Bookkeeping Financial Statement Preparation Los Angeles CPA

A cash crisis can be emotionally devastating and it can even kill your business. If you’ve ever had to beg, borrow and steal to cover tomorrows payroll you know what I mean. An income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period. As a small business owner you have more important things to do than to keep your own books.

Interim CFO

We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs. A wise CFO of a large corporation once told a young financial analyst “Cash is King”. There are many activities and expenses that may be eligible for an R&D Tax Credit! At Azran Financial, we have partnered with Endicies Advisory, one of the top R&D Tax Credit firms nationwide, to offer our clients an unparalleled level of expertise and specialization in R&D Tax Credits. A balance sheet gives you a snapshot of your business’ financial condition at a specific moment in time. Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.

Joshua V. Azran is a visionary CPA with decades of experience in public accounting, corporate finance, and strategic management. Known as the ‘Startup CPA,’ Joshua has guided clients ranging from entrepreneurs to high-net-worth individuals through complex financial challenges, leveraging cutting-edge technology and innovative strategies. It is important to consider your business model as you choose your accounting software.

Quickbooks 2012 Training with Joshua V. Azran

Our experienced management consulting and corporate finance professionals hold certifications including Certified Public Accountant (CPA), Certified in Financial Forensics (CFF), Certified Management Accountant (CMA), and Certified Fraud Examiner (CFE). We provide comprehensive yet affordable services (including part-time CFO services). Our professionals possess extensive experience providing personalized management services to high net worth individuals, their business entities, and charitable foundations. These tasks form the solid foundation of your small business accounting system.

  • At some point, however, you may wish to consider using a small-business accounting software package such as QuickBooks Online or Xero to keep track of the company’s financial transactions.
  • As a small business owner you have more important things to do than to keep your own books.
  • Even though these specializations may immediately cost more, they will prove vital to your long term financial management.
  • While keeping your company’s books correct is a great start, there are several best practices that can not only keep your company financially successful, but also increase its bottom line.
  • At Azran Financial, we will coordinate all facets of your business’ financial needs.
  • In addition to heading Maginam, Joshua also concurrently taught financial modeling and valuations to investment bankers and management consultants for the Wall Street Training Firm, The Analyst Exchange, for companies ranging from Morgan Stanley to DLC.

Business Disputes

Even the most qualified managers can benefit from competent, objective feedback. We can help your company’s management team to develop long-term objectives and specific strategies to facilitate your business’ future growth and success. The Strategic Plan provides a blueprint, describing your company, its products, the competitive environment, management team, financial health, and business risks. Many of our clients are responsible for collecting and submitting sales taxes in their home state as well as other states in which they operate. In this case, we can assist your company in the compilation of information and preparation of sales tax returns in an efficient and timely manner.

  • We take pride in giving you the assurance that the personal assistance you receive comes from years of advanced training, technical experience, and financial acumen.
  • The R&D Tax Credit is also subject to regular modifications to its various requirements through regulatory rule making, and common law action through the tax courts must be taken into consideration as well.
  • Since these providers may collect personal data like your IP address we allow you to block them here.
  • Since you are not a large corporation, you do not have to produce financial statements according to Generally Accepted Accounting Principles (GAAP).

HMV Business Consulting

If you produce, purchase, or sell merchandise, special rules apply on when you must use the accrual method. If your business handles inventory in any way, you should consult our accountants to determine when to use the accrual method. Finding the right business partner for your company can be a difficult task.

Succession Planning

Maginam provided Startup CFO services to a variety of tech startups & entertainment companies during this time. A heavy focus was on the “second wave of mobile startups,”  with Joshua serving in the top finance roles (Finance Director & CFO) and overseeing day-to-day operations at one of the market leaders. Joshua V. Azran is a Certified Public Accountant (CPA) with extensive experience ensuring clients’ financial success by providing strategic guidance and management of financial functions. Joshua is a visionary leader with expertise in public accounting, corporate finance, strategic management, financial restructuring, business valuation, management consulting, and business development. He is skilled at identifying value-added opportunities, implementing solutions, and partnering with professionals at all organizational levels to ensure financial initiatives’ success. He excels at utilizing a consultative client approach to bring integrated solutions to even the most complex issues.

We do not settle for the best option available… if need be, we make a new and better option…

Azran Financial uses an encrypted online client portal, enabling secure communication and constant access to key financial documents. Azran Financial is your trusted advisor for sound planning and the long-term preservation and growth of your personal and business financial matters. If your business is not currently taking advantage of the R&D Tax Credit, reach out and ask us why! We can quickly help you determine whether your business should be claiming this very effective tax credit. Enacted in 1981, this incentive has proven to be very valuable over the years, yielding in excess of $14 billion dollars annually in benefits to companies engaging in research and development activities.

