• The benefit to working with our firm is that you receive the most current information on tax law, government programs, software, and IRS claims. We bring a team of professionals that stand apart from others for their experience, knowledge, and love of the work.

• Our firm has provided accounting services to this valley starting in 2006. We are committed to Teton Valley and the betterment of our clients. We offer a strong team of CPAs and committed support staff that put our clients first. The experience, knowledge, and collaboration we utilize every day enable our clients to confidently take the next steps toward their financial goals.

• Cascade CPAs PLLC draws information from CPA professionals across the country to get up-to-date information on changes affecting our clients.

• We were some of the first to capitalize on COVID relief programs and recovered millions of dollars for our clients. We will always research and follow our instincts for where new opportunities may arise.

• A licensed CPA has to have completed 150 credit hours of college-level coursework in accounting related classes, accumulated the required hours of experience, complete the AICPA ethics course and exam, pass a background check, pass the CPA exam and receive their license

• CPAs are required to take licensing exams and continuing education courses to stay up to date on tax laws

• A CPA can represent clients before the IRS if audit support is required, whereas a non-CPA cannot

This depends on your business as they are both valuable. Accountants are great to handle your day-to-day financial operations, whereas CPAs handle tax preparation, audits and consulting. A business can have both, but keep in mind that while you may not always need a CPA, there will inevitably be a time you do.

Our office utilizes QuickBooks Online. We are able to work with clients that have alternative systems for point of sale, but ultimately use QuickBooks Online for data entry, reporting, and tracking.

We work with and ask our clients to process payroll through ADP.

There are a lot of variables that play a role in this. How many transactions does your business do in a month? Are you retail or service based? Are you able to take the time to do your own books? Are you sending out invoices and having to track accounts receivable? CASCADE can help you make this decision and sometimes it can be a combination of internal bookkeeping and contracting it out.

Employees:

• Must have tax withheld from their earnings, including local, state and federal income taxes

• Must pay Social Security and Medicare

• Need to be covered under unemployment insurance and workers’ compensation by the employer

• Are controlled by their employers for their financial gain and under direct orders from their employer

• Are typically offered benefits such as medical coverage, retirement plans, and life insurance

Independent contractors:

• Are responsible for paying self-employment tax

• Need to carry their own insurance

• Have the flexibility to choose the jobs they want

• Can do jobs for multiple businesses simultaneously

• In some cases must supply their own tools/supplies

Because tax law is different for both classifications, the IRS gets involved. Their general rule is that “an individual is an independent contractor if the payer has the right to control or direct only the result of the work and not what will be done and how it will be done.”

There are many variables that go into a business’s decision to hire an employee or an independent contractor and pros and cons of each.

Pros of hiring an employee:

• Company loyalty

• Streamlined training

• Brand ambassadors

Cons of hiring an employee:

• Less flexibility

• Employee benefits

Pros of hiring an independent contractor:

• Saves money

• Greater flexibility

• Reduced liability to comply with employee-related workplace laws

• Competitive pool of talent

• Enhanced efficiency

Cons of hiring an independent contractor:

• Increased liability for injury if independent contractor does not carry insurance

• Decreased involvement and control of workers

• Variable availability

• Outsourcing payroll will typically save you money. Not only this, but you have the benefit of relying on payroll professionals to ensure compliance as well as handle all quarterly and yearly filings. Outsourcing will also allow these professionals to evaluate your payroll process to maximize benefits to your employees and assist in retirement.

• Handling payroll in-house is also an option when you have a full-time bookkeeper which could be advantageous with the right software.

• The answer to this question is ever-changing and should be revisited yearly depending on your financial situation

• Filing your own taxes is a great option for individuals that have very simple financials, but when you add multiple sources of income, dependents, assets, investments, itemizations, life changes, retirement etc, it is best to hire a professional.

Estimated payments fall under two categories, federal and state.

Federal – This can get complicated, but the simple rule to determine if you need to make estimated payments is if you expect to owe over $1000 when your return is filed, after adjusting for any withholding. This estimated payment should be given to you by your tax preparer and some individuals can receive penalties and interest if not paid on time. The IRS urges anyone in this situation to check their withholding using the Tax Withholding Estimator on IRS.gov. Find out more here.

State – This can vary state by state, but in Idaho there are no penalties or interest assessed if you do not pay state estimated payments. Our firm as well as others will still calculate these and advise paying them, but it is not required.

In general, your tax preparer will inform you if you owe estimated payments and it is best to pay them to avoid interest and penalties.

• Cost of Goods Sold (COGS): The money directly spent on producing a product. This plays a major role in determining the profit of your business

• Inventory: Includes all raw materials, items in production, packing materials, and finished goods available for sale

• Assets: Tangible or non-tangible property that adds value to your business.

• Liabilities: Includes money that you owe. There are two types of Liabilities:

• Short term: money owed that is due within a year

• Long term: money owed that is due in MORE than a year. Examples include mortgages, long term loans etc.

• Equity: The value of a business after deducting liabilities

• Accrual accounting: Recording revenue when it’s earned and expenses when they’re billed. This means that you record the sale even without payment and expenses before they’re paid

• Cash basis accounting: recording revenue only when the customer pays in full and when bills are paid

• Working capital: Includes the amount of cash available to spend on the business and operating expenses

• Operating capital: Includes not only cash, but business assets that include equipment etc.