Shariff CPA Firm, P.C.

🌟 Morning Motivation 🌟

As a CPA and Tax Strategist, our work can sometimes be filled with its own unique challenges. But it's moments like this that truly make it all worth it.

This morning, at 7:30 AM, I received a message from one of our incredible clients, Dr. F., a board-certified anesthesiologist and emergency medicine doctor, that absolutely made my day.

He texted, “You are definitely the best I have ever worked with for sure. I have recommended you to my friends,” and it was a reminder of why I wake up every day energized to serve my clients and continuously perfect my craft.

Client relationships like these make the journey so rewarding, and I’m grateful for the trust they place in me to help them navigate their financial goals. 🙏

Here’s to the clients who push us to be the best version of ourselves every day!

Thrilled to share a special milestone for our CPA firm. We are humbled and grateful to have purchased a new commercial office building that will provide a dedicated space to serve our clients even better. This expansion reflects our commitment to their success and allows us to grow together. Thank you for your continued support on this incredible journey.

In this video, we discuss the 3 primary Financial Statements that a business owner should review monthly:
1. Balance Sheet - This measures the financial health of your business.
2. Income or "Profit & Loss" Statement - This is a measure of the revenue that you generate and the expenses that are incurring.
3. Statement of Cash Flows - This shows cash flow from operating activities, cash flow from investing activities, and cash flow from financing activities.

Shariff CPA - One-minute MBA (from a C.P.A.) In this video, we discuss the 3 primary Financial Statements that a business owner should review monthly:1. Balance Sheet - This measures the financial healt...

Does Your Business Need A Financial Audit? Some of the benefits of a financial audit include:

• Enhanced quality of the financial statements
• Third parties, such as banks, investors, private equity groups, insurance companies, valuation specialists, will look at your company as one that is enhanced and one that cares about quality and is a “better company” because you have audited financials
• Third parties such as banks and investors may require you to have audited financial statements
• If you ever plan on going through an IPO, then you will be required to audit your financial statements
• From a valuation perspective, you have added value to your company because you have audited financial statements
• If you ever plan to exit, then buyers of your company will look at you as a better company versus the other company they are looking at that does not have audited financial statements (value)
• Peace of mind for you as the CEO or owner. Although the audit performed by CPAs does not guarantee there is no fraud in your company and that you do not have any “leaks” of cash, there is a good chance that if there is any wrong doing, fraud or “funny stuff” going on, then completing an audit might pick up on these things
• The audit will look at your internal controls and the auditor should provide suggestions on how to improve them

In this video, we discuss the differences between the Foreign Tax Credit and Foreign Earned Income Exclusion. You cannot claim both the Foreign Tax Credit (Form 1116) and the Foreign Earned Income Exclusion (Form 2555) on the same dollar of income, but if it is different, then you can use both! There are many factors to consider to determine which one is best for you. For example, what is your foreign tax rate? Do you plan to invest in an IRA? In this video, we explain it all!

Shariff CPA - Foreign Tax Credit vs. Foreign Earned Income Exclusion In this video, we discuss the differences between the Foreign Tax Credit and Foreign Earned Income Exclusion. You cannot claim both the Foreign Tax Credit (F...

Tax Planning Pro Tip: Next week marks the end of the first quarter of the year. If you plan on claiming another dependent in 2023, then this is the last week to get pregnant. 🧾👶🏻💵

Accounting | Tax Humor
Happy St. Patrick’s Day! 🍀

Today we were able to help save a new tax planning client $153,000 in taxes with some very effective tax reduction strategies. And no, I don't mean reducing Net Income by that amount either. I mean, our client, is able to write a check to the I.R.S. for $153,000 less than what they originally planned to write it for. They had a gut feeling their prior accountant wasn't helping them save money in taxes. And they were absolutely right.

Maybe it's time you ask your accountant if he/she is being proactive in helping you save money in taxes.

https://www.foxnews.com/politics/house-republicans-vote-bill-abolishing-irs-eliminating-income-tax

House Republicans to vote on bill abolishing IRS, eliminating income tax Rep. Buddy Carter, R-Ga., is reintroducing a bill with several colleagues that aims to repeal the national income tax, implement a national consumption tax, and abolish the IRS.