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Benefits of Accounting For Real Estate Brokers and Developers in Plano and Austin, TX

Money matters related to real estate services are complicated. The realtors and developers are too engrossed with the related tasks of buying and selling land and properties to notice the intricacies of finances. Hiring an experienced professional to handle accounting for real estate brokers and developers in Plano and Austin, TX, can be the right path. It is essential to know that accounting for ordinary individuals and real estate business owners is not identical. Accounting for brokers and developers is a specialized field that requires a different set of skills and experience. Outsourcing this service to experts with long-standing experience can be beneficial in the long run. ​ One may be confused about the need and try to do the accounting independently. It is important to understand that any person engaged in the following professionals must ensure proper accounting services to avoid being audited by the IRS:-

· Real Estate Investors · Property Managers · Real Estate Developers · Real Estate Agents and Brokers · Real Estate Investment Trusts (REITs)

The accountant(s) hired to look after the necessities on behalf of the entities as mentioned above will take on the following responsibilities:

· Financial Record Keeping- Detailed records will be maintained with each property dealings being accounted for. It includes tracking all income from rents, sales, and other sources. Expenses for maintenance, taxes, and utility payments will be recorded as well.

· Budget Management- the accountant will help to draw up and manage budgets for individual real estate projects. This will involve the estimation of costs and monitoring of related expenses. The objective is to ensure that the project remains within the budget.

· Tax Preparation—Real estate accountants also prepare taxes well in advance of the due date for filing tax returns. They ensure compliance with federal, state, and local tax laws and identify possible tax deductions and credits, helping their clients reduce their tax burden considerably.

· Financial Reporting—Accounting professionals will also prepare all kinds of financial statements, such as income statements, balance sheets, and cash flow reports. Reviewing the reports will enable the real estate business entity to understand the financial implications and proceed with the planning.

· Audit and Assurance—The accountant will also conduct regular internal audits to ensure compliance and assess the accuracy of the financial records. This practice can help identify discrepancies, enabling the business entity to take suitable measures.

· Risk Management—Real estate accountants assess financial risks and develop suitable strategies based on necessity. Evaluation of market trends, assessment of property values, and analysis of financial projections are helpful. This will enable the business owner/entity to mitigate potential risks and achieve profitability.

Joining hands with a professional who is well-versed in accounting for real estate brokers and developers in Plano and Austin, TX, can be beneficial in meeting both present and future financial requirements.

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Accounting for Real Estate Brokers and Developers in Plano and Austin, TX

Looking for a Texas accounting firm with expertise in tax, assurance, bookkeeping, and audits? Look no further than SCPA Group! We serve many clients, including construction contractors, real estate developers, and small businesses. Contact us today to learn more about how we can help you achieve your financial goals.

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SCPA Group is a Texas accounting firm that offers various services, including tax advisory, assurance, bookkeeping, and tax audits. Our dedicated professional team is ready to help clients achieve their financial goals. We are a member of the S|CPA Network of accounting firms, which gives them access to a broader range of resources and expertise.

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Purpose of Outsourcing Tax and Accounting Services For Real Estate Developers And Brokers in Austin and Dallas, TX

Dealing with property is a lucrative profession. Unfortunately, the people doing the groundwork disagree with such a statement. It is pretty surprising to know that there are inconsistencies galore in realtors' accounting books and records. Keeping them as it is not going to be beneficial. On the contrary, it can land the concerned professional in trouble. Obtaining tax and accounting services for real estate developers and brokers in Austin and Dallas, TX, can be effective in the long run, especially during the tax season.

However, it is best to steer away from wannabe accountants. Instead, getting in touch with an accounting firm specializing in services for the real estate industry is the way to go. The accounting professionals will likely go through all records and check the odd receipts and bills. Again, it is essential to remember that the pro may be used to provide a single service or solve multiple issues. The variety of accounting services that a realtor or developer needs are diverse. It is heartening to know that such accounting professional provides the following to their clients dealing with the real estate business:

· Property Management Accounting- Managing a property on behalf of the customer is painstaking work. Unfortunately, the realtor or developer acting as the manager often forgets to keep the business accounts in order. The accountant can help streamline the entire process by ensuring bookkeeping tasks and day-to-day accounting.

