Concierge CPA May 2019

Concierge CPA May 2019

May 2019

8221 Brecksville Rd., STE. 205 Brecksville, OH 44141

[email protected]

(440) 340-1030

ConciergeCPAs.com

Spring Break in Japan M ost years, spring break falls on the last, most intense couple of weeks of the tax season, so my kids are stuck at home with their dad. But not this year! This was the

year of finishing up tax season one day early and my husband taking the three oldest kids (10, 8, and 6) and me for an epic spring break of nine days in Japan. Japan did not disappoint — we had a great time! We spent 15–18 hours a day on our feet, sampling the cuisine and admiring the nature, people, and culture. We drove on the left to see Mount Fuji, took the bullet train to Hiroshima, walked in a bamboo grove in Kyoto, and visited the second tallest structure in the world, the Tokyo Skytree. We connected with locals as much as possible, immersing ourselves in Japanese customs and experiencing the differences. After the long months of the “once in a generation” tax season, I enjoyed spending every waking moment with the kids and my husband. Japan is known for its traditional arts, cleanliness, and reserved and polite people, but what always fascinated me was how “quickly” the U.S. and Japan became allies after Pearl Harbor, Hiroshima, and Nagasaki. Eighty-four percent of Japanese people now feel “close” to the U.S, and after the accession of Crown Prince Naruhito to the throne just a couple of days ago on May 1, President Trump will be the first foreign leader to meet the emperor at the end of this month. The English language Japanese paper I read while in Tokyo wrote that this “symbolizes the unshakable bond of the Japan-U.S. alliance.” Why does this stick out to me? Maybe because I grew up in a nationally fragmented Europe where different nations cannot, even today, forget and forgive the old wrongs that have been done to them. Even while they now enjoy economic integration and strong common institutions within the European Union, the population of most Eastern and Central European countries would certainly not vote 84 percent for feeling good about another country they historically had conflicts with. To cite my own background as an example, millions of Hungarians, including my great-grandparents, suddenly found themselves living in foreign countries nearly a hundred years ago when the Trianon Peace Treaty was signed on June 4, 1920, in

The Atomic Bomb Dome in Hiroshima. The only structure that was left standing near the A-bomb’s hypocenter. It has been preserved to symbolize peace.

Versailles. This was one of the most traumatic events in Hungary’s collective memory and a recurring issue even in current politics.

Without consulting the local residents, Hungary’s population dropped from over 20 million to less than 8 million, with most of the displaced populations now living in Romania, the former Yugoslavia, and the former Czechoslovakia. The disintegration left Hungary with less than 93,000 of the initial 325,000 square kilometers of its territory. On some very palpable level, Trianon is still as alive and raw in the people’s hearts as it was 99 years ago. Not 84 percent forgiveness, for sure.

Continued on Page 3 ...

1 (440) 340-1030

FACEBOOK LIVE Are onMONDAYs this month, starting at 3 p.m. (except on Memorial Day). The dates areMay 6, 13, and 20. Search for us at @ConciergeCPAs. BORBALA’S SCHEDULE Weekly Live Roundtable Calls Events We Go To or Host May 9: EOA Annual Retreat and Quarterly Learning Day at Geneva on the Lake

May 13: Board Meeting of The Treehouse Ohio May 14: Accountability Meeting at Jumpstart

Client Advising and Coaching Days To schedule a time, go to: Borbala.AcuityScheduling.com Prospective client inquiries: [email protected] May 1–3, 6–8, 11–17, 20–21, 28–31

May 22: Business Summit of the Parma Area Chamber of Commerce – we are exhibitors and workshop hosts. May 23: Entrepreneurial Community Event

