Why Outsource? At Outsourced Accounting Department, Inc. a St. Petersburg / Clearwater accounting and bookkeeping firm, our ultimate goal is to free up your time to spend running your business, instead of "wallowing" in accounting and bookkeeping tasks:
Improve accounting accuracy for managing your business, not just tax purposes
Plan for funding your growth and the appropriate type of financing necessary to get you there
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Recent and Past Articles
- How Much Can I Take Out of My Business in Distributions?
- Taxable vs. Nontaxable Income
- Avoiding an IRS Tax Audit
- Small Business Tax Roundup
- How Does the “2017 Tax Cut and Jobs Act” Affect YOU in 2020?
- The Effect of Business Taxes on Job Growth
- The Effect of Taxes on Businesses and the Economy
- Selling Your Small Business: Winging It In QuickBooks
- QuickBooks Desktop vs. QuickBooks Online – Which is Better?
- Some Banks Still Not Understanding Tax Returns
- Do What You Hate and the Losses Will Follow
- Two New Tax Scams to Watch Out For
- Three Tips for Getting an Accurate Business Valuation
- What to Do if You Receive an IRS CP2000 Notice
- What Is My Shareholder Basis?
- Deducting Business-Related Car Expenses
- Identity Theft and Your Taxes
- Planning for Rapid Sales Growth
- How Much Money Do I need to Operate?
- Scam Alert: Fake Calls from Taxpayer Advocate Service
- Four Tax Deductions that Disappeared in 2018
- Taxable vs. Nontaxable Income
- Which Type of Business Entity Should I Choose?
- 4 Reasons Why You Should Consider Outsourcing Your Bookkeeping
- Duke Energy Telephone Scam
- Seven Common Small Business Tax Myths
- Tax Filing Season Begins
- Employers Beware: Identity Theft and W-2 Scam Alert
- Important 2019 Tax Changes for Individuals and Businesses
- “Profit” is Not a Dirty Word
- Part-Time vs. Full-Time Accounting Staff
- Difference Between a Bookkeeper, Controller, CFO, and Tax Accountant
- It’s the Most Wonderful Time of the Year – Year-End Accounting Cleanup
- Year-End Tax Planning for Individuals
- Year-End Tax Planning for Businesses
- How Does The 2017 “Tax Cut and Jobs Act” Affect YOU?
- The Relationship Between Financial Management and Loan Underwriting
- Securing a Small Business Loan Revisited
- Three Most Common Budgeting Errors
- The Risks of Misinterpreting Your Financial Statements
- The Importance of Cost Accounting in Financial Planning
- Strategic Financial Planning vs. Crisis Management
- Which is More Important, Profit or Cash Flow?
- The Effect of Sales Growth on Cash Flow
- The Relationship Between Turnover Ratios and Cash Flow
- Profit vs. Cash Flow Made Easy
- Analyzing the Components of Cash Flow
- Managing Cash Flow is the Key to Business Success
- Can Paying Taxes Be a Good Problem?
- The Difference Your Method of Accounting Can Make #2
- The Difference Your Method of Accounting Can Make
- Profit vs. Taxable Income
- Self-Employed? Five Easy Ways to Lower your Tax Bill
- Using a Car for Business: New Rules under TCJA
- Selling your Small Business
- IRS Dirty Dozen Tax Scams for 2018
- Choosing a Business Entity
- IRS Scam Alert: Erroneous Refunds & Fake Calls
- The Basics of Starting a Home-Based Business
- The Risk of “Managing by Consensus”
- Small Business: Be Alert to Identity Theft
- Important Tax Changes for 2018
- 2017 Recap of Tax Provisions for Individuals
- Business Tax Provisions: the Year in Review
- Year-End Tax Planning Strategies for Individuals
- Year-End Tax Planning Strategies for Businesses
- Whose Income is K-1 Income Anyway, Mine or My Business’?
- The Ratios: Which are the Most Important?
- Profit vs. Cash Flow Revisited: “The Matching Principle”
- SIMPLE IRA Plans for Small Business
- The Difference Between Your CPA and a Controller – Part 2
- What is My Monthly Breakeven Point of Sales?
- I Hate Debt! Should I Pay It Off?
- Identity Theft: What to Watch out for and What to do
- If We Build It, Will They Come?