Azran Financial’s Certified Public Accountants and business consultants can advise you during the entity selection and structuring process. After your entity formation, our accounting firm’s startup accountants provide comprehensive accounting, tax, & advisory services. Outsourced accounting services range from full-service business management and bookkeeping to management consulting. Our highly trained staff of startup accountants and startup consultants will leverage industry best practices for your venture. In beginning your company, you may use a simple spreadsheet to keep track of your business income and expenses. At some point, however, you may wish to consider using a small-business accounting software package such as QuickBooks Online or Xero to keep track of the company’s financial transactions.

azran financial

If you sell goods, almost any basic software business software program will suffice, however should your business provide primary contracting services, you may want to consider a software package that focuses on project accounting. Should your business manage real property, you may want to consider a package azran financial that focuses on fixed income accounting. Even though these specializations may immediately cost more, they will prove vital to your long term financial management.

For How To Fill In Irs Form 7004 3

How To File Form 5472 for Foreign-Owned U S. Single-Member LLC

The process of submitting an extension request is simple, but there are a few pitfalls to avoid. Your full name, mailing address, and social security number should all be included. Even if your employer intends to file an extension, the deadline for reporting on W-2 forms and 1099-MISC forms cannot be extended. With a company tax extension, you have more time to investigate these deductions, but it can still be difficult. Many businesses benefit from the Employee Retention Credit, which gives refundable tax credits against employment taxes. Others may be able to benefit from allowable deductions like paid time off and tax credits for businesses with less than 500 employees.

Q. Can Form 7004 be used for individual tax returns?

There are benefits and drawbacks to filing a business tax extension. By familiarizing themselves with tax legislation, businesses can make the greatest decision for their circumstances and needs. If a corporation wants to take out a loan, delaying tax filing could make the procedure more complex.

For How To Fill In Irs Form 7004

Some charitable contributions can be deducted as business expenditure. If your firm received a benefit in exchange for the donation, such as ad space or event sponsorship, it may be considered a business expense. Importing W-2s, 1099s, and other income records, as well as guaranteed accuracy for computations, aid if you’re audited, and technical support, are all key features to look for.

Fill out the Request for Extension Form.

The deadline is moved to the next working day if any of the days indicated fall on a weekend or holiday. Partnerships, multiple-member LLCs, and C companies have until September 15 to file. The majority of business owners choose the mileage approach, which costs 58.5 cents per business mile. It also applies to a number of other IRS forms, which we’ve mentioned below.

  • This benefit applies to many entities, including estates, partnerships, and limited liability corporations.
  • Instead, the extension is automatic, and the IRS only reaches out if it has not been approved.
  • Start by collecting all the required information to complete filing swiftly.
  • Learn all about Form 7004 for tax extensions, including eligibility, filing process, IRS codes, and how to avoid penalties to ensure a smooth filing process.
  • I entered the text in red just to show you how to fill it out.

Who Can File Form 7004?

If you have entered information on both Line 1a and 1b your request for tax extension will be rejected. File your Form 7004 easily with TaxZerone at just $14.99/return. You will only have to enter the required information, calculate your balance due, and transmit the return to the IRS. While completing step 2, if you have a balance due, you can choose to pay the due amount using the electronic funds withdrawal (EFW) option. You will need to provide your bank account information, such as account number, account type, and routing number.

The following examples satisfy the 25% ownership rule, so they are reporting corporations and might need to file form 5472. The projected business tax extension withholding is also compared using a tax withholding estimator. As tax deadlines approach, businesses may wonder if they should request for a tax extension. If you pay your taxes beyond the initial due date, the IRS may charge you penalties and interest, so For How To Fill In Irs Form 7004 figure out how much you owe and include a payment with your extension request.

Q. How do I confirm if my extension request was approved by the IRS?

If your company is established as a partnership, you must file your income tax return or request an extension by the 15th day of the third month following the end of the tax year. If your partnership is a calendar year taxpayer with a December 31 year end, for example, you must file your 2021 tax return or request an extension by March 15, 2022. Once Form 7004 is submitted, the IRS grants an automatic extension as long as the request is properly completed and filed on time. Businesses do not receive a formal acceptance notice unless they e-file and receive an electronic confirmation.

What are the Penalties for Late Filing of Form 7004?