Person of the Month

Jenifer Jay, the Premier Virtual Assistant

Q: Can you share a specific client story with us where your services made a huge difference? A: When I met this client, they were a one-stop shop. They were all the departments in their business: human resources, marketing, administration, project management, finance, and operations. Once we made initial contact through a discovery call, I was able to pinpoint their main pain points andmade note of their future needs. After working closely with them, we were able to streamline and automate most of their processes and delegate the rest. The process started with a formula that I created called the STOP method. We analyze your current processes, then automate them so you can delegate and scale your business operations. This client has been able to“fire themselves” from those other positions and rehired themselves into one: running the company. They now have a teamof people tomanage and have increased their business revenue as a result of finding the right virtual assistant and team. Q: What can a small-business owner expect when they call you?What are the specific steps they will go through before working together? A: To best assess a potential client’s needs and howwe can help, we must conduct a brief inquiry via a questionnaire. Anyone interested in working with us can visit our website and complete our contact form, which will start the process automatically. Our automated systemwill send the potential client a formbased on their service interest. Once they complete that form and submit it to us, our systemwill send them an email to schedule a call. During that call, we will discuss your pain points andmake suggestions and recommendations as to which of our services would be best suitable. Sometimes you just need your systems and processes streamlined so you can run themmore efficiently. Thank you, Jenifer! Anybody who is interested in reaching out to Jenifer, here is her contact info: Premier Virtual Assistance, LLC

I have the pleasure to introduce you to Jenifer Jay, who owns and runs Premier Virtual Assistance, LLC. I met Jenifer through theWomen’s Business Center, and we’ve been collaborating onmultiple client projects since then. Q: Jenifer, what is a virtual assistant, and why do entrepreneurs and small businesses need one? A: Virtual assistants, or VAs, are skilled professionals in a specialized area of expertise that most businesses need: administrative services, technical support, social media management, content management, or financial support services. We take on specific tasks and duties to help youmove your business forward faster at a fraction of the cost it takes you to hire a full-time or part-time employee. We give you the opportunity to spend more time with your family or work on other projects. You started your business to solve a problemor be a resource for others, and that is what you should focus on. We allow you to continue to solve those problems and increase your business revenue. Q: Some might feel that they need an“on-site”assistant to organize and help out. Why is that not the case in the 21st century?What are the specific tasks that can be done well remotely? A: Some organizations will still need an on-site assistant depending on the nature of their business. But most businesses will greatly benefit fromutilizing a virtual or remote assistant because it takes away the time and the stress involved withmanaging an on-site assistant while being cost effective. It alsomeans that you do not have to pay payroll taxes and benefits because we are independent contractors. An on-site

assistant takes upmore time and energy than a virtual one. We can handle client/customer management; follow up via phone calls; schedule appointments; get clients onboarded remotely with all the necessary paperwork needed, including signatures, follow-up, andmanage email communication; manage social media; andmore. We work remotely with the help of high-speed

internet, document sharing, cloud-based storage, and video conferencing. Our clients do not have to worry about providing us with technology and accommodations to work.

www.ThePremierVA.com [email protected] @thepremierva on Facebook, Instagram, andTwitter

2 ConciergeCPAs.com

... continued from Cover Article

So how did the U.S. and Japan reconcile from the situation in 1945 to the strong alliance we have today, even if the ethical debate over whether it was the right decision to use atomic bombs will never be resolved? Was it all the military, political, economic, and social reforms the U.S instituted during the roughly seven- year occupation of Japan following its surrender? Was it U.S. General Douglas MacArthur keeping Emperor Hirohito as the nation’s symbolic leader, even when democratizing the political structure? Was it the three- decade long “economic miracle” partly due to the financial aid from the U.S. and the “bubble economy” of the 1980s? Was it that the Japanese and U.S. citizens wanted to forget the past, heal, and concentrate on the future? Most likely it is a mix of all the above.

So, what can I learn from this and put into practice in my own life and business relationships? I have to be eager to ask for forgiveness for my wrongdoings, and I must forgive those who transgress against me. Reconciliation and trying to make the future better than the past are the only ways to achieve freedom and foster greater understanding between people, business partners, and symbolically, between nations, ultimately serving as a broader reminder of our shared humanity. Sorry for the long (history) lesson today! Please blame the 11-hour flight from Narita to Chicago for it!

Talk soon,

–Borbala Banto, CPA

Christopher, Julianna, and Claudia at the Children’s Peace Monument in Hiroshima on April 20.

Creole Seasoning Ingredients • 2 tablespoons paprika • 1/2 tablespoon garlic powder • 1/2 tablespoon onion powder • 1/2 tablespoon cayenne or chili powder • 1/4 tablespoon dried oregano • 1/4 tablespoon dried thyme

INGREDIENTS •

Shrimp Sausage Skewers These shrimp skewers are a quick way to add some surf and turf to your cookout. Pair them with a vinaigrette salad for a side dish that complements without overwhelming the main event.

