CB Smith & Associates Discuss Accounting on CEO Exclusive Radio

Soyini Coke, host of CEO Exclusive, spoke with two CPAs from CB Smith & Associates, Owner Chris Smith and Tax Manager Chris Peterson, about trends in accounting, including tax law changes and their implications on business owners.

“One of the biggest pieces of the tax law is the small-business deduction, which most of our small to midsize business clients can take advantage of as pass-through entities (partnerships and S Corps, in general),” Smith said. “It’s a 20 percent deduction off of their K-1 income that they’ll see this upcoming tax season.”

“I think the key here is that many businesses, where income flows through to the owner, will see the tax rate applicable to the owner’s individual returns also may have gone down,” added Peterson. “The money saved on taxes can spur some spending elsewhere, like the purchase of capital goods that in turn help the economy.”

Another thing for CEOs to watch is the changes coming from a recent U.S. Supreme Court ruling, which basically gave states the green light to have online retailers collect sales tax, just like any other local retailer. Smith says CEOs will need to pay attention to these new laws, how to be in compliance and how the changes will impact their bottom line.

Smith also talks about how technology has impacted the accounting industry. Watch the full video interview, by clicking the link below the pictures, and read this blog post based on the discussion, “When Robots Do Taxes.”

CB Smith & Associates is committed to providing small or midsize businesses with responsive outsourced accounting solutions and guidance that move you closer to their goals. The firm offers ways to help businesses grow smarter while reducing overhead costs and relieving the stress that comes with hiring bookkeepers and staff accountants. For more information, visit www.cbsmithcpa.com.