· Reporting and Preparation of Financial Statements- All relevant information is collected painstakingly from the office of the concerned realtor. The data is recorded and stored properly, and accessibility is ensured as well. The accountant finally creates the reports along with the required financial statements that are accepted by the IRS and other authorities

· Cash Flow Analysis and Management- Cash is a valuable component of the real estate business. The accountant has the expertise to manage and balance the inflow and outflow of cash superbly. Management of cash flow by the professionals ensures both security and scalability of the cash flow. There is compliance with all related standards

· Payroll Processing- Most real estate professionals have to remain out of the office throughout the day. Most of them find no time to process their financial earnings and expenses. Employee payment is an aspect that cannot be ignored. Thankfully, the financial team hired to help will take on this onus, too. The outsourcing company will use proper tools and advanced technology to achieve accurate and timely payroll processing

· Tax Returns- Real estate agencies have to file tax returns like other business entities. The accounting pro will have the requisite skills to assist with filing tax returns as and when needed, including tax preparation, tax processing, and submission of sales tax. Multiple tax filing can be done accurately as well

While one may get by without outsourcing the accounting tasks, getting in touch with touch with professionals providing tax and accounting services for real estate developers and brokers in Austin and Dallas, TX, can enable the real estate agency or individual to remain focused on the core business.

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Need For Tax Audit Services in Dallas and Austin, TX

The process of verifying the tax returns and ensuring that everything complies with the regulations is known as a tax audit that is done by the IRS. Trying to do it singlehandedly without any outside support may lead to mistakes. The IRS may request a hearing and listen to explanations related to the errors and omissions. This is not a pleasant situation to find oneself in, though. It is essential to hire a committed financial professional to assist with the details of accounting and returns submitted for a specific year. The professional will be able to provide the following tax audit services in Dallas and Austin, TX, thus helping the client to remain compliant with the taxation norms. The professional account is sure to bring the following to the table: ​ · Expertise- Almost all business entities and the company owner must deal with varied tax issues. The IRS is particularly concerned with tax fraud. The IRS may accuse the taxpayer of FICA and FUTA tampering when filing the returns. The taxation professional will be able to check the records and uncover discrepancies. Rectifying the mistakes is a matter of hours. The concerned taxpayer can thus be absolved with the accusation withdrawn after an IRS Audit.

· No Violations- Sure, taxation is a complex process with the rules being changed too regularly for comfort. The tax professional remains well aware of the present regulations and will be able to help the clients as closely as possible. Such professionals will also ensure that there are no inadvertent violations committed when filing the returns. The IRS often audits companies with several risk factors to uncover instances of fraud and non-compliance. The professional will go through the records and help with the filing without allowing the client to commit any violations.

· Submission of documents- Storing all money-related documents is advisable for a taxpayer. The taxation professional is sure to be aware of the documents that the IRS would demand during an audit. Sure, claiming tax deductions is commonplace for taxpayers. A company or business owner asked to appear for an IRS Audit may reveal the necessary documents as advised by the tax professionals. This will help the IRS to understand the validity of the claims. It is a good idea to have the tax professional accompany the audited person whether the IRS conducts a field audit, correspondence audit, or an office audit.

· Resolution of off-Shore Issues- The IRS will question a business owner about the offshore accounts held in the name of individuals or the company. It is advisable to request the taxation professional to go through the related documents and prepare the paperwork meant for disclosure. Not being able to account for such investments may result in punitive measures. A seasoned accountant well versed in IRS Audits can resolve all issues well before answering the audit.

The experts hired to provide useful tax audit services in Dallas and Austin, TX, can save taxpayers from anxiety and penalties. 

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S|CPA Group, LLC offers a comprehensive range of professional services in accounting, taxation, and advisory. They are proud to serve the great state of Texas with their accounting needs.

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How To Ensure Tax Preparation For Contractors and Realtors in Austin and Dallas, TX?

Earning an income every week or after a month's end is the rule worldwide. Not every individual is employed by a company and has to follow specific employment rules. There are many freelancers or small business persons who have no fixed income. Trying to remain profitable is the only challenge that troubles them greatly. Yet failing to pay the required taxes is a strict no-no. Instead, independent professionals need to use the best service related to tax preparation for contractors and realtors in Austin and Dallas, TX.

The term should not come as a surprise for people engaged in their professions for a long time. Getting in touch with a reputed firm or an expert tax advisor to ensure proper tax preparation well before the tax season is also essential. Such experts will share information about the applicable tax laws and tax compliance applicable to the concerned professions. Tax preparation services are sure to include the following, thus benefiting the taxpayer hugely:-

· Tax Planning

· Filing Tax Returns

A realtor must be well aware of the deductions applicable to the profession. Having all receipts handy and readily available will enable the tax preparer to calculate the tax liability accurately. Filing the returns well within the deadline is simple and easy, therefore. Learning about the "Protecting Americans from Tax Hikes (PATH) Act" is also welcome for realtors and property brokers. Some of the tax benefits that they can expect courtesy of the tax preparer include deductions for the following:-

