Barry W James Attends Rootworks Winter Conference

December 11th through the 13th Barry W James of BW James LLP attended the exclusive Rootworks Winter Conference in Sarasota, Florida.  The event was held at The Ritz-Carlton of Sarasota and featured special keynote speakers, discussion sessions, open roundtables, and tax season preparation including preparing for the 2013 tax changes as a result of the Affordable Care Act.

As a member of Rootworks, the associates at BW James have the opportunity to stay ahead of changes to the tax code, make use of new technologies, and all things related to the accounting profession, thus enabling them to provide superior service to their clients.

There is no substitute for face-to-face interaction with fellow Rootworks Academy Members to exchange ideas and broaden the scope of the services BW James CPA’s can provide.  For more information about the professionals at BW James visit http://www.bwjames.com

Monthly Sales Tax Due

This is a friendly reminder from the professionals at BW James LLP, that the Sales and Use Tax deadline is December 20, 2013 for those filing monthly.

Texas’ monthly sales-tax collections have seen regular growth, even growing a full 2.8 percent in the month of November, making it the 44th consecutive month to see growth.  Revenues from sectors such as wholesale trade, service industries, and restaurants contributed largely to the most recent increase.

The steady increase of sales tax collections is largely a good sign for the local and state economy moving forward.

Be sure to have your monthly Sales and Use Tax return forms filed by Friday, December 20th in order to avoid interest and penalty charges.  Even if you don’t owe any taxes because you have no sales or only nontaxable sales for the month, you still must file the tax return form by Friday.

For more information about the professionals at BW James visit http://www.bwjames.com

Don’t Let the Delayed Tax Season Stop You from Being Prepared

The IRS recently announced that, for the second year in a row, it will delay the start of tax season. However, the April 15 filing deadline, which is set by statute, remains in place. Last year it was the fiscal cliff negotiations that pushed back the start of the tax filing period. This year, of course, it is the 16-day government shutdown that put the IRS approximately one to two weeks behind in preparing for the 2014 filing season.

According to an IRS news release, the government entity is “exploring options to shorten the expected delay and will announce a final decision on the start of the 2014 filing season in December.”  The original start date of the 2014 filing season was January 21, so with a one- to two-week delay, the IRS will potentially start accepting and processing 2013 individual tax returns no earlier than Jan. 28 and no later than Feb. 4.

Although the IRS is behind schedule, we encourage our clients to start preparing now in order to be prepared for filing as soon as the opening date of tax season arrives. Start organizing your tax documents and don’t hesitate to contact our office if you need tax planning advice or have questions about this tax season.

For more information about the professionals at BW James visit http://www.bwjames.com

Year End Money Saving Tips

It is now October and 2013 is almost completely over, and now it is time to start doing some year-end planning to save money during the rapidly approaching tax season.  Courtesy of the professionals at BW James, here are a few tips to be better prepared.

Get Organized

Gathering your tax data as soon as possible can save you a lot of trouble and put you in a better position to save money during tax time.  Round up all receipts and canceled checks, check brokerage statements for year-to-date gains or losses and make a checklist of accounts to keep track of the 1099s.  Organizing your files now will avoid some of the stress that would be there later.

Fund Your Retirement

There’s a bounty of ways to benefit on your taxes when funding an IRA.  The professionals at BW James can advise you on which way is best for you.  Perhaps it’s time convert that traditional IRA to a Roth IRA.  Be sure to talk to us about your retirement options.

Pay Off Deductible Expenses

Paying your state income tax estimate before December 31 can accelerate your federal deduction.  You can also pay property taxes early, make an extra mortgage payment, or opt to have dental work or deductible elective surgery you planned on having before the year-end.

Give to Charity

Do you donate to charities each year?  Doing so before December 31st will allow you to deduct the amount from your taxes sooner.  Be sure to work with BW James to coordinate the best time possible for charitable gifts to ensure you’re benefitted on your taxes.

Properly preparing for tax season at the end of the year can put yourself in great position for the April deadline.  These are just a few ways you can explore to get ready.

