iPhone Users – Document Signing Tip

iPhone Document SigningLooking for an easy way to sign and return documents that are emailed to you? Tired of the long process of printing documents, signing them, scanning them, and attaching them to a reply email? If you own an iPhone, try this simple document signing technique.

When you open the pdf attachment on your iPhone, there is a suitcase-like icon on the bottom right of your screen when the pdf is open. If you click on that suitcase icon, it opens up mark-up tools that you can use to sign the document on your phone. Then, after signing, you simply click on “done” and it automatically brings up the reply email that includes the signed attachment and you then click “send.” Files secured with a password must be sent to you in a format with commenting to be allowed in order for the signature to be able to be added to the document in this manner.

If you are happy with this information, please use your iPhone and the time saved to refer a friend to Capaldi Reynolds & Pelosi, PA.

What Is Exit Planning?

Exit PlanningExit Planning – It might not be what you think

There’s a sign outside our office that lets the public know that our Firm assists in exit planning. Unfortunately it seems that a lot of people think this is a plan to exit the world of the living. Not so.

A good exit plan asks and answers all the business, personal, financial, legal and tax questions involved in transitioning a privately owned business. It includes contingencies for illness, burnout, divorce and death. Its purpose is to maximize the value of the business at the time of exit, while minimizing taxes and ensuring the owner the ability to accomplish all of his or her personal and financial goals in the process. When you have an exit plan, you are able to control how and when you exit (the business). Please contact Michael Reynolds for more information on exit planning.

Estate Planning Is As Important As Ever

By Arthur M. Brown, JD, LLM, CPA
Levine, Staller, Sklar, Chan & Brown, P.A.

Estate PlanningMany of our clients associate estate planning with tax planning. While estate planning is often driven by a desire to minimize estate tax, tax savings is only one aspect to consider. Recent increases in the exemption amounts for federal and New Jersey estate tax may make some clients think they no longer need to consider and execute an estate plan, but this could be a critical mistake. More often than not, clients must focus on the “who”, “what”, “when” and “how” a client’s estate will pass to his or her beneficiaries.

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A Little Planning Can Go a Long Way

By Clayton Himstedt, CPA, MBA

Assist your executorThe passing of a loved one is often a very difficult time in an individual’s life. In the case of a long term illness, the loved one has the time to inform family members of the estate assets and the proper distribution of those assets. Unfortunately, there is not always an opportunity to inform family members about the estate. In the cases where a loved one passes suddenly, family members are often left to scramble to locate the deceased’s assets and the will, if one exists. This first part of this article will focus on some steps that all individuals should put in place to assist their family members.

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Quickbooks Tip of the Month: November 2017

Quickbooks 1099 Vendor ListIt’s time to update your Quickbooks 1099 vendor list.

Believe or not, the year is almost over and it is a perfect time to update your 1099, miscellaneous vendor list in QuickBooks. The IRS requires all 1099 vendors to provide to the payor a signed W-9 which is to be kept in the vendor file. QuickBooks offers a feature for setting up 1099 Vendors. If set up correctly, a simple report can be printed at year end for your accountant. If you prepare your 1099s and 1096 transmittal forms through Quickbooks, it can also be easily done. Maintaining a correct vendor EIN and address list helps eliminate the costs and stress associated with generating 1099 information at year-end. The steps for setting up a correct list are simple but require guidance. Please feel free to contact our office should you need help setting up the Quickbooks 1099 vendor list.

Required Minimum Distribution

Required Minimum DistributionSadly, the money that we defer from taxes in our 401(k)s and IRAs during our working lives must eventually leave the shelter of the retirement umbrella whether we like it or not. What is a required minimum distribution? The discussion below is not relevant to inherited retirement accounts. For more on that topic, please contact your accountant.

Required: For all retirement accounts except Roth IRAs, the account owner is required to begin taking distributions by April 1 of the year after turning 70 ½. However, postponing until the year after 70 ½ will mean that two distributions will be required in that year. These distributions are taxable income to the recipient [except for Roth 401(k) distributions] so proper tax planning is required.
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Business Health Checkup: 5 Tips to improve cash flows

Healthy business - strong cash flowsOne of the most important aspects of maintaining a healthy business is ensuring that the business has strong cash flows. The cash conversion cycle (CCC) is the time span between a business disbursing and receiving cash. The cycle can begin in a variety of ways including performing research and development or purchasing inventory. The cash cycle ends when cash is received for the goods or services provided. It is important for a business to properly manage its CCC in order to ensure that bills are paid on time and adequate inventory levels are maintained.
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Quickbooks Tip of the Month: August 2017

Quickbooks tipWhat is the recommended Quickbooks company file (.qbw) size?

The recommendation is that a Quickbooks company file (.qbw) size for Pro/Premier should not exceed 150Mb. For Enterprise the file should not exceed 1GB. If the file is larger than the recommended size, it is at high risk for: slower processing of entries and creating reports, crashes, loss or corruption of data, and faulty backups.

To reduce the size of the company’s file, a process called “archive” or “condense data” is needed. This must be done cautiously AFTER a careful backup of the current Quickbooks file. This process will remove all of the entries prior to a period specified by the user. Ideally you would keep the records for the last 4 or 5 years, and any periods before that would be archived.

To find out the size of your Quicbkooks file, log into Quickbooks, then hold down the Ctrl key and number one (Ctrl 1). A box will appear and the file size is listed on the left section of the box. The file size is listed in kilobytes (K) where 1,000K equals 1 megabyte (Mb).

Check out more Quickbooks tips here.

Capaldi Reynolds & Pelosi Snags Second Place for Gilda’s Club

Gilda's Club of South Jersey Dragon Boat Festival Team PhotoOn July 15, 2017, an eager boatful of coworkers, family and friends of Capaldi Reynolds & Pelosi paddled in the 2nd Annual
Gilda’s Club of South Jersey Dragon Boat Festival
at Lake Lenape in Mays Landing. We joined hundreds of other participants from other local organizations and businesses for a day of fellowship and a little healthy competition. Our group was able to edge out our competition and finish second in both our heats. Our time improved dramatically in our second heat. Look out next year!!

The beautiful venue enhanced the experience along with the perfect weather. In between heats there was lively music, exercise and dance performances and even an authentic Chinese Dragon Dance Show. Competition also occurred on land as well as teams pulled their hardest during the Tug of War. Our palates were satisfied as delicious food options were also offered.

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Ask your Accountant: Family Gifts

cash gifts receivedTaxes on Gifts from Parents

My parents gave me a gift of $100,000. How do I pay the taxes due?

The good news is that you don’t owe any taxes on gifts that you receive. Gifts are not considered income for either federal or New Jersey income tax purposes. However, if you are making a gift, contact your accountant about any reporting requirements.

Contact us to learn more.

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