· Marketing & advertising expenses

· Coaching, training, and educating prospective realtors

· Licensing and renewal fees for all real estate professionals

· Dues for real estate associations, multiple listing services, and brokerage fees

· Transportation expenses incurred on the job

· Expenses for travel, lodging, and meals incurred for business purposes

· Home office expenses when the realtor operates out of a self-owned or rented home

· Expenses for buying gifts for clients (up to $25), entertainment, and other client-centric causes

It is important to remember that all of the above deductions will be applicable only when the expenses are directly related to the real estate business and necessary for ensuring operations

There are diverse types of contractors whom the user employs to undertake projects on behalf of their customers. The employer, contractor, and subcontractor will have to file their tax returns independently. The tax adviser should be well informed about the following before filing the returns for the said contractor:

· The extent of business controlled by the contractor singlehandedly

· Whether the tools and other resources required for the projects are provided by the contractor

· Are there any benefits to the contractor mentioned in the agreement?

Using the services of a tax advisor or consultant is necessary to ensure tax preparation for contractors and realtors in Austin and Dallas, TX, for speedy and accurate filing of taxes.

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S|CPA Group, LLC is a Texas-based accounting firm that provides expert accounting, tax, and advisory services to individuals and businesses throughout Texas.

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Need For Business Tax Advisory In Austin And Dallas, TX

Trying to remember the complicated tax regulations and complying with them year after year is a tedious process, especially when one is not knowledgeable enough. Business entities of all sizes usually spend up to 165 hours and $17,000 monthly on checking their accounts and trying to comply with IRS requirements. It does seem to be excessive! An ideal alternative is to contact finance professionals for services related to business tax advisory in Austin and Dallas, TX. Sure, there is a fee to pay for professional advice. Still, there are no additional hassles with the entire process, from calculation to preparation of taxes and filing the returns being smooth and seamless. The business owner can concentrate on core operations without worrying endlessly about receiving a call from the IRS. ​ Yes! There are going to be many naysayers when considering the option. However, the business owners remain satisfied and pleased with the services received. The top gains of using advisory services for getting rid of taxation woes are sure to include the following:-

1. Fail-Proof Process- The professional(s) will not complete the tasks themselves. Instead, they are sure to advise about inserting safety checks at strategic points of the business to ensure there is no breach of rules. Setting up reminders will establish a pattern of completing urgent calculations on time. Likewise, a full-proof method will be devised according to the need to ensure that dates, processes, and documentation needs are not missed. Streamlining the accounts process will eliminate the excesses and provide enough time for the company staff to get on with operational jobs.

2. Obligations- Assessing the obligations is another necessary step that needs to be considered. The professional will be able to provide the requisite guidance. It is necessary to draw up an obligation list that includes all the must-dos, namely the following:-

l Business Income tax return l Estimated tax returns l Extension forms l Updated W9 forms for each employee l Forms 940 & 941 readied for filing l 1099-MISC and 1099-NEC forms if the concerned business uses independent contractors and other professionals l Ensuring sales tax compliance according to the state regulations The deadline, payment to be made, and other particulars must be provided against each obligation clearly so that no field goes missing in the last hour

3. Master Calendar- The advisory team is sure to suggest the preparation of a master calendar that lists everything to be done well before the tax season. Adding reminders as well as assignment tools will be ideal. Inserting notes that include the necessary information will save time even further. Creating a calendar electronically and sharing it with the management will keep all concerned people in the loop where the burden is equally shared. There will be no blame game when anything goes wrong, though.

4. Accessibility- The advisory professional(s) will also help the client use digital tools to account for and ensure finance and tax management.

Having a professional business tax advisory in Austin and Dallas, TX, will ease the difficulties and enable the business owner to confront the challenges. Tax compliance is thus ensured!

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Serving the great state of Texas, SCPA Group works with all sizes of businesses, including realtors, builders, and contractors. Contact SCPA Group today to schedule a consultation on business tax advisory in Austin and Dallas, TX.

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S|CPA Group has a wealth of knowledge and experience in the accounting firm. Our highly qualified team has offered accounting services, including financial statement compilation, tax planning, return preparation, and more!

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Benefits of Using Pros in Accounting For Real Estate Brokers and Developers in Austin and Dallas, TX

The thought that the real estate industry is booming is only partially true, as the business may wax and wane frequently. The realtors do have to make a living and like to approach multiple prospects at one go. Thriving on commissions alone can be a tall task, though. It helps to consider associating with a professional well-versed in accounting for real estate brokers and developers in Austin and Dallas, TX, to ensure compliance with the statutory standards.

