For many years, LSC Accounting has provided tax and accounting services to individuals, businesses, and non-profits. Though based in Miami, we have assisted clients across the country with their tax and accounting needs. We work with a wide range of clientele to help establish and achieve their financial goals and preserve the financial security they work hard to attain. We enjoy long-standing relationships with clients ranging from individuals and small, growing businesses to complex partnerships and well-established corporations. We provide our customers with the close attention they deserve and will not stop working until they are delighted. We value every client relationship and approach every client with a focus on integrity, advocacy, and understanding. Our high standards, expertise, attention to detail, and work ethic are the reasons why many businesses and individuals have chosen to work with our firm over the years.   We have a team of accountants ready to help you meet your financial goals. Our experts adhere to the highest professional standards and have the experience and knowledge to exceed your expectations and provide the absolute best value you can receive from any accounting firm. The company was founded by Louisa Scott, an accountant with over ten years of experience assisting clients to achieve their financial goals.   Our expertise ranges from basic tax management and accounting services to more in-depth services such as audits, financial statements and financial planning. We are also skilled at using various accounting software including Intuit Quick-books for accounting and bookkeeping as well as Pro-series for tax preparation. If you would like to find out more about working with us, please call us at 1-855-888-3095 or email us at info@lscaccounting.com. ​ A Difference in Accounting Firms ​ Accounting firms in South Florida, USA may seem like a dime a dozen but appearances aren't always what they seem. At LSC Accounting, we pride ourselves in not only doing exceptional work for our clients but also for doing business differently. ​ We know that accountants can be (and usually are) dry and boring people, even impersonal. That is where we begin to stand out because we want to get to know our clients, their needs and their goals, we aren't afraid to get personal. On the business side, we also excel by delivering every service a company may need from CPA services to audit representation or financial planning. We love numbers but we like people too and our goal is to make numbers work for you. We are a different kind of accounting firm and you will see that in our work and in our people. Request free consultant ...read more

Healthcare CPAs Miami 1)     The word “Tax” comes from the Latin “Taxo” which means “I estimate”. 2)     The Federal tax code was 400 pages in 1913 - in 2010…it was 70,000 pages 3)     The number of words in “Atlas Shrugged” is 645,000. The Bible has approximately 700,000 words. The number of words in the Federal Tax Code is 3,700,000. 4)     While every person who earns a paycheck pays Federal Income Tax, only 43 of 50 states charge their citizens income tax. The states that do not have income tax are Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming. 5)     The IRS is a U.S. government agency that is responsible for collecting taxes and enforcing revenue laws. It is part of the U.S. Department of the Treasury. 6)     Over 1 million accountants are hired each year in America to help with taxes. 7)     In 1691, England taxed the number of windows on a house. As a result, people built houses with very few windows and even boarded up existing windows. This caused nationwide health issues due to lack of airflow and eventually ended in the tax being repealed in 1851. 8)     Emperor Peter the Great of Russia put a tax on beards in 1705.  He hoped this would encourage men to be clean shaved – a look that had become popular in Western Europe. 9)     The word “accountant” is from the French word “compter”, which means “to count or score”. 10)  England has a tax on television. Color TVs are taxed more than black-and-white TVs.  However, if a blind person has a television, he or she pays only half the tax. 11)  Disposable diapers are subject to sales tax in Wisconsin, but cloth diapers are not. 12)  In Texas, cowboy boots are exempt from sales tax. 13)  The Federal form 1040, was introduced in 1913. It was required of any U.S. permanent resident with a net income of $3,000 or more and was only three pages. 14)  Albert Einstein is quoted as saying: “The hardest thing in the world to understand is the income tax.” 15)  Alabama is the only state in the United States to have a playing card tax (10 cents). On the flip side, Nevada gives a free deck of cards with every tax return filed. 16)  The IRS provided approximately $416 billion in refunds in 2011. 17)  WWII led to the creation of the Bureau of Internal Revenue. This later became the IRS, which is the world’s largest accounting and tax-collection organization. 18)  One of the most significant relics of Egyptian history, the Rosetta stone, is actually a tax-related document. It was so important that it was written in three languages. 19)  According to some historians, plane geometry was actually invented by tax collectors and not Euclid (the famous Greek mathematician) in order to determine land size for harvest tax. 20)  In 1787, U.S. citizens could only vote if they were taxpayers. 21)  Newspapers use large sheets of paper because of the “knowledge tax”. In 1816 the British taxed newspapers per page, resulting in them using larger paper to add more content and shorten the number of pages. 22)  There is no known civilization that did not have taxes. The very first civilization, the Sumerians, recorded their tax records on clay cones. 23)  Since 2001, there have been more than 4,500 changes to the tax code. 24)  Taxpayers lose out on millions by not filing returns – tax payers gave up $950 million in refunds in 2012. 25)  More than one-fifth of paper tax returns contain an error. Parlade & Schaefer, CPAS, PA 5975 Sunset Drive, Ste 802, South Miami, FL 33143 (305) 670-0400 http://cpasps.com/ ...read more