- The Effect of Funding Fixed Assets Out of Cash Flow
- The Effect of Operating Losses on Cash Flow
- The Effect on Cash Flow of Slowing Payments on Accounts Payable
- The Effect on Cash Flow of Improving Receivables Collections
- Cash Flow Expressed as Asset-Based Borrowing Availability
- Deducting Travel and Entertainment Expenses
- Case Study: The Risk of Sales Concentrations
- The Good News: Your Business is Growing – And That’s Also the Bad News
- The “Opportunity Cost” of Being Your Own Bookkeeper
- Case Study: A Plan To Fail
- Heading Off Business Failure
- Retirement Plan Options for Small Businesses
- Part-Time vs. Full-Time Bookkeeper, Controller, and CFO?
- Why Outsource Your Bookkeeping?
- Tax Planning for Small Business Owners
- Choosing the Right Business Entity
- IRS Dirty Dozen Tax Scams for 2017
- Securing a Small Business Loan – “Winging It”
- Securing a Small Business Loan – Part III: The Application
- Securing a Small Business Loan – Part II: Positioning
- “Winging It” In QuickBooks
- Securing a Small Business Loan – Part I: Establishing The Relationship
- Deducting Business-Related Car Expenses
- Understanding Your Financial Statements 101
- IRS Tax Scams 2017: FAQs
- Three Most Common Budgeting Errors
- The Role of Cost Accounting In Planning Your Business’ Success
- Analyzing the Components of Cash Flow
- Cash Flow Management: The Secret to Success
- Earlier Filing Deadlines in 2017 for Forms W-2 and 1099
- Managing Those Pesky 1099s
- The Most Wonderful Time of the Year – Accounting Clean-up Time!
- How You Use QuickBooks Can Distort Your Company’s Profitability
- Larry’s Fairy Godmother Strategies, Inc.
- The Difference Between Your CPA and a Controller: “M-1”
- Larry’s Debt Repayment Strategies, Inc.
- Larry’s Funding Strategies, Inc.
- Larry’s Exit Strategies, Inc.
- Financial Planning, or Business Turnaround – Your Choice
- The Effect of Sales Growth on Cash Flow
- Which Is More Important, Profit, or Cash Flow?
- The Relationship Between Turnover Ratios and Cash Flow
- Profit vs. Cash Flow Made Easy
- Tax Day Filing Deadline Pushed Out
- Can Paying Taxes be a Good Problem?
- Are You at Risk of an IRS Audit?
- 7 Questions Small Business Owners Should Ask Themselves When Considering How to Set-Up Their Books
- The Difference Your Method of Accounting Can Make #2
- “Profit” vs. “Taxable Income”
- The Difference Your Method of Accounting Can Make
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Testimonials
- Accounting & Tax "My business would not be at the success level it is today without the ongoing support and assistance from Jack and Marianne Kern. I cannot say enough positive things about their services. He has guided me through every step of the QuickBooks program.." Read More
Owner - Photography Business - St. Pete Beach, Florida
- QuickBooks Consulting "Initially, Jack came in and got our books back in order and provided QuickBooks training and support to my employees. Since then as our part-time controller, he has made further improvements in our accounting, and created several critical reports we had been wanting to help us better understand our division profits and cash flow.." Read More...
Owner / President - Legal Services
- Financial Reporting "I was in a difficult situation with my new bank when I was trying to borrow money just to purchase two vehicles for my company. My bank was not helping me and I didn't understand why. I sought advice from other business associates, but they didn't seem to have the answers either. When I met Jack, he provided me with a completely different perspective.." Read More...
Owner / President - Private Ambulance Service
- Growth Funding "Probably the most lasting impression I have of Jack is his work ethic and integrity. The major benefits I received were Jack's expertise in developing a good business plan and the catalyst to get it done, his ability to properly structure our debt and capital needs, and his arrangement of $1,500,000 in total financing during our early-growth stage when others could not.." Read More...
Owner / President - Contract Electronics Manufacturer
- Lender Intermediation "This company made a remarkable recovery. We really believed they were dead. Jack has a lot of talent in workout situations. The information they provide to us is the most sophisticated reporting I’ve ever seen for a business this size.." Read More...
Banker for a regional bank
Some Banks Still Not Understanding Tax Returns
Posted on April 10th, 2020
Jack Kern
Owner/Pres.
Outsourced Accounting Department, Inc.
Marianne has been reading articles and comments by other CPA firms about what’s going on right now with these emergency SBA loan applications. One person said that the banker told their client “they should not have taken the 179 deduction because it reduced their income,” and there were other similar comments. This reminded me of several articles I wrote on this subject a while back about the difference between “book” and “tax” accounting, and the difference between “profit” and “taxable income:”
The Difference Between Your CPA and a Controller: M1
The Difference Between Your CPA and a Controller – Part 2
The Risks of Misinterpreting Your Financial Statements