If you choose this route, make sure you give yourself plenty of time to gather the proper documentation and book an appointment so you don’t get caught off guard. The tax season has begun, and as the filing deadlines near, it will only become busier. O If your firm is the parent company for a group of companies that files a consolidated tax return, check the box on line 3. O If the extension request is for a foreign corporation that does not have a place of business in the United States, check the box on line 2 in Part II. Because there is no legal separation between the business and the owner, sole proprietors can request an automatic filing extension by completing IRS Form 4868. This year’s deadline is May 17, 2021, and the extension is valid until October 15, 2021.

Understanding Form 7004 Codes

If you are a foreigner and own a U.S. disregarded LLC, but you owe tax in the U.S, then filing form 5472 alone isn’t sufficient. If you open a single-memeber LLC in the United States, then you have a reportable transaction and should file form 5742. If there are multiple related parties for a reporting corporation, then each related party should file a form 5472. The following two examples do not meet the 25% ownership rule, so they don’t need to file form 5472. If any of the above is not true, then you are not required to file form 5472. Now let’s break it down to learn more about the 3 requirements.

  • In all of these cases, business owners are entitled to the full deduction, so be honest about your actual expenses rather than underestimating them.
  • It does not, however, extend payment deadlines, and the IRS must receive it by the usual tax deadline, which for some firms is March 15.
  • As previously said, if your firm uses bookkeeping or accounting software, exporting all necessary data into the most popular tax preparation software is rather simple.
  • By submitting this form, businesses can avoid late filing penalties and gain extra time to prepare their tax paperwork.
  • Though the Form 7004 has 8 sections that must be completed, not all sections apply to everyone.

Be sure to complete the form accurately and file it on or before the regular due date of the tax return to ensure compliance. Filing for a tax extension allows businesses and certain individuals extra time to submit returns, helping to avoid late-filing penalties. Form 7004 is the IRS document used to request an automatic extension for various business tax returns, including those for partnerships, corporations, and trusts. IRS Form 7004 is a United States tax form used by businesses and certain other entities to request an automatic extension of time to file their federal tax returns. It does not extend the time to pay taxes due, only the time to file the necessary forms.

While Form 7004 extends the filing deadline, it does not postpone the payment deadline. Businesses must estimate their tax due and submit payments by the original due date to avoid penalties and interest. The IRS imposes a failure-to-pay penalty of 0.5% per month on unpaid taxes, up to 25%, plus interest based on the federal short-term rate plus 3%. Because the extension is automatic, businesses do not need to provide a reason for the delay—simply filing Form 7004 is sufficient.

Federal Unemployment 5

Unemployment Compensation for Former Federal Employees

Congress can and must fix the unemployment insurance system to enable all workers to thrive. But without strong federal standards, workers face an uneven patchwork of state UI laws that frequently fall far short of these goals. Since then, the program has continued to help cushion the impact of economic downturns and bring economic stability to communities, states, and the nation by providing temporary income support for laid-off workers.

  • States with a larger share of Black residents are more likely to have tighter restrictions on UI eligibility and less generous benefits.
  • This does not include unemployed people who are unable to work or have given up seeking employment.
  • Sign up for an NY.gov ID to securely access My.NY.gov online services.
  • When you are granted benefits, your benefit year provides you with a 52-week period beginning with the date of your application for UC benefits.

Explore the issues that can help strengthen worker power

Compensation to eligible, unemployed workers is made through the Federal Unemployment Tax Act (FUTA) along with state employment agencies. To apply for unemployment benefits, federal employees should file a claim with the state unemployment agency where they last worked. This process involves submitting the Standard Form 50 (SF-50), which details employment history and provides documentation of earnings. If you are eligible for benefits, you should receive your first benefit payment within two weeks after the effective date of your application, provided you file your weekly certifications on time.

What are credit weeks, and how do they affect my claim?

The four-week moving average for continuing claims was reported at roughly 1.83 million. More than 2 million federal employees are being threatened with furlough or termination if they don’t accept the deferred resignation offer. Additionally, millions more could be impacted by a proposed spending freeze, which affects federal grants and loans across various sectors, including education, healthcare and housing assistance.

Most Unemployed Workers Don’t Receive Any UI Benefits

Federal Unemployment

One study found that an unemployment spell for Black and Asian workers lasted an average of nearly 26 weeks, compared with 19 weeks for white workers. Stronger federal standards are needed to ensure the unemployment insurance system provides adequate support for all workers and families experiencing job loss. In addition, federal law does not require an employee to quit in order to receive benefits due to the impact of COVID-19. Scammers file unemployment benefits using other people’s names and personal information. Visit the unemployment scams page to learn how to protect yourself and your benefits from identity theft.