CPA Near Me Time is money. If you want your practice to be as efficient and economically prosperous as possible, you don’t want to spend valuable time dealing with the effects of clutter and chaos. Disorganization is shown to have a direct negative impact on productivity and, by extension, your earning potential as a practice. Whether you feel like you’re drowning in papers or you want to learn tips to take your efficiency to the next level, here are some tips to help you and your team get organized. Contact our team today to learn more about the strategies we can help you implement to ensure you’re getting the most out of your practice. Clean Up the Clutter When you have so many different things demanding your attention throughout the day, it can be difficult to keep on top of everything. If you’re not careful, papers and other clutter can accumulate faster than you realize. Once the pile starts to get away from you, it can be hard to ever work your way back through without having to set aside valuable time to sort through everything. It’s easier to avoid getting yourself into this mess in the first place once you have organizational strategies in place. You might create a unique filing system for handling the various kinds of mail that comes through your office. Perhaps you set specific team members in charge of returning calls. The best system of organization is the one that works for you and your team. Don’t Let Your Time Manage You It can be difficult to prioritize the different duties of your work. It’s rare that even an hour will go by without a variety of different distractions. While you’ll have the occasional emergency that demands immediate response, most of these interruptions will not need to be addressed right away. Resist the urge to drop everything every time a new email or task arises. Operating this way will only make it harder to actually accomplish any of your duties on time. Instead, learn to prioritize which things need to be addressed immediately and which can be done later. Delegate what can be passed to another and clarify deadlines for things that must be completed by you to allow accurate prioritization of tasks. The day-to-day efficiency of your business can impact its long-term success. Don’t waste your time digging through clutter because you’re working without a plan. For more strategies for your success,contact our office. 5975 Sunset Drive, Suite 802 South Miami, FL 33143 Phone: (305) 670-0400 ...read more

Question of maximum tax return might have crossed your mind several times. But the lack of direction on how to do so will leave you struck with the same question. Gratefully there are many ways to maximise the refunds and that too with not much of hassles. Proper and regular tracking along with the claim of tax deductions stand as a supreme key to that door. Our experts thus guide you through by listing 10 ways by which you can maximise your tax refund: Keeping a copy of last year’s tax return: While Tax Planning it becomes quite mandatory to have an overview of your last year’s returns. It is thus suggested to keep your tax returns properly maintained so that it becomes easier to access that information in coming year. Comparing the tax returns is quite essential so as to get a clearer picture of the company’s financial flow.     Ignoring standard deductions if you can itemize: Standard Tax Deduction seeks to provide you with the benefit where you can reduce your taxable income if you are unable to gain more tax deductions by itemizing. Thereby you can seek these deductions by putting an effort to gather some of the concerned receipts. Besides lowering your taxes, you’ll explore that further itemizing your deductions can help you get bigger tax refunds. Other expenses that are considered in standard deductions are - additional expenses like contribution to charity, expenses during job hunt along with state and local sales tax deductions.    Claiming deduction for expenses during earning: As per rules you are allowed to claim for the expenses you incur while earning your income. It thus includes expenses while transporting goods from one site to another or while visiting clients or suppliers for business reasons. Along with this, meals and accommodation while travelling for business and the equipments used for work related activities can also be claimed.   Taking Above-the-line deductions if applicable: Contrary to the Standard Tax Deductions, Above-the-line Tax Deductions seeks to offer reduced taxable income and that too without itemizing. This deduction covers the expenses incurred while paying for student’s school, self-employment taxes, unreimbursed moving expenses or paid alimony.    Mentioning your filing status: While filing Tax Returns it is thus expected from you to appropriately file your status whether it’s single, married filing separately or married filing jointly and many more categories mentioned there. The rate at which your income is taxed depends on the status you have chosen while filing.  Reporting income from other job: Filing self employment income stands mandatory based on the income one receives there. It’s worthwhile to note that a part of your home-running expenses comes under tax deduction if you work from home. Besides the primary thing you should know is - whether you are eligible for Home Office Deductions or not and should be considered beforehand.      Keeping up with the current tax laws: Thorough knowledge of the latest Tax Laws is expected while filing as it is directly proportional to the refund you will be getting. A detailed knowledge that our expert team holds thus makes us a pro in Tax Planning thereby carrying out maximum refunds out of it. Knowing what to claim: While filing your taxes you should tend to know about the credits you can claim because then only the refunds will come as per desired. Collecting required documents for e-filling: The documents to be attached while e-filling should be gathered together depending on the taxes you have filed. Along with this documents from other income sources are also to be mentioned if you are working from home. Hire a help: Our expert Team is there to help you in your Tax Planning providing you with the expertise and experience you seek while filing your taxes.Tax Planningis not just a single day job; it demands continuous monitoring and appropriate knowledge ...read more