Sure first-time realtors who are just embarking on their careers may question the need to pay a professional a fee. It is advisable to contact an experienced accountant or a CPA at the earliest. The accountant would be able to get the finances streamlined and organized, which is sure to yield greater returns in time.

Moreover, a seasoned accountant with specialization in dealing with real estate challenges would be able to assist in the following areas:-

· Financial management requirements and effective solutions to challenges

· Assistance with tax preparation, including estimating the upcoming taxes and maximizing the deductions

· Timely accounting updates that enable the realtor to understand one’s financial status and standing

· Accurate accounting helps one forecast and plan for the future

· Ability to meet financial goals without working round the clock

· Meticulous tracking of the income and expenses, including making a note of the commissions received.

· Preparation or generation of customized invoices for individual clients that may be delivered to the right persons without delay

· Expert usage of automation to spot inaccuracies and errors and instant rectification of uploaded data as and when required

· Generation of financial statements that include profit & loss information

The professional may also offer timely advice about how to scale up or scale down the business. This will help to utilize the available resources in a better-planned way and increase profitability. A dedicated CPA would be able to provide support and individual services so that the real estate broker can concentrate on the core business without being diverted.

Sure, hiring a financial expert is not cheap. Such expenses become justified when the accountant helps one with the following:-

· Extensive Financial Knowledge

· Time-Saving

· Streamlining & Enhancement of Cash Flow

· Timely Tax Preparation & Filing of Returns Before The Due Date

Specific areas that require expert intervention in the finances of a real estate agent include the following:-

· Bookkeeping- The real estate finances may be unpredictable, with the cash flow not being too consistent. An accountant can keep the accounts by taking on the bookkeeping services so that the income and expenditures are accounted for perfectly.

· Tax Preparation- Filing the returns and paying the taxes as per the schedule can be extremely challenging for busy realtors. Having an expert take on the onus of accounting for real estate brokers and developers in Austin and Dallas, TX, can enable one to maximize the deductions, pay the taxes on time, and avoid IRS Audits.

Obtaining professional help with accounting can help one to focus on the core business related to real estate.

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How To Deal With Corporate Tax Audits, Business Tax Audits in Austin And Dallas, TX?

Many small business owners believe they are safe once their tax returns are filed within the due date. Unfortunately, the possibility of receiving a tax audit letter remains high for many business entities. There is no reason to feel irritated and anxious about answering the queries put forward by the IRS, however. It is helpful to approach a professional well-versed in handling corporate tax audits, business tax audits in Austin and Dallas, TX.

It is essential to be prepared for such an eventuality even when one believes nothing is wrong with the return filed. Statistics reveal that almost 2.5% of small business owners are audited by the IRS annually. It is not the end of the world. One must try to understand the process and know how best to solve the problems.

Some of the facts that one needs to be well aware of include the following:-

What does it mean to have the tax returns audited?

The process is merely an examination of the tax returns filed for a specific financial year. Seasoned tax auditors undertake the procedure to verify the accuracy of information provided to the IRS. The auditors will check the compliance of both individual and business tax returns filed with the IRS and note whether it meets State and Federal regulations. The following reports are scrutinized to find discrepancies if any:-

· Taxable income

· Losses incurred during the financial year

· Expenses made individually and on behalf of the business entity

· Tax deductions claimed

IRS Audit Process

The IRS selects a few of the thousands of tax returns filed annually to check for compliance. Being informed about the process is important instead of having anxious moments.

Possibilities of an IRS Tax Audit

The chances of a small business being audited by the IRS are reasonably low. It may be essential to contact a tax professional to file the returns properly without triggering any of the red flags, namely:

· Use of Round Numbers- It is human nature to use round numbers when estimating. The IRS tries to identify big numbers ending in zero that indicates guesswork. Doing so while reporting expenses is a strict no-no, as it is a sign that the purchase receipts have not been checked or retrieved when filing the return

· Business Loss Claims- Small businesses may run at a loss for the first few years until they even out. Claiming business losses for each year for a long time is likely to alarm the auditors. This is one of the top reasons for being audited.

· Failure to report the income- Not reporting an income source is a common mistake most individuals make. The IRS is extremely strict about lack of information, especially when the figures do not match. Not informing the IRS about any source of income is likely to send one to prison.

It is advisable to have a professional experienced in corporate tax audits and business tax audits in Austin and Dallas, TX, to accompany one for the audit.

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S|CPA Group is proud to serve the great state of Texas with its accounting needs. Our team of dedicated professionals is ready to help people and organizations balance their financial lives and realize their highest potential.

