance.
  • The Maturity Stage: Even a mature business can benefit from a CPA’s seasoned touch. Established companies trust CPAs to monitor and comply with changes in tax law, navigate external audits and prevent internal fraud, and manage interactions with the IRS.
  • The Transformation Stage: Franchising your business, merging with a competitor, or divesting yourself of a struggling company? Complex financial decisions require
    sophisticated decision-makers. And, financially savvy executives faced with challenging choices know when to call in the big guns. When combining or dissolving intricate assets, entrust a CPA with reconfiguring your company’s financial infrastructure, maintaining tax-efficient operations, and consolidating any accounts or debts.

Now that we’ve surveyed the big picture, let’s zoom in on a few essential services CPAs deliver to small businesses.

Accounting Services to Launch Your Small Business

“I can’t wait to fill out these mounds of government paperwork!” said no business owner ever.


When launching your financial enterprise, you’re going to be bombarded with fiscal decisions that carry long-term consequences. One of your earliest decisions will involve a pesky (but exceedingly consequential) legal requirement: appointing your business structure. 


The structure you choose affects not only how you pay your taxes but also your liability, filing obligations, and a cascading slew of state and federal regulations you must follow. To make matters worse, it’s not an easy decision to undo. 


Consider this analogy: Only 27% of college graduates work in a field related to the major they declared as 19- and 20-year-old sophomores.

Needless to say, making important decisions at the outset of any endeavor is incredibly challenging. However, unlike your overwhelmed academic advisors, CPAs have the time to meticulously explore your fiscal goals, identifying the financial opportunities that best suit your business’s needs. This assistance not only includes guiding you to make wise decisions about your business structure but also assisting you to apply for state licenses, establishing your EIN, and completing a variety of exciting tasks.

(OK, so we may have exaggerated… just a smidge. Those “exciting” tasks aren’t actually exciting. But, fortunately, performing them will no longer be your sole responsibility. Instead, you’ll be carving out time to focus on the projects you genuinely enjoy—like developing your brand voice, forging lasting connections in your community, and watching your business vision come to life.)

Systemizing a Well-Oiled Recordkeeping Machine

Are you looking for a one-stop-shop to streamline your recordkeeping?  Your accounting guru has undoubtedly mastered QuickBooks, the industry standard for delivering customized accounting solutions to simplify your day-to-day financial ops.

Leverage your accountant’s software expertise to monitor invoices, track payroll and other business expenses, digitize receipts, build custom reports, and more. Set up sophisticated interactions with third-party apps like Salesforce, Microsoft Excel, Shopify, and PayPal. Or take things a step further and request that your accountant provide actionable insights based on monthly, quarterly, or annual data. The possibilities are seemingly endless.

Moreover, we’ll let you in on a well-kept industry secret: Successful integration with QuickBooks can mark the end of the launch phase grind and signal the beginning of your company’s growth stage. And, here’s why:

With a QuickBooks pro in your corner, you’ll be able to automate repetitive processes that would otherwise zap your productivity. In the long run, your most valuable asset is time. With the tedious processes running seamlessly in the background, you’ll have the energy and resources to divert your attention to more sophisticated endeavors. Although it may seem a little intimidating at first, you’ll soon be grateful that the days of painstakingly updating spreadsheets are over. We know we are!

Smart Business Owners Know: Tax Season Operates Year-Round

Tax filing deadlines come and go. But savvy business owners know—when it comes to tax season—it’s always game on. That’s because the tiny financial decisions you make throughout the year have BIG consequences when tax time rolls around.

Not to mention, tax codes are complicated and constantly shifting. With the rules of the game forever fluctuating, consider an account your lifeline to the rulebook.

Who doesn’t desire to use their money wisely? A CPA can help you maximize your business deductions, minimize your payouts to the IRS, avoid costly filing errors, and squelch audits. At the bare minimum, a CPA can prepare your annual business taxes to ensure regulatory compliance with the federal government.

But that’s just the bare minimum.

While careful tax preparation is undoubtedly essential—as well as time-saving—year-round tax planning provides the biggest bang for your buck.

Consider the following example:

2020 proved to be a particularly challenging year for your business. As a result, you’re looking to save every eligible penny during the upcoming tax year. So you reach out to a certified public accountant who audits your business for missed opportunities to minimize your tax burden. After pouring over your records, your account makes the following recommendations:

  • With a few simple tweaks to your home office setup, you’ll now be able to claim the home office deduction. Accordingly, you’ll no longer pay taxes on business expenses related to home office repairs and essential services like high-speed internet to operate your business. And, you’ll also be able to deduct a percentage of your home’s mortgage interest payments and utilities based on the square footage of your office.
  • By opening an HSA account for your employees and making regular contributions, you can lower your payroll tax liability and push your business into a lower tax bracket. Not to mention, overall employee satisfaction and productivity rise as a result.
  • Because your business runs on accrual accounting, you’ve been overlooking the opportunity to write off “bad” debts from delinquent customer accounts. In addition to identifying these deductions, your CPA generates an automated report that fires any time a future account meets this criterion.

With the suggested tweaks in place, you easily save thousands of hard-earned tax dollars when filing your 2021 tax returns. Could anything be more rewarding?

Introducing Our Masters of Small Business Accounting

At Steven Lissner & Company, our team of accounting experts has 30+ years of experience in navigating small companies through the complete business growth cycle. Whether you’re launching a new business enterprise, devising a tax plan that maximizes your deductions, or designing streamlined processes that simply day-to-day accounting tasks, our CPAs understand how to meet your company’s unique needs while keeping an eye on the prize: profitability.

With your collaboration, we’ll create a sustainable and scalable business plan that helps your enterprise thrive. By introducing easy-to-use accounting solutions that meet your business at each milestone in its evolution, we ensure that your establishment achieves its full growth potential.

When it comes to planning your taxes, our accountants work year-round to secure your largest refund to date. Using sophisticated tools and keeping our finger on the pulse of tax law ensures that you never miss a profit-saving deduction.

Where day-to-day operations are concerned, our team specializes in detecting realizable opportunities for explosive growth. With your business’s needs at the forefront, we generate bookkeeping solutions that revolutionize your workflow, enhance your cash flow, and increase your most valuable resource: time.

Our small business accounting solutions free up your busy schedule to enjoy performing the tasks you love. Where you once spent hours pouring over payroll or googling how-to instructions for excel, your repetitive processes will operate like a well-oiled machine where they belong: in the background.

Learn how you can jumpstart your productivity today while saving thousands on your end-of- year taxes. Contact one of our devoted tax specialists to schedule a consultation!

333 Route 46 West Suite 206
Mountain Lakes, NJ 07046

(973) 917-4080

info@slnjcpa.com

Contact Us

Client Login

333 Route 46 West Suite 206
Mountain Lakes, NJ 07046

(973) 917-4080

info@slnjcpa.com

Contact Us

Client Login