What is Tax Planning? Tax Planning basically analyzes the financial position through tax’s aspect. Effective Tax Planning thus demands a lot more than just maintaining and managing the assets. So if Tax Planning is not there in your current financial strategy, it’s time to get one.   According to a recent survey, tax stands as the highest business risk in recent times. Due to which many organisations are required to go for a comprehensive risk oriented approach while managing their taxation. A properly planned tax proves beneficial for a business that saves them a lot of money with beneficiaries like tax credit along with reduced penalties and interest. Our experts thus bring forth some measures that can help you avoid the risks while Tax Planning: Acknowledging risks while moving out of your expertise: Tax Planning requires the CPA to be fully aware of the risks that a firm encounters while offering new service line. Tax Planning is not just tax compliance monitoring and thus demands much more from a CPA. CPAs are thus required to have complete understanding of the planning involved. Thus, taking up the work aptly based on their capability to do it as desired. Before rendering new services in their business, a firm is expected to have a complete overview of the potential liabilities and risks involved. Only then, introducing new services will cater some profit instead of losses.         Mandating the Documentation: Be it Tax Planning or any other financial matters documentation holds utmost importance. So while considering Tax Planning risk management documentation is the best way to avoid the risk of liability. CPA should focus on mandating the documentation in order to have an upper hand on another party in case of dispute. The documentation involved need not be an official form or notary approvals and can be in a form of email that mentions the concerned details. Accountants require documents to prove their goodwill approach towards their client in case any issue prevails in coming future.   Thinking twice about the Referrals: The referrals that are suggested by the CPAs are sometimes not quite beneficial for the firm. It’s thus required by the CPA to refer the referrals not based on their personal relations with them and on the basis of their capabilities instead. It is thus required to know about the referrals beforehand so that they render a standard of work. In case it doesn’t match the desired standards, CPA is considered equally responsible as the referral. While providing referrals, CPAs should suggest more than one referral, thus providing various options to choose from. This helps the firm to have their referrals as per desired along with a lot of options.   Review income and expenses monthly:                 Besides all the measures, one regular practise a CPA is required to adopt is a regular review of income and the expenses involved every month. It helps a CPA to manage the financial flow which makes the Tax Planning process much easier and less risky. Tax Planning basically involves various considerations like timing and size of income and purchases along with planning for other expenditures. Besides this the investments that are selected should be in accordance with the tax filing status in order to gain profitable outcomes. CPA thus holds a great responsibility while doing so. Thus they are expected to be fully acknowledged about the latest facts and figures along with the ongoing risks that firms are facing. Besides that an overview of tax internal control strategy is mandatory for aCPAto adopt.         ...read more