For more information about Barry W James and the professionals at BW James visit http://www.bwjames.com 

Get a Head Start on Tax Season in Four Simple Steps

While the end of the year may seem like it’s a long time from now, it’s only three short months away. When you factor in the hectic weeks of the coming holiday season, that really only leaves a few weeks to pull your tax information together to avoid the stress that being unprepared for tax season can bring.

Now is the time to think about what information you will need for the 2013 tax filing season and the steps you can take in the next few months to minimize your tax burden. To help you get a jumpstart on your end-of-year planning and organization, here are a few tips courtesy of BW James Certified Public Accountants.

1) Take a look at last year’s income tax return and determine what documentation you will need to complete this year’s return.

2) Review the expenses, retirement contributions, and charitable giving that you have planned before year-end to determine if there are any additional deductions that you may still be able to capture for this tax year.

3) Organize your receipts and invoices by category and start scanning them so you are prepared for a paperless tax preparation process.

4) If you’re not already comfortable using your portal on our website, make sure to check how the process of uploading your tax documents works and how to review your return online so these tasks are quick and easy for you during tax season.

Getting a head start on your taxes now will benefit you come tax time. Providing us with your documentation as early as possible will allow us to process your return sooner so you can receive any tax refund you may be eligible for more quickly. In addition, preparing now will also help you avoid the stress of scrambling for information with a looming tax deadline before you. And remember, we are always here to help. If you have any questions, please give us a call at 281-420-1040 or visit www.bwjames.com 

Medicare Part D Notice

Courtesy of the professionals at BW James, we would like to remind all of our clients about the Medicare Part D Notice.

Medicare prescription drug coverage became available in 2006 to everyone with Medicare and you can receive this coverage if you join a Medicare Prescription Drug Plan or a Medicare Advantage Plan, such as an HMO or PPO, which offers prescription drug coverage.

You can join a Medicare drug plan when you first become eligible for Medicare and each year from October 15th through December 7th.  All business owners who offer health insurance to their employees must give the Medicare Part D Notice to employees by October 15.

For more information about Medicare prescription drug coverage you can visit www.medicare.gov

BW James Certified Public Accountants regards you and your business with the highest value and is available to help all clients with direct one-on-one service in areas such as tax advisory service and managing healthcare coverage.  For more information about the professionals at BW James visit www.bwjames.com

Does Your Small Business Need a CPA?

Every year, entrepreneurs launch roughly 600,000 new small businesses in the United States, according to the U.S. Small Business Administration.  Starting a business is a risky venture, and when you’re getting started you may feel like the weight of the whole world is on your shoulders.

All small businesses have the option to take a great deal of that weight off of their shoulders and enlist professional tax and accounting help.  Making even a small error in your books can make a very large mess of your business finances.  Not to mention the fact that you just started a small business, you’re very busy.  Bringing in an expert to help with your financial services can free up a lot of time and help you focus on growing your business.  Undoubtedly professional help with financial planning and tax services are a great idea for your small business, but should you go with an accountant or a Certified Public Accountant (CPA)?

No matter the size of your business, even a single-person business probably needs the services of a CPA for several reasons:

A CPA is licensed by a state, and must keep current with tax laws in order to maintain that license, unlike Accountants.  The CPA exam is a rigorous process that includes many facets of financial and tax expertise.  After they are licensed, CPA’s also must comply with continuing education requirements, where regular accountants do not.

Almost all CPA’s are more familiar with tax laws than accountants are.  Knowledge of the tax code is a big part of a CPA’s licensing exam and CPA’s take tax courses each year to keep up to date on the Tax Code.  An accountant is classified by the IRS as an “unenrolled preparer” and an unenrolled preparer’s ability to represent a client in a tax matter before the IRS is very limited.  Alternatively, a CPA is eligible to represent you before the IRS and has full authority to represent you in an audit and execute claims on your behalf.  CPA’s can help you make more high-level business and tax decisions.

Bottom line, no matter the size of your business the professionals at BW James can help you be more successful and are available to become your partners and help take your business to the next level.  