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Need For Tax Advisory in Plano and Dallas, TX

A business owner is sure to remain pleased when the profits come in. Unfortunately, one must be aware of the latest taxation rules and file the returns before the due date. Being pleased with oneself for completing the obligations may be a trifle premature, though. There are instances of many companies receiving an audit request from the IRS. There is no need to panic, however. Being asked to be present at the audit does not conclude that one is guilty of tax fraud or any other financial offense. Trying to keep it hush-hush and attend the audit meeting with the IRS alone is not a wise move to make, either. The company or the individual must be represented by a professional during the tax audit in Plano and Dallas, TX.

Sure, one may accompany the representative for the audit. There is no need to do that, either. It is gratifying to learn that once the IRS Form 2848 is submitted by requesting representation by a competent CPA, attorney or tax agent, the IRS authorities would have to deal with the representative.

One does not have to be scared about the audit's outcome, though. On the contrary, the representative will have the right expertise and experience to help the client effectively. Tax experts recommend their clients remain at home or work without spending anxious moments on account of the audit. The representative would do the following for the client during the tax audit meeting with the concerned IRS representatives:-

1. Advise the client about the steps that would be taken on behalf of the business owner or individual. There will be no guesswork to be done by the concerned person, who is welcome to deal with the daily work pressure as before.

2. The tax professional would be able to answer all complicated returns without violating the law. A self-employed person or one who enjoys additional income from the rented property will find such services indispensable too.

3. Competent tax representatives may not see eye to eye with the auditor always. Often, the tax expert may be able to cite the codes ad point out the errors of judgment. Moreover, the pro is sure to be prepared for the audit and may produce more documents. Explaining the client's intent and thus convincing the IRS auditor may also be possible.

4. An experienced tax representative will not only go through the associated documents submitted while filing the tax return but will also have a counterargument ready before facing the IRS auditor. Ponting out the errors vis-à-vis deductions that were not claimed can overshadow the genuine mistakes that led to unfavorable results.

5. The IRS auditor would love to engage the audited person in a discussion, thus trying to find out the violations that may have occurred. The tax representative will confine the auditor to the matters that are being audited.

Hiring an experienced professional for tax advisory in Plano and Dallas, TX, can go a long way in negating taxation woes.

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S|CPA Group is a full-service accounting solution provider for construction companies. We offer various bookkeeping and auditing services for the construction industry to help you reduce risks and maintain the highest levels of profitability.

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Advantages Of Hiring a CPA For Real Estate Developers In Austin And Dallas, TX

No business can hope to remain afloat and ensure profitability without being backed up by sound financial planning. Real estate is a profession that may require engineers and construction experts but hiring a specialized professional such as a CPA for real estate developers in Austin and Dallas, TX, can prove amazingly productive. Sure, the two business areas are as different as chalk and cheese, but the combination is almost magical as it yields the right results. ​ However, it is advisable to check the pros and cons of approaching such a financial expert and hiring the services. First, one must know what it means to have a CPA assist one’s business. It suffices to know that a CPA or certified public accountant comes with skills that are way more than that of an ordinary accountant. On the contrary, such a professional happens to be a financial expert and quite adept at handling the responsibilities of an accountant. The combination of education and experience makes them sought after by almost all industries today. Besides, they have a license to practice their trade.

Hiring a well-qualified CPA to tackle business finances related to real estate becomes important as one’s business interests expand. Some of the advantages that the CPA brings into the concern include the following:-

Preparing Financial Records- The CPA is adept at creating documents that provide a snapshot of the financial stature related to the business. It is sure to include profit & loss statements, a summary of retained earnings, and a detailed balance sheet. The CPA will also focus on tax-related issues and guide as and when needed.

Tax assistance- Certified Public Accountants also take stock of the business transactions completed over a year and file the right IRS forms. This enables the business owner to remain compliant with the regulations. All financial activity will be documented as per the norms so that there are no penalties or IRS Audits to fear. In short, a competent CPA is trained in tax accounting as well. This will help the real estate company to save both time and money in the long run.

Deductibles- A finance professional would be well versed in taxation laws and the right way to file one’s tax without imposing a financial burden. A CPA can check the expenses and identify numerous ways of saving tax. Lowering the costs of business travel, advertisements, and/or entertainment can go a long way in reducing tax liability too. A real estate CPA could check the potential and reduce taxation to a great degree.

A real estate company or developer engaged in construction may also approach a financial firm to prepare construction for surety bonds in Austin and Dallas, TX. Qualifying for the surety bond is not challenging when a firm of certified public accountants takes on the responsibility. Having the required financial statements ready makes it easier for the concerned realtor to meet specific requirements.