Due to the newleasing accountingstandards which were announced by FASB and IFRS by IASB, all industries are facing major changes in lease accounting. The new leases standards wants you to report most of your operating leases on the balance sheet by 2019 that is increasing the transparency. This will help in increasing the interest from auditors, lenders and analysts. Further this will impact on IT systems operational functions, taxes and internal controls. Before beginning let us understand what is lease accounting? Well lessor is someone who rents something he owns and lessee is someone who pays for that assets periodically and lease is agreement between both of them. Now lessee will pay the lessor periodically and lessee will invest on the asset in order to earn more than the cost of lease thus meeting there respective needs.  ...read more

Joyce CPA LLC truly believes that minority owned businesses can help to keep our economy strong. Our objective always remains to support new & already established businesses to help them grow. We seek to provide Minority owned businesses help with every aspect of your business and provide appropriate guidance required. Minimizing the gap between funds and opportunities imparted to minority owned businesses as compared to others is quite crucial. Besides this, a lot of programs have been launched to let minority owned companies grow. The certificate bearing minority owned businesses get an access over special government programs. These programs include government contracts which will give a push to an otherwise deprived business. Joyce CPA, LLC is well acknowledged about the difficulties faced in the current economy based on the expertise and experience gained in 20 years. Joyce CPA, LLC truly believes that minority owned businesses can help to keep our economy strong. Our objective always remains to support new and already established businesses and help them grow. Joyce CPA, LLC understands your desire to have a successful business and is thus available to host you with specialized and qualified skills for yourMinority Owned Business. We seek to provide you help with every aspect of your business and provide appropriate guidance required. ...read more

Joyce CPA LLC, helps you develop in-depth analysis and strategy that maximize savings for your local, state, federal and international taxes. Our tax team is keeping current on new tax laws and legislation in order to make sure you are taking maximum advantage of every opportunity and are complying with every rule. Corporate Taxis a tax levied on company’s revenue, in order to boost the taxation. Thus every corporation is supposed to pay tax on their net earnings. How much a business owes to the government, depends on the Operating Earning. Operating Earning is generally levied on the company’s revenue after deduction of cost of goods sold (COGS) & depreciation and inclusion of tax rates; which a company is bound to pay to the government. Rules regarding corporate tax vary as per the jurisdiction of different countries. ...read more

Hedge Fund Auditor also ensures curbed scope engagement and authentication of performance results. To minimize and detect the risks involved in audit, the Auditor doesn’t remain clung to the specific guidelines assigned and goes beyond them. Innumerable Hedge Fund Audits are concluded every year and in all these years too much of unnecessary stress has been devoted to this practise. Regardless of the intricate procedures involved, Hedge Fund Audit doesn’t engage stress if the planning amongst several parties is executed aptly and is handled by a distinctively employed individual. The funds where the capital is governed by third party should effectively have a Regulated or either Unregulated Audit done so as to have a check and control thereby. For completing, signing off and filing the audit, 6 months’ time period is accustomed.  Hedge Fund Auditor’s prime functionary involves the audit of hedge fund’s accounting. To analyse the hedge fund’s assessment technique and the compliance of the same; Hedge Fund Auditor works alongside Hedge Fund manager and Hedge Fund Administrator. Hedge Fund Administrator stands central for the Auditor, as he generates the financial statements of funds involved. This statement is essential for an Auditor; who is required to inspect all the funds, profits and losses which can be fetched from the account statements particularly. Once the Auditor learns about the valuation methodology of the funds, he performs tests on the information acquired. Along with the issuance of Audited Financial Statement; Hedge Fund Auditor also ensures curbed scope engagement and authentication of performance results. To minimize and detect the risks involved in audit, the Auditor doesn’t remain clung to the specific guidelines assigned and goes beyond them. As per all the Hedge Fund Auditors there is no single size that serves all solutions to Hedge Fund Audits. Thus the Audit firms and the costs involved are categorized into three groups: Small Hedge Audit Firm, Medium Hedge Audit Firm and LargeHedge Audit Firm. ...read more