How to find jobs and free training

  • Disaster Unemployment Assistance (update coming soon) Special programs for individuals in disaster areas declared by the President.
  • Is home to most of the nation’s government agencies and a great deal of its federal workers.
  • The Lost Wages Assistance (LWA) program was a federal-state unemployment benefit that provided $300 to $400 in weekly compensation to eligible claimants.
  • And even in states that maintain the 26-week standard, many unemployed workers are not eligible for the maximum of 26 weeks.
  • The federal-State unemployment compensation program is a social safety net that provides temporary financial assistance to workers whose employment has been terminated due to circumstances outside their control.

Here you will find Locations, hours of operation, and phone numbers for local services ranging from unemployment insurance, and job assistance to American Job Centers. Through American Job Centers, all citizens can access services tailored to their individual needs. This includes employment and job training services, career planning and guidance and much more.

Federal Unemployment

They were extended after the passing of the Consolidated Appropriations Act of 2021 and were extended again when President Joe Biden signed the $1.9 trillion American Rescue Plan Act of 2021 on March 11, 2021. But beginning in May 2021, officials in 22 states unilaterally and prematurely cut off the pandemic UI programs. And in September 2021, Congress allowed the programs Federal Unemployment to expire nationwide. The Consolidated Omnibus Budget Reconciliation Act (COBRA) lets qualified workers keep their group health insurance for a limited time after a change in eligibility. In most cases, you should file for unemployment in the state where you worked instead of in the state where you live.

Robust federal standards are needed to ensure that no matter where unemployed workers live, their UI benefits will be enough to sustain them and their families while they seek new employment. Due, in large part, to overly restrictive and outdated state eligibility requirements, only a small share of unemployed workers ever receive UI benefits. In addition to helping workers and their families, the Unemployment Insurance programs play a key role in helping businesses, communities, and the nation’s economy. It was created in 1935 in response to the Great Depression, when millions of people lost jobs. These people couldn’t buy goods or services, which contributed to more layoffs.

L&I’s Office of Unemployment Compensation (UC) provides a variety of language services, free of charge, to assist claimants who speak a language other than English. Financial determination letters are typically received within three business days via your UC Dashboard communication preference. If you are a federal employee who has been separated from your employment, you may be eligible for Unemployment Insurance (UI). Apply online to receive temporary income while you search for a job. Short-Time Compensation Voluntary state programs that provides employers an alternative to layoffs when business is slow.

Select your state on this map to find the eligibility rules for unemployment benefits. The unemployment rate, and the labor market more broadly, have been key issues for lawmakers this year. Experts believe that any signs of weakness — such as those revealed in last month’s non-farm payrolls report — could force the Federal Reserve out of its cautious monetary stance and prompt its first interest rate cut since December.

Get in-person help with your UC claim.

A participant may file claims by phone or on the state unemployment insurance agency’s website. After the first application, it generally takes two to three weeks to process and approve a claim. Clear federal standards are needed to ensure that, in every state, UI benefits will last for a reasonable amount of time so that workers can find new jobs and have the support they need while looking for that job—no matter what state they live in. As a result of structural racism, workers of color and Black men in particular experience longer periods of joblessness than their white counterparts.

Extended Benefits program

The Department of Labor helps collect wages owed to workers who have not received the minimum wage once they file a claim with us. The unemployed include anyone who doesn’t have a job, is available for work, and has been actively looking for work in the previous four weeks. Actively looking for work includes having job interviews or contacting employers. The Federal Pandemic Unemployment Compensation (FPUC) provided an extra weekly benefit on top of regular UI. The original benefit provided an additional $600 weekly under the CARES Act, but that benefit expired on July 31, 2020. The FPUC was modified and extended as part of the Consolidated Appropriations Act in December 2020.

Is Alcoholism A Mental Health Issue

However, the condition can be treated effectively with help from professionals at a licensed treatment center. The basal ganglia is critical in this phase because it serves as the brain’s reward system. It also triggers changes in how an individual responds to stimuli related to alcohol use. Although a depressant, consuming alcohol can produce sensations of pleasure at the beginning. These positive or rewarding effects result from more dopamine and opioid neurotransmitters being activated in the region of the brain called basal ganglia. CBT works by helping you explore how your thought patterns affect your reactions and behaviors so you can learn new ways of responding to emotions.