For more information about BW James visit https://www.bwjames.com/

Houston Restaurant Weeks

BW James is proud to help support and promote “Houston Restaurant Weeks” benefiting the Houston Food Bank.  This is a great opportunity to give back to our community and surrounding areas and dine at many of Houston’s exceptional restaurants.

“Houston Restaurant Weeks” was established in 2003 and is the city’s largest “for-charity” dining event held simultaneously in restaurants in the greater Houston area each year. The dates of this year’s event run from August 1 through September 2, 2013.

“Houston Restaurant Weeks” is planned by volunteers so that 100% of funds raised can be donated to the Houston Food Bank.  The event includes Harris, Galveston, and Montgomery County restaurants.  

Restaurants will be offering “Houston Restaurant Weeks” meals every day they are open from August 1st through September 2nd.  You can view the” Houston Restaurant Weeks” menus here and make reservations by calling or emailing them, just remember to tell them you would like the “Houston Restaurant Weeks” special menu to let the restaurant know to make a donation to the Food Bank from the proceeds of your meal.

The professionals at BW James will certainly be taking advantage of these great deals that go to a good cause.  Now is the perfect time to try out some new restaurants in the Houston area and we encourage all to join us!

If you would like more information on BW James visit https://bwjames.com 

The American Institute of CPAs

When you are searching for an accountant it is in your best interest to ensure that you are receiving the highest level of quality possible.  You can put your mind at ease knowing you’re in the best of hands if your CPA is a member of The American Institute of CPAs (AICPA).

The AICPA is the world’s largest member association representing the accounting profession, with nearly 386,000 members in 128 countries.  The AICPA has been serving the public interest for 125 years and their members are comprised of many different areas of practice, including business and industry, public practice, government, and education and consulting.  The Institute sets ethical standards for the profession and U.S. auditing standards for audits of private companies, nonprofit organizations, federal, state and local governments.  It also develops and grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business valuation; and information technology.  Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation.

Barry W James of BW James Certified Public Accountants is a proud member of the AICPA and takes full advantage of the education and assessment tools provided in order to better serve the public.  When you become a client of BW James you are setting yourself up for success.  

BW James LLP regards you and your business with the highest value and you receive direct one-on-one service giving your company the attention that it deserves.  

For more information about the professionals at BW James visit https://bwjames.com 

BW James Certified Public Accountants founder chosen to attend RootWorks Academy

The exclusive premier membership-based education organization has chosen the founder of BW James Certified Public Accountants , Barry W. James, to attend the Spring Academy Conference held in Denver, Colorado June 19-20, 2013.  The Academy Level that Mr. James is a member of is limited to 100 firms throughout the United States and subject to territorial limits.

Rootworks Academy will hosts a full slate of exclusive events and forums throughout the year offering highly charged onsite forum for peer-to-peer information exchange and presentations by industry experts.  Attendees will be residing at the Cherry Creek Denver luxury hotel close to downtown Denver, Colorado. Qualifications to attend the conference is highly competitive based on firms ability to deliver new technologies, client accounting online, paperless tax processing, and practice management.  Academy members will participate in round table discussions coming away with best-practices to provide for their clients.

Barry W. James, CPA is a native of Baytown, Texas just outside of Houston.  He has practice financial planning, estate planning, and public accounting for over 30 years.  Beginning in 1982 when he earned his Bachelor of Science degree from the University of Houston at Clear Lake, Barry began his professional journey by joining a local Baytown accounting firm. After a few years and the recognition of attaining his Certified Public Accountant Certificate in 1987,  Barry transitioned to the next level by opening what has become one of the leading locally-owned and operated CPA firms in the Houston, Baytown,  and Clear Lake area; providing exceptional tax and accounting services to a diversified client base.   Today the firm has grown to include 2 other CPA’s and 3 support staff as they continue to offer leading edge accounting and tax service to a diversified client base throughout the United States in a small boutique  practice setting.

BW James Certified Public Accountants is located just outside of Houston at 721 E. Texas Ave. in Baytown, Texas.  Barry W. James and his team of tax and financial professionals can be reached by calling 281.420.1040 or visiting https://www.bwjames.com.