Revenue Recognition Auditis a process that depicts how sales/transactions are recorded by a company in financial statements. While recording revenue, companies are mandated to comply with Generally Accepted Accounting Principles(GAAP) i.e. in order to book a sale as revenue, the revenue should be recognized initially. For a successful Revenue Recognition Auditing process, Planning is a key element. This process thus initiates with analyses of revenue recognition policies and techniques of a company. Thus ensuring the company̢۪s compliance to the desired audit procedures. After satisfying their doubts, the auditing comes to the secondary level that involves the analyses of contracts of that year. Material Contracts are then separated from the lot. The Auditors invest their time to test whether those contracts are recognized aptly. Along with this, they ensure that the financial statement contains receivable and deferred accounts. Besides reviewing the Material Contracts, auditors also pay heed to the one which is not material to ensure that even they recognize the revenue aptly. When a Revenue Recognition Auditor/Accountant analyzes a General Ledger it provides them with a lot of substantive evidences and thus initiates lesser procedural tests. General Ledger is reviewed to have knowledge as to how the sales are recorded in that particular firm. The information that concerns Revenue Recognition Audit includes the sold goods, the date when it was delivered and the mode of payment used to do so. Revenue Recognition Audit ensures that the General Ledger is in accordance with the actual sale transactions of the firm. While auditing, even the Revenue Recognition Policies of a company can also be considered. ...read more

Compliance Auditreviews an organization to determine whether they are adhering to the regulatory guidelines applicable to a particular practice as per prescribed by external authority and internal policies. Compliance Auditor ensure that the records are fair and dictate the transactions accurately. Large Firms include Compliance Audit in their process to have an internal review of the processes and to determine how much compliant the departments are. Regulatory Compliance Audit thus gives an overview of a company’s approach towards the guidelines issued by a third party. Compliance Auditor is thus required to have the skills to identify and resolve the issues in real time. The prime objective for auditing whether internal or external is to analyse the overall effect of the existing business policies and protocols. Internal Audit measures the compliance of internal policies and External Audit is for the regulations imposed by external entities. While auditing the processes, the auditor is expected to check whether the ongoing practices comply with the standards imposed. Then a Non-Complaint percentage is calculated by incorporating the ratio of complaint to non-complaint activities. This determines how much complaint a Company’s Compliance Program is. The auditor will have an interview so as to access each employee’s performance. They will also deduce the regulatory violations of an employee if any. ...read more

401k Audit is no less an exception which is complex for the people who are not familiar with it. Federal Government has stated some rules and regulations that are mandatory for both 401k plans, other retirement plans and employer as well. Joyce CPA LLC, specializes in 401k plan and employee benefit audits. Know About 401k Audits and Plans When we discuss 401k audit and retirement plan audits then a very important question arises that is when does a 401(k) or other retirement plan require an annual audit. The word “audit” whenever cited; raises questions and discomfort among people. The reason being; lesser knowledge of the audits which they are obliged to pay and which one doesn’t concern them. 401k Plan Audit is no less an exception which is complex for the people who are not familiar with it. Does your 401k plan require an annual 401k Audit? A lot of non-public businesses are not indebted to audit their book annually. While figuring out if you are bound to pay for your401k plan audit; primary requirement is to determine the number of eligible participants in the plan at the outset of the plan year. Such plans are termed “Large Plan”. ERISA (Employee Retirement Income Security Act) of 1974 obligates a firm to have their financial statement’s annual audit attached to their Form 5500 through an independent qualified CPA to DOL. ...read more

Internal Auditis a potent organization that initiates a company to reach out for their objective. By analyzing a firm’s internal operations it evaluates how compliant the operations are. Internal Audit encapsulates many departments such as system that manage risks, compliance management process or other such areas. An organization’s biggest concern today is to manage the risks, which if not done accurately leads to a consequent failure. To combat the dire consequences, a company is bound to acquire a focused approach towards internal audit. To adhere to a firm’s productivity and progress internal auditors work in collaboration with the management to analyze the operations orderly. They seek inconsistency if any, as to how a specific process is accustomed to proceed and how that process is actually operating. The variations that prevail are mentioned in the final report. Auditors also indicate the specific functions that require better efficiency and require innovations per se. Besides the Core Departments, Auditors also analyze definite and indefinite areas of an organization. They tend to serve all the sectors- public and private and can even work as an employee for an organization. Along with the auditing, Internal Auditor plays a role of consultant wherever needed, thus being a catalyst for amending the flaws and avoiding the risks in the practices of an organization. ...read more