1/2 pound raw shrimp, peeled and deveined 1/2 pound cooked sausage, cut into 1-inch pieces

•

•

2 zucchini, cut into 1/2-inch cubes

•

2 tablespoons extra-virgin olive oil Wooden skewers, soaked in water for 30 minutes

•

Inspired by PaleoLeap.com

DIRECTIONS 1. Heat your grill to medium-high.

2. In a bowl, combine all ingredients for creole seasoning. 3. In a large bowl, combine the shrimp, zucchini pieces, and sausage pieces, and cover them with the olive oil. 4. Add creole seasoning and mix well until all ingredients are covered. 5. Load up skewers with alternating pieces of shrimp, sausage, and zucchini until they’re full. 6. Grill skewers until shrimp are well-cooked (6–8 minutes).

3 (440) 340-1030

INSIDE Spring Break in Japan Page 1 Borbala’s Schedule Page 2

Client of the Month: Jenifer Jay Page 3 Shrimp Sausage Skewers Page 3 ConciergeCPAs.com [email protected]

8221 Brecksville Rd., STE. 205 Brecksville, OH 44141 (440) 340-1030

Change of Address

M oving to a new life. Maybe you’ve just gotten married and you’re settling into a real house after a series of walk-up apartments. Maybe your children are finally out of the house and you’re trading four bedrooms and a suburban backyard for lofty downtown sophistication. Maybe you’re ready to retire and opt out of snowy winters for good. Moving is also a monumental pain in the butt. We’re not just talking about packing up and sorting through years home can mark an exciting transition in

literally that same day. But the IRS told them no dice.

Naturally, the IRS has miles of red tape governing all of this. 26 CFR §301.6212-2 defines “last known address” as the one that “appears on the taxpayer’s most recently filed and properly processed federal tax return, unless the Internal Revenue Service (IRS) is given clear and concise notification of a different address.” Rev. Proc. 2010–16 goes on to list the forms that qualify and

states clearly that the power of attorney and extension don’t count. Even the instructions for those forms say you can’t use them to change your address. And so, the tax court ruled for the IRS. The Gregorys weren’t completely off-base asking the IRS for a break. Courts have said that if the IRS knows a taxpayer has moved, they should exercise due diligence to find them, even if they haven’t given notice. Having said that, last October, the tax court ruled the IRS didn’t have to sic the bloodhounds on Daniel Sadek, a California subprime lending mogul who racked up $25 million in tax deficiencies before fleeing his last known address in California to ride out an FBI investigation in Beirut. (Nothing suspicious about that move, right?) Here’s the broader lesson from this week’s story. Beating the IRS starts with big-picture strategies, like choosing the right business entity, finding the right benefit plans, and taking advantage of code-based savings strategies. But concepts and strategies aren’t enough. Implementation is the key to putting them to work, and you can’t overlook the details. So, call us at (440) 340-1030 when you’re ready to work the system and let us put those strategies to work for you!

(decades?) of accumulated stuff . We’re talking about the practical details of changing your address with everyone from your bank to the DMV to your family … including, of course, your Uncle Sam. If you don’t dot your i’s and cross your t’s, you can wind up in a fair amount of trouble. And so, this month’s story takes us deep into the weeds of something you wouldn’t think the IRS needs to argue about: the all-important “last known address.” Damian and Shayla Gregory moved from Jersey City, New Jersey, to nearby Rutherford on June 30, 2015. For some reason, they filed their 2014 tax return from their old address in Jersey City. Then they won the lottery. Unfortunately, it wasn’t the Powerball; it was the audit lottery. And they didn’t win the $7,000 per week for life they were hoping for — they won a demand for more taxes! While the IRS was auditing them, the Gregorys filed a power of attorney and extension to file their 2015 return from the new address. Now, you’d think that would be enough to put the IRS “on notice” that they had moved. Sadly, you would be wrong. And so, with the audit over, the IRS sent their demand to the Gregory’s old address in Jersey City. (The post office returned it as undeliverable.) The Gregorys finally learned about the deficiency three months later. They filed a petition challenging it in tax court

–Liao Xiong Staff Accountant, Concierge CPAs, Inc

4 ConciergeCPAs.com