  • Alcohol Use Disorder (AUD), previously known as alcoholism, is a complex condition that intersects with mental health.
  • In addition, Rosenberg and colleagues (1996) recently developed a screening instrument, the Dartmouth Assessment of Lifestyle Instrument, that detects AOD-use disorders in psychiatric patients with greater accuracy than other instruments.
  • In 1980, the third edition of the Manual, DSM-3, identified alcoholism as a subset of a mental health disorder.
  • The stigma of alcoholism or AUD attaches the misconception that the condition is a personal failing, and someone should have the willpower to stop.
  • Oar Health offers medication FDA-approved for the treatment of alcohol problems.
  • But as you continue to drink, you become drowsy and have less control over your actions.

The role of mental health in treating AUD

While alcohol may provide temporary relief, it ultimately contributes to the development of alcohol addiction and may worsen the underlying mental health issue. Alcoholism is a complex condition with biological, genetical, psychological, and is alcoholism a mental illness social components that can occur due to both genetic and environmental factors. Many people are unsure whether alcoholism is considered a chronic disease, a mental illness, or both. In this disorder, people can’t stop drinking, even when drinking affects their health, puts their safety at risk and damages their personal relationships. Studies show most people can reduce how much they drink or stop drinking entirely. Many of the same treatment approaches and therapies are used to address substance use and mental health disorders.

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The use of standard screening and evaluation procedures could, however, greatly improve detection and diagnosis of AOD-related problems as well as treatment planning for this patient population. AOD-abuse treatment should be provided in stages over the long term by dual-diagnosis experts. Current research suggests that for patients with dual diagnoses, treatment approaches that integrate mental health and AOD treatment are particularly effective. Not all investigators, however, have reported positive results of integrated treatment for dual-diagnosis patients.

is alcoholism a disease or mental illness

Expected duration of alcohol use disorder

  • Mental illnesses can exacerbate substance use disorders, and substance use disorders can contribute to the development of mental illnesses.
  • Since 1956, the American Medical Association (AMA) has adopted a firm position, formally designating alcoholism as a disease.
  • Mental health treatment often focuses on and exploration of a person’s thoughts, feelings and behaviors, focusing on ways to improve those feelings through one-on-one counseling or group therapy.

Alcohol affects brain chemistry, increasing the risk of depression, panic disorder, and impulsive behaviour. It can also cause hangovers, which can lead to feelings of anxiety and jitteriness. Alcohol withdrawal can also have a significant impact on mental health, with symptoms including delirium tremens, a severe form of alcohol withdrawal that can cause seizures and hallucinations. Alcohol use disorder (AUD), previously known as alcoholism, is a diagnosable mental health condition and a medical disease. It is characterised by an impaired ability to stop or control alcohol use despite adverse social, occupational, or health consequences.

is alcoholism a disease or mental illness

What is the primary cause of alcoholism?

During an office visit, a health care professional will likely focus on the following. The limits are different for women and men because of known differences in how alcohol is absorbed, distributed and eliminated from the body. Thus, the risk goes up for men who drink more than four standard drinks in a day (or more than 14 in a week); for women, there is a lower limit of three drinks in a day (and seven drinks in a week). For prompt, professional and confidential advice, to address your addiction-related issues. A recovery coach is a professional who supports you while you overcome your addiction.

is alcoholism a disease or mental illness

Healing from Within: Nikki’s Journey of Mental Health Recovery

Mindfulness may also help address depression and trauma conditions that co-occur with AUD. We invite healthcare professionals to complete a post-test to earn FREE continuing education credit (CME/CE https://ecosoberhouse.com/ or ABIM MOC). This continuing education opportunity is jointly provided by the Postgraduate Institute for Medicine and NIAAA. More resources for a variety of healthcare professionals can be found in the Additional Links for Patient Care.

Support groups

The intoxication and withdrawal cycle can also cause MDD and other mental health concerns. When psychosis is suspected, a general physical and neurological exam should be performed to exclude medical causes such as subdural hematoma, seizures, or hepatic encephalopathy—any of which may be a consequence of AUD. Again, it’s important to create a timeline of mental health symptoms and alcohol use and to collaborate as needed with mental health specialists for selection of pharmacotherapies and psychosocial interventions. As Twelve-step program with anxiety and mood disorders, it can help for a healthcare professional to create a timeline with the patient to clarify the sequence of the traumatic event(s), the onset of PTSD symptoms, and heavy alcohol use. One way to differentiate PTSD from autonomic hyperactivity caused by alcohol withdrawal is to ask whether the patient has distinct physiological reactions to things that resemble the traumatic event.

One of the key elements of the disease model is the role of dopamine and the brain’s reward system. When alcohol is consumed, it triggers the release of dopamine, creating a pleasurable effect. Over time, repeated exposure alters brain chemistry, making it more difficult for people to experience pleasure without alcohol.