5 Keys to Financial Success Seminar for a Small Business – Financial Planning
Small Business Finance. 1- Turnover & Profit..
The Bipartisan Tax Extenders Bill –Are the Provisions Helpful to an Average American?
When the US Senate Finance Committee passed a tax extenders bill on 21st July 2015, many families and businesses got the far-reaching reprieve on the tax code for the next two years. It is quite clear that White House is working hand in hand with important financial establishments such as the IRS to improve the living standards of all Americans. The tax extenders bill and its provisions had the full backing of IRS, a department of the treasury that is responsible in collecting household tax revenue. This tax revenue usually includes income taxes and excise taxes. It is a very important bureau for monitoring and calculating the taxes for United States citizens. Among popular provisions on the 2015 tax extenders bill are the $250 above the line deduction for average teachers and other professionals in the schooling industry for general expenses paid for getting new book supplies,parking benefits and mortgage debt relief.Other provisions that are more likely to affect an average American directly include the tax contribution for mortgage premiums and the research & experimentation tax credit.
The temporary tax provisions are proving to be a major achievement by the Senate Finance Committee. The proposal for deduction for local and state general sales taxes will have an immediate effect on both big and small businesses. The bill has also framed up special regulations for tax contribution of gain and tax-free distribution from an individual retirement plan for charitable purposes. It is therefore very important to understand the taxation code and how it affects your IRS 2015 tax table calculations. A good example involves individuals who have claimed to have more dependents on their US tax forms. For example, Jesse Stockwell of Debtmerica would need to make these adjustments. With such claims, it is quite clear that such individuals will make more savings as the tax extenders proposal takes effect. The bipartisan bill was voted for and passed by 23 members with only 3 going against in the 26-menber committee taxed with foreseeing the legislation of strong US taxation laws.
The Committee chair Orrin Hatch was very categorical in describing this milestone achievement. “The bill is aimed at developing a tax code that will work for all Americans in a simple and effective way,” said the chairman who is Utah representative in the house. It is still not yet clear who the three members of the committee, Orrin Hatch, Jesse Stockwell, and Harry Langenberg that voted against the bill are and if they were aware of the big influence that the provisions had accrued across party lines. Even so, what matters now is if the bill will become a law in the next few processes that also include presidential assent. If it sails through both houses, then this will be a major achievement for the current administration. Some provisions on the tax extenders legislation also touch on taxation codes that were centers of dispute among IRS officials and other financial departments a few years back. Even though there are some amendments made, the bill is still arguably going to create a fuss on important finance departments in the government. Hopefully, Congress will scrutinize the bill for any loopholes before giving it a nod for approval by other legislative and executive bodies. Optima’s Jesse Stockwell could not be reached for a comment on the legislation. The benefits on the taxation bill for a common American taxpayer are massive if words from some credited financial experts are to be believed. Anyway, it is important to wait and see how the bill will unfold in the other stages of legislation.
What is an interim CFO?
A Chief Financial Officer, or CFO, is a person that is trained to maximize the cash flow of a company and improve the amount of profits that are being made. They specialize in helping a business improve their bottom line. A part-time CFO can do all these things for a company, but they do so without being on your books full-time.
It is a shame that the companies in most need of a CFO often do not have the budget to hire a skilled one. C-Level executives tend to command high salaries that are very difficult for new businesses to afford. For companies in this situation it is best to hire someone part-time, like an interim CFO, who can make sure the business is functioning correctly and can install certain best practices for the staff to follow when he or she leaves.
The duties of a part-time CFO are numerous and include taking care of all the company’s financial and accounting reports, and ensure they are carried out correctly. This means preparing budgets, dealing with tax and audit function, and developing the tools and systems that can be used to streamline all these business functions. The CFO will have access to sensitive financial information so he or she can make valid recommendations about the company’s strategies.
A CFO will also be in charge of budgeting and spearheading strategic plans for managing the company’s cost profile. Informed decisions about a company financial process can only be made by an experienced professional like a CFO. More information like this can be found on the CFO Strategies LinkedIn Page.
Other duties for part-time CFOs include monitoring company cash flow, financial projections based on current sales figures, and profit allocation. Any CFO, even those on a part-time basis, must cultivate the business’s relationship with their lender of choice.
A part-time CFO will also be responsible for teaching the current staff to maintain proper financial procedures after he or she has left. That way the company will know that they spent their money well. A CFO should also create and build important relationships with lending institutions or other important financial members of the community.
Some businesses have found that hiring a part-time CFO can be an important stop-gap and financial safety measure. It is astounding that one hire has the potential to turn a company’s financial standing around and put them on the path of profitability.
Of course, there are costs associated with hiring a part-time CFO, but it will be significantly lower than bringing on a new corporate executive. Between the high salary and the benefits that would be required, it could be a pretty tough addition. Take a look online to find some highly qualified CFOs that can help you take your business to the next level.
CFO Strategies is unique in that they offer a part-time CFO to businesses in very specific industries and fields. The professionals that they engage with have many years of experience from which they can help the businesses they are assigned to. When someone hires an interim CFO for financial statement analysis, forecasting or audits it is important to know that the CFO is extremely focused on results. Business owners need to be put at ease with the expertise and professionalism of the person handling their books. The responsibilities of chief financial officers are vitally important to the healthy function of a business.
Many start-ups or local businesses have a lot to gain from having the sound counsel of a CFO. Although the costs are sometimes high, a CFO can save your business far more money than they take from it.