No matter how well-equipped your office is initially, time, wear, and changes in technology will at some point require you to purchase additional or replacement equipment. There are a few points you may wish to keep in mind before making your final decision on a major equipment purchase for your practice. First, take your time. Like with any other major purchase, rushing into a decision can be costly. Instead, spend several weeks in preparation for this choice. Meet with your Dental CPA about any tax implications and ask if there is an optimal time to make such a purchase. Consider carefully the following factors to be sure you are choosing the right piece of equipment for your needs: ·        What is the main purpose of this equipment? ·        What features do you want/need it to have? ·        Are you and your team going to need extensive training to use it? ·        How often is this equipment going to be used? ·        Will it fit the space available? ·        Will you have to make changes to the space to use this equipment (ie, wiring, utility connections, etc)? ·        Is the manufacturer reliable? ·        Does the manufacturer provide good service for their equipment? ·        How long should this equipment last? ·        What is the expected benefit of this upgrade? ·        When do you plan to have it installed and in use? ·        If this equipment is to allow new services, is there a demand for those services in your practice/community? ·        Will your pricing for your services offset the investment cost and still be competitive in your market? ·        If the equipment you are buying is used, have you obtained an independent opinion on its condition? ·        How does the cost compare to other models? Other manufacturers? ·        Can you purchase directly from the manufacturer to save on cost? ·        Have you compared pricing from a variety of sources online? While not all of these may apply to your equipment purchase in every circumstance, it should be clear that major dental office equipment should never be bought on impulse or without thorough consideration and research. Recommendations from other dentists or your dental CPA can also be helpful in narrowing your search. Your dental equipment plays a vital role in the quality of care you are able to provide to your patients. When it is time to add or replace a piece of that equipment, make sure you take plenty of time to research, refine, and select the right piece for your practice. This will help you be certain that your investment will bring value to your practice for years to come. Contact us for additional advice. 5975 Sunset Drive, Ste 802, South Miami, FL 33143 ...read more

Dental Accounting South Miami, FL It is not uncommon to take out student loans to cover living costs while attending dental school. According to the American Dental Education Association, the average dental school debt was $261,149 in 2016. After graduation, you may buy your first house, car, or open a dental practice. All of these financial responsibilities can be extremely stressful while paying off student debt. Budgeting takes sacrifice but the reward of becoming a successful dentist is well worth it. Whether you are paying off student loans or opening a new practice, there are ways to get back on track.   Know Your Debt   It may be stressful to think about debt. Knowing what you owe and laying it all out is important. Then you can set up a plan, which is the first step to financial freedom and a lot less stress.   Time for a Budget   Once you know how much debt you have, compare it to what you make. After subtracting monthly bill payments, how much is remaining? Think about how much you are spending on necessary and unnecessary items. Now, look at your bank and credit card statements to see what you are really spending.   Creating a budget spreadsheet is a great way to keep track of spending and keep on task. You will want to include the following items.   ·        Net income– your final take home pay after deductions.   ·        Fixed expenses– these may include rent/mortgage, car payment, and utilities. Regular monthly bills fall into this category as well.   ·        Variable expenses– expenditures which change month to month, including but not limited to, entertainment, groceries, gas, and clothing.   Reviewing your monthly spending will help you know which expenses can be cut.   Goals   What are your financial goals? Make a list of short and long-term goals. Reducing or eliminating credit card debt would be a short-term goal. Saving for your child’s education or your own retirement would be a long-term goal. Remember, some goals may take years to accomplish so don’t get discouraged.   Make a Plan   Review your budget, know your debt, set realistic goals, and start planning. Your plan should reflect the goals you made and how you will achieve them. Sometimes planning is a task you can tackle on your own. However, depending on your debt, you may need to reach out to a financial planner.   Following your budget plan and staying on target can be a difficult task. However, making a plan and keeping your finances in order will help you pay off your debt faster. We are here to help lessen the stress.Please contact us for a consultation today. 5975 Sunset Drive, Ste 802, South Miami, FL 